Eric Tippetts

6 Tips On Controlling Your Small Business Finances

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small business finances

No matter how high your small business revenues are, if your small business finances are not managed correctly, there will be trouble on the horizon.

As an entrepreneur who has mismanaged finances, I know the heartache and stress that can come from it.

How did I overcome this problem?

It took seeking out mentors with a strong sense of financial management. Like you are doing now, I read books and blogs and most of all, I followed the tips, tricks and strategies all these experts gave me. And seeing that many entrepreneurs have the same issue, I, along with some partners, developed an app to help all of you manage your small business finances.

Read all these tips and I will then share a link to the application we designed.

Controlling Your Small Business Finances Tip #1: Give Yourself A Paycheck

This is one of the top mistakes many entrepreneurs make… They assume that everything needs to be put back into the business and they count their pay in that. While it seems commendable, in the long run, it will cause a lot of stress.

From day 1, determine what your pay will be and you will discover that your role will be easier because you are gaining too.

Controlling Your Small Business Finances Tip #2: Keep Business And Personal Accounts Separate

This is really a no-brainer, but some entrepreneurs still break the rule.

The main reason is taxes. When you have your accounts separated, figuring your taxes is much easier.

Do not use your personal credit/debit cards to pay business expenses and vice versa.

Controlling Your Small Business Finances Tip #3: Keep Track Of All Income And Expenses

Each and every paid invoice and all expense receipts should be tracked and accounted for.

Again, the app we developed will help you do this and the link to get it is at the end of this post.

Controlling Your Small Business Finances Tip #4: Keep Learning

Just as you are reading this blog, I suggest you keep learning. Set aside a certain amount of time weekly to learn more on finances.

There are some great people who can teach you. To name a few:

  • Dave Ramsey
  • Robert Kiyosaki
  • Suze Orman

Controlling Your Small Business Finances Tip #5: Consistently Measure ROI

With all businesses, there are certain investments that must be made.

  • Advertising
  • Tools and Software
  • Employees
  • Outside Contractors
  • Etc…

With every investment, you need to try to measure the Return On Investment (ROI) to see if it is worth the money you are spending. Some investments should show a return quite soon after investing, but others may take more time.

Controlling Your Small Business Finances Tip #6: Do Negotiate

Just like buying a car, you should negotiate with vendors. You may try to get

  • a small percentage discount for early payment
  • free delivery
  • extra time to pay
  • etc…

In most cases, vendors will give concessions to some clients if you just ask.

Conclusion

I could go on and on with tips, but these are the top of the list.

Now I promised you a link to an app that will help you a lot. It is called The Expense Tracker and you can find it here.

If you have any questions or feedback, you can post them below.

Thanks for stopping in.

To The Top!

eric tippets

6 Tips On Having An Exit Strategy

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exit strategy

Talking to an entrepreneur about his/her exit strategy is similar to talking to an 18 year old who just graduated High School about their retirement plans. The subjects are usually something neither person has thought about, but they should.

There are a variety of reasons an entrepreneur may want to exit the business. Whatever the reason, there are good ways and bad ways to leave the business.

Here are 6 tips on having an exit strategy.

Having An Exit Strategy Tip #1: Attend Industry Events And Join Groups

There are likely groups and events that are related to the industry your business is in. I suggest that you join these groups and attend these events. Build relationships with the others who are attending, even if they are your competitors.

Keep in mind that a competitor is not the same thing as an enemy. Keep the competition friendly and when exit time arises for any, others will probably be willing to pay top dollar for the assets.

Having An Exit Strategy Tip #2: Train Someone To Take The Helm

This can be one of the hardest things an entrepreneur should do. But having a trusted individual who is completely trained in all the tasks and duties you handle on a day-by-day basis will give you a way to leave abruptly if need be.

This person can be your “go-to” CEO in case of emergency or if you feel you just need to step away.

I recommend this strategy from day 1 of starting your business. This way, if something unexpected happens, the business will still run like a finely tuned clock.

Having An Exit Strategy Tip #3: Make A List Of Potential Buyers

Even if you have no intentions of selling out any time soon, it still is wise to know who the possible buyers may be. I again step back to the emergency situation. As an example, you are lying in a coma with major hospital bills piling up. Having that list will give your spouse, children or partner the knowledge of who to approach on selling the business.

Consider…

  • Family
  • Close friends
  • Current employees or investors
  • Or even competitors

Having An Exit Strategy Tip #4: Keep It In The Family

While I mentioned possibly selling to a family member in #3, another possibility is not selling but passing it down. Using this approach, you should start early with the family member by training him/her in the particulars and ensuring they have the “stuff” to handle the stress and decision making role you are passing on.

In this scenario, most entrepreneurs stay on as advisers and are prepared to help the family member at any time. Plus, you can still draw income while getting sun and sand in some remote island.

Having An Exit Strategy Tip #5: Ensure Communication And Conflict Resolution Is A Priority

No matter how big or small your business is, everyone who is involved needs to be well-versed in proper communications. You should have a plan on resolving conflicts because I know of no business that does not have some “head-butting” from time to time.

If you make communication and conflict resolution a top priority in the business from the start, when the time comes for an exit, it will flow much more smoothly.

Having An Exit Strategy Tip #6: Don’t Focus So Hard On The Exit Strategy

The last tip I am giving today may sound like a contradiction of all the rest. Yes, you should consider your exit strategy, but it should be developed and put in the archives. If your only focus from day 1 is how can I exit and make money doing so, you may be in the business for the wrong reasons.

If you follow my advice and just build the business properly and with passion, the exit door will be easy to walk through if need be.

But I also find that a huge percentage of entrepreneurs never exit… They just slowly fade out and the business continues to prosper because that entrepreneur’s spirit lives forever in the brand and business.

Conclusion

I hope this helps you in your business pursuits.

I want to also give you one other gift before I leave… Get the free course, 7 Days To Profitability by clicking here.

Let’s work together to bring your business…

To The Top!

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Advice From The Grave

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These 4 Entrepreneurs From The Past Give You Their Best Advice

Throughout history, there have been some amazing entrepreneurs who changed the world. And each of those entrepreneurs have lessons they can teach us, even if they are dead.

Maybe the fact that Halloween is coming up, I am getting a little on the morbid side. But this “haunting” can be beneficial to all of us.

So let’s get some advice from the grave. Let these entrepreneurs help you find success like they did.

#1 – Advice From The Grave – Andrew Carnegie 1835-1919

With investments in railroads, bridges and oil derricks, Carnegie is best known for founding Carnegie Steel Company in Pittsburgh, Pennsylvania. Towards the end of his years, Andrew Carnegie gave away millions to causes he greatly believed in.

While Mr Carnegie has many lessons he could teach us, I find the top one to be… The Andrew Carnegie Dictum:

  • The first 1/3rd of life should be massive education
  • The second 1/3rd should be making all the money you can
  • And the last 1/3rd should be about giving all that money away to causes that are worthy

“Think of yourself as on the threshold of unparalleled success. A whole, clear, glorious life lies before you. Achieve! Achieve!” Andrew Carnegie

#2 – Advice From The Grave – Steve Jobs 1955-2011

This great man was a co-founder of Apple as well as an investor in Pixar. Jobs brought Apple up into the limelight and when he was pushed away from the company, Apple took an abrupt turn away from success.

But because Jobs had business savvy, he was soon CEO of the company again and brought it out of potential bankruptcy.

What is the greatest lesson that Steve would teach us about entrepreneurship?

Surround yourself with the brightest and best!

Steve Jobs realized he could not do it all himself, even though it looked as if he did. Jobs surrounded himself with people who could cover his faults and because of this, he always had success with whatever he touched.

“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma, which is living with the results of other people’s thinking.” Steve Jobs

#3 – Advice From The Grave – George Eastman 1854-1932

He founded the Eastman Kodak Company and was the pioneer of roll film. Because of George Eastman, movie production became a reality.

Eastman was also an excellent boss as he instituted a profit sharing program for employees. This was unheard of in 1910.

When we look at the primary lesson George Eastman can provide, we discover he would say “Never cut quality for quantity.”

“The world is moving, and a company that contents itself with present accomplishments soon falls behind.” George Eastman

#4 – Advice From The Grave – Henry Ford 1863-1947

Henry Ford

This entrepreneurial genius who founded the Ford Motor Company was the brains behind assembly line technology which brought on the mass production techniques that are used in factories all over the world.

While a controversial person, Henry Ford never settled for anything less than best. He paid the best wages and sold the lowest price cars.

So what would Mr Ford tell entrepreneurs today?

“Each time you fail at something, smile. Because you have just learned how to do it right the next time.”

“Thinking is the hardest work there is, which is probably the reason why so few engage in it.” Henry Ford

Conclusion

In a later post, we will look at lessons from other entrepreneurs from the past. They have taught us a lot if we just ponder on their lives and the messages they left us.

I hope this motivated you and as an added benefit, I want to offer you this free training course: 7 Days To Unstoppable Motivation. Just click here to get yours.

Thank you for stopping by and be sure to share this post with others.

To The Top!

eric tippets

4 Tips On Taking Control Of Your Destiny

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take control of your destiny

While many people believe that our lives are already “mapped out,” and what happens is supposed to happen, I will have to dissent.

Personally, I believe we have much more control dependent on the decisions we make and the actions we take.

The way I see it, we can live our lives in one of two ways – Reactive or Proactive.

We can choose to always be at the mercy of situations or people and react accordingly. Or we can be the ones who stand tall and actively create the life and destiny we desire.

If you like living a reactive lifestyle, this blog post may not be for you. But in all honesty, there is a good reason you are even at this website and I do believe you sincerely want to take control of your destiny.

Here are 4 tips and some great quotes to help inspire you.

“It is not in the stars to hold our destiny but in ourselves.” William Shakespeare

Taking Control Of Your Destiny Tip #1: Go Get That Worm

There is an old proverbial saying that states, the early bird gets the worm.

While other people are sleeping in, you can get the day started right every day by getting up early, exercising, eating a healthy breakfast and starting your tasks while others are hitting the snooze button on their alarm clocks.

You will be quite surprised what more you can achieve just by adding 1 hour in the morning.

“Destiny is not a matter of chance; it is a matter of choice. It is not a thing to be waited for, it is a thing to be achieved.” William Jennings Bryan

Taking Control Of Your Destiny Tip #2: Be Realistic

When making plans for your destiny, you must be pragmatic. While I could dream of being a champion snowboarder in the next Winter Olympics, does that even sound realistic at my age?

Dreams are great, and I believe in dreaming big, but also use some realism in your planning. How about sponsoring a champion snowboarder? That just makes more sense.

“More than anything else, I believe it’s our decisions, not the conditions of our lives, that determine our destiny.” Anthony Robbins

Taking Control Of Your Destiny Tip #3: Always Look At All Your Options

Sometimes, we as humans are too quick to make a decision without considering all our options. This goes for both positive and negative situations.

If you consider all options and think about what results could be from those options, you will find yourself making better decisions and having better control of the outcome.

“Destiny is no matter of chance. It is a matter of choice. It is not a thing to be waited for, it is a thing to be achieved.” William Jennings Bryan

Taking Control Of Your Destiny Tip #4: Don’t Let Anyone Steal Your Dream

Dexter Yager said it and wrote a book about it, and I must reiterate it. There are plenty of people who will try to knock that dream out of your head.

Don’t allow them the power to do it.

It is your dream and your destiny. You have the power and you have the dream… LIVE IT!

“The best years of your life are the ones in which you decide your problems are your own. You do not blame them on your mother, the ecology, or the president. You realize that you control your own destiny.” Albert Ellis

Conclusion

I hope this gives you the inspiration you need to drive toward your dreams.

And, I know that I have learned to control my destiny and you can too.

I believe my book, To The Top can help. Order your copy here.

After all, I am sure you have a destiny that takes you…

To The Top!

5 Military Entrepreneurial Lessons

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entrepreneurial lessons

First things first, I have not served in the armed forces but I know plenty of friends who have. I often pick their brains on how owning and managing a business is similar to military life. And notes I did take.

Life in the military has given many men and women the “stuff” to be able to be successful entrepreneurs. And I believe we all can learn some great things from military veterans as well as those who are still serving.

One other thing, to all you who have or still serve in the military, thank you. After all, it is because of you that we have the freedom to start a business and live a life of freedom.

Here are 5 military entrepreneurial lessons.

Military Entrepreneurial Lessons #1: Lead From The Front

Some of the greatest military leaders of all time led their soldiers from the front…

  • General George Patton
  • General Douglas MacArthur
  • Ulysses Grant
  • and General George Washington

These military leaders had no issue with doing the same thing they would ask a soldier to do. They would fight as hard, if not harder.

Believe me, when your tribe sees you are willing to do, they will want to do too.

Don’t just tell them, show them!

Military Entrepreneurial Lessons #2: Be Accountable

Blaming is not the answer in the military, nor should it be in business. So there was a hiccup in communication between your staff and a client. Is it the staff’s fault? Maybe you want to blame it on the internet service or cell phone company.

The best leader… The wise entrepreneur owns the blame and does everything in his/her power to solve the issue.

Military Entrepreneurial Lessons #3: Discipline

The military are trained to have discipline in all areas:

  • Physical
  • Mental
  • Emotional
  • and Spiritual

Physically, you may need to drive your body hard and keep going. I understand this even more when I am traveling for weeks overseas and just feel like staying in bed but I know that isn’t the answer.

Mentally, we come across negative people at all times. We must be mentally disciplined not to fall into a negative mindset.

Emotionally speaks for itself. Failure could occur; will we allow it to take us down into emotional instability?

And Spiritually, no matter your opinions on religions, how is your moral convictions? Do you fear the unknown? These are questions you need to answer to be strong spiritually.

Military Entrepreneurial Lessons #4: Self Awareness

mirror

This lesson goes right along with discipline.

The military leader needs to know his/her strengths and weaknesses, and so does the entrepreneur.

By knowing, you will also realize who on your team can take on the areas where you are weak.

Military Entrepreneurial Lessons #5: Take Value In Your Health

Military leader know that if their soldiers don’t eat healthy and get sleep, that soldier could be a danger to themselves and others.

While you may not endanger others if you are not eating healthy or sleeping much as an entrepreneur, you are hurting yourself. And how will that business run properly if you are in a hospital bed? Not to mention, many mistakes can be made if a person does not get proper sleep.

Conclusion

Another thing that my military friends have pointed out is, when teaching, it does no good to overload someone with information. It all may be great info, but if it is overloaded, they are liable to forget it all.

So I do plan on writing more on this subject in the future.

If you have any questions or comments, feel free to leave them below.

As one last message, you may want to check out the Home Business Success Kit. You can get 3 tools in 1 to help you build that successful business you desire. Check it out here.

Have a great day!

To The Top!

eric tippets

What Type Of Entrepreneur Are You?

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entrepreneurs

When a person asks you that question, how do you answer? Are there “classes” of entrepreneurs?

In today’s post, my goal is to round it all out to help you find an easy answer the next time a person asks you what type of entrepreneur you are.

Entrepreneurs By Category

The way I see it, entrepreneurs can be broke down into 1 of 8 categories. I do believe there is crossover at times, but each entrepreneur has 1 dominate category.

Let’s take a look:

#1: The Innovator

These are the entrepreneurs who love change. They want to try the new device, introduce the newest idea, find the newest markets.

The innovator will try anything new because they love the challenge. But beware because the innovator’s emotions can sometimes be unstable.

2 entrepreneurs that probably fell into this category were Alexander Graham Bell and Steve Jobs.

#2: The Opportunist

The opportunist is the entrepreneur who uses leverage to its maximum extent. They are the ones who are passionate about both marketing and selling. They know when to jump at an opportunity and ride it until it starts flowing downhill and they then use their carefully planned exit strategy to profit in a huge way.

Many various entrepreneurs can fall into this category. It is often secondary to others.

#3: The Copier

Some people think this is a “dirty” category for entrepreneurs. They equate it to a person who plagiarizes written works.

I disagree!

As long as the person isn’t copying to every extent; as long as they take an item and make it better, they are using their entrepreneurial skills.

Just consider Uber who used the taxi idea and enlivened it making Billions.

#4: The Solver

This entrepreneur is the one who goes out looking for problems and then comes back to the lab and finds a way to solve it.

I do believe all entrepreneurs should have some of the Solver in them, but to call it the dominate category, I would say that solving is the only thing they do.

Solvers normally need a tribe to help them in many other aspects of the business because they are only focused on solving problems.

One person I believe fits in this category is Elon Musk.

#5: The Specialist

This entrepreneur focuses on a very specialized niche and sticks only to it.

There have been many who have attempted to specialize in one certain area, but have failed miserably. I do believe the Specialist does need to be open to other areas if the opportunity comes.

Others may call this a Fabian entrepreneur because they are skeptical of any change in their business.

I think of a plastic surgeon who only works on facial appearances. If a rich woman walks into his office offering to pay him double the going rate for “butt work,” will he stick with only faces?

#6: The Strategist

I would say that Strategists have the best odds of success. They are always planning and calculating. They normally think long term instead of the short run.

The Strategist is playing a game of business chess and they carefully plot each move before jumping the gun.

#7: The Prophet

How is it some entrepreneurs have an uncanny way of predicting the future?

They are Prophets.

When I think of Prophet entrepreneurs, I think of the founder of Amazon, Jeff Bezos and of course, Google’s Larry Page.

#8: The Natural

If you want to see who is a natural entrepreneur, just take a look at their history when they were young. Those who were the hustlers in school selling anything they could to classmates, setting up stands to sell lemonade or taking on any business opportunity that could garner them some dollars.

Those are the Naturals. And many carry it all through life and become excellent, successful entrepreneurs.

Conclusion

So which category are you in?

I really suggest that all entrepreneurs try to get the best of all the above categories, but use your main one for your success.

Are you wondering which category I am?

Tell you what… Read my book you can get here; To The Top and I bet you will figure it out.

Have a great day!

To The Top!

eric tippets

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