How To Practice Like A Champion?

business growth May 11, 2018

People often complain about how much money Pro Athletes make. They say things like “Oh he just shows up on Sunday and gets a check for $5 million without doing anything or people believe it’s their natural talent that keeps them performing at a high level.” And on the surface that seems true. We as the spectators only see the finished product. What we don’t see is the months of endless hours of practice. The sacrifices the athletes make in their lifestyle off the field and the countless repetitions of the same play that we see happen on the field in a split second. When the Quarterback of a Pro-Football Team throws a pass, he has to know exactly how many seconds, exactly how many steps it will take for the wide receiver to get to the exact spot where he is supposed to be all while reading a defense that is trying to crush him. He has to know all of this because he needs to throw the ball before the receiver is even close to that mark. This knowledge and...

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Is Your Business Ready to Grow?

business growth May 04, 2018

Most entrepreneurs and small business owners I meet, talk a lot about growing their business or have the desire to grow their business.  They talk about their plan to increase revenue to help them grow their organization to the next level.  I usually follow up with the following questions:  What are you building and why?  Where are you currently?  Where do you want to go?  How will you get there?  Is your business ready to grow?

These questions are designed to get the business owner thinking about their business and the steps that might be required to take to get them to the end goal and the first step doesn't include increasing revenue.  There is pre-work that is required before just jumping into growth. The foundation of every business is a sales/marketing, finance, and operations function.  These are the minimum functions that all businesses have.  It is your three legged stool of business, and you can't have a weak leg....

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Your Top Priority: Clarity

business growth Apr 27, 2018

What is Clarity?
It is the quality of being easy to see, hear or focus; sharpness of image or sound.  It is the freedom from indistinctness or ambiguity.  Often business owners don't address clarity when defining their vision, goals, and business plans.  Focus is not something that comes naturally.  It is a skill that must be developed, and before you can develop the skill, you must know what you need to focus upon.

What is it you really want?  What do you want professionally?  Personally?  For you family?  What is your vision for your life?  Knowing the answers to these questions is what I mean by having clarity in all areas of your life. Clarity means having an Unchained view of your vision, which is what do you want and why do you want it.  Then the next layer is going deeper into its purpose and its value.  Companies with a lack of vision often struggle at best, and in worst cases, they fail altogether.

Benefits of...

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How to Manage a Struggling Company Culture

business growth Apr 20, 2018

Whether you have a one-person show, a team of two or staff of 700- the number of employees has no effect on the importance of company culture. It should be developed at the same stage you build your business plan- incorporated and ingrained into each decision from the get go.

Sure, the size of your business will determine how potentially difficult it may be to continue to perpetuate and stand behind your companies’ culture, but it's always going to be vital to success.

Company culture affects management, the staff at all levels and clients, therefore establishing itself as an essential part of the machine.

A great example in today’s world is exclusivity. All businesses, regardless of size and industry, are being more highly scrutinized in their treatment of employees, in particular associating with specific minority groups or gender identification roles.

Keep your company culture out of the weeds by offering reminders to your staff of what kind of positive environment...

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What Financial Records Should You Keep?

business growth Apr 13, 2018

Which records should you keep? You should keep information that you and the IRS need to determine your correct tax. Everyone should keep the following records.

Copies of tax returns. Keep copies of your tax returns as part of your tax records.

  • Your tax returns can help you prepare future returns and amended returns.
  • After you die, copies of your tax returns and other records can be helpful to your survivors or the executor or administrator of your estate.

Proof of income and expenses. Listed below are examples of income and expense documents you should keep. The list is not all inclusive.

Income

  • Form(s) W-2, 1099, and K-1
  • Bank and brokerage statements
  • Business and hobby income records
  • Records relating to sale of business property

Expenses

  • Sales slips, invoices, receipts
  • Canceled checks or other proof of payment

Donations

  • Details of cash and non-cash contributions
  • Written communications from qualified charities

Your Home

  • Closing statements, including any, refinance documents...
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How to Analyze Your Balance Sheet

business growth Apr 06, 2018

One of the biggest mistakes we see among small business owners and entrepreneurs is they don't rely on the Balance Sheet to monitor the financial health of their business.  A lot of times we see owners trying to use their bank statements to track the finances of the firm.  Managing the money you have for your business goes well beyond knowing how much cash you have in the bank.  To understand the financial health of your business, it takes a meaningful analysis of your assets, liabilities, and equity.

What is a balance sheet?  A balance sheet provides a snapshot of your firm's financial status at a particular point in time.  This financial statement details your assets, liabilities, and equity.  A balance sheet is most commonly prepared at the end of a month, quarter or year.  The layout of the balance sheet reflects the core accounting equation of Assets=Liabilities + Owner's Equity.  Assets are everything your company ...

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Understanding Your Profit and Loss Statement

business growth Mar 30, 2018

The Profit and Loss Statement (P&L), which is also known as the Income Statement, is an important financial tool that shows business performance over a period.  Most entrepreneurs and small business owners start their business because they are passionate about the work of the firm or the problem they are solving, which usually isn't finance or accounting.  Therefore, most entrepreneurs and small business owners lack the knowledge and training to interpret the monthly financial reports accurately.  We can't teach you to be accountants or CPAs, however, we will share some great tips to help you understand your Profit and Loss Statement better.

The Profit and Loss Statement is created using a basic formula of sales minus costs equals profit.  That is the simple formula that makes up the statement.  Everything else is breaking out sales and costs in more detail to give you a better understanding of your sales and costs.  The important question...

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Workday Efficiency: Improve It With These 6 Tips

business growth Mar 23, 2018

How is your workday efficiency? Do you progress through the day's tasks like a well-oiled machine? OR do you scurry from one thing to another and get to the end of a long busy day with nothing completed? If you feel more busy than productive, these tips are for you. As with everything change, and forming new habits takes time, be patient with yourself, but work hard at this. Developing habits of efficiency is key to being your most productive in your business or career

Start the day off right

The first step to an efficient and productive workday is the getting off to a good start. If you are a morning person this might mean a lengthier morning routine of reading, more extensive planning, and exercise. You win today by preparing for it the night before.

Focus on what matters most

The To-Do list you make for the day should be prioritized. You can either rank each item individually OR simply put a star next to the most urgent and important tasks that absolutely can’t be put off....

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Projects: How to Accomplish Large, Overwhelming Ones

business growth Mar 16, 2018

We all have them, those big looming projects that despite how much you want to get them done, seem impossible to tackle. Here are four tips to help you work through those daunting tasks.

Get Started

Regardless of the task, the most important step is the first one. Big or small, taking that first step starts the snowball effect toward completion. So even if you are unsure of exactly how the whole project is going to be accomplished, just take that first step. Just getting started often offers clarity on how the rest of the project will go. For example, it may shed light on a realistic timeline, or help you better understand what the cost will be.

Break Projects Down

From there you can start breaking the task or project down into small, more manageable daily pieces. You won’t write your first book in one sitting, but you may able to break it down by chapter, idea, segment, etc. until you have daily goals to accomplish on your way to the bigger task of completing the book. The...

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Negative Thinking Patterns: 4 Ways to Overcome Them

mindset Mar 09, 2018

Negativity can be a major productivity killer. The worry and stress that can accompany major negative thinking patterns can be paralyzing and render you less capable of making the right decisions that will move you and your business forward. Use these 4 tips to overcome those thinking traps so that you can move closer to reaching your goals.

Focus on the Problem, Not the Person

Deal with the problem at hand, not the problems that could come in the future. It can be easy when things start to go wrong or problems arise to start thinking far into the future of all of the other worst-case scenarios and things that could go wrong. While being prepared for the future is very important, letting it distract you from present challenges that need your attention will only cause you to fall further behind your goals. It’s difficult, but try to focus your energy and attention on what is right in front of you. As you make progress on that problem you will begin to see your overall outlook...

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