Whenever I walk into a new client situation the first thing I look for is a business scorecard. Sometimes if I am lucky I find that the client has an accountant who has put together a Profit and Loss statement. Of course, in most small businesses P&L statements are usually done by an outside accounting firm and usually do not get to the client until a month or so after the fact. Rarely do I find that a business has put together a budget (a financial plan). To me this is incredible and a little bit insane.
It is incredible because if you go into any business without a financial plan (budget) you do not have a clue about how much it is going to cost you to operate the business. Without a budget you do not have any control over your cost and expenses which may leave you without a profit. Without a budget you do not have a standard to compare your Profit and Loss statement to see if you are on a track for success, failure, or just survival. Without a budget to compare to you do not have a clue where in your Profit and Loss statement you should be making adjustments to ensure a profit and your business future.
Operating a business without a budget is pretty much like flying in the dark. Ask yourself where would a pilot end up without a flight plan? This picture pretty much lends itself to a business owner operating a business without a budget. Pretty crazy, don't you think? Absolutely insane! Yet I see it everyday as I visit small business owners who are in trouble. And what is more incredible to me is that most accountants and CPA's who prepare these Profit and Loss statements for the business owner never bother to develop a budget for their client so as to make sense of the Profit and Loss statements.
The other day I sat with a new internet business owner and his Marketing Director. They had already spent some money on developing a search engine for their business and were in the process of considering different promotions for their site, as well as, the possiblity of adding some sales staff. When I asked them about a budget their response was that it was too early to think about that subject. Yet they were already spending more money than they originally thought it would take to start their new venture. After some discussion I finally persuaded them to put together a budget. It took several attempts but we finally got them to come down from some unrealistic blue sky thinking to where they will probably end up at the end of the year now that they have a roadmap to follow. It was amazing for them to see how much they really knew about the business journey they were going to take after giving it some real thought. It really gave them a reality check and built some confidence now that they had a plan to follow instead of just flying by the seat of the pants.
Now building a budget or financial plan is not nuclear science. It just requries you to stop and think about what has to be done in your business and how much is it going to cost. Most of the cost and expenses are things that you will control. The unknown is how much sales are you going to generate and when. Here is where you need to really be conservative because you do not control when the customer buys. The best you can do is get his attention, create the desire and interest through your marketing and sales effort. Of course, doing some market research and seeing what the customer is buying will help you to better design your marketing program.
In a nutshell, to be successful in business you must be profitable because profits yield the cash you need to stay and grow your business. With a profit plan (budget) in place you will have the controls to ensure the profit you seek. All of which will eliminate business nightmares and allow you to better enjoy your business and some pleasant dreams.
What Is Business Activity
Personalized self inking stamps can be a valuable asset to any office. They can save a great deal of time by stamping text which businesses need to repeat hundreds of times. While there are many self inking stamps on the market with pre-prepared text (such as "Copy" or "Received on"), most business will find a need, at some point in time, for a stamp with text very specific to their company.
One example of where personalized self inking stamps are useful is in legal offices: Legal documents need original signatures, and invariably the name of the signatory needs to be printed below. Having the name of someone who signs documents frequently set in a personalized self inking stamp can save a good deal of time. Public notaries, CEOs, corporate partners, attorneys, loan officers, etc. are all examples of people who may need to sign their name to documents multiple times a day - stamping their name instead of writing it not only saves time, but it also guarantees that the name is legible.
Addresses and phone numbers are another example of text that might be set in a personalized self inking stamp. When an office relocates, it usually has letterhead, envelopes and many other pre-printed items with an old address and telephone number. It is much more cost effective and environmentally-friendly to simply change the address and phone number on the old paper goods until they run out.
While pre-printed labels are an option, it is actually faster to stamp the new contact information on paper than peel and stick a label. When you are looking at changing the address on thousands of sheets of paper, the matter of one or two seconds more spent on labels versus a stamp can translate into real hours.
Personalized self inking stamps are also more convenient and efficient to use than the old style of stamp, which requires a separate inkpad. Self inking stamps have an on-board ink pad, and they re-ink after every use. This allows the user to stamp hundreds of times before having to stop to re-ink the pad.
In short, instead of two motions stamp paper, stamp the ink pad there is only one motion: stamp paper. Also, self inking stamps seal the on-board ink pad after every use, eliminating the problems caused by a dried-out ink pad. They also eliminate the mess of regular stamps because the stamping unit is self-contained, keeping the stamp from accidentally printing its text on desks, hands, and other papers.
Both Donald N Lombardi & Martin Brinkmann are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Donald N Lombardi has sinced written about articles on various topics from Marketing Secrets, Personal Finance and Home Based Business. Don Lombardi has been consulting business owners on how todevelop and manage a successful business for over 20 years.To learn more visit him at his website:http//www.HomeBasedBusinessWizard.com. Donald N Lombardi's top article generates over 14800 views. to your Favourites.
Martin Brinkmann has sinced written about articles on various topics from Software, How to Podcast and Operating Systems. Martin helps people learn aboutself inking stamps. You can read more of his work like by visiting. Martin Brinkmann's top article generates over 74000 views. to your Favourites.
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