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Join Kevin Hunter and David Ford on The Business Forum Show as we discuss the importance of Budgets, Cash Flow Forecast, and your Measurables (KPI's - Key Performance Indicators) in business.
Budgets: The ability to manage your money is always critical to your success in business. A budget provides insight to where your money is being allocated and how to most effectively manage it. There are several tools that can help you manage your expenses. A monthly budget worksheet is a great start; however, most financial experts will advise you to look at historical information as well so you understand future expenses. What were your expenses last year? How do they compare to this year? Other tools include daily expense logs, or even envelopes for each monthly expense.
Cash Flow Forecast: Knowing what revenue you are producing and where it comes from is huge. Having a good cash flow forecast helps you to Identify potential shortfalls in cash balances in advance, and gives you an opportunity to find a solution before the problem occurs. Your forecast will also help you make sure that the business can afford to pay suppliers and employees, and you'll do a better job of invoicing and spotting problems with customer payments too. Without cash, you business will soon become insolvent.
Measurables - Key Performance Indicators (KPI's are quantifiable measurements that reflect the critical success factors of an organization. They will differ depending on the organization. Whatever KPI's are selected, they must reflect the organization's goals, they must be key to its success,and they must be quantifiable (measurable). KPI's usually are long-term considerations. How they are defined and measured does not change often, but the goals of a specific KPI may change as the organization's goals change.
Join Kevin Hunter and David Ford on The Business Forum Show as we discuss Goal Setting and Destination Mastery.
Goal Setting is often over thought and over complicated. In this segment, we will talk about turning your goals into daily, weekly, and monthly steps, and how that impacts your business over the next 90 days. Generally, your goal list will comprise of 3-5 objectives you want to get accomplished to move your company in the right direction.
Destination Mastery is more about where you want to go in the next year, three years, five years. Why do you get out of bed each day and go to work? What's the bigger picture for you, and what's ultimately your passion in business.
On The Business Forum Show, we have both the honor and privilege of sharing the many great success stories behind some very amazing business people. They often aren't what you expect. Mixed in with the successes, are stories of challenge, sweat, and even tears. The courage and the depth of character that successful people demonstrate is something worth sharing, because learning comes that all of us can benefit from.
Join us weekdays on The Business Forum Show as we look for the next diamond in the rough! If you'd like to be our guest, go to www.thebusinessforumshow.com and click on the link for "request and interview." Fill out the one page document, and someone on our staff will be in touch with you shortly.
Join Kevin Hunter and David Ford on The Business Forum Show as we discuss how to Identify the Ideal Client for your business, and your Unique Selling Proposition (USP).
How do you know who your Ideal Client is? It's not as hard you might be thinking. First, consider all of the people you’ve done business with. Do you remember working with someone where everything just seemed to click? There was an almost immediate repoire you established with them, and you both enjoyed working together. There was mutual interest and energy there. After this customer left your business, you likely said something like "I wish everyone was like that”. There's your Ideal Client. So, tune in as we discuss the key influencers of both Time and Money in this clients life, and how both issues are either making them a great client for you... or that nightmare situation that you wish would just go away.
The main purpose for identifying your Ideal Client is to focus your marketing efforts, and become very specific with your messaging. EVERYBODY cannot and will not ever be your customer, and you don't want that. Good messaging and marketing that is wrapped around the understanding of who your Ideal Client is will help you attract clients that make you say "Everyone should be like that" and boost your productivity, profitability, and ultimately your success.
So how do you nail the target with this Ideal Client? This is where your USP - Unique Selling Proposition comes in. The key word here is 'unique.' What makes you unique is not the same thing that makes all of your competitors unque... so think of what you can say that others cannot. General statements like "We are the best" is something everyone says. It means nothing to your client. On the other hand, "24-hr turn around service" means a lot when your competition takes a week.
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