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Archive for August 7th, 2009

Five Online Business Tips

Friday, August 7th, 2009

With the number of websites and blogs online numbering in the billions it only stands to reason that you will never stay in business unless you do things as good or better than your competition. You have to treat what you are doing as a business. This article will give you five online business tips that if you follow will help you make money and be in business for the long term.

1. Coach John Wooden was quoted as saying “do not mistake activity for achievement”. This sums up the way people play at internet marketing. Goofing around online today is not running an online business. To be effective you first have to accept responsibility for what you do everyday. If you are not doing things to promote and move your business forward you are just wasting your time.

2. Set meaningful goals and work towards them. You should be able to sit down and read your long term, intermediate, and short term goals. If you have not written them down you are not serious about hitting them. Along with this is creating a daily log of things you need to get down. Spending a few minutes at the end of the day writing down what you want to accomplish tomorrow will go a long way in helping you become successful.

3.Do some basic accounting in your business. Accounting 101 states the income minus expenses equals profits. Many online business owners make the mistake of thinking since they work at home they have no overhead. Of course this isn’t true. Certainly operating a business from home offers some benefits in terms of keeping your costs down. But you still will have expenses. Hosting, domain names, some advertising, product development, autoresponders, outsourcing, and other things can come into play.

4. Most successful internet marketers will tell you the fortune is in the follow-up. You can sell a product one time and be done or you can build a list of your customers and work to sell back end products. A good customer is worth a small fortune to you if you treat them right. Plus it costs less to make a second sale than it did to make the first one. Understanding this basic premise is what separates the successful from the failures. This tip alone can keep you in business for years and years. Build a list and treat your customers and prospects right and they will stay with you.

5. Lastly it is important that you spend as much time as possible in your business working at what you are good at or like the most. If you like to build web pages do as much of that as you can. This might mean that developing fresh content is not your favorite thing to do. You could hire an article writer to do that for you. Maybe you really enjoy interacting with other internet marketers and you hang out in discussion forums all day. That could be great for your business if you hire a website builder to keep your site active and fresh.

Looking For Finance Inside Your Business

Friday, August 7th, 2009

Many businesses are finding it increasingly difficult to secure funding for expansion at the moment due to the credit crunch, but there are still ways to raise the money that you need for expansion.The first thing to remember about borrowing money is that you will need to be able to pay it back, so make sure that any loans that you take out are both affordable and necessary. There is no point in saddling your business with additional debt unless you have specific goals from the loan, and know exactly what you are planning to do.

Simply by switching to a free business current account you may well be able to save a considerable amount of money each month on the cost of depositing cheques and other day to day charges that your bank applies. Depending on the way you use your account, finding one that charges you less each month could have a major impact on the amount that it costs you to run your account.

One area where many businesses can find additional funds is to rationalise the way in which they chase payments. If your customers only pay you once every 3 months, then you are missing out on the interest that you could be earning on the money if it was in a business deposit account. Also, many larger companies will wait until they receive reminders about paying you for the goods or services that you supply, which could really impact on your cash flow situation.

Managing your incoming funds can only go so far to save you money, but you can also go further and make more use of your surplus funds. A special business savings account will typically pay you a much higher rate of interest on balances than a standard account, and by investing money on a regular basis you will soon build up enough cash to give you the ability to fund expansion or cover your expenses during a quiet period.

Whatever you do with your business money, it is always important to regularly review your original business plan to ensure your business is moving in the right direction. Expansion at the right time can give you greater opportunities to increase revenue, but remember that it will also result in higher costs, so make sure that the market is able to support your endeavours.

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