It takes confidence to run a business, just as it does to wear stylish clothes well. If you’re feeling tentative, look for ways to boost your own confidence. Don’t expect to know everything yourself. It’s OK to ask for help, and to admit what you don’t know.
Proper budgeting and planning are critical to maintaining cash flow, but even these won’t always save you from stressing over bills. One way to improve cash flow is to require a down payment for your products and services. Your down payment should cover all expenses associated with a given project or sale as well as some profit for you.
Far too many help wanted ads are incredibly vague in terms of what qualifications candidates must have, what the job duties are, what days and hours will be worked, and what wages and benefits will be paid.
Like money, time doesn’t grow on trees. You have to be smart about how you’re spending it. Here’s how:
Create goal lists:
You should have a list of lifetime goals, broken down into annual goals, broken down into monthly goals, then broken down into weekly goals. Your weekly goals, then will be broken down into specific tasks by day. In this manner, what is on your task list in any given day is all you need to do to stay on track with your lifetime goals
If any tasks do not mesh with your goals, eliminate it or delegate them
If any tasks do not absolutely have to be completed by you, delegate them
Consistently ask yourself: “Is what I’m doing right now the absolute best use of my time?”
If you’re not adept at creating marketing plans and placing ads, it’s a good idea to outsource your marketing strategy to someone who is. At this point, all you need is a core marketing plan: what marketing activities will you undertake to motivate purchases? Give your planner a budget and tell them to craft a plan that efficiently uses that budget to produce profits.
Unless you’re one of the Fortune 500 (and even if you are), every entrepreneur struggles with their budget. The key is to prioritize your marketing efforts with efficiency in mind – spend your money where it works – and reserve the rest for operating expenses and experimenting with other marketing methods.