1. Stay on Top of Your Billing

This sounds like common sense, but you’d be surprised at how many businesses put billing on the back burner. Buyers will take their cue from you. If you are lackadaisical in your billing practices, clients will assume that payment is not urgent and will be more likely to pay late.
Make time at least once a week to go over your billing, or hire someone to look after this regularly. Send bills out to clients and politely demand payment upon receipt. You won’t get paid for work that is not billed, so take the first step and make sure your bills are sent out promptly.

2. Accept Electronic Payments

We live in a fast-paced world where money and goods flow quickly from buyer to seller and from client to vendor. If you only allow your clients to pay by check, you will find that it can take longer to get paid.

Many small businesses refuse to accept credit cards because of the fees associated with a merchant account. Depending on the scale of your business and your client base, this may be a valid argument. However, in most cases, you are losing money by not accepting credit cards.

The expression “time is money” is nowhere more applicable than in the world of business. The longer you wait to get paid, the more expensive other aspects of your business become. Merchant processing fees are merely a necessary premium you pay to get your money faster.

When considering payment methods to accept, you should also explore the wide-world of cloud-based payment management. Services like QuickBooks, PayPal, and others allow you to send electronic invoices with an integrated payment button that allow clients to click and pay immediately. This eliminates several steps in the process and shortens the time you wait to get paid.

3. Automate Payments

We’ve talked about staying on top of your billing and the importance of electronic payments, but to take it one-step further, let’s examine what automatic payments and recurring billing can do for your business.
If you are working with a client on a regular basis, you can ask for authorization to set up an automated billing schedule that will run their card, ACH, or other electronic payment at a pre-determined time. Payments can be for a set amount on a regular schedule, or you can agree to provide an invoice in advance that will run at a designated time after the invoice has been provided.
Automated billing and recurring payments take much of the hassle out of collecting receivables. The less time you have to spend with receivables, the more time you will have to spend on other aspects of your business.

4. Require Payment in Advance

If you find that clients often want to dispute charges, or generally take a long time to pay after work is completed, you should consider asking for payment in advance. Depending on your industry you could likely get away with asking for half or more of the invoice up front.

Another approach is to ask for a refundable deposit before starting work. If you have an ongoing relationship with your client, you could also consider a retainer fee, paid each month as a type of deposit for work to be performed. Deposits and retainers put you in control of the money, instead of waiting for your client to pay at the end.

Remember that time is money. Every effort you make now to streamline and accelerate the collection of your receivables and cash flow will pay big dividends down the road.

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As a leader, it is imperative that you put employees in the best possible position to succeed. Without the right tools, employee performance will suffer, and this can trickle through to customers, resulting in a subpar customer experience.

Company Morale

Providing employees with the latest tools and technology will go a long way toward building a positive work environment for employees. Many employees actually look at technology like smartphones and laptops as part of their compensation package. Ironically, the money spent training employees will probably benefit them better in the long run, but all the money and time in the world training employees, will not keep them from complaining about a lack of tools to do the job right.

When you provide employees with the latest tools and technology, it shows you have confidence in their abilities and value for what they do. Employees who feel valued will perform better and with an organization longer than those who don’t feel valued.

Employee Efficiency

Fancy software systems, large machinery, and other tools can be very expensive and can seem cost-prohibitive. If your business struggles to pay for basic expenses, then purchasing the latest tools might seem impossible.

It is important, however, to take a closer look at employee efficiency. It is entirely possible that the number of man-hours wasted because of outdated tools could add up to the amount needed to purchase the very tools that were assumed to be too expensive.

Greater Collaboration

There are incredible software systems on the market today that allow for unprecedented collaboration between employees, as well as dynamic project management. These types of tools encourage better communication between employees and departments, and they provide freedom of location for employees to work outside of the office.

When project management and communication are centralized and cloud-based, employees can actually work at home. The cost savings in office space and utilities alone could be enough to pay for these collaboration tools.

Savings from Automation

Automation is all around us. From self-driving cars and voice-activated commands. Automation is everywhere. The latest technology in workplace tools allows for much greater automation. This not only promotes greater efficiency from workers but can also actually eliminate the need for some job descriptions altogether.

Conclusion

Having the latest tools and technology is vitally important, especially in the rapidly changing world in which we live. Investments in technology are investments in employee retention, improved production, and in the future itself.

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There are numerous ways to make money sitting behind a computer from the comfort of your own home. First, you need to have a product or items that people want to buy, and then you need to know how to put it in front of the right buyers.

Online Affiliate Marketing is an interesting option, where others will pay you (often generous) commissions to sell their products on your website, or to your audience. Just google “affiliate marketing opportunities” to start exploring.

2. Drop Shipping

Drop-Shipping is an option similar to Affiliate Marketing, except you sell the product, and then immediately buy it from your supplier, who ships directly to the customer. Instead of turning the customer over to your affiliate partner, the customer gets to deal directly with you.

3. eBay

Selling items on eBay is also another easy place to start. You’d be surprised at how much money is laying around in your attic or closet. Just grab some items, take a few pics and post them on eBay to see what can happen.

4. Print-On-Demand T-Shirts

If you are the artsy type and have experience with graphic design, there is a great opportunity for you designing and selling Print-on-Demand T-Shirts and other items. There are many services, but Merch by Amazon is one that will allow you to start for free. They charge the customer for the shirt, print and ship it to the customer, and then pay you a royalty.

With a hot selling design, you can be making good money in little time with zero investment, except for your time.

5. House Painting

If you already have some experience painting, you can probably land a few jobs with just a simple door-to-door flyer. Advertise competitive rates, and then charge half up front (half on completion), and buy the paint and supplies. Your biggest expense will probably be a ladder, and maybe some coveralls, but you could even wait to buy this until you have your first job lined up.

6. Window Cleaning

Window cleaning is a similar gig, except people will be less critical of your credentials, as long as you do the job and leave their windows looking clear and clean. Just make sure you are comfortable with heights and other precarious situations. Window cleaning can sometimes be a bit dangerous.

7. Freelance Services

Services like Photography, Freelance Writing, and Web Developer Services are always in high demand. If you possess any of these skills (or are willing to learn), you will find it fairly easy to land jobs. Check with local businesses, but also be sure to check freelance websites such as Upwork.com. 1000’s of jobs are posted every day for services like these.

8. Social Media Management

You’d be surprised how many businesses are illiterate when it comes to social media marketing. If you are good at getting “likes” and creating content that starts a conversation and gets shared, then you have what it takes to manage social media campaigns for businesses. Start talking to local businesses and share your ideas about how their campaigns can better engage customers and convert to sales.

9. Publish a Book

With the advancement of technology and e-commerce has come to a whole new world of self-publishing. No longer do you need to wait to sign a deal with a big publishing house to get your book out in front of the world.

Now all you need is an idea and the wherewithal to write it, edit it and put it into digital e-book formula (all fairly easy to do). Then you simply upload it to Amazon’s Kindle Direct Publishing, Google Play Books, or one of the many self-publishing platforms available and voila, you’re a published author!

10. Digital Products or Courses

Similar to self-publishing a book, selling digital downloads or online courses is easy. If you already have an idea or skill that people are willing to pay money to learn., then all you need to do is record videos, write lessons, or simply write a report outlining how to do something. The nice thing is that all of this can be done with a home computer and a smartphone.

With a little online marketing skill, you can have your idea out in front of potential buyers quickly and start bringing in money. The key to this type of content is continual improvement. Make sure to keep a list of buyers and other interested parties (collect email addresses, social media connections etc…) and stay in contact with them about every update you make. Repeat buyers will keep this business model going for a very long time.

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There are a few different types of business insurance to be aware of. The terms of each policy type can vary depending on your unique business needs. Let’s take a look at some of the different policy types and what they can do for your business.

General Liability Insurance

Commercial general liability insurance is a broad type of insurance policy which covers general business risks. If someone slips on your sidewalk or gets run over by a forklift, general liability insurance can protect you. It’s a type of umbrella policy that is there to save you from the unforeseen. It’s a good idea for all businesses to have this type of policy.

Professional Liability Insurance

Professional liability insurance, more commonly known as errors & omissions, is a form of liability insurance which helps protect you against professional negligence. If you own a consulting business, or offer any type of service or advice to others, professional liability insurance can protect you in the event your professional services or advice does harm to other businesses or individuals. Lawyers, CPA’s, business consultants and financial planners are all good candidates for this type of insurance.

Property Insurance

Just like it sounds, property insurance protects your property. It protects your place of business, but also the equipment, inventory and other items belonging to the business. Property insurance helps in the case of fire, theft, or other situation where your property is lost, stolen or damaged.

Home-owner’s insurance is a type of property insurance, but one thing to understand is that most home-based business operations are not covered under homeowners insurance. If you run a business out of your home, it would be worth looking into commercial property insurance.

Workers’ Compensation Insurance

If you have W2 employees, Worker’s Compensation Insurance is generally required. This insurance exists to protect you in the event one of your employees gets injured or killed. Worker’s compensation is a way to protect your employees, and to protect your business from your employees.

Product Liability Insurance

Product liability insurance can protect you in the event your product doesn’t perform as it should. This protection is a must if you produce your own products, as you never know what can happen once your product is out in the marketplace. Even companies selling the most simple, harmless products can lose everything in the wrong situation without insurance.

Vehicle Insurance

As with homeowners insurance, your personal auto insurance policy probably does not offer the coverage you need for commercial use. This is especially true if you have a fleet of company-owned vehicles. Personal policies will cover you in an accident, but it probably won’t cover any inventory or equipment you may have been hauling, and it won’t protect your company from legal action, should affected parties try to go after your business.

Business Interruption Insurance

Business Interruption Insurance is designed to provide temporary compensation in the event your business cannot bring in revenue for certain reasons. Examples may include a natural disaster, unforeseen changes in the market, production delays, loss of income from faulty products, loss of income from legal actions, account suspensions, or other actions that make it difficult to perform business as usual.

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Most small business owners are very talented in many ways, but do not possess the unique skills required to become the CEO of a larger company, even if that larger company is the evolved version of the small business they originally started.

So, how can CEOs prepare for the monumental job of running a large company? Here are some areas of focus that all CEOs should learn to master.

Emotional Intelligence

Allowing emotion to take control has proven the downfall of many a CEO. It is important to be able to avoid the drama of daily business and keep eyes fixed on the prize. Campbell Soup CEO Douglas Conant stated in Forbes that “Your EQ (Emotional Quotient) has to keep up with your IQ.”

This concept is so important that business schools are starting to test for emotional intelligence to identify those with great potential. While emotional intelligence is difficult to teach, there are training techniques available that can help you learn to suppress emotional reactions and promote rational thought.

Communication

CEOs need to be able to communicate clearly and persuasively. CEOs need to build teams and get others on board with their ideas, as well as sell ideas to investors, and other stakeholders. This requires astute skills of reading an audience, understanding differing perspectives and making connections between ideas and the needs of the audience.

The best way to learn effective communication skills is to complete a comprehensive sales training program. There are many programs available, but at the end of the day, a CEO is a salesperson who sales ideas and wins others to their way of thinking.

Understanding History

If you forget history, you are doomed to repeat it. A well-rounded CEO must understand the history of their industry and the world around them. It is difficult to guard against potential pitfalls if you don’t know that they exist. Likewise, it is difficult to identify important opportunities without knowing where to look. By understanding history, these opportunities and pitfalls become much easier to recognize.

There is no short remedy for learning history. A comprehensive study is a lifelong pursuit. The best place to start is by studying pioneers and leaders in a given industry. Start from the beginning. Learn their greatest successes and failures, and try to relate them to the current situation.

Decision Making

CEOs are required to make many decisions without having all of the information first. CEOs must act like good detectives, taking the facts they know and piecing together the rest of the puzzle based on only bits and pieces of evidence. Colin Powell is famous for his 40/70 rule. He said that when you have 40 percent of the information on a given topic, you should start formulating a decision, and when you get to 70 percent, make the decision.

There are many courses available to hone the decision-making skills of CEOs. Alternatively, a look at case studies for important historical decisions can provide background into how effective decisions are made.

An all-out trade war with China is one of these divisive measures that the Trump administration is pursuing. While supporters claim that a trade war is inevitable and perhaps even necessary, opponents worry that we may be awakening a sleeping giant.

According to a recent article on Inc.com, Michael Petricone, senior vice president of government and relations at the Consumer Technology Association said that “tariffs go against the interest of the American people. The economy will respond to the president’s tariff agenda by increasing the cost of goods that people use every day, harming the U.S. economy and sinking the stock market.”

The most recent U.S tariffs of 25 percent are set to take effect on July 6 and will cover a range of Chinese industrial goods such as aerospace, information and communication technology, robotics, and industrial machinery. In retaliation, China announced its own round of tariffs, which target $34 billion worth of U.S. goods including soybeans, electric cars, orange juice, and salmon.

These tariffs appear to be only the beginning. Trump is now threatening an additional round of tariffs of 10 percent on up to $200 billion worth of Chinese goods. All of this is bound to have an effect on the U.S. economy, and small businesses are no exception.

Here are some potential areas that could affect small business as a result of the impending trade war:

1. Production Costs

Businesses who manufacture, source, or sell products with materials or components produced in China can expect to pay more for products and materials as future rounds of tariffs unfold. On the flip side, the tariffs could benefit suppliers and manufacturers of products produced wholly in the U.S. by allowing for more competitive pricing and higher profits.

2. Exports to China

Look for China to match tariffs on U.S. exports as the U.S. continues to slap tariffs on Chinese imports. Anti-American sentiment is on the rise in China, and the trade war will not help matters. Prices for U.S. goods in China could increase due to tariffs, and sales would likely decrease. While this does not apply to all small businesses, those who export to China, or supply parts for exported products could feel the crunch.

3. Intellectual Property Rights

Chinese manufacturers are notorious in their disregard for U.S. Intellectual Property Rights. Sites like Amazon and Ebay are full of counterfeit products produced and sold by Chinese manufacturers in the U.S. market. While the exact effect that the trade war will have on Intellectual Property Rights is uncertain, many believe that these counterfeit infractions could increase out of spite.

Just as with any political action, a trade war with China would benefit some and harm others. Tariffs have been around as long as there has been international trade. However, we live in a modern, global economy where nations are more intertwined than ever before. Hopefully, Trump knows what he’s doing and will be able to navigate these tenuous waters without causing irreparable damage.

The first place to look for answers is your leadership style. Do you lead by dictation, or by example? If your employees don’t see you walking the same walk that you are talking, they will not take you seriously.

A great leader inspires loyalty and performance. Employees want to know that you are willing to get down in the trenches with them, when necessary, to take care of business. Here are some tactics to consider to help you lead by example:

1. Take responsibility for your actions and the actions of those under you. Never blame. Even if you aren’t at fault, you are. As the business owner, everything that happens with your business is ultimately your responsibility.
2. Look for solutions, not excuses. Real leaders recognize that things will go wrong…often. Your example in handling problems will go a long way toward inspiring others to be problem solvers as well.
3. Tackle problems head-on. When an issue arises, don’t run and hide. Roll up your sleeves and get to work. Your employees will be inspired to tackle problems themselves if they know you are willing to pitch in and help.
4. Don’t make promises you can’t keep, and always follow through with promises you make. Strong leadership requires trust of those under you. They can’t trust you if they don’t know you are true to your word.
5. Value people more than profits. This is tricky, because your business cannot survive without profits. However, people are the reason we build businesses in the first place. The profits are for ourselves, for our families, and for our employees. Show them you value them and make decisions based them, not just money.
6. Promote collaboration among your employees. Set an example by showing them how important it is to work together and to rely on each other for success.
7. Reward success, but don’t punish failure. Employees respond well when they know they are appreciated for their achievements, but they also perform better when they know they are safe to make mistakes. While some mistakes are inexcusable, most mistakes are simply learning opportunities.
8. Delegate responsibilities. Leading by example involves trusting others to do important tasks. Employees will never learn to excel if they are not allowed to grow and learn new things.

When developing leaders through example, consider this quote by John Maxwell: “The single biggest way to impact an organization is to focus on leadership development. There is almost no limit to the potential of an organization that recruits good people, raises them up as leaders and continually develops them.”

“Don’t be fooled, the American Dream of owning your own business is still very much real, especially when compared to the rest of the developed world,” said Dr. Luke Pittaway, Ohio University College of Business Copeland Professor of Entrepreneurship. “How Americans are choosing to open small businesses is where we’re seeing the largest shift. Consumer habits are changing, forcing Americans to consider how they open small businesses in 2018– whether it’s focusing more on e-commerce than actual storefronts, or focusing on selling to a local community or region instead of a broader national audience.”

Out of the different cross-sections of survey participants, Gen Xers seem to be the most confident about opening a small business with 75% indicating that they dream of such an endeavor. 50% of Gen Xers indicate they are optimistic about following through with their dream and opening a small business in 2018.

“It should come as no surprise that Gen Xers are the generation that feel the most optimistic and most willing to branch out and start their own small business,” said Dr. Pittaway. “This portion of the workforce is most likely well established in their career, financially equipped and starting to think about how they’ll spend the final stages of their career. In many cases, even when Gen Xers and Boomers reach retirement age, instead of grabbing their golf clubs or boarding a cruise ship, they’ll be looking for their next professional act. More and more we’re seeing that later career stages and retirement is the time professionals open a small business, and for many it’s the first time.”

The survey questioned participants about the types of businesses they wish to start. The results are not surprising. 29 percent of respondents would like to open a technology solutions business, while 22 percent want to go into food services, and 21 percent want to offer products or consumer goods.

Men reported slightly higher confidence than women (47 percent to 43 percent). 56 percent of respondents indicated they would prefer to open a home-based business, while 30 percent would like to own a brick-and-mortar business. Only 20 percent indicated they would like to start an e-commerce business. This may be a bit surprising based on the ease-of-entry into e-commerce, but perhaps some of these smaller online sellers fit under the home-based business umbrella.

The results of this survey are intriguing. They are consistent with the idea that Americans are starting to have more faith in the direction of the economy. The survey was commissioned by Atomik Research, which ran a general population online survey of 1,003 people in the United States. The margin of error falls within +/- 2 percentage points with a confidence interval of 95 percent. The results were collected between March 5th and 6th of 2018.

Facebook initiated the Community Boost program as a way to offer more support to local businesses and to train potential employees. These meetups are happening around the country and are a great platform for connecting with local businesses and improving digital and social media skills.

Facebook recognizes the impact they have on small to medium-sized local businesses, and they want to do more to support these business owners.

“We’re inspired by what small businesses have been able to do using Facebook, but we want to do more—particularly for those who are transitioning to careers that require more digital skills,” Doug Frisbie, global marketing director of small business for Facebook, said in a statement. “It’s clear that small businesses are using social media to create new opportunities and grow, so we’re bringing this valuable training program to them in Atlanta to help local entrepreneurs learn and prosper.”

According to Facebook’s Community Boost web page, 3 in 10 small and medium-sized businesses on Facebook in the United States built their business on Facebook, 42% say they’ve been able to hire more employees due to growth since joining Facebook, and 56% say they have increased sales because of Facebook.

At Facebook Community Boost Events, participants will learn first-hand from Facebook representatives how to better manage and market their businesses on Facebook.  Topics include online safety, best practices for marketing, Facebook for nonprofits, educators and developers, privacy, financial readiness, hiring and supplier diversity.

Participants will learn more about Facebook’s online training program known as Facebook Blueprint. This is a comprehensive online course that will guide businesses through every aspect of managing a business on Facebook.

News of this community event in Atlanta comes on the heels of Gov. Nathan Deal’s announcement that Facebook plans to build a 1 million square foot data center in Georgia. To start, the company is projected to invest at least $750 million in the project and create up to 100 tech jobs, with $2.5 billion expected to be spent on improvements and equipment through 2029.

Community Boost promises to spark interest in tech jobs and provide training to those who may be employed by Facebook in the near future.

Accountants can do much more than simply track expenses and prepare taxes. A good accountant is a valuable business partner. Accountants can offer insight and perspective to your business that you might not be able to see yourself.

Accountants can definitely prepare your taxes, but a good accountant can also help with tax planning. You need an accountant to help you comply with the law, but you will want an accountant to help you plan so your tax burden is as low as possible.

Accountants can also provide valuable auditing services to help you look good to banks when you need to borrow money. In short, a good accountant should pay for themselves by helping you avoid potential problems, and by pointing out ways for you to save and make more money.

When hiring an accountant, here are a few things you should know:

Accountants often Specialize

As with many professions, there are different niches within the world of accounting. Whether you are a doctor, a writer, or you own a landscape company, you should seek an accountant with relevant experience. That knowledge and experience will provide you with insights you may have never considered.

Accountants work for Many Clients

Unless you are a big company with the means to hire an in-house accountant, you will be sharing your accountant’s services with other clients. This does not mean they will share your secrets, as they are bound by accountant-client privilege and cannot disclose private information to 3^rd parties.

It does mean, however that you may not always get the undivided attention you feel you need. This is not cause for alarm, but is simply important to be aware of.

Not all Accountants are Certified

To understand what it means for an accountant to be certified, you must first understand the meaning of the term Certified Public Accountant (CPA). CPA is the title of a qualified accountant who has passed the Uniform Certified Public Accountant Examination and is officially licensed to provide accounting services to the public.

An accountant does not necessarily need to be certified to look after your books and balance your checkbook, but he or she does need to be certified in order to legally perform many of the most valuable duties of an accountant.

If you are going to hire an accountant, don’t just hire a bookkeeper, hire a CPA.

Accountants often Outsource

Don’t be surprised to find out that your accountant outsources many tasks. These tasks can be delegated to another firm, individual freelancers, or to other workers within your accountants own firm. Those enlisted to help can often be located overseas as well.

Outsourcing is not necessarily cause for alarm, as your accountant is ultimately responsible for the quality of the work performed, but it is important to be aware of.

Different Accountants have Different Styles

There are many stereotypes about accountants. Comedians would have us believe they are all robotic drones with no personality. Obviously, this is not true, although there may be many shared personality traits among accountants.

The important thing to know is that each accountant is a unique individual. When choosing an accountant, choose one you feel you could get along with. Choose an accountant whose approach to his craft will mesh well with your business.

Charges can be Hourly or Flat Rate

Accountants charge for their services in different ways. Some accountants have a flat rate for a list of included services, others have a menu of a-la-carte services, and others simply charge by the hour.

It is best to take a close look at what services you will require and pick an accountant who can meet your needs effectively and economically, based on their fee structure.

Communication Methods and Availability can vary

One last consideration when hiring an accountant is communication. If you require constant contanct via telephone, you will want to avoid accountants who only respond via email at a certain time each day.

As with other aspects of accounting, every accountant has their own style. Pick one whose style closely matches yours, and you will be more likely to have a successful partnership.

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