A business balance sheet tells the financial story of a business at a specific date (it’s a snapshot of your financial condition). Bankers, accountants, investors and business owners use them. Some better than others.
Basically, the balance sheet of a business shows your assets (things you own), your liabilities (what you owe others) and equity (the difference of what you own, less what you owe), what’s yours.
There are lots of formulas, theories, methods, and suggestions on how to build, read and interpret a business balance sheet.
However, there are assets your business may have that don’t really show up on the balance sheet, like current market values to mention one. So, consider the list below. They are assets for the business to leverage and use as an advantage. Every business has them or should have them. Examine each one.
Customer / Client list. Do you have a list of current customers, what about customers in the past? If so, how many of those customers have bought from you recently, the last month, or the past year?
On the list or in starting a list... do you have mailing addresses, email addresses, what products they tend to buy?
With the above information you can leverage the information by sending post cards, direct mail or email to those customers offering specials, and an invitation to stop by your place of business for an open house or seminar. In addition, invite your customers to get a copy of your newsletter or visit your FaceBook page for the latest deals and information.
Every business needs a customer Email address list using software which has capabilities of letting customers opt-in or opt-out of the list. Customers give their permission to hear from you. Great invitation to start a conversion I would say.
Use the list to keep in touch from time to time. You would be surprised to learn how many businesses don’t communicate with clients in some way. It’s a missed opportunity. It is a lot less costly to keep the current or recent past customers/clients than always finding new ones. It’s better for the bottom line as well, meaning you make more money. It’s the different in getting that new fly rod, a trip, new car or dream home... or a new stand alone 3 car garage, with a bonus room for your own private hideaway from the kids.
I know of an associate that has an email list of over 60,000 individuals. When he emails an offer for a product or service he gets on average $25 - 35,000 in sales. He does this with the click of a mouse button and does it frequently. Could you do that as well?
Web site... you have one I presume? If not, look at getting one, even a basic one.
Is the site you have effective? Does it generate sales or email list sign ups? Is it updated on a regular basis? Do you have the right content for your clients to find you on the web when they are looking for a local solution or product that you provide?
In today’s world, a web site is invaluable and is another location for your business 24/7 and get this... done right... may be the most loyal and best employee you can have... unless I worked for you...
Blog... is an online journal or articles which can in some industries be invaluable to explain how to do things, how to use a product or just express things about your business. Videos work well on a blog as do sketches or audio clips. A blog is a great way to spread the word, and best of all, it’s available every single day, all day and night long.
Reputation... has always been priceless if it’s a good one. A bad one has the reverse affect on clients, customers or prospects. In the past this reputation was spread word of mouth. The experiences of clients are shared, good or bad. With the internet any reviews or posts on Facebook, Twitter, or LinkedIn travel very quickly. Be certain to check comments, reviews before they go live or public. If there is a non-favorable one use it as a learning experience. Contact the person (s) to address the issue and do what you can to make it right... at least that’s my opinion.
Employees good or bad, indifferent or caring say a lot about a business. The culture of a business to build valuable and caring employees generates goodwill and will by word of mouth, web reviews or comments be a form of marketing or advertising that will build your business. That discussed, ... is an asset that seems to have been forgotten in recent times.
Social Media position in today’s world is a requirement, whether you live in a rural or urban environment. Technology used correctly and politely can spread the word to your desired “ideal client or customer.”
Facebook, LinkedIn, Twitter, blogs, emailing, Pinterest and others each have their style and customer groups. A presence on social media is a great asset and resource to refine or build your business, product or services.
Become an effective communicator. Use social media to show how you can solve pains or problems for your clients or customers. A favorable review from a recent client describing how you helped him / her in a time of need will strike a welcome chord with those who have a similar issue. Pictures and videos really enhance the power of communications in this new web experience.
Be you young, old or in between learn the internet and use it well for it’s a slick way to get to lots of people. Whether they are in your neighborhood or around the world, rich or poor, use it to build, educate, and sell.
Unique marketing position (UMP). Figure out what your business does best. Maybe you’re the one and only business in a market, you have got it made, but not for long... most likely not. Is it a special way you add value to a product or service? Is it a niche you have? Is it the way you treat clients and or help them solve their problems or challenges? Be the expert, the go to guy / gal in your local market or niche.
If you aren’t sure... ask your clients or customers... why do you use us? They will tell you and help you further define your mission as a business. Once you know what it is... tell your story, and tell it well, so you can gain more clients or perhaps shift what you thought your UMP is to what it really is.
Customer loyalty is still a great asset to build. In today’s fast world customer loyalty has given way in many cases to just price-based decisions. Do your clients or customers know the value your service, courtesy, and that lovable smile? Are you doing follow up with customers thanking them for the business or purchases they made with you? Loyalty is a plus. Work to build this loyalty asset so that in difficult or best of times, they think of you... because you provided a product or service that eliminated their pain or solved one of their problems. In the past... the customer is always right, or king was a key business phrase that may have gone away. Remember this... the customer is the one with the money. Just saying...
By Ken Stavast
A serial entrepreneur, accounting and payroll software developer, marketer and consultant to small to mid sized business operations. Can be reached at AffordableSolutionsForBusiness.com or BusinessLogicUSA.com or HomeRunmarketing-USA.com on the contact page.
Basically, the balance sheet of a business shows your assets (things you own), your liabilities (what you owe others) and equity (the difference of what you own, less what you owe), what’s yours.
There are lots of formulas, theories, methods, and suggestions on how to build, read and interpret a business balance sheet.
However, there are assets your business may have that don’t really show up on the balance sheet, like current market values to mention one. So, consider the list below. They are assets for the business to leverage and use as an advantage. Every business has them or should have them. Examine each one.
Customer / Client list. Do you have a list of current customers, what about customers in the past? If so, how many of those customers have bought from you recently, the last month, or the past year?
On the list or in starting a list... do you have mailing addresses, email addresses, what products they tend to buy?
With the above information you can leverage the information by sending post cards, direct mail or email to those customers offering specials, and an invitation to stop by your place of business for an open house or seminar. In addition, invite your customers to get a copy of your newsletter or visit your FaceBook page for the latest deals and information.
Every business needs a customer Email address list using software which has capabilities of letting customers opt-in or opt-out of the list. Customers give their permission to hear from you. Great invitation to start a conversion I would say.
Use the list to keep in touch from time to time. You would be surprised to learn how many businesses don’t communicate with clients in some way. It’s a missed opportunity. It is a lot less costly to keep the current or recent past customers/clients than always finding new ones. It’s better for the bottom line as well, meaning you make more money. It’s the different in getting that new fly rod, a trip, new car or dream home... or a new stand alone 3 car garage, with a bonus room for your own private hideaway from the kids.
I know of an associate that has an email list of over 60,000 individuals. When he emails an offer for a product or service he gets on average $25 - 35,000 in sales. He does this with the click of a mouse button and does it frequently. Could you do that as well?
Web site... you have one I presume? If not, look at getting one, even a basic one.
Is the site you have effective? Does it generate sales or email list sign ups? Is it updated on a regular basis? Do you have the right content for your clients to find you on the web when they are looking for a local solution or product that you provide?
In today’s world, a web site is invaluable and is another location for your business 24/7 and get this... done right... may be the most loyal and best employee you can have... unless I worked for you...
Blog... is an online journal or articles which can in some industries be invaluable to explain how to do things, how to use a product or just express things about your business. Videos work well on a blog as do sketches or audio clips. A blog is a great way to spread the word, and best of all, it’s available every single day, all day and night long.
Reputation... has always been priceless if it’s a good one. A bad one has the reverse affect on clients, customers or prospects. In the past this reputation was spread word of mouth. The experiences of clients are shared, good or bad. With the internet any reviews or posts on Facebook, Twitter, or LinkedIn travel very quickly. Be certain to check comments, reviews before they go live or public. If there is a non-favorable one use it as a learning experience. Contact the person (s) to address the issue and do what you can to make it right... at least that’s my opinion.
Employees good or bad, indifferent or caring say a lot about a business. The culture of a business to build valuable and caring employees generates goodwill and will by word of mouth, web reviews or comments be a form of marketing or advertising that will build your business. That discussed, ... is an asset that seems to have been forgotten in recent times.
Social Media position in today’s world is a requirement, whether you live in a rural or urban environment. Technology used correctly and politely can spread the word to your desired “ideal client or customer.”
Facebook, LinkedIn, Twitter, blogs, emailing, Pinterest and others each have their style and customer groups. A presence on social media is a great asset and resource to refine or build your business, product or services.
Become an effective communicator. Use social media to show how you can solve pains or problems for your clients or customers. A favorable review from a recent client describing how you helped him / her in a time of need will strike a welcome chord with those who have a similar issue. Pictures and videos really enhance the power of communications in this new web experience.
Be you young, old or in between learn the internet and use it well for it’s a slick way to get to lots of people. Whether they are in your neighborhood or around the world, rich or poor, use it to build, educate, and sell.
Unique marketing position (UMP). Figure out what your business does best. Maybe you’re the one and only business in a market, you have got it made, but not for long... most likely not. Is it a special way you add value to a product or service? Is it a niche you have? Is it the way you treat clients and or help them solve their problems or challenges? Be the expert, the go to guy / gal in your local market or niche.
If you aren’t sure... ask your clients or customers... why do you use us? They will tell you and help you further define your mission as a business. Once you know what it is... tell your story, and tell it well, so you can gain more clients or perhaps shift what you thought your UMP is to what it really is.
Customer loyalty is still a great asset to build. In today’s fast world customer loyalty has given way in many cases to just price-based decisions. Do your clients or customers know the value your service, courtesy, and that lovable smile? Are you doing follow up with customers thanking them for the business or purchases they made with you? Loyalty is a plus. Work to build this loyalty asset so that in difficult or best of times, they think of you... because you provided a product or service that eliminated their pain or solved one of their problems. In the past... the customer is always right, or king was a key business phrase that may have gone away. Remember this... the customer is the one with the money. Just saying...
By Ken Stavast
A serial entrepreneur, accounting and payroll software developer, marketer and consultant to small to mid sized business operations. Can be reached at AffordableSolutionsForBusiness.com or BusinessLogicUSA.com or HomeRunmarketing-USA.com on the contact page.