Starting out

Hi there. Well I am newly back from skiing so getting back into the swing of things before starting my accounts. I would rather get them all out of the way quickly even though its a pain to do, so thats the plan for the next week or so.

On a similar tack this weeks article looks at budgeting and how you can use it to save costs, plus we have another "time" tip, and news on the Members Area. It is updated this week with a load of new articles etc, so do go and check them out. There is just so much resource there now - and more to come.

And remember - don't forget to let me have your feedback and ideas, for the website or the ezine.

Tips for your Business

How about helping your customers with their time…?

Time is valuable too

Research by the Henley Centre shows that over 50% of people in social classes AB strongly agree with the statement "I would be willing to spend money to save time".

If ABs are your target market, how many ways do you make it possible for them to pay you extra for saving them time?

For example, do you offer fast-track ordering, delivery, installation, and payment options - all for a premium price, of course?

In the Member Area this week

Its that time when new resources are added, here is just a fraction of what you will find.

Your questions:
How do I choose an accountant?
Should I register my company name?

New Articles:
Developing a Web Site Marketing Plan
Four Essential Marketing Plan Components
The Single Most Powerful Small Business Marketing Tool On The Planet
Increase Profits with Outsourcing Best Practices
Why New Month Resolutions Are Better than New Year's Resolutions
Are You Set Up For Success

Tools:
Business Plan Workbook
Goal Setting Tool

Join now >>>>>

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Article

This article looks at how planning properly can help you save costs.

How zero based budgeting can help your business

Almost every business goes through the annual ritual of budgeting for, or forecasting, its sales and expenses over the next year. Unfortunately this ritual often misses a golden opportunity.

Used properly, budgets can actually help to reduce costs.

It is important to understand that a budget that merely takes last year's figures, and adds a percentage for inflation, will NOT help to reduce costs one bit. That is very public sector and old fashioned!

The only way that budgeting will reduce costs is if every significant cost has to be justified using the principles of zero based budgeting before it is allowed to be included in the budget.

And that means answering these questions about every single significant element of it's cost base….

1 Can it be eliminated without significantly damaging the business's profitability?

2 Is it over specified for the needs of the business and could the specification be trimmed to save costs? i.e. are you using a Rolls Royce when a Mini Metro will do?

3 Does it cost more than the benefit it delivers?

4 Can the same outcome be achieved more cheaply in some other way, perhaps by changing company procedures or by installing a new computer etc?

5 Is there a way of paying for it in kind rather than in cash? (see the Business Edge question on "Barter power" for more information on how to do this)

6 Can it be done more cheaply by an outside sub contractor?

7 Can it be done less frequently without harming the business?

8 How do other businesses achieve the same outcome?

9 If you were to start in business again, would you still decide to incur this type of cost?

10 Is there any duplication of effort, and can the task be combined into one already carried out elsewhere in the business?

11 Is somebody responsible for the cost? How do they go about discharging that responsibility?

12 When was the last time competitive price quotes were obtained? Has the choice of supplier become a matter of habit and convenience rather than sound economic sense?

Although these questions should be asked about all significant costs, it makes sense to concentrate initially on the largest costs. After all, the larger the costs, the larger are the potential savings.

So, what can you do in your business?

Many thanks to all of you who have passed this ezine on. That is how we grow so please pass on to any friends or colleagues who might be interested and ask them to sign up for their own copy. Subscribe here

If you refer 5 people you can claim your free copy of the Ebook "52 Reasons Why Some People Are Much, Much More Successful In Business Than Others" Just email me the names of the 5 people and make sure that they have signed up.

Recommendations

I am sure you have heard me talk about it before but I would like to recommend the Millionaire MBA Home study course.

It really is worth getting hold of whatever kind of business you are in, or even if you are just thinking about getting into business or advising others about business.

You can find out more at the miliionairemba.biz website, or why not listen to my interview with Richard Parkes-Cordock, who created it? That will give you some insider information about the course.

In this section I aim to bring you useful resources, websites, people, books and anything else which might be helpful to you. Do you have anything, or anyone , that has inspired you or made you sit up and think? If you have anything you would like to recommend please email me . Especially something (or someone)that really inspired you in your business.

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Thoughts

"It is more important to acquire the customers that count than it is to count the customers you acquire" - Tom Conellan

Until next time

Regards

Julia

PS: At this time of year, I have a few coching slots available. Why not try out a KickStart introductory coaching session with my compliments? A full face to face Kickstart Review would cost you £500, now you can get an action plan to KickStart your business with just one phonecall! Just email me whenever you are ready

Please pass this on to one more person to help me grow my reader numbers - thank you

About the author

Julia McDaid is a small business advisor, coach and author who is spending an increasing amount of time focussing on helping new businesses to set up and grow effectively. In 2001 she was voted CIMA Member In Practice of the year. Her biggest resource to date is the ecourse Start Up 101.

A wealth of experience in both large and small companies combined with a sound accountancy background makes Julia well placed to facilitate programmes with the new or aspiring business owner.

Further information www.startupright.co.uk

You may copy or distribute this ezine provided full credit is given and copyright information is included.

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Author : Julia McDaid - - www.startupright.co.uk