When was the last time you asked yourself that?  It is imperative to do it several times a year, because it will focus you like a laser on what is right and wrong about your business.

Scary, yes?  But imperative to survive and thrive.

For the past couple of weeks we have been discussing the onslaught of information streams we each receive in hopes of maintaining our level of expertise in our industry.

If you have already made the decision to lighten your information load, congratulations!  However, because the information might still be useful, you must find an alternative source to obtain it.

This can be easily accomplished simply by looking around you. Who else do you know who is maintaining their level of expertise in a related field?

Talk to these people. . . . you have just replaced your information load with a single person’s name, a source you can always return to when necessary! 

Next time…maintaining your external information is important, too.

Until then,

Happy organizing!

She told me that she gets mostly visitors due to her web presence, but she wanted more local repeat business.  We talked about how she could make that happen.  She almost did not local networking and she knew that would be key for her to cultivate a local clientele. 

So, think about your marketing.  What do you know you need to do that you are not doing?  What is stopping you?  Don’t say money because there is so much you can do for hardly any cost.  Are you doing all of them? 

Pick up Guerilla Marketing if you aren’t sure – it specializes in small business marketing.

The second part of the balance sheet equation consists of liabilities.  The more common term is DEBT.

The Definition

Like assets, liabilities are divided into two categories, short and long term, with numerous subcategories.  They include all debts and obligations owed by the business to outside creditors, vendors, and banks.

A company’s A/P, payroll, payroll taxes are considered short term.  The balances are due and will be paid within one year or less.  Long term liabilities, could consist of mortgages on buildings, startup loans, and vehicle loans.  Remember if a company is supplying a balance sheet for an outside source, such as a lender, the current portion (one year from the current date) of these long term liabilities should be recorded in the short term section.

An activity that helps me is to track your activity by the hour for 7 to 14 days  – write down what you do between 9-10, 10-11, etc.  Just general things like “check email and make phone calls” or “client meeting”.  Evaluate what you are currently working on (or maybe what you are not working on) and determine how those activities fit into your goals.

Now, create a time structure where you have time to focus on improving the business.  The key here is to respect your own time and one way to really make sure you do it is to find an accountability partner – your business coach, a co-worker, etc. 

I hope you have enjoyed this series.  It is has been fun to write!  If you have found it compelling, a reminder that we are offering a cool new class on September 7^th on How to Make Outlook Work for You.  Check out our Facebook Fan Page events to register or call our office.

When thinking of the identity of your business – how are you unique and what is your true competitive edge?  If the words “customer service” or “experience” are anywhere in that identity, it is time to rethink yours.  Name one business that does not include either customer service or experience in their identity – there isn’t one.  If you have an identity with some other quality that is non-traditional, that is how you develop a real identity.  That is how you get noticed.

The items that a company owns are called assets and are divided into two categories, current and long-term and within these two categories are several sub groupings.

How does one decide which asset account an item should be placed in?  A good determination would be how fast you can turn it into cash if you need to.  The things that can be turned into money in your pocket within a short period of time belong in the current section and the assets that would take a minimum of three months to sell belong in the long term classification.

Obviously cash and savings are current assets, but so are your accounts receivable (as long as you usually collect them within 30 days) and inventory (as long as you turn it within 30 days).

Your office building and company vehicles are long term assets.  With the real estate market having an abundant inventory of office buildings and the penny saver having hundreds of trucks for sale these assets are not a good place to look for fast cash.

Here are some that work.

• To Do Lists – you have to have one and it has to be visible every day.  Not to actually do something with it, but to keep all those things keeping you up at night on a list.  Believe me, you will sleep so much better.
• Weekly review (I recommend 2 hours) – if you dedicate time on your calendar to working the To Do List, you will actually get it done and have such a great sense of accomplishment.
• If you use Outlook you can do some cool tricks:

               –         Drag Emails into calendar events
               –         Drag Emails to Tasks to create a to do
              –         Use the Notes in a calendar or task entry to outline what needs to be accomplished
              –        Color Coding helps you really see what you day/week looks like.

Speaking of Outlook – we are offering a cool new class on September 7^th  on How to Make Outlook Work for You.   Sue Zepeda, our organizing queen, has put together this really powerful workshop.  I took it and it changed the way I get things done.  You should come!  Check out our Facebook Fan Page events to register or call our office.

A Balance Sheet represents a simple equation: what your company owns (Assets), minus what your company owes (Liabilities), equals what YOU own.  This is the same principle that applies in one’s personal life.  You own a car, a boat, a house, personal items in the house, but you have a mortgage, a second mortgage, a car loan, and some credit card debt.  You may even owe some money to a relative or friend.  So like a company, you’re net worth is the amount of things you owe, less the amount you owe on them.