As an entrepreneur, keeping costs under control is an important business goal.

21 Smart Ways to cut costs – As an entrepreneur, keeping costs under control is an important business goal.

In business, a dollar saved is equal to a dollar earned. Why not focus on increasing your business cash flow by cutting costs?

Here I share 21 tips to cut costs in your home and business. Some of them are simple to implement, but the positive impact on your bottom line can be immense.

  1. Renegotiate your office supplies deals with vendors or price match with large suppliers such as Amazon, Kmart
  2. Optimize your production real estate – consider leasing any unused area
  3. Reduce production costs – see if any metal, paper or cardboard leftovers can be sold and recycle the balance
  4. Save money by shopping for competitive quotes for your professional and personal insurance, then ask your current insurance company to match it
  5. Review your existing bank accounts to see if you can consolidate them to save money
  6. Planning to expand your business? Do a complete cost-benefit analysis to see how future cash flows match up if you take on too much debt. Do keep in mind that too much debt can affect your company rating, interest rates, liquidity position, and dilute your stake.
  7. Go digital – develop an email marketing plan to get in the inbox of prospective clients. Target developing a referral business to reduce your marketing costs as digital can be way cheaper than traditional marketing methods.
  8. Make networking a key component of your marketing plan. Create a personal brand to get more referrals and direct clients. Reduce the share of paid advertising gradually.
  9. Use social media effectively – Make use of time-saving social media scheduling tools like Buffer & Hootsuite to manage your Twitter, Facebook, Instagram, Linkedin accounts. Spend 10 minutes a week and schedule posts days or even weeks in advance. Stop paying to an agency to do it.
  10. Minimize time wasters – Make a daily to-do list. Use apps like Rescue time and Focus booster to stay on track and focus more.
  11. Do better time management – Review and redesign your workflow to see if you can do an activity in a better or faster way. Schedule all phone calls to a given time slot in a day. Similarly, check your email and social media at specific times in the day.
  12. Manage your notifications – Apps and tools are highly useful, but they can be time wasters too. Allow notifications only from useful apps and consider disabling the notifications from the ones that are not critical to your day.
  13. Pay only for the work done- Monitor and pay only for the billable hours of your employees with apps such as Toggl and Paymo.
  14. Free up your time to take on better-paying clients. Consider hiring a virtual assistant online to help you with daily administrative or routine tasks using online marketplaces such as Fiverr and Upwork.
  15. Increase business productivity by scheduling daily and weekly work for yourself and the team. If you have any free time, network to get more clients
  16. Minimize meetings or try to keep them online. Keep a schedule for it and wrap it up promptly. Taking notes earlier and being prepared can help.
  17. Use digital technology wherever you can to cut costs. Video conferencing, meetings, scheduling apps, and hiring talent online are just a few of the ideas you can implement.
  18. Use Google docs, spreadsheets for your team rather than getting Microsoft Office subscriptions. It is highly user-friendly, suitable for collaboration and helps you cut annual costs of about $100 per annum per user.
  19. Use free cloud data storage from Google drive to store your data online. Each user gets 15GB from Google, so use it effectively and save the cost of buying an expensive hard drive or other external storage devices.
  20. Consider subcontracting of smaller and repetitive tasks. It can help you save money, time, and be more productive. By taking on more clients, you can get more revenue into your company.
  21. Develop a laser focus on the quality of work. Better quality of work will bring in repeat clients, more referrals, and make your brand stronger, allowing you to charge higher prices.

Enhanced business profitability and bigger savings are just a few of the benefits that you can see almost immediately. Want to contribute your cost-saving ideas? Comment below to share it with everyone and keep saving!

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In business, a dollar saved is equal to a dollar earned. Why not focus on increasing your business cash flow by cutting costs?

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What can we learn if we are attuned to the seasonal change?

Seasons bring more than just the need for a wardrobe change. Each season delivers an opportunity to connect with nature and change together with it. Have you noticed how your mood and energy level differ depending on the season? Did you detect any new behaviors arising depending on the time of the year?

Plant and animal life have adapted over thousands of years to this change in weather happening throughout the year. As a species, humans have adapted to it too, however, over time, we lost the intensity of the connection. When most of the work people did was connected to agriculture and food growing we were much more mindful of the seasons. Today, as office work is unaffected by them we easily slip into the disconnect to nature’s change. When was the last time you were indeed aware that autumn or winter are starting, besides the need to use warmer clothes?
What can we learn if we are attuned to the seasonal change?

Every season bears a unique kind of beautiful with it and is precious for all life. The white coat that covers the Earth during winter makes it as beautiful as does the green one during the summer. In spring everything blossoms, and you could find yourself being moved by nature’s ability to regenerate after cold winter months. Have you ever stopped to admire the specter of colors autumn leaves showcase? Autumn is genuinely the season of movement with all the change happening (in temperature, winds, looks of, thus far, the green coat of Earth). Each one of the seasons is unique and delightful, the same as each one of us is, without exception. Nature appreciates all of the seasons as we should appreciate ourselves.

Each of the seasons lasts only for a few months and has its picks in its beauty. If we give them a chance, they can teach us to “stop and smell the roses” knowing nothing lasts forever. If you lived forever would you be so driven to do so much? Probably not. Seasons teach us we should enjoy the moment that is happening now as it is fleeting and never to repeat. You will never have a chance to live this day again!

Furthermore, seasons can offer hope to those that need it. A few months and the season is gone, right? In a way, this can be interpreted as nature’s way of telling us “this too shall pass.” If you are hurting, know it will pass (especially if you work on it). If you are happy savor every moment of it since it will also pass. If you think about it, nothing lasts forever and there a lesson and hope in appreciating that.

Change can prompt another kind of hope – hope that metamorphosis is achievable. Some changes can occur as naturally as spring comes after winter, whereas others will call for the shedding of old ways as trees leave their leaves in the autumn and give way to winter. Every one of the seasons presents an opportunity to reflect and reconstruct oneself.
Let the natural change spark your personal one

It used to be that summers were used to produce food, while the winter was a time for resting since there was not that much to do. It surely is no accident that after the season of change follows a season of calm. Winter can gift us with the feeling of peace and calm if we let it. The tranquility of winter can help reflect and ponder on the future steps in life. It can serve as a time to unwind and relax from all the movement and change we go through during the rest of the year.

Winter is a great time to dedicate to your own contemplation and allow yourself time to sit in quiet. The atmosphere of silence can help you get more attuned to your inner voice trying to whisper what you need and want. Turn inward to hear better and let your intuition direct you further. Allowing yourself to take the time to identify what negative stories you tell yourself can help you change them.

Autumn and winter demonstrate us that letting go is not necessarily a negative thing. The leaves and fruits that fall on the ground during autumn, and lie under snow during winter, will become new plant life when spring comes. Letting go can bring opportunities for something new to grow in its place. Give yourself the opportunity to declutter your mental and emotional space to make room for unknown experience in your life.

 

01 April  2019 – Article Submitted by Milica Markovic

Own Women

We can all easily become a subject to one of the biggest mistakes that can happen in a relationship – losing our own identity while blending into the identity of the pair. We enjoy being part of a union, belonging and feeling connected. However, if we are not careful, we might fall into the trap of substituting our individual desires and goals for the ones we share with our partner. This can lead not just to the feelings of emptiness, but to the destruction of the relationship. The person that chose us, made that choice for whom we were at the time and once we change drastically we might not be that choice anymore.

Therefore, to have a prosperous relationship, we need to be happy as individuals first. Our identity of being a partner to someone should not overshadow our own identity. Only if we still have individual goals, while having mutual ones, can the relationship move forward. Furthermore, nothing is as sexy as a person who is successful in what they are passionate about.

Recognizing the signs

How many times have you found yourself thinking “I’d love to go to the gym, but I would rather spend time with him?” or “Never mind, I can meet my friend next week.”? Spending time with our loved one is precious and naturally, you will want to spend as much time as you can with him. However, it is crucial that we don’t cease to do all the things we did before the relationship started. Spending time apart from the partner is necessary to keep the passion alive and have a happy relationship.

Do you fight for his or your mutual goals while postponing your own? Are you allowing your desires to be put aside while assigning priority to his? Although this is at times desirable to do in a relationship, the problem occurs when this is excessive. We need a sense of accomplishment to feel happy, hence we need something we can call our own to achieve said feeling. Not only will you feel successful, but it will also make you more attractive to your partner. We are all attracted to success.

Some of us will not detect the signs on time, but we can be certain our friends will. If your friends start calling you flaky all of a sudden or saying you changed considerably since you started the relationship, you might ask yourself if yours is a co-dependent relationship. Remaining independent to some extent in a relationship is important and makes the essence of a healthy relationship. Being self-sustained and independent can protect you from being hurt in case the relationship becomes destructive and/or ends. Additionally, you should never compromise on your core values to please the one you are with, even if it means losing them. Another partner will accept and love you the way you are. There is someone for whom you will not need to change your core values.

Reacting promptly

When you notice this pattern appearing react promptly. Cut it before it spreads! The sooner you react the easier it will be for you to implement it since it hasn’t become a habit. Additionally, acting sooner will lessen the resistance your partner will put up when you introduce a change.

Take time to envision about what you desire and generate your own goals, alongside the ones you have together. If you decide to do something on your own, there are different small business help and support for start-up businesses on the Gold Coast. If you find you need help and you don’t possess enough knowledge, you can always rely on coaching for business women. Being independent financially is important as it can promote independence in other areas of life. Coaching for success is an excellent choice if you want to be your own woman while being his partner. 

Invest time with your friends and set aside some alone time. Being apart can indeed help you grow closer. Remember the old saying “distance makes the heart grow fonder.” We might add that autonomy and self-reliance does too.

Be happy yourself to be happy together

Being independent instead of co-dependent means you enjoy being together, but you are good on your own too. When you are co-dependent, you find you can’t deal with problems alone, you rely on the partner for every need and you lose the sense of your own identity. Developing a healthy relationship requires effort and mindfulness of our actions. Devoting all free time to your partner can be pleasant, especially at the beginning, but it can lead to a co-dependent relationship.

A healthy relationship means two independent people, who can be happy on their own, choose to be in a relationship and spend time together. This kind of independence allows both to grow separately and as a pair. Being able to depend on self, doesn’t imply not relying on the other. Being able to support oneself means choosing when to rely on your partner, but being able to support yourself when he is unavailable. Having this sense of autonomy and confidence reflects on the relationship too. Two happy independent people develop an exponentially happy relationship.

11 March 2019 – Article Submitted by Milica Markovic

 

Did the article bring any feelings up with you?

Are you at that point where things need to change?

Lets catch-up virtually for 30-45 minutes to discuss anything about you and your business. I’m here to help you set and achieve your goals.

 

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Creating a successful small business in and around the Gold Coast and in deed Australia wide can be challenging, but the potential for building a strong customer base is nearly limitless! Although many businesses struggle or close down within the first years of operation, SME Business Coaches can provide the right tools for excelling and maintaining small business success.

“Did you know that Roughly 60% of small businesses close their doors within the first three years of starting? If you are past the three-year mark, then well done – you need to celebrate

As a woman entrepreneur, chances are you already know how to balance many competing priorities without getting overwhelmed, especially if you’ve been helped by a direct coach for women helping in business. The ability to prioritize business needs is incredibly important in the first few years to avoid common mistakes, and our Small Business Coaching experts can help you focus on the important stuff and let go of the stress and worry.

 

Gain the Competitive Edge

To gain an edge on the competition, consider additional marketing and customer outreach efforts with the help of a Small Business Consult. The reality is that businesses thrive off of positive reviews from customers, including online and via word-of-mouth. Have you heard about the Know | Like | Trust of building a strong business? You need to get your name known and out there. This can be done by using platforms such as Google Reviews, LinkedIn recommendations, testimonials on your business page as well as being referred to new clients.

“What’s Holding you back?”

To increase positive customer interactions, there are many options for low-cost messaging and communication methods with customers. Social media can be a great start, and consider additional emails, text messages and website updates to keep your audience members engaged and connected. Have you used LinkedIn? If not, why not?

“What do you have to do differently to make this happen?”

Being adaptable is one of the keys to success – this is where a business coach can help facilitate your growth. Although developing a sound business plan is important, that doesn’t mean it shouldn’t flex and adapt as time goes on. Managing a Start-Up means welcoming challenges as they come. Having a business coach can distance your small business from all your competition!

What would it be like to be with the excitement and the fear at the same time?”

Also, developing a support system of fellow women entrepreneurs can be a vital step in bolstering your overall small business help and support. Our Small Business Coaching services offer many chances to connect with like-minded women in business, many of whom understand the challenges and triumphs you’re experiencing — sometimes on a daily basis! Having connections with people in similar situations is an important step in developing a sustainable business approach. You can join our Women Succeeding in Business Gold Coast Face Book Group – there are over 1,200 like minded women in business itching to connect with you.

Is this the time to begin?”

Find a work-life balance after three years!

One of the greatest factors in succeeding as a small business owner is the ability to balance its demands with other priorities like family, dating and relationships, especially as a woman in business. Fostering these connections can actually help your small business succeed, since the happier and more satisfied you are with your personal life, the more motivated you’ll be in other aspects of your life, as well. One of the most important components of direct coaching for women is helping you find and keep a balance between work, family and your overall well-being!

“What would you do differently if this problem were solved?”

Finally, if you’re struggling with managing your small business, try allocating specific time for work, even if you work from home! Many research studies suggest that multitasking is a recipe for disaster, which might seem impossible if you’re raising a family or running multiple businesses. However, rather than trying to do multiple things at once, you can actually increase productivity by focusing mindfully on one task at-a-time. This can help avoid burn-out, as well as unnecessary mistakes in your work.

Get started, and keep it going!

To learn more about these and other strategies for resilience in the initial years of your small business, schedule an appointment with Paulette McCormack Coaching today!

I know that with hard work, determination and the support of an experienced business coach (that’s me!) you can achieve the success you’ve always dreamed of. Is it time for you to take action?

I know what it’s like to struggle. I’ve been a single mother who has worked at a minimum wage job to pay the bills. When I started my human resources consulting business in 2012, I had just $60 to my name. Now that same business has an annual turn-over of six figures. Having clawed my way up from nothing, I now work to empower other women to achieve the success they’ve always dreamed of. I bring a wealth of life experience and business and educational achievement to my coaching business, including being part of Sharon Jurd’s master coaching programme.

Being an entrepreneur and small business owner means constantly challenging yourself, especially as a woman, while searching for new avenues for success. Even though you may be struggling now, remember that owning a Start-Up Business on Gold Coast means contending with a thriving business community and competitive environment. Using the Confidence in Business approach, you can make this decision effectively while avoiding unnecessary stress and worry.

Small Business Coaching provides personalized consultation to ensure your awareness of all your available options, even when that means changing course completely after owning a small business. Before moving forward with scaling back your business at all, try a self-assessment by considering where you will be in the next six months or so. This can help determine the path you’re headed on, as well as whether potential gains are worth the risk of continuing on, for now. Typically, coaching for success can assist in developing new and exciting endeavors that may be just around the corner!

In the next six to twelve months, with the help of professional coaching for women, do you imagine being able to turn your business around? If the answer is that you don’t see a clear, direct path forward, an SME Business Coach can help guide you through a successful exit, after exhausting all your options for salvaging it. The same motivation and ingenuity that propelled you to opening your small business in the first place, can also propel you forward now! Small Business Consulting can assist you every step of the way.

Starting and growing your small business means actively finding new ways to improve your margins, understand your customers and provide them the products and services they need. Now that you’ve noticed your small business isn’t necessarily sustainable, it’s time you start thinking how to prepare for the next steps for you, your customers and most importantly, your children and families. Before you even make a decision to down-size your small business, first be sure you have exhausted all your available resources and options, especially small business help and support via business coaching for women! After all, small businesses fluctuate dramatically, and often take months or even years to fully actualize their potential. Before considering an immediate shuttering, consult with your trusted Gold Coast Business Coach regarding your business future!

Believe it or not, finding a proactive solution to your business problems, even one as dramatic as closing down completely, can actually benefit you and your family in the long-term! In fact, a temporary or permanent closure can free up your time and energy to achieve your long-term goals and aspirations. With one opportunity ending, this is a great time to learn from the successes and challenges you faced while running your start-up, lessons that can inform you both personally and professionally!

Chances are, Business Coaching has already helped you achieve many of your goals for your small business, which are experiences that last a lifetime. Closing doesn’t mean you failed, but another opportunity to face life’s challenges head-on! Even if you never saw this in your future start-up plans, you can make the best of it by processing the right strategy while utilizing direct coaching for women in business. Even though it will undoubtedly be a grueling decision to make, it can lead to freedom and empowerment with the correct approach!

 

Over my years in business and having gone through the journey myself – “$60 in the bank to a business with an annual turnover of six-figures” – I have personally learned a few things along the way. Perhaps here are my top tips.

  1. First one is to set your own expectations, don’t wait to get expectations from anybody don’t wait for any external expectations, you decide what you want to be in your own life, you have a purpose, you’re here for a reason and you can do it.
  2. The second thing is to have the right attitude and remember that businesses, good businesses and good leaders hire for attitude. You need to have the right attitude, the attitude to know that you will be able to make it that you have what it takes to overcome obstacles. You have to remember that there’s a hidden opportunity in every challenge so look for it and stay at it and go for it.
  3. The third thing, which is the most important for all females is to ask for it. Statistically females negotiate way less than men. Chances don’t come knocking on your door even if you deserve them. No matter in which business you are looking to work with you have to ask for it, you have to negotiate when there’s a new opportunity, you have to ask for it when there’s a new activity in school or at university, you have to ask for it. So, we women have to do much more of that. I always say if life doesn’t give you an offer, it doesn’t mean that you don’t negotiate.
If you want to book a discovery session in with Paulette McCormack you can book it in using this link HERE.