Archive - May 2003

1. Basic Business: Good Record Keeping, Wild Bill Montgomery

   "Everyone in business must keep records. What can good record keeping do for you? I'll give it to you in a straight no-glamour content.

   "Let's Start Now:

   "Make sure you monitor the progress of your business: Good record keeping can show whether your business is improving, which items are selling and what changes are needed. Good record keeping can be the difference between failure and success."

2. Incorporating You, Elena Fawkner

   "Running a business involves risk - the risk that the business may either succeed brilliantly or fail miserably. Or neither. The upside is high -- financial and (perhaps) time freedom; independence; unlimited earning capacity. The downside is equally steep, just in the wrong direction -- potential financial ruin if you've staked everything you own on your business's ultimate success and thrown your career down the proverbial to boot. If you're running your business as a sole proprietorship or a general partnership, make no mistake -- everything you own is on the line.

   "There's a lot that can go right and wrong in a business. A lot of it out of your control. But the extent of your personal financial liability for what goes wrong is one thing you can and should control."

3. Protect Your ASSets In Business, Stephen Bucaro

   "Many people are starting an online business without a thought about the danger this may pose to their personal assets. The type of protection you need depends upon the nature of your business and the amount of your personal assets.

   "If you have no personal assets, you probably don't need much protection. They say 'you can't get blood from a turnip.' Hey, if someone wants to take over your credit card debt, they are welcome to it!"

4. The 80:20 Rule: Your Formula For Success, John Payne

   "The previous 'dirt-world' retail business I managed had a large turnover, a very high profit, and less than 100 lines. Early in 2001, I was contracted to manage another business. This one carries over 800 different lines, yet has a turnover of only about a sixth of the other business, and a lower profit margin. They both have a comparable amount of traffic and credibility in the market, so how can it be that the results are so different?"

5. Becoming A Solution To Your Customers Problems, Sue and Chuck DeFiore

   "Those of us in home based and small businesses are in effect selling our product. So becoming an effective salesperson is very important. Remember, however, that selling is not the only thing you do. Don't forget to use your time wisely."

6. The One Percent Solution, Philip E. Humbert

   "Many years ago, someone told me that the key to success is not doing something big or spectacular, but doing the little things extraordinarily well.

   "When we think of Olympic athletes, it's tempting to pretend that they are somehow 'different.' We tell ourselves they were born with incredible strength or unusual talent, or had training that we could never get for ourselves. We look at Michael Jordan in sports, or we compare ourselves to Barbra Streisand as an entertainer, and say, 'I could never do that.'"