Looking for an up to date guide on what to post and how to use all the top social networks? This handy infographic shows you how.
Created by Magic Logix, the guide encompasses all the essential networks for your business and gives a great overview of how you can use them for brand exposure, customer communication, site traffic and SEO.
(Click image to enlarge)
This infographic can be used to help you map out your social media plan.
Hey!
A big warm welcome to all my existing caroline baxter blog readers and of course all the new ones! This is such an exciting post to write, and I’m glad you’re here so I can share it with you.
I am now the proud owner of my spanking new layout for my Caroline Baxter Blog. I hope you like it! I’ve been so busy over the last few months that it seemed to be going nowhere. I’m sure you can relate to that feeling – no matter how hard to try to stick to the plan, you get sidetracked, and nothing seems to get done.
If you want to find out more about me, please visit About Caroline Baxter
Well, I seem to have come out on the other side of procrastination now, and I hope you enjoy reading through my latest posts and features.
How long did you spend on your personal blog? Leave your comments below.
To your success!
Image courtesy of renjith krishnan / FreeDigitalPhotos.net
If you are operating a business with a lack of cash flow, chances are there is money to be found if you know where to look for it. Many SMEs just aren’t aware of all the options available to them when it comes to finance and funding and this is exactly why so many are faced with insolvency. Instead of continuing on your current path, take a few moments to explore ways in which it is possible to obtain that extra influx of cash to meet your day to day expenses. This brief guide to finance and funding for your business in 2013 should help you see that cash flow doesn’t need to be a problem. You simply need to understand what is out there and how to go about cashing in on it.
By far the most common method of obtaining funding in today’s economy is factoring and invoice discounting. This is quite popular amongst small businesses because a loan is made to the company based on outstanding accounts receivable. The factor or discounter will take a look at your books to see exactly what is owed to your company and will lend an amount up to 85% of what is outstanding. Bear in mind that these must be B2B accounts (business to business) and not a ledger full of outstanding invoices to the general public. In factoring the lender will take over your accounts and collect payments where is in invoice discounting the business maintains control of their books.
Although trade finance is not optimal for all businesses, it can be a viable solution for those companies that meet certain criteria. For example, sometimes a trade financier will lend money over a short period of time to a business that has a solid history of meeting orders and the profit margin is relatively high. Perhaps there is not enough money to meet the current order so the lender is willing to make an advance against expected profit once the order is filled. Usually trade finance is sought when there is a lack of more conventional loans because of the current credit crunch where banks are holding tighter reins when lending.
When a company is in need of a quick loan, asset or equity finance can be the ideal solution. Sometimes there is a slump in business due to unusual circumstances. Seasonal demand may be low or there could be other reasons why products are not moving at the moment. A lender will sometimes make a loan based on the value of merchandise ready to be sold. It should be noted that this particular type of financing is contingent upon the lender’s ability to see value in your products. This would not be a loan for the service industry as there has to be some tangible (equitable) goods to guarantee or secure the loan.
Business Angels
In recent years, business angels have become prominent in the world of finance. A great number of investors are out there looking for somewhere safer than the markets to place their investment capital. These are usually private individuals looking for a good return on their money who are willing to invest in viable businesses. They can be thought of as a type of silent partner in that they are usually not made directors of the company, but they inject much needed capital to keep the business trading. It will take a solid business model and proof that the company has the potential to show a profit, but there are an astounding number of investors out there willing to take a risk.
Depending on the industry, there are also government grants available which are intended to help stabilise and grow the economy. Certain industries are more apt to qualify for government grants such as construction and building enterprises. A good financial adviser will be able to help struggling businesses research grants available to them and this is money which may or may not need to be repaid. Often there is very low interest on those loans needing repayment so if you qualify this may be worth your time and effort to investigate.
Rather than struggling from day to day waiting for that first creditor to petition a winding up order, take the initiative to find finance and/or funding. If there simply seems to be no way to qualify for a loan, talk to an Insolvency Practitioner about keeping creditors at bay with a Company Voluntary Arrangement. No, this is not a loan but it may enable you to pay pennies on the pound towards outstanding debt. It is not the same thing as bringing in a quick influx of cash but it would certainly reduce your monthly repayments which in turn would free up money for day to day expenses. You can survive the current credit crunch so don’t give up just yet.
Super-fast Starting A Business Image courtesy of Ambro FreeDigitalPhotos.net
Just how easy can it be to start your own business? Starting a business can be relatively easy if you set your action plan in advance. These super-fast business start up tips will help you get your idea get off the ground by saving you time and money.
There are several key factors that you need to consider as you begin your business journey. Starting a business successfully while keeping an eye on your budget will require a fair amount of legwork on your part, but it will pay off in the longrun. Here are 5 tips to keep you on the right path and help you set up your own business – super-fast!
The main thing to look at is going to be your financials. Are you going to have funding from a lender such as a bank or investor, or do you have enough capital to begin your business on your own? Starting your business with a loan is not always the best option. There are endless possibilities for obtaining funds to start up, and before you decide which route to take, ensure that you have explored them all. Don’t forget to factor in enough capital to survive personally too – you need to have enough savings that your personal life such as your mortgage and all other expenses are paid for without problem.
The business plan is next. In fact the business plan is going to include your financials from step 1- what you can purchase, what inventory you can have on stock, what you can rent, lease or buy outright and many other things involved in your type of business. An online business may require less investment, so keep this in mind too. Perhaps set a trial with an online version of your business if bricks and mortar are too high an investment initially.
Confidence is key with business start up. You never go in with the thought of failure, but of success. You still need to be realistic, which is why the above issues were mentioned in terms of lenders and investors. Still, you need to go in with the mindset that you will succeed without problems. You could do this by having a standup business plan – map out your pitch and your ‘sales talk’ and practice it in front of friends and family. You will always seem much more professional with a smooth pitch, and this will help you network and make contacts for your business in the future.
Marketing factors are definitely important and mapping out your marketing strategy before you set sail is always a good idea. The Internet is a great place to market if you know how to do it. Look for local courses or seminars which can help you with internet marketing and social media for your business. With the current evolution of online marketing including content marketing you could possibly factor in costs for hiring a professional at the outset. You can always take over later drafting written content and creating new campaigns.
Lastly, any business start up needs the right team. Even if you do not have funds for an employee, you should have funds for a legal adviser, a marketing team, an accountant, and ideally a business mentor or expert. Check free or low cost options by speaking with your local chamber of commerce. They sometimes offer free specialists who might help you think through all the steps, and will be aware of any grants or help available to start ups in your area.
One final thing to remember when starting your business is be sure to do the leg work. Will the product or service you offer actually sell? Check your local competition, conduct surveys, and determine what pricing structure would suit best. Ask lots of questions and seek the opinion of others. Be prepared for the unexpected and always have an idea of next steps should an initial idea or strategy not go to plan.
Looking for thrifty business marketing ideas to promote your new products, services or new year offers?
Here 10 super simple yet effective business marketing ideas to advertise your business without spending a fortune!
Before you begin, even if you can’t afford something professional, you can set up your own website or blog if you don’t have one yet.
Using a blog for business promotion is an ideal way of marketing your business and you can easily share content and helpful resources from your blog directly to social media channels such as Facebook, Twitter, LinkedIn and Pinterest.
If you can’t afford to pay a professional for building your site just go for some of the free templates that are available on the internet( e.g WordPress.org). Your website should include all the information about your product/service and a clear way for customers to get in touch.
Make sure your website has an opt-in page so visitors can subscribe to your newsletter. Email marketing lists are very valuable and provide a direct way of keeping in touch with your customers.
Anyway, lets move on to 10 cheap business marketing ideas!
You can advertise your business easily and cheaply by following some or all of these steps. Use these low-cost business marketing ideas to promote your products/services. Contact relatives and friends. Arrange special events and reach people. Attend business seminars and meetings. There are so many cheap ways to promote your business – take time out from the marketing plan and choose one of these to get started on now!
Do you have any more tried and tested cheap business marketing ideas? Please leave a comment below.
Running a business, no matter how large or small, you need to ensure that you have some systems and procedures in place. Even if 
it is just little old you right now, having basic templates, pricing schedules, filing and accounting systems allows you to work much more effectively. And if there is more than one of you, all of the following are even more important to stay consistent and organised.
Templates
Under this umbrella come things such as:
All of these can be very simple, one page documents. Simply start a new WORD document, insert your logo and contact details, and fill in the rest. If in doubt, keep it short and to the point. It looks much more professional to have these things ready if a client asks and you can feel more in control.
Accounting systems
Invoicing IN; Invoicing OUT. Repeat this five times. Now create a folder (either electronically or paper copies) and keep track of all invoices in and out. It helps to keep a spread sheet listing all invoices you have issued and the amount and what the work was for, and then mark off when it’s been paid. Likewise, it can help to do the same with invoices you have to pay to suppliers. It doesn’t have to be as hard as it seems. Spend 30 minutes on this once a week and stay on top of the most important factor in your business: cash flow.
Emails and correspondence
You may choose to print documents and emails out and keep hard copies of things in a filing cabinet. Great idea, just make sure that you actually file things away rather than having a huge pile of paper work all over your study (or your dining room table!)
If you choose to keep a paperless office, this is great too. Keep your email inbox organised, create subfolders and flag important items and move emails once you have finished with them. Back up your computer so that all your work is not lost should there be an issue with your computer.
Dear Diary
Keep a work diary and factor in personal time too such as lunch breaks. If someone invites you to a meeting or an event, for goodness sake put it in your diary. Make sure you can send and receive diary invites. You can also categorise diary entries into business, personal, networking, accounting and so on.
As you can see, a few simple steps can help you grow your business. How can you grow or make more money if you do not even know what you owe to suppliers or have an up to date diary. Spend one hour each week sorting things, and updating templates to ensure you are up to date, organised and in control.
Time management: not just fancy corporate speak, but actually a very important part of life, especially if you are setting up your own business or working for yourself. Your job can be easier. Achieving the perfect balance between your work and personal life is also possible. Time management has nothing to do with working harder. Concentrate on working smarter.
Reward yourself for hitting deadlines. Setting yourself goals and deadlines is one great way to manage your time effectively. When you achieve your deadlines, reward yourself with a pat on the back. When you achieve your goals, reward yourself with something more tangible! It may be a massage, a day off, or a round of golf. As long as it is something you enjoy, it will motivate you to work smarter and manage your time.
Do what needs to be done. The Macquarie Dictionary definition of important reads “of much significance or consequence”. The definition of urgent is “pressing, compelling, or requiring immediate attention.” Every night when you leave your office, write down your ‘to do list’ for the next three days. Identify which tasks are urgent, which are important and then work from there. Then each morning, review this list and check you are on track. As new things crop up, you need to asses them the same way and decide where in your list they slot into.
Paperwork and emails: Both are necessary parts of running a business but can also be substantial time wasters. Don’t double handle paperwork or emails. If you open an email, then action it right away. If you open the mail, do something with it. Even if this is just red flagging it for later, it saves you having to go back time and time again.
The 10% rule: When planning your week, allocate 10% of your time to deal with unexpected issues or work requests. Often, it is the stress of too much work, or running out of time to meet a deadline that can cause the most worry and can actually waste time as you fret. Being flexible with your time allows for better time management.
Know yourself: Identify your best and worst working conditions. Do you work best in the morning or the afternoon? Do you prefer background noise or silence? Are you a reflector or a quick decision maker? If you can plan your day, and know when you are more likely to get work done, and when it’s better for you to take a break, then you can become a great deal more productive, and you will also spend less time procrastinating.
With a few simple strategies you can take control of your time and reap the rewards. Good luck!
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5 Steps to Writing a Simple Business Plan When it comes to writing a business plan, many people often overcomplicate the process. You don’t have to get caught up in that web. Use these seven steps to create your own simple business plan.
Coming up with the ideal name for your business will require you to place yourself in the shoes of your target market. As an example, you’re a customer seeking scenic paintings. You come across a business by the name of Findings Galore which carries a wide range of prized possessions such as trophies, plaques, clocks, glass, silver, and landscape paintings by well-renowned artists. Although the business has what you’re seeking, your immediate thought based on the business’ name is that they stock items that other persons find useless. If the name were changed to Scenic Arts Central, the name in itself would capture your attention, since it identifies with your need. While it is important to select a name that aligns with your business’ purpose, it is just as fitting to have one with brand durability.
Remember your reader is seeking to understand the nature of your business. Using technical language will not achieve such an outcome. You want to inform your reader in the shortest possible manner about the purpose of your business and how it intends to fulfill it. Besides being succinct, use bullet points. With this approach, your reader will be able get through the information easily. Provide brief explanations with each point. Moreover, ask yourself this question. Would my readers be able to skim through this business plan in five minutes or less and get the gist of the matter? If your answer is no, you may have to go back to the drawing board and make some tweaks.
Simple Business Plan Step #3: Get to the point. Ideally, your simple business plan should be 20 to 30 pages long. If you have appendices, this may take up an additional 10 pages. Business plans more than 40 pages long tend to go into greater details than required. Such business plans diminish the true essence of what you’re seeking to convey.
Simple Business Plan Step #4: Describe the vision, mission, and goals and objectives of your business. Your vision should highlight what your company will look like several years from its inception. Will you have employees on staff when you start? How many employees will you be hiring? Is your business going to be in one location? The mission of your business will focus on the work your company performs as well as what sets it apart from its competitors. The goals and objectives of your business will be an elaboration of the mission and vision of your company. Include a specific timeframe for achieving each goal. Once you’ve established your vision, mission, and goals and objectives, develop a SWOT analysis to evaluate your company’s strengths, weaknesses, opportunities, and threats. Such information will be useful in determining your business’ capacity to thrive under positive and negative conditions.
Simple Business Plan Step #5: Develop a financial plan. Your financial plan includes information pertaining to your company’s current or projected budget. Having a budget will allow you to control your cash flow in an efficient manner. You can use bar charts to highlight your sales, gross income, net profits, and other related expenses.
Once you focus on the key components of your business’ purpose, you’ll be able to write a simple business plan in two hours or less.
4 Requirements You Must Fulfill When You Start a BusinessWhen you start a business, there are several requirements you must fulfill before your dream comes to fruition. Your preparations would consist of selecting a company name; creating a business plan; addressing structural issues; and overseeing accounting and legal matters.
This is one of the first things you must do before registering your business. Many philosophies exist regarding company names. Some people believe that a business’ name should reflect the products and services that customers will receive. Such beliefs has not always been valid. There are companies that did not follow these rules, and they’ve turned out to be successful despite their names. On the other hand, there are companies that adopted the relevancy strategy of naming their companies and their business didn’t evolve as expected. If you’re unable to find a name, you can move forward with other aspects of your business planning. As you go through each phase of business development, you may come up with ideas. Even if you choose a name for your company that no longer serves its purpose, you can always change the name after you start your business. It’s recommended that you make name changes at the inception of the business. This approach can prevent possible mix ups with your customers who may be searching for the initial company name only to discover that the said name is no longer in existence.
Requirement #2: Creating a Business Plan
Before creating your business plan, you must gather the information required during the planning phase. If you’re not the only person in the business, you must include your business partners in the planning session. This will educate them on their respective functions and other aspects of the business. Any questions or concerns can be addressed during this phase before developing the business plan. Once all aspects of planning have been covered, you can convert your discussions into a business plan. The core components of your plan should consist of an executive summary, product/service description, market research, competition, sales and marketing, management team, opportunities and risks, and financial projections. Remember that your initial business plan may change several times to incorporate new information.
Requirement #3: Structural Issues
Determine the skillsets you require for the positions available. Depending on your budget, you may have to carry out several roles until you’re in a financial position to hire employees. Identify your strengths and assume a position that will allow you to shine. During the initial stage of your business, you should not hire high-salaried employees. Such choices may lead to your company’s early demise. If your company has partners, make sure that each person is knowledgeable about his/her role and has the ability to function in that position.
Requirement #5: Accounting and Legal Matters
Having the right person in charge of your accounting affairs is critical to your business’ growth. At the beginning, when you start a business, you can use accounting software such as Quickbooks to manage the books of your business. With the growth of your company, you can hire a senior bookkeeper, accountant, or finance manager. While it’s essential to maintain proper accounting records, it’s equally beneficial to have a group of lawyers to advise you in different areas of your business.
To start a business requires much more than the know-how, you must be capable of executing your business plan.
Starting your own business? Or even growing your current business? I’m giving away a free ticket to my interactive workshop on November 17th valued at £295Starting your own business can be a scary thing for anyone, especially when there are so many things to consider to make it a success from the get go. That is why I am putting together an interactive workshop (the first of many) to help you get you off to a flying start for 2013.
Are you fed up networking, attending events and business shows and coming out more confused and overwhelmed than ever? Is the idea of or planning or growing your current business a little overwhelming to say the least?
You need to write a business plan, you need to map out your marketing strategies, you need a social strategy – and that’s just the start. It’s all these different elements to consider that can put people off even getting started.
With this in mind I’ve got together with some of the greatest business teachers to give you an amazing day that will change the future of starting your own business forever. With our combined experience and proven strategies, we’ll take you from A-Z with your business plan and you’ll leave with a new sense of direction and focus.
Thee is no hiding the fact that our economy is suffering and 2012 has been another tough year for business and career opportunities alike. But its not all bad news. Opportunities for starting your own business and growing businesses have never been higher. Some of the worlds most successful companies were built during world recessions. This is your chance to be one of the businesses that are thriving.
The investment for my workshop is £295 and we’ll give you over £500 of free gifts vouchers and discounts for you and starting your own business. But even if you have already got a business and you need to grow it, I can help you with that too. This is possibly the best investment you’ll make in your business all year!
Make that commitment to yourself today to do everything you can to make your plans a reality. Once you say yes to yourself, the rest falls in to place. I wish you the best of luck with your entry and look forward to meeting you in person if you decide to join us in my starting your own business workshop.
