Joe Mechlinski: Lessons in RESET

Today, we have a special treat for our readership.  My mentor, Joe Mechlinski, President and CEO of entreQuest, has written the guest blog post below.  Joe’s new book, Grow Regardless, made The New York Times best-selling list for strategies to use to expand your business.  If you are interested in expanding your business, please be sure to check out www.growregardless.com

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Get your Business to Profits Faster by Performing a Break Even Analysis

As a business owner, it goes without saying that your ultimate goal is to make a profit.  But, before you do that, you have to reach a break-even point (BEP).  This is the point at which revenue will match your expenses.

If you can figure out how to perform a break even analysis, you can determine whether or not your company has reached its BEP.  Even if you haven’t reached that point yet, performing a break even analysis can help you determine when you will reach that point, so that you have something tangible to work toward.

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How fast can I grow my small business?

Many small business owners ask the question, “How fast can I grow my small business?”  The simple answer to this question is, “It depends on how much capital you have.”  I will use the example of a boot-strapped Service Company.

You start your business with $10,000.  You buy a desk, a chair, and a computer.  You land two new clients which means that you are making enough money to pay your overhead, pay yourself, and still have a little money left over.  Congratulations, you are on your way!  You land two more clients.  Then, you find that you can’t handle all of the work by yourself anymore and you need to hire some help.  You hire some help.  You are still able to pay your overhead, pay yourself, pay your help, and still have some money left over.  Your small business is growing and you are managing your growth in the most perfect way possible!

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What is a Cash Flow Forecast and how can it help my business?

The key to avoiding a cash crisis in your business is to have as much visibility as possible into your Company’s future cash flow.  A cash flow forecast can help your small business plan more effectively.  If you can look into your Company’s operating results in a quicker fashion, you can make changes to your business quickly if you need to.  Before you make a cash flow forecast, make sure that you track your financial results in real-time (as in now).   Most companies receive their financial statement two-to-three weeks after the end of the month or in some cases, much longer.  That is a problem because you are now reviewing history and therefore reacting late.

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Financial problems: How to avoid them in your small business

One of my favorite financial concepts is “rationalizing” a business. By definition, from our friends at Merriam-Webster, rationalize means: to apply the principles of scientific management to (as an industry or its operations) for a desired result (as increased efficiency).  Rationalization of a business’s operations is a simple concept. However, in my opinion, it’s not easy to implement because of ego.

Entrepreneurs work very diligently to grow their businesses by adding talented staff along with non-staff overhead (nicer office, computers, the list goes on, etc.). If a rapid growth strategy is not executed with a laser-like focus on financial metrics, here is the all-too-familiar scenario that unfolds: the anticipated revenues do not materialize and the business is unable to support the increase in staff and overhead.

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Tips for Small Business Success

For small business owners everywhere, here are 5 proven tips for small business success, courtesy of “The University of Hard Knocks.”

Tip #1  Cash is King.  This lesson should not need to be learned the hard way.  Simply stated, cash in your company’s bank account is the key to a good night’s rest for you.  Think about how you felt when there was a nice piece of cash in your company’s bank account.  Then, think about you felt when your company’s bank account was low on cash.  Which feeling did you enjoy more?

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Questions for Buying a Business: What You Need to Know Before Moving Ahead

business people making a deal

Have you ever thought about questions for buying a business?

Purchasing an existing business comes with a whole set of issues that can be completely different from building a new business from the ground up.

If you decide to flex your entrepreneurial muscle by purchasing an existing business, then you need to know what you’re getting into.

And you can begin learning by continuing to read this page.

Here, you’ll learn about some of the essential questions for buying a business, why they matter, and what kind of steps you need to take to ensure that an existing company continues to operate successfully.

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Business Trends for 2013: The Direction of Small Business in the New Year

business trends and business people

With the New Year only weeks away, it makes sense to look at business trends for 2013 so that you can know what to expect and how you should react as you shape your small business.

But what are some of those trends?

And what do they mean for the development of your company, as well as your industry as a whole?

Those are questions we’ll be exploring in this post, so keep reading to learn more about business trends for 2013.

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How to Develop a Marketing Plan for 2013: 5 Steps You Need to Take to Be Seen

marketing strategists

2013 is almost here.

That means you need to figure out how to develop a marketing plan that will start your new year off strong and continue that trend throughout the year.

But what do you need to do, and how should you go about doing it?

That’s a question we’re going to look at in this post, so keep reading to learn more.

The information you find here on how to develop a marketing plan will help you build a strong foundation on which you can hit the ground running in 2013 and never slow down.

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How to Create a Franchise of Your Business: 4 Basic Steps to Follow for Franchising Your Name

businessmen walking

Are you at a point in your entrepreneurial career where you are giving thought about how to create a franchise from your business?

Just like creating your company from the ground up, franchising your brand is no small matter. That doesn’t mean it can’t be done, however.

In this post, we’ll take a look at some of the steps you need to take to ensure you take the important steps and pay attention to the important details that go with planning to create a franchise. So keep reading to learn more, because the information you find on this page will put you on the path to reaching a wider audience through franchising your company.

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