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Home Business Finances: Budgeting and Saving In the Good Times

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One of the most important (and sometimes hardest) principles to follow is that of sticking to a budget when your home business is doing well. When you are making plenty of extra money it seems as though budgeting is not really necessary. And you begin spending more as your income grows. The problem with that, though, is that when you work from home, things can change quickly. The recent recession has shown us the importance of being prepared for the lean times.

In times when your home business is doing well, continue to save and stick with a budget. Setting aside that money for later can help you down the road. When you work from home income drops off, unexpected expenses arise, or a recession erodes your earning power, having stuck with your budget during the good times will pay off. Look around at the way things are right now for many people, and use that as your reminder that budgeting and saving never go out of style.

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Guest Post: Five Sales Pitch Fundamentals That Win Business in a Recession

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This is a guest post from Joey Asher. He has some good ideas for helping your business during these tough times.

The difference between life and death for many businesses today is one big win – one new piece of business that will allow your firm to ride out the economic storm. If that’s the case for your business, then you better know how to deliver a killer pitch: a new business presentation that allows your firm to stand out from the competition.

Over the last 23 years, my business has helped businesses win billions of dollars in new business contracts. In that time, we have learned that the key to winning business isn’t showing that you’re the “best”.   Your prospect usually can’t tell which firm is the best. And if you’re on a short list of candidate companies pitching for the business, all your competition is most likely excellent.

Rather, the key is showing that you’re going to be the best partner for the project. To do that, you need to execute five fundamentals.

Fundamental #1. Present a solution and nothing else.  Many of your competitors start presentations by talking about themselves. “Before we start, let me tell you about how our company began . . .”  Blah. Blah. Blah. Who cares? Your prospect only cares about is how you can save them money, grow their revenues, or reduce their risk. Detail your plan to help your prospect and tell stories about how the plan has worked for others.

Fundamental # 2. Keep it simple.  I watched three construction firms pitch to build a new school. No presentation had less than 10 points. None of the messages were memorable. Instead, you should hammer at three messages. “We’ll build your project on time. We’ll meet your budget. We’ll deliver quality work.” Simplicity separates you from the competition.

Fundamental # 3. Speak with Passion. If you’re one of three firms competing, you know that your competition can do a great job. Personal style can be the separator. “When it’s close, many of the decisions just come down to who connects with us best,” one CEO told me.  Passion in the voice helps you connect.

Fundamental #4. Leave half of your time for questions. Questions address your prospect’s hot buttons. Your competition often makes Q&A an afterthought. Avoid that mistake.

Fundamental #5. Rehearse. “I can always tell who has rehearsed,” said one CEO who has heard hundreds of sales presentations. Most people don’t rehearse much. Practicing sets you apart.

In a recession, the pool of new business is small. Focus on fundamentals to grab your share.

This article is adapted from Joey Asher’s new book “How to Win a Pitch: The Five Fundamentals that Will Distinguish You from the Competition. It is available at www.howtowinapitch.com and on Amazon. To read Joey’s blog go to www.talkingpointsblog.com.

JOEY ASHER is one of the country’s preeminent experts on selling skills and communication.

As President of Speechworks, an Atlanta-based communication and selling skills coaching firm that has been helping business people deliver presentations that win business for over 20 years, Asher combines his skills as an attorney and journalist to help sellers communicate a clear, simple message that connects with prospects and wins business.

As a professional communication and selling skills coach, Asher has worked with executives, managers, and salespeople at such firms and organizations as The Home Depot, Skanska, Hardin Construction, Georgia Pacific, Global Payments, The Weather Channel, UPS, Kimberly-Clark, Alston & Bird, PricewaterhouseCoopers, AMVESCAP, Verizon, Cisco, and Kurt Salmon Associates.

Asher is author of Even a Geek Can Speak:  Low-Tech Presentation Skills For High-Tech People, which was originally published by Longstreet Press in 2001 and is now in its third printing by Persuasive Speaker Press, and Selling and Communication Skills for Lawyers, which was published in 2005 by American Lawyer Media.  How to Win a Pitch: The Five Fundamentals that Will Distinguish You from the Competition is his latest book.

A graduate of Cornell University, Asher earned his JD from Emory University Law School. Prior to attending law school, Asher worked as a newspaper reporter for the Gannett newspaper chain in Georgia and New York.  Asher practiced law with Troutman Sanders L.L.P. in Atlanta, and worked as an adjunct professor of law at Emory University School of Law.

Joey Asher lives in the Atlanta, Georgia area with his wife and family

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Nonprofit Organization: Still Pay Some Taxes

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Many people find that they can start a nonprofit organization from home, and do a little good in world, as well as bring in a little to help offset expenses. However, it is important to remember that in such cases you are still required to pay some taxes, as Investopedia points out:

While the income of a nonprofit organization may not be subject to federal taxes, nonprofit organizations do pay employee taxes (Social Security and Medicare) just like any for-profit company.

Your organization will not have to pay income taxes (unless you actually make a profit — it’s called a nonprofit for a reason), but there are other obligations you will have to oversee. Before you decide to start a nonprofit organization from home, it is a good idea to consult with a knowledgeable accountant or tax professional, and visit the IRS Web site.

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Improve Business Marketing During the Recession

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Even though there is a recession on, there is no reason not to improve your marketing efforts. And the good news is that you do not have to spend a great deal of money to market your home business a little bit better. Small Biz Bee offers some great suggestions for improving your marketing — even during tough economic times:

1. Improve your customer service.

2. Say “thank you” to existing customers.

3. Go and connect with old customers.

4. Set up a blog. If you have a blog, keep track of traffic with Google Analytics (it’s free). Find ways to tweak your traffic using social media or by promoting your content in other ways.

5. Google yourself, and then go where people are talking about you to make connections.

While these items don’t usually require an outlay of cash, they might take time. So carefully consider your next step, and figure out what you can do to encourage continued customer support, and build your online presence. You will need to invest some time in it, even if you do not invest any money.

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Important Lessons for Starting a Home Business

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Over at Man Vs. Debt, I read a great account from a guest poster (John Frainee at Plain Cents) about starting a home business. He points out that the Internet has made it possible to start a home business fairly easily. And I have to say I agree. Without the Internet, I would probably be working 9-5 in some office somewhere, instead of working from home and spending more time with my son.

In addition to providing helpful insights into how working from home can be accomplished, Frainee offers some very important lessons. Here are the 3 lessons he says are essential if you want a successful home business:

1. Do not try to sell a product you do not understand.

2. Keep a schedule.

3. Do not expect an immediate profit.

All of these are bits of advice I can agree with. It is improtant to sell what you know, so that you can do a competent and professional job. A schedule can improve productivity. It’s nice that a home business schedule has a certain amount of flexibility, but overall it’s a good idea to stick to the same general schedule. And, finally, it is important for your morale that you have reasonable expectations as to earnings and profits. It can take some time for things to pick up. I spent two years building my portfolio before I started getting solid writing gigs that I felt were truly worth the time and effort.

If you can persist, chances are that your home business will thrive. But you have to be willing to work hard and put in solid effort.

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Friday Fun Video: Free Credit Report.com Commercial

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I don’t recommend freecreditreport.com. In order to get your “free” credit report, you have to sign up for a monthly service. Instead, I suggest annualcreditreport.com, which is truly free for a report from each of the bureaus once a year. And I suggest that you just buy your report after that. It’s not terribly expensive.

At any rate, enjoy the video, and have a Happy Friday!

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SBA Funding Guidelines To Be Available in June

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Back in February, the economic stimulus bill included provisions for the Small Business Administration (SBA) to offer loans to…small businesses. However, as is usual with such ventures, the devil has been in the details. CNN Money reports on the SBA funding for small business:

The SBA has been working since then to pull together guidance for the new program, which will back short-term loans of up to $35,000 that business owners can use to temporarily cover their payments on existing debt. No repayment on the ARC loans will be due for 12 months, and owners will have up to five years to repay them.

The good news, though, is that the SBA plans to be ready to release guidance next month, on Jun 8. The SBA feels it will be ready to accept loan packages by June 15. If you have a small business, and would like help covering your payments, you will actually have to approach your lender. The SBA will guarantee these special loans, called ARC loans, 100%.

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Home Business Owners May Find It Harder to Get a Credit Card

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One of the big bits of financial news today is the fact that the Senate has approved new credit card rules designed to protect consumers. However, even though consumer protection will likely increase (the House is expected to approve the bill with very little effort), there will be some consequences for those with a home business.

For the most part, requiring increased consumer protection means that the credit card companies will make less money. They will likely try to shift their focus to higher-end clients as a result. And, of course, the credit card industry is likely to want to exact revenge. This means that some home business owners may find it more difficult to get a credit card.

Credit card companies have already been restricting credit and reducing rewards. While the reforms may protect consumers a bit better, it will also likely have the consequence of making credit harder to get in general.

How do you think the new credit card reforms will impact your home business?

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