31 Aug 2016

The Solution To Poor Management Practises Has Now Arrived!!!

In your role as a manager, how many courses have you attended, books have you read and well meaning suggestions have you listened to by those around you on how to get the most out of your staff and everything you've studied, read, or listened to has had little to no effect on your ability to more effectively manage those that you are in charge of?

Well, the answer to your dilemma is now at hand, because Mark Horstman - co-founder of Manager Tools - has recently released a book called The Effective Manager.

You would remember Mark from a previous BookPals Business Sanity podcast interview where we discussed the Manager Tools principles on effective management and when I found out that Mark had written a book on these principles, I jumped straight on to Skype to chat with him about his book.

In this discussion, Mark gives you an insight into the tried and true principles behind effective management and how - by reading and implementing the principles outlined in his book - you will have the resources and education necessary to make yourself an absolute "A-Lister" in the art of effective management.

I've said it before and I'll say it again, sit back and prepare yourself for an audience with Effective Management Royalty by listening to this episode of BookPals Business Sanity.

26 Aug 2016

Evolution - An Inevitable Fact Of Life

This post comes to you with a heavy heart 8=(

I dropped in to my local post office today to check for mail and while there I happened to glance up and notice that the old video store across the road had closed down.

I wandered across road after checking for mail (none again - how unusual!!!) and I stood out front of the old video store for about 5 minutes, gazing in through the front window, looking at the dismantled shelves strewn all over the floor and reflecting back on the times - and dollars - that I had spent in there.

Remember when video stores first opened?

You'd be there with the kids every weekend looking for the latest release and you almost always had to put your name down on a waiting list for the latest new releases because they were booked out weeks in advance.

Then the videos started to get replaced by DVD's (and later Blu Ray's - I never quite got those, but that's another story!!!) where the sound and quality of the picture just kept getting better and better and watching a movie at home was just like going to the movies (and best of all, you could pause the movie whenever you wanted to for rest room and snack breaks!!! LOL).

Then something strange happened - all of a sudden we started going to the video store less and less.

It wasn't like we'd stopped watching TV - it was just that now we had things like YouTube and things like Netflix and there were less and less reasons to rent DVD's.

Did you also notice that our spending habits also changed whenever we went to the DVD store?

Now - instead of going there to rent an overnight new release - we could buy ex-rental new releases at pennies on the dollar because the video store had started selling all their excess stock.

Slowly, but surely, our need to visit the video store became less and less important until - finally - the old video store took it's last gasping breathe because it was no longer relevant.

Why am I sharing this with you?

Have you - as a small business owner - noticed a slow decline in your customer base and are you sitting there thinking to yourself "What's happening here?".

Well - if you are - step back from your business for a moment and think about how relevant it is today compared to when you first opened up your business all those years ago.

Ask yourself the following questions -

"Are my products as necessary now as they were when I first started my business?"

"Is it as easy for customers to access my products as it was when I first started selling them?"

"What has changed in my market from when I first started my business?"

I am posing these questions to you for one very simple reason - your product or service may very well still be required by your target market, however, evolution has dictated that there needs to be a change in the way you provide your product and service and you may not be changing your processes to meet this evolution of change.

After reflecting on the questions posed above for a while, now ask yourself the following questions -

"How can I make it easier for customers to access my products?"

"How can I identify the exact demographic that still needs my product?"

"Where is this demographic "hanging out"?"

"What's the best way to let them know about my product now that I know where they're "hanging out"?"

It's the answers to these kinds of questions that will determine whether or not your business can evolve to it's next level of success, or if you have old customers standing in front of your empty store reflecting on the good times that were once had there.

19 Aug 2016

Journals - It's Just Like Playing On A See Saw!!!

I have been having a discussion inside Quora recently and I wanted to share it with you because this aspect of bookkeeping can be so confusing to small business owners and there is no reason why this should be the case.

The discussion is based around how to enter journals correctly.

Now, don't start swearing when you read the magic word "journal" because I'm going to give you an explanation on this aspect of bookkeeping that should make it ever so easy to understand it.

Think of journals the same way as you think about a see saw - that's it!!! LOL

I can already hear you yelling "WHAT?", so let me explain what I mean -

Picture a see saw in your head - got it? - now answer me this question -

"When is a see saw balanced?"

"When both sides of the see saw are exactly the same weight."

That's it - can we go home now?

No? Ok, let me explain a little further!!!

Everything to do with journaling is based around "balancing" and what I mean by this is the numbers on one side have to balance to the numbers on the other side or else the journal is not right.

So - for those of you who prefer pictures, this is what a see saw - sorry journal - should look like for it to be correct -

So, you see above that there are two "things" sitting on the see saw called Debit and Credit - Debit sits on the left side of the see saw and Credit sits on the right side of the see saw - and by the look of things they are obviously the same weight because the see saw is exactly even, right?

Now, lets look at this from a practical perspective for a minute - lets change Debit's name to Materials (it could be Fuel, Stationery, Office Supplies, whatever) because you just bought some materials for your business and you paid for these materials from your business bank account, so what do we need to change Credit's name to?

Business Bank Account did I hear you say? Correct - well done!!!

So, we now know that we have Materials on the Debit side of a journal and Business Bank Account on the Credit side of the journal, but what happens if we do this -

What happens if the Materials cost you $100.00, but we only entered the amount of $90.00 on the Business Bank Account side?

That's right - as you can see, the Materials amount is "heavier" than the Business Bank Account amount so the credit amount "slips down" the see saw and crashes into the Materials amount - no good!!

Ok, so what happens if the Materials cost you $100.00 but you enter the amount of $110.00 on the Business Bank Account side?

You've got a similar problem haven't you, only this time Business Bank Account is "heavier" than Materials so Materials "slips down" the see saw and crashes into the Business Bank Account amount.

So, is it beginning to make sense now?

There's nothing difficult about journal entries - all they are is a see saw with one side called Debits and one side called Credits and until the see saw looks like this -

- then something is wrong with it.

I hope this helps you understand all this journalling stuff a little better and if you want to know more on it, just let me know.

16 Aug 2016

Who Would Have Thought Ah?

I can honestly say - hand on heart - that I never thought this BookPals Business Sanity podcast episode would have ever launched, so it just goes to show that you never know what surprises are just around the corner!!!

I can also say - hand still on heart!!! - that this is by far the hardest podcast episode I have ever done.

I'm not going to go into great detail here for two reasons - firstly, it would spoil the episode and secondly, because I have every intention of creating a lengthy blog post on this podcast's topic in the near future because there is a fair chance that you could find yourself in a similar situation if you are in the process of getting a new business venture "off the ground".

What I will do, however, is give you a high level overview of what this episode is all about -

BookPals wandered off into the wilderness and I have only just got it back on track!!!

That's right - BookPals lost it's way for a number of different reasons which are outlined in the podcast and how it happened could so easily happen to anyone starting their own business venture that I thought it imperative to let you know about it.

Have a listen to this episode of BookPals Business Sanity to make sure the same thing never happens to you.

9 Aug 2016

It's Time To Find Out If This Entrepreneurial Journey Is Really For You!!!

I have just finished reading three books by Daniel Priestley and they had such an impact on me that I immediately jumped on to BookPals Business Sanity and released a podcast episode about them.

The books are called Entrepreneur Revolution, Key Person of Influence and Oversubscribed and I must say that anyone who runs their own small business - or is even thinking about starting their own small business - should read these three books.

The reason I say this is because these books will not only explain how to create a successful business but will also give you a real insight into what entrepreneurial life is really like, so that you can make a judged decision about whether or not this entrepreneurial journey is really your "thing".

Have a listen to this episode of BookPals Business Sanity and after doing so, have a read of Entrepreneur Revolution, Key Person of Influence and Oversubscribed and find out how to drive your business to a greater level of success.

8 Aug 2016

You Asked For It - You Got It - The Presentation In Audio!!!

I cannot believe how crazy the BookPals project has gotten over the past month or so!!!

I'll explain what I mean in upcoming podcasts and blog posts but to say that BookPals has had an "overhaul" is an understatement.

The "upside" is that we have a heap of exciting new announcements in the pipeline and I am sure that you will be most happy with what BookPals has in store for you into the future.

Enough about us - you would recall in a previous blog post that I recently gave a presentation to a group of small business owners about the power of podcasting to promote and market your business.

I received some feedback back to let me know that some of you wanted the presentation in audio format so that you can download it and listen to it while you are driving and/or commuting.

Never let it be said that we won't keep our customers satisfied - here is the presentation in audio format inside BookPals Business Sanity so that you can start getting ideas about the power of podcasting to promote and market your business!!!

Remember that if audio is your "thing", then why don't you subscribe to the BookPals Business Sanity Podcast via iTunes so that way each episode will download to you automatically once they are released?

Have a listen to the presentation now and let us know how podcasting can help you and your business.