Rhondalynn Korolak, Author of Financial Foreplay® and On The Shoulders of Giants

Discipline and attention to details is more important than ever if you want to succeed in challenging economic times. Take a look around… competitors are closing their doors – which means more potential customers for the businesses that DO survive. And in times like these, it’s going to take more than “thinking outside the box” and goodwill with existing customers to secure the survival of your business.

You may have been lucky over the past few years – you may have found it possible to operate without a detailed, written plan and systems/processes. But the global economic crisis has changed all of that. If you want to thrive, there is only one thing that is for sure – uncertain times call for deliberate decisions and proven practices.

So here are & top tactics to recession-proof your business.

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Rhondalynn Korolak, Author of Financial Foreplay® and On The Shoulders of Giants

The restaurants and promenades in the Docklands (Melbourne) were packed on Monday, night with couples. It was after all Valentine’s Day – the day when everyone declares their undying love for each other… well, at least their “commercial love”.

Apparently, if NAB has anything to do with it, February 15^th is now the official day of the year to break off a bad relationship – the “unValentines Day”. I wonder how long it will take for chocolatiers, greeting card companies and florists to create some products to commemorate this special occasion?

The obvious question that no one seems to be asking is “why was the NAB dating both the ANZ and CBA in the first place?”

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Rhondalynn Korolak

Did you know that inventory is one of the great hidden costs of business?

Business owners should understand its importance of keeping it under control.  Visit http://www.financialforeplaybook.com  for more on this story…

Is Inventory Killing Your Business?

Did you know that inventory is one of the great hidden costs of business?Very few business owners understand its importance and the significance of keeping it under control. Inventory ties up your cash while providing little benefit to revenue – until the items are sold.  Excessive inventory can weigh a business down and ultimately lead to revenue losses.

Excess inventory is so often the primary cause of cash flow problems that it is worth your time and effort to consider how your current stock holdings are affecting the health of your business. And it’s why you should have a clear understanding of how much inventory you have, how much you should realistically have, what it’s worth today, and how old it is. 

Every time you buy stock for your business, you should see the purchase as an investment. Like any other investment, you should expect it to provide you with a financial return in a short period of time.  If there is a significant gap between when you buy the goods and when you turn them into cash by selling them and collecting the money, you need to re-assess the value of your investment. 

When you spend before you earn you are effectively taking out a loan for the intervening period. Very often this will require a ‘real’ loan from some sort of finance company, a delay in paying suppliers or a delay in paying yourself.  If you want to improve the cash flow and health of your business quickly and without spending a dime on advertising, take some time out today to review your stock levels and get rid of excess inventory. 

Rhondalynn Korolak, Author of Financial Foreplay® and On The Shoulders of Giants

If you are like most business owners, you went into business because you are passionate about AND good at WHAT you do… and you wanted the autonomy and financial freedom of owning your own business. You were probably thinking, “as long as I am good at what I do, how hard can it be to make a decent living and support my family?” And you have probably discovered that it is actually harder than you thought.

Here’s the problem…

You may be one of the 97% of small business owners who discover that although you work incredibly hard and your sales seem to be increasing each month, you have little to show for it financially.  Perhaps you are already doing well but you are unsure how to accelerate your results or expand your business? Or you may simply be wondering why you are struggling to pay the bills lately even though your accountant says that you are making a good “profit”.

One of the biggest problems is that business owners often convince themselves that being busy is what business is all about. And you tell yourself “as long as I work hard and do my best, there is not much else that I can do”.  Everyone knows that we’re supposed to work smarter, not harder, but the challenge lies in knowing HOW to do that. And in the meantime, you may have found it just seems easier to do everything…just in case it’s important, or makes a difference.

So, if you’re supposed to do less, HOW do you figure out what is critical or what will have the biggest impact?

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7 Marketing Secrets Lady Gaga Can Teach You for FREE

“I’m your biggest fan, I’ll follow you until you love me
Papa, paparazzi
Baby, there’s no other superstar, you know that I’ll be
Your papa, paparazzi”

In today’s challenging business environment, customers demand more from the products and services they buy—they want what they want, when and how they want it.  And if they do not get it from you, they can and will obtain it from one of your competitors. Therefore, creating raving fans—customers who love what you do and are willing to follow, listen and respond to your call(s) to action —can give you a significant strategic advantage and improve your bottom line.

Now some of you may be wondering “what does Lady GaGa have to do with best business and branding tactics?”  She’s never attended business school nor does she have a history of entrepreneurship.  While it is easy to question her outlandish costumes, her repetitive child-like lyrics, and her over-the-top media stunts, it is hard to ignore her obvious musical talent and her ability to be at the right place at the right time with the right tune.  Whether you love or hate her (and 99% of you are definitely in one camp or another), it is difficult to ignore the tremendous achievements of this branding genius.

Less than 18 months ago, she was virtually unknown – and today she has two platinum selling albums and is the envy of artists that have been in the business for decades.

How did she do it? 

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