SMALL BUSINESS LEADER June 2006

ISSUE #82
June, 2006

I'm happy (and thankful) to be alive. My husband and I were returning from an extended Memorial Day holiday when we were hit by a coal truck on a highway in Western Pennsylvania. Our car (a 2005 Subaru Outback) was totally demolished. We consider ourselves very lucky to have come out with only minor injuries. But last week was lost, so this issue is late getting out to you. With inflation looming in the economy, how can you help your business cope? All businesses are facing new challenges in managing expenses. What can you do to offset the impact? The Feature Article, "Three Keys to Finding the Gold in Your Business", provides some answers.

The topic for the Brain Exchange Roundtable on June 26th is "How to Create the Right Technology Foundation for your Business". This is such a common issue for small businesses that we're dedicating the June session to the subject. You'll definitely want to attend if you're in the NYC area on that date. Check out the details and our exciting Guest Experts below.

I hear from many of you that the summer will be a busy time...perhaps busier than many years past. If you're feeling things are getting a bit out of hand and you'd like outside objective help so you can retain control and leverage these opportunities, please be in touch.

To your success!

Marian Banker
Publisher
Small Business Leader
mailto:marian@primestrategies.com
http://primestrategies.com

NOTE: We have had to disguise some words in order to keep them from getting caught in the sp^m filters. Please bear with us.

 > > > > > > > > > > > > > > > > > >

CALENDAR:

Brain Exchange Roundtable - Monday, June 26, 2006, 6:00 - 8:30 p.m.
LOCATION FOR THIS MEETING: 529 Fifth Ave., (43rd St.) 7th Floor, New York City (new offices of Eze Castle Integration)

The Brain Exchange Roundtable is a highly interactive format designed as a forum for entrepreneurs and key decision-makers in small-midsize business. Everyone learns by being part of a dialogue between experts and peers. Find new resources, gain new ideas, and make new connections.

Topic for This Meeting: "How to Create the Right Technology Foundation for Your Business"
Trying to build a business without the correct technology infrastructure is like building your home on quicksand. It can be risky to buy off the shelf solutions and expect them to support your operational needs. As the final decision-maker, it's imperative that you become an educated consumer in order to know what's critical, what's optional and what integration or customization may be required.

At this Roundtable you'll be able to hear from experts who will each share from their unique perspective on how to create a sound technology base. Guest Experts are:
� Vinod Paul, Managing Director, Eze Castle Integration, http://www.eci.com
� Ramon Ray, Author, Speaker, and Technology Evangelist, SmallBizTechnology.com , http://smallbiztechnology.com
� Tom Vesque, President, Vesque Partners, Inc. http://www.vesquepartners.com/

This roundtable discussion will focus on:
o What technologies businesses need today and for the future
o Budget considerations: How to get the technology you need without overspending
o Tactics for making sure the products integrate and work as promised
o Tips for working with technology vendors and consultants
o Emerging technologies and business threats.

Sign up today. Limit 25. Advance registration required.
Reserve your seat N0W!
http://primestrategies.com/bxrt.

> > > > > > > > > > > > > > > >

FEATURE ARTICLE:

Three Keys to Finding the Gold in Your Business
By Marian Banker

Gold is certainly a hot commodity in today's economy. Any gold you have is worth more today than it was a year ago. I'll bet you have some gold you're not even aware of, right there in your own business. Let's see if we can find it.

If you could make twice the income in half the time, would that be as good as gold to you? Would that increase the value of your business? Sounds like a marketing rant, doesn't it? Well, there are three basic underlying truths that, once learned and applied, will allow you to make more money while you work less. Here they are.

Simplify

Spend more time on goal-oriented activities, less on non-essentials. You want your daily activities to be adding value to your business and taking you closer to your goals. Block out specific time on your calendar for these activities and make sure they get done first. E-mail, telephone and personal interruptions steal a lot of time. Dedicate specific time to these tasks also; just work hard to keep them from interfering with your goal-directed actions and time.

Tasks get simpler when they're broken down into "baby" steps. When approaching a big or long term project, break it down into small segments that can be worked on and completed within a short time period (a few hours). You'll gain satisfaction from completing the small task, and will be prepared to take the next step forward.

Tip: One of my clients says it's much better to start with the easiest step first. That makes the next step seem easy too. Working through from easiest to most difficult prepares him for the level of thinking required at that point. He said "I used to start with the hardest first, but that didn't work very well because I was overwhelmed immediately. I had a tendency to put off working on such a project. Now I just do what's easiest and get started."

Assignment: Identify at least 3 activities that you know are stealing your time or are non-essential. Plan to allot X amount of time each day (30 minutes to 2 hours) to handle low-priority activities. Focus and schedule your time on activities that lead to your goals. Break them down into tasks that can be accomplished in a short period of time.

Standardize

Standardize repetitive tasks so that much of the work is already done before you start. You use standardized accounting systems, computer operating systems and communication systems. It makes sense that the rest of your business can apply these same principles also.

Let's say you want to reduce the time you spend preparing a report for clients, which frequently can take you 5 to 7 hours. What are the underlying consistencies that you do each time you complete this task? What interchangeable modules are appropriate for different circumstances? For each report you'll start with the basic template and simply apply your thinking and your material where appropriate. Any function which is repeated frequently can be simplified by identifying its core elements and organizing them to expedite the process. Same money; less time spent. What would it be worth to save 2 or 3 hours of your time on every project?

Assignment: Identify all the "routine" tasks in your business. Determine how you can standardize these tasks so that part of the work is already done each time. Templates, forms and worksheets are a good way to organize and standardize actions. They also help provide assurance that nothing gets lost or dropped.

Systematize

Approach your business as an overall operating system. Is it working at its most efficient or are there bottlenecks and gaps that steal time and money?

Consider the operating systems of your business: marketing, sales, production, delivery, communication (internal and external), customer service/support. What are the core elements in each of these? What is repeated consistently? These core elements (when refined and applied) are the real value of your business. It's what keeps your business functioning and doing its job. When the systems are working properly you can go on vacation and know that the work is getting done. It's what a potential investor or buyer will value. The simpler and more streamlined the process, the faster and less expensive to achieve the result. More for you in less time.

Assignment: Identify which systems in your business are working well? Which could use some attention and refinement? Take those random ideas and actions that happen on a regular basis in your business; corral them, organize them and put them to work in one of your operating systems.

Apply these three principles to your business and I'll bet this time next year your business will be worth a whole lot more and your satisfaction level will be much greater. You'll know you've found gold.

> > > > > > > > > > > > > > > >

SMALL BUSINESS LEADERS' MARKETPLACE:
Introduce your product or service he.re.

Paying too much for your health plan? Health Plan for groups of 1 - 50. Yes, our sole proprietors and 1099s get the group rate also! Choose from comprehensive HMO or POS plans, optional prescription drug, dental and vision benefits. Request your FR.EE no 0bligation rate quote today! Lynn Berry, Field Manager, Atlantis Health Plan, 212-380-4335,
llberry2000@gmail.com.

"Start Your Dream Business Today", a new book by Biba F. Pédron, offers a compelling overview of everything a new entrepreneur needs to get their venture moving. From organizing the legal structure of your business to how to market it effectively, Biba sets everything out as a step-by-step map with no way to get lost or take a wrong turn. Written by someone who has started not one, but two businesses, "Start Your Dream Business Today!" is a practical, no-nonsense, information-packed manual. http://www.biba4network.com

From the Teleseminar Source: Tele-classes conducted on the phone, so you can participate and learn in the convenience of your home or office. Topics include Effective Thinking, Getting Organized, Productivity. These are interactive classes, where many of your own business questions are addressed. Schedule for June at http://csscompany.com/teleclasses.htm.