Richard Branson: How to Spot an Opportunity

Like sunrises, opportunities come and go -- but there will always be more.

"Opportunities are like sunrises. If you wait too long, you miss them,” Virgin Group founder Richard Branson quotes writer William Arthur Ward in a recent blog post. Like sunrises, opportunities are fleeting, and they will pass if you are unprepared.

They do not always come at the perfect time, either, so you must be ready to seize them when the chance presents itself, Branson says. There is no point in waiting to act. If you do, they will likely disappear.

That’s why you must be prepared. If you “put yourself in the right mindset to spot opportunities, there are always more to follow,” the successful entrepreneur writes.

Of course, that’s easier said than done, because noticing opportunities can be tricky. Again, preparation is key. “Opportunities are usually disguised as hard work, so most people don’t recognize them,” Branson quotes columnist Ann Landers.

Ironically, hard work is the key to taking advantage of opportunities. If you put in the time, effort and commitment, you’ll open many doors for yourself. It’s only a matter of noticing opportunities and acting upon them.

Click Here

Shared by: LY

Richard Branson: To Be Successful, Take the Stairs

Entrepreneurs should focus on a gradual climb to success.

Although Richard Branson admits to being a big fan of the elevator pitch, he thinks it’s also important to take the stairs -- literally.

The outgoing Virgin founder believes that taking the stairs whenever you can is a great way to exercise, especially if you’re busy working all day. In a recent blog post, Branson not only addresses the importance of physically taking the stairs, but finds that an “entrepreneur is essentially taking the stairs every day of their career.”

As most of us know -- entrepreneurship takes time. Branson calls it a “gradual climb,” with “inevitable failures and setbacks along the way.” Very few entrepreneurs can take the elevator to instant success, he writes.

Take the slower route. You’ll be able to learn from your experience and better prepare yourself for a future of success, Branson advises. “Rather than getting to the top without the experience, you will have years of experience, failure, learnings -- climbing stairs -- to fall back on.”

Click here

Shared by: LY 

25 Things to Begin Now so Your Business Thrives in 2017

Let's read the below to have some insight for 2017 for this coming weekend.

1. Revisit your business plan.

If you’re already a business owner then you probably have a detailed business plan that covers;

·         A summary of your business.

·         A description of your company.

·         A market analysis of your competitors.

·         The structure of your organization.

·         A description of the products/services you sell.

·         How you’re marketing your business.

·         Financial projections.

This information is needed to not only guide you when making business decisions, but also if you need to borrow money from a lender. Even though most well-thought-out business plans are good for three to five years, it wouldn’t hurt to make sure that your original plan still fits your current business situation.

2. Gather necessary information for a business loan.

Speaking of loans, lenders will also require the following information;

·         Business licenses, if applicable

·         Personal and business tax information

·         Personal and business bank statements

·         Income statement and revenue information

·         Detailed financial projections

Even if you’re not currently looking for a loan, it’s better to have this information handy so that you’re not scrambling to put it together when you do need to borrow money.

3. Focus on profitability.

One of the most common mistakes that business owners make so that when they put money back into their company it’s only to grow. Instead, companies should be focusing on how to become more profitable. That’s because they grow too quickly and end-up having cash flow problems by doing things like hiring too many people but not enough revenue to pay them.

Either revisit or create a financial model by paying close attention to your expenses, assessing your marketing plan, building your projections from the bottom-up, checking results from the top down, and finding your breaking point. It may not be perfect, but those steps can guide you in boosting profits.

4. Set a savings goal.

By Jan. 1, 2017 you should have a savings goal in place. Remember, this goal should be measurable, achievable, realistic and timely. For instance, it could be establishing an emergency fund that can keep your business operational for three to six months if need be.

5. Evaluate your business processes.

Take a couple of moments to evaluate your business processes. This will let you see which areas are effective and running smoothly and which ones aren’t. For example, if you’re still using a paper-based invoicing system you should make the switch to a cloud-based system so that you can send invoices electronically and receive payments immediately.

6. Review your all of you insurance policies.

At the very least business owners should have the following insurance policies; personal liability, property, workers compensation, home-based, product liability, vehicle, and interruption. And, we don’t want to leave out health insurance as well.

Reviews these policies before the start of the new year. You may be paying for unnecessary coverage or there may be more favorable policies available from competitors. Also, depending on your business and its size, you may be required to purchase new policies that you weren’t aware of. If you get caught, you may be penalized.

7. Keep up on new tax rules and regulations.

There may not be major changes every year, but it’s important to pay attention to any new federal, state, and local tax rules and regulations. It could be anything from filing dates, increasing or decreasing tax rates, what can or can’t be deducted, and how much you can contribute into your 401(k) or Roth IRA.

IRS.gov does a decent job of keeping people notified of any changes, but it’s in your best interest to speak with a tax specialist before they get swamped.

8. Be aware of salaries in your industry.

Every year Robert Half publishes a salary guide that provides comprehensive data on average starting salaries. This will vary depending on where your business is located, but it’s an excellent resource. Use it to offer employees a competitive salary and plan your finances accordingly.

9. Take advantage of cash accounting.

It’s not uncommon for small businesses to employ a cash accounting method. As QuickBooks explains, “cash accounting focuses on when money is deposited and cash is received.”

Furthermore, “cash accounting records your expenses when cash is paid out to suppliers, vendors and other third parties irrespective of when those expenses were incurred. So if your contracting business purchased tools on credit in October, but actually paid cash or check for those tools in November, you would record the payment as a November expense.”

The benefits of cash accounting is that it’s simple, straight-forward, doesn’t require a large staff, represents cash flow, and has tax benefits like not paying tax income until you receive it.

This means that you may want to accelerate certain purchases before the end-of-the-year or ask a customer if they can wait until January to pay their invoice in order to take advantage of the tax perks.

10. Declutter and get tax deductions.

There’s no better time than at the end-of-the-year to start decluttering your life -- and your business. The main advantage of decluttering your life is that it forces you to get organized, which will end-up saving your time and money. Also, you may be able to donate some of the things that you’re no longer using in your office. Not only does this make you feel good, you may be able to deduct from your taxes.

11. Research financial institutions.

As mentioned earlier, you never know when you’re going to need to borrow money. During your holiday travels, take the time to start researching and comparing possible lenders that fit you exact business needs. This way you can apply for a loan as soon as you need to without having to do the legwork.

12. Draw on your bank credit line.

Again, you never know when you’re going to need to inject cash into your business. To be on the safe side, if you have a credit line use at least a little of it. The reason? Banks prefer to issue credit lines to companies that use it.

13. Evaluate your product lines.

The end-of-year is the perfect time to review all your product and service lines. Doing so gives you the ability to get rid of any of those under-performing products or services and adapt your business to fit the needs of an ever-changing market.

14. Look for ways to generate recurring revenue.

If you haven’t noticed, recurring monthly revenue is all the rage. That’s because it creates a predictable cash flow, decreases missed or late payment, and saves your business a lot of time and money. Find ways within your business to start generating recurring revenue for 2017. For instance, you could provide educational or training materials to your customer’s for a monthly fee. Remember to setup you billing to automatically invoice your clients. Here are some of the top ways to invoice your clients.

15. Make saving automatic.

Just like with your personal savings account, you can make saving automatic by withdrawing a portion of your paycheck, 5 percent for example, and directly depositing it into a savings account. You can also set it up so that throughout the month a certain amount of money is transferred into your business's savings account. This prevents you from spending that money.

16. Challenge the status quo.

Don’t be complacent! That’s one of likeliest ways to kill your business. Start thinking of how you can boost gross margins, how to leverage your most profitable products or services, and how to target high-profile customers.

17. Have collateral ready.

If you need to borrow a large sum of money, you may have to provide something for collateral. If you’re a new business, you probably don’t have assets like equipment or real estate. Start thinking of what you can use as collateral, such as your home or vehicle. Even if you don’t have use it, it’s better to be prepared in advance.

18. Ask your customers to purchase higher priced items or services.

While you want to be more concerned with value over price, your customers will inevitably think with their wallets. So, how can you convince them to purchase your more more expensive products or services?

At Due we decided to let people enjoy our products for free. However, we make money on our services, especially on our enterprise services. While the free plan works for plenty of people, the paid plan comes with expert advice that are tailored to your needs, current issues, and future growth plans. It’s a unique approach that some of our competitors don’t offer.

9. Start monitoring your monthly expenses.

If you haven’t done so yet, start tracking your monthly expenses. You want to track every single purchase and expense your business has made from month-to-month. This lets you know how much you’re spending on your expenses and where to start trimming the fat if you’re overspending.

Also, this lets you know if any of your accounts have been jeopardized to cyber-attacks if you spot any unauthorized purchases. This not only gives your total control of your money, it’s one of the most important steps when creating a budget.

20. Create a budget and stick it.

Speaking of budgets, it’s time to sit-down and create one for your business. I know it’s not exciting, but after you create a realistic budget you can get your finances in order by getting rid of any frivolous spending. Budgets also help you keep you’re spending in-check so that you can reach any savings goals that you’ve set.

There are actually different budgeting methods, like incremental budgeting, zero-based budgeting, and top down budgeting. Review and try out each method to find the one that works best for you.

21. Cut costs, even if revenue is solid.

Cutting expenses it tough, especially if revenue is good and you aren’t have any cash flow struggles. But, why wait to start making those costs? If there are expenses that you feel are unnecessary or just make you cringe, then get rid if them instead of wasting your money.

22. Shop around.

Whether if it’s a new insurance policy, credit card, bank, supplier, or vendor, start comparing prices. You may discover that you can find a better deal. And, if you do find a better bargain, but don’t want to make a switch, then negotiate a price that’s in your favor.

23. Evaluate the ROI of your sales and marketing efforts.

Track your leads and see where and how you’re reaching customers. If that’s through Facebook ads, then keep going with that method. If not, then dedicate that money to a channel that is getting results.

24. Stay organized.

I can’t stress this enough. You have to a system in place so that all of your records are organized. Take your invoices, for example. When they’re organized you can see which invoices have been paid and which are pending. You can also have them handy in case you get audited. Thanks to the cloud, most of this information is started in one convenient dashboard automatically.

25. Meet with an accountant or tax advisor.

This is probably the most important move that you should make. These professionals know how to prepare your finances, whether if it’s taxes, planning, or budgeting, the correct and legal way. I would suggest that you make an appointment before the tax-season gets in full-swing because they’re going to be extremely busy.

Click Here

Shared by: LY

20 Lists Every Entrepreneur Should Create

The below 20 lists of every entrepreneur should create.

1. Existing investors' and advisors' skill sets

It is important to maintain a list of your existing investors’ skill sets to help you remember whom to ask for particular advice or favors (Example: If one of your investors used to work in media, you can ask them for PR help.). Keeping your investors engaged, and remembering to catch up with them individually from time to time is your secret weapon to multiplying your army of evangelists.

2. Potential investors

Over the course of running your business, you will likely hear about many potential angel investors or venture capitalists who would be perfect candidates for your company. These people should be added to a potential investors list as soon as you hear about them! Even if you are not currently fundraising (or if you are “too early” for particular later-stage investors), keeping a log of your conversations with potential investors will make your life much easier once you are ready for your next fundraising blitz.

3. Existing partners

If your business has any content or distribution partners, it is important to maintain great communication with them. A simple spreadsheet -- listing all your partners, the nature of your partnership, the key champions within the partner company and any additional notes about the relationship -- can help you remember when to send them exclusive company updates, holiday cards or any other helpful correspondence.

4. Potential partners

Are there companies you’d like to partner with in the future? Did someone just mention a great potential future partner during a meeting? This is a job for the potential partners list. Whether you’re logging ideas for dream introductions, or just keeping track of conversations you’ve already had, a central list of potential partners can keep all your corporate development activities organized. Just be sure you’re targeting the right person within the potential partner organization.

5. Potential acquirers

Companies are almost never acquired as the result of a single discussion. Most successful acquisitions are actually the result of ongoing conversations between the startup and the acquirer. Maintaining a list of your potential acquirers, getting introduced to the right people in their organizations and logging your conversation notes are important activities to prepare your company for an eventual exit.

Note that many of your current or potential partners could also be potential future acquirers of your business, so you may want to condense these two lists into a single corporate development spreadsheet.

6. Journalists you know

You never know when your company may do something that is “story worthy.” Keeping an updated list of all your journalist buddies can help you quickly get the word out when the time is right. Just be sure to stay in touch with them (and even do occasional favors for them) so that they pay attention to your next email!

7. Journalists you want to know

There may be a handful of influential journalists who regularly write about your industry. Keep a list of them! I’ve found Twitter lists to be a particularly helpful tool for this. If you regularly comment on their posts, retweet them and favorite them, they’ll eventually notice and engage you in a conversation about what you do.

8. CEO friends

Your fellow entrepreneurial buddies can be among your most important assets. They can help with confidential advice, they can serve as potential partners on key initiatives, they can attend your startup’s parties and they can introduce you to your target investors when you’re ready for the intros. I tend to just use a Gmail contacts list for this.

9. Awesome talent you know

Did you just meet an amazing engineer who you'll eventually want to hire as an Android developer (once you raise some money)? Or perhaps an amazing future vice president of sales who loves your company and wants to stay in touch?

Don’t lose touch with these people. Keep them in a separate contact list. You never know if you may need them -- or if you may want to refer them to opportunities at your friends’ companies.

10. “People to update”

Sometimes you just want to blast a whole bunch of “relevant” contacts with an important update about your company (particularly while building hype for PR or fundraising blitz). Having an up-to-date master list of these people -- which might include investors, entrepreneurial friends, journalists, friends and even your family -- will make this update process much easier.

I maintain my own version of this list by simply tagging all my relevant Gmail contacts with a label called “General Updates.”

The second type of lists that startup founders should maintain is to-do lists. Startup to-do lists come in many flavors:

1. Short-term CEO tasks

Things you need to do in the next few days. I personally use Gmail’s built-in Tasks feature for this, and I have an iPhone app that allows me to access this list on the go.

2. Long-term CEO projects

Things you need to do “eventually.” I use a Trello board for this. I generally sit with my executive team each month to re-prioritize this list and to make sure I’m working on the right things.

3. Short-term product tasks

Things your product team is currently working on. This helps you remember what’s important before you bother them with a trivial new idea. If it’s not an emergency, add it to the product backlog.

4. Product backlog

Features that you hope to “eventually” build. At Brainscape, we generally don’t have a detailed long-term road map, since we prefer to re-assess the product backlog every few weeks and determine which items should be added to the short-term tasks.

5. Pending conversation agendas

Talking points for your upcoming weekly team and/or individual meetings. I like to have at least two to three bullets ready for all my scheduled discussions. I tend to just keep these talking points on a written notepad by my desk.

6. Your email inbox

Correspondence that requires action. The most successful entrepreneurs are obsessive about archiving emails that have already been addressed, so that anything still in the Inbox is essentially a form of short-term “to-do list.”

Any emails representing longer-term projects should either be immediately transmitted to another form of to-do list, or should be “snoozed” to come back to later (by using a tool such as Boomerang, Mailbox or Google Inbox). My personal goal is to reach inbox zero at the end of each day (although that rarely happens).

7. Blog posts to write

Ideas for articles you’d like to write, either for your blog, LinkedIn and/or for a major publication as a guest author. You should add to this list whenever a good blog post idea pops into your head. You can chip away at this list either by scheduling some regular weekly writing time or by just saving the list for whenever you have some “down time.”

8. Marketing ideas

Ideas for slogans, ad campaigns, giveaways, contests, promotional videos, email blasts, brand ambassador activities and any other marketing initiatives that you might want to explore at some point. Brainscape maintains a shared Google spreadsheet where everyone on the marketing team can add their ideas and review priorities at our weekly meetings.

9. Books to read

Novels or nonfiction books that will somehow make you a better entrepreneur. This list often tends to grow faster than you can attack it. One useful tool is to record the person who recommended the book to you, so you can remember to thank them once you do read it (even if it is years later). I keep this list in the standard Notes app on my iPhone. See this link for other tips on how entrepreneurs should read business books.

10. Future business ideas

Ideas for companies that you might want to start one day, when or if you ever exit your current company. As James Altucher writes, your “idea muscle” can get weak when you’re in a groove, so be sure to write down the ideas when they come to you! My own list currently has several dozen business ideas (most of them pretty dumb, but still worth recording).

Having spent a lot of time with entrepreneurs over the past few years, I have found that the most successful founders tend to be those who are most obsessed with keeping such lists for everything in their lives.

Even founders who have suffered from ADHD (which actually tends to be a common entrepreneurial trait) are typically very good at maintaining organised lists -- possibly because they once had to compensate for forgetfulness as a student. If you don’t think you are good at lists yourself, feel free to copy some of my list ideas as a starting point, and you’ll find that it gets easier and easier over time.

Link: Click Here

Shared by: LY 

10 Books That Can Change Your Life in One Long Weekend

Happy Friday and it is around the corner again!

Use it fruitfully and use your time valuable.

Link: Click Here

Shared By: LY

21 Simple Ideas for a Successful Small Business Saturday

First, some basics.

1. Get web ready
Don’t forget the easy stuff. Make sure your address and contact info is correct on your website and all your social media profiles. You’d be surprised how many small businesses forget to update all their accounts as their business evolves -- and busy shoppers might not know you’ve opened a new location or have new hours.

And while you’re at it, review your site as if you were a customer, ensuring that all promotions are prominently displayed and that your payment process is working properly. You should do these checks regularly -- and an annual holiday sales event like Small Business Saturday is as good a prompt as any.

2. Utilize free resources. 
American Express is doing the hard work for you, offering free signs, email templates, web badges, posters and other marketing materials to get your business’ name out there. There’s still time to downloadmany of these materials and get them customized and ready to use in minutes. Next year, see if you’re eligible to order the full suite of materials (you might even be able to get on the initiative’s Shop Small map).

3. Extend your hours. 
If you usually close at 5 p.m. on Saturdays consider staying open til 8 or 9 p.m. Check out the events going on in your town that night and plan accordingly, so you can make the most of the foot traffic, suggests marketing software company Vertical Response. And if you change your hours for the shopping event make sure to tell shoppers on social media and on your website.

4. Prioritize customer service.
Re-train your staff to make a good impression. Your ability to connect with customers and create more personalized experiences can help you stand out amongst competitors. According to a 2016 study, although people continue to shop online -- nothing beats an in-store experience, so make sure yours is one to remember. Run through scenarios that might occur at your store during a busy weekend and give your staff the tools they need and the words to say to solve problems and help customers who might not have visited your store in a while.

Let's make some deals -- and promotions.

5. Plan incentives 
Give people reason to come to your store or your events. Shoppers in Oakland County, Michigan have a chance to win $5,000 thanks to a special promotion that lets shoppers text photos of their receipts. Consider your own in-store incentives, such as raffles, collecting contact information for your own upcoming events and promotions throughout the year.  

6. Don’t compete with the Big Boxes.

You might be tempted to slash prices ‘Black Friday-style’ -- but don’t. Doorbusters might work for major retailers like Walmart and Target, but that doesn’t mean your small business should do the same. Marcus Lemonis, the host of CNBC’s The Profit, advises small business to stay away from Black Friday-style deep discounts. Instead, remember your market is coming to you for a different reason -- to support local businesses.

Get connected.

7. Join forces
Work together with neighboring shops to give shoppers more reasons to visit. In South Dakota, Downtown Sioux Falls offers a number of deals, freebies and experiences throughout the town -- such as free cups of espresso and a special art market -- encouraging shoppers to make a day of the sales event and explore the downtown.

By joining forces with other merchants, you’ll likely get free promotion throughout the city, simply for registering as a participating business. Find out what your local community has planned and be part of it. Those relationships can help you throughout the year.

8. Invite a local celeb or official
Last year, President Barack Obama dropped into a local bookstore on Small Business Saturday and even shopped at a local popsicle shop in our nation’s capitol. While not all shops can get the president into their store, consider inviting other local officials who might make your shop into an impromptu photo opportunity. (Elected officials in all 50 states championed the day last year, so you have a ready audience.) And don’t forget other local notables, such as local authors, creatives and even pageant winners who might be flattered and excited to drop by if you make them feel welcome and special.

9. Join online groups associated with the holiday.

Americans love supporting small businesses and some have even started online communities to help promote Small Business Saturday. Go to meetup.com and do searches with terms such as “small business meetup groups,” and “Small Business Saturday groups” in your area. It’s free so get joining to connect your name and business with motivated, enthusiastic people.

10. Celebrate other small businesses.

Small Business Saturday is a community event, so go out of your way to celebrate other small businesses participating in the shopping day. Re-tweeting them and sharing their social content is a great way to show your support. It’s likely, they’ll return the favor too.

11. Support local charities.

Customers love knowing where their money’s going -- especially if it is for a good cause. Bubbly Paws, a dog grooming and retail spot in Minnesota, had big success on Small Business Saturday last year thanks in part to promotions and partnerships with other local shops, but also because it dedicated a portion of its sales to a local dog charity. The company saw a major uptick in sales and found that customers were motivated to shop and happy to know their money would help dogs in need as well as their community.

12. Don’t be left out.

Even if you have a product or service that doesn’t necessarily fall under the “holiday shopping” category, don’t hold back. In Staten Island, even exterminators are using big shopping day to offer discounts and promotions. By associating with the shopping event, companies can benefit from some of the free marketing happening online and in local media.

Amplify your message.

13. Utilize social media -- and hashtags.
Tell your store’s story on social media. Document your preparation for the big day and get your customers rooting for you. Take photos of your displays to whet appetites and on Saturday share images of your fastest selling products and the ways excited customers are enjoying your store.

And don’t forget to add specific event hashtags to accompany your posts: #SmallBizSat, #ShopSmall and #SmallBusinessSaturday. In 2015, more than 241,000 posts across Facebook, Instagram and Twitter were sent in support of the sales events, so make sure you’re part of those conversations -- and those searches after the day is over.

14. Update your advertising. 
Go Digital Marketing recommends small businesses update their PPC (pay per click) keywords to make sure their company name hits the top of customers’ searches. Change the keywords to reflect your most up-to-date offers and promotions, as well as your location.

15. Reward check-ins.

To get customers to spread the word about your small business to their friends, ask them to check-in through social media. Offer discounts or promotions for those who show they’ve checked in on a platform like FourSquare, Yelp or Facebook. A 2015 Nielsen study found that 83 percent of people surveyed found they trust the recommendations of their friends.

16. Promote small business selfies

Ask customers to take photos of themselves enjoying Small Business Saturday and have them post the photos to their social accounts and tag your store. To keep the Small Business Saturday momentum going, select the most creative, most liked or most fun photos to win a special prize afterward -- one the winners can only get by returning to your store later in the holiday season.

17. Make your website mobile-friendly. 
According to a Kissmetrics study, 78 percent of mobile searches seeking information on local businesses result in a purchase. With that said, make sure your website is mobile-friendly so Saturday’s shoppers who can’t make it to the actual store are able to buy your products on their smartphone.

Make it a can’t-miss destination event.

18. Hold a kickoff event. 
Start off the day-long shopping phenomenon with a kickoff event. Invite VIP customers and even local notables to your store, offering them snacks, beverages, and a special discount or freebie to show your customers they are special and get them excited for the day.

19. Offer a scavenger hunt. 
Make Small Business Saturday and adventure. Cities from Anchorage, Alaska to Fruita, Colorado are offering scavenger hunts this year -- getting people to celebrate their towns and do some shopping in the process. A scavenger hunt can incentivize customers to explore their towns -- and discover stores like yours. AMEX offers a free templatefor this to get you started.

20. Become a holiday tradition. 
Combine Small Business Saturday with other festive events going on in your city. Boulder, Colorado is holding an ice sculpture demonstrations and visits with Santa during Small Business Saturday. Working your way into families’ traditions ensures customers return again and again for memories -- and likely some shopping along the way.

21. Think beyond Saturday. 
Although it’s important to utilize Small Business Saturday to boost sales and drive traffic -- but your thinking should go beyond this day of shopping. Stores in Alexandria Virginia plan to offer random acts of holiday cheer, a series of deals that are available throughout the holiday season, past Nov. 26.

After the holiday season has ended, take stock of what worked and what didn’t. Chances are, many of these strategies can be repurposed beyond the holiday season, allowing you to strengthen the relationships you created with customers and partners all year long.

Full Article: Click Here

Shared by: LY