Stop Embezzling From Your Business: 5 Keys to Create a Thriving Business with Cash Flow--Darnyelle A. Jervey

One of the challenges I see frequently when meeting with solo-entrepreneurs who have been in business 0-5 years and are trying to build a solid business, is an inability to ensure that they get to keep a significant amount of the money that they earn. Most people who start a business fail to understand the significance of creating and managing a budget, largely because they don’t have a budget in their personal lives. I’ve heard it said recently that “how you do money is how you do everything.”

Typically new entrepreneurs earn and spend, sometimes without ever letting the money they earn get appropriated to their business account. Did you catch that? Yes, I am talking about embezzling from your business. Sadly, most entrepreneurs do not have a business background and often start their business out of necessity, lacking the skills, strategies and solutions to ensure that they are building a thriving enterprise. Most people live in a “feast or famine” environment or worst yet, they live from paycheck to paycheck or what I call “poor-check to poor-check” completely captive to their business and clients instead of being able to allow abundance to flow in all they do.

When this is the way you run your business, you are likely to never gain the freedom to enjoy what you love. In my opinion, that completely defeats the purpose of becoming an entrepreneur. If you’re going to be a slave to your work, you might as well keep working a job. If this makes your stomach curl, then you’ve got to get a handle on your money so that you can ensure you never have to sit behind someone else’s desk ever again.

If you want to stop embezzling from your business, you have to change your mindset. Keep in mind that with business comes boundaries. If your business is considered a business on your deepest levels, you will respond accordingly. It will also take discipline. That means, you will have to stop taking cash out of your business before it enters your bank account. While I am happy to suggest that you pay yourself, I do recommend that you pay yourself in an authentic fashion, via your business checking account, so that you have a record of the salary you are paying yourself.

I am happy to report that as soon as you shift your mindset and you also create a few key financial systems in your business, you can go from surviving to thriving in your business. When you’re no longer focusing on the lack present in your business, you can actually attract more paying clients because your energy will be flowing in abundance and circulation instead of in lack and stagnation.

I believe that since you started a business to make money, you should create effective systems so that what you make doesn’t get embezzled by poor financial management habits. While I am not a financial advisor, I am a business coach and I am able to show my clients how to create foundational financial management for their business, a consistent strategy as they endeavor to grow their business. I also recommend that you consult a financial advisor that specializes in working with entrepreneurs so that you can be sure to get a customized strategy that will increase cash flow and reduce stress as you endeavor to grow your business.

Here are 5 keys to create a thriving business with cash flow:

1. Know your numbers. You have to know what you are bringing in, what’s going out and what’s left over. You have to know the value of a new client to your bottom line and how many you plan to add in any given month.

2. Make a monthly financial plan for your business. Set a budget for the expenses that you know are mandatory to the operations of your business for the current month. In your plan, highlight the amount of revenue you have coming in before you do anything to attract new clients. Also track the amount of expenses you have going out so that you know what your cash flow is.

3. Create a strategy to attract enough new clients to handle all of the expenses you already have in your business. As an example, if you need $5,000 to run your business each month and you currently have $7,500 in your business checking account, which would mean you have $2,500 cash flow in your business. If you create a strategy to attract 3 new clients which are valued at $7,500, you will have $5,000 cash flow in your business when your month is done. With the extra cash flow, you can begin to save money by opening a business savings account and having money set aside for personal development such as hiring a business coach, other investments, expanding your team, etc.

4. Purchase financial management software such as QuickBooks to keep track of your expenses, income, invoicing and clients. The system is designed to make managing your businesses financial systems easier so that you can spend more time doing what you love, working with your clients.

5. Run your monthly reports by the 3rd business day of the new month so that you can see where you are and brainstorm how you can increase your results by a minimum of 10% in the new month.

Embezzlement is a serious offense. When you embezzle from your business, you minimize your ability to invest in yourself through your business when the need arises and you aren’t allowed to show up fully for your clients. By simply creating a budget and financial plan, you can reduce those inappropriate expenses and begin to allow your business to truly change lives.

©2011 by Darnyelle A. Jervey. All Rights Reserved. Darnyelle A. Jervey, The Incredible Factor Business Mentor and Coach, is the founder of IncredibleOneEnterprises.com and the Leverage Your Incredible Factor System® a proven step by step program for turning your passion into profit. For more information and a FREE audio CD "How to Use Your Incredible Factor to Attract MORE Ideal Clients" visit http://www.incredibleoneenterprises.com.

5 Questions to Clarify Your Business’ Value Proposition--Darnyelle A. Jervey

Part of the reason why so many service-based entrepreneurs are struggling is because they haven’t taken the time to write down who they want to work with. Having worked with thousands of entrepreneurs and aspiring entrepreneurs, I know you find it hard to believe, but trust me; most people do not start a business with any form of a plan.

They don’t plan out what they are going to offer nor do they plan out who they are going to offer it to. The result….a hot mess. You attract:

• Clients who drain your energy and pay you low wages
• Clients who make excuses instead of taking action
• Clients who have no real desire to change their situation but just want to complain and blame it on the “man,” or better yet the economy
• Clients who want a “hook up”
• Products and services that don’t appeal to anyone

Please, stop! Don’t take another client on until you can clearly and succinctly answer the five questions below.

This week’s assignment is very important to the future success of your business. Even if you have a business plan. If your business model has deviated in any way in response to what has happened in the industry you are in or the economy, ask yourself these five questions. These questions will help you begin the process to gaining some semblance of clarity in your business. When you take the time to answer 5 simple, yet effective and often overlooked questions, you will gain tremendous impact to your company’s bottom line:

1. Why is your business necessary? Brainstorm on this one. Right down every answer that pops into your head. Ask clients who have provided a success story why they had to work with you. Again, record every answer. These reasons will be key to your marketing language going forward.

2. What is the transformation your business provides to your ideal clients? Here, think before and after. Before they come to work with you, who are they? After they work with you, who have they become? Why is this important and why will others be inspired to work with you too?

3. What is the problem you solve and what is the system that you utilize to solve the problem? These results should be clear about the steps you take each client through, which leads to the result you would like them to receive in working with you. Being able to articulate this is HUGE for your business growth potential.

4. Who are your products and services for? Please be as specific as possible. Remember, clarity leads to cash. Don’t think you can help everyone. Narrow your focus and in doing so, find the people who can’t live without your solution.

5. What happens if they don’t buy your products and services? What will they continue to experience if they don’t work with you? What is the pain they will continue to feel until they choose you as their pain killer?

These five questions will lead you to a significant breakthrough about how you must begin to conduct business. When you consider these five questions before you contact a prospect, writing a marketing piece, present your company at a networking event or any other business related task, you will begin to get clear results that help you to grow your company.

Take time this week and respond to each of these questions in detail. Upon completion, you will have some key marketing language that can be converted into market pieces, website copy and other items to show you as a magnet to your ideal clients.

Be Incredible,

To get step by step assistance in how to attract your ideal clients, register for my Ideal Client Bootcamp. For details visit http://www.incredibleoneenterprises.com/ifbc

©2011 by Darny

elle A. Jervey. All Rights Reserved. Darnyelle A. Jervey, The Incredible Factor Business Mentor and Coach, is the founder of IncredibleOneEnterprises.com and the Leverage Your Incredible

Factor System® a proven step by step program for turning your passion into profit. For more information and a FREE audio CD "How to Use Your Incredible Factor to Attract MORE Ideal Clients" visit http://www.incredibleoneenterprises.com.

3 Key Questions to Inspect the Incredible in Your Business - Darnyelle A. Jervey

At the end of each quarter, I recommend that my clients complete a business self-assessment. With all of the hustle and bustle of the business day, we often forget to stop and assess our progress – what’s working and what’s not. We also seldom stop to ensure that what we do and who we represent is completely congruent to our Incredible Factor and how we show up for the world.

As I review my financial statements and clarify the revenues and cash flow analysis of the business, as well as reviewing the processes and systems that I have in place, I take my assessment a step further. I also take the time to answer three key questions. I admit, these are not traditional business review questions but they are necessary nonetheless to the success you want to represent in your life and business.

The beautiful thing about working in your Incredible Factor is that there is never a disconnect with who you are – meaning you’re not one person in business and another at home. To truly do your life’s work, you must be completely congruent – loving what you do and desiring to serve others in a big way. These three questions allow me to connect with my core and ensure that my mission statement continues to resonate with me deeply.

1. Who are you? Who do you represent in the world? Marketplace? Your business? Who do your ideal clients and success stories say that you are? Is that who you desire to be?

2. What do you do to help others? It’s not about you; I’m sure that we can agree that to truly be of service (not volunteerism) we must be clear on what we do, how we do it and how others benefit from us doing it?

3. Why does it matter? Usually the most overlooked question, your reason why is what gets you up in the morning and gets you down in your office on a sunny day. It’s not about you; it’s about the lives you have the ability to influence and change with your Incredible Factor.

Answering these three questions will produce an emotional response in you. Don’t run from it; connect to it and allow it to resonate throughout your entire being. Be Incredible. Own your Incredible.

©2011 by Darnyelle A. Jervey. All Rights Reserved. Darnyelle A. Jervey, The Incredible Factor Business Mentor and Coach, is the founder of Incredible One Enterprises.com and the Leverage Your Incredible Factor System® a proven step by step program for turning your passion into profit. For more information and a FREE audio download "How to Use Your Incredible Factor to Attract MORE Ideal Clients" visit http://www.incredibleoneenterprises.com.

5 Quick Strategies for Finding Money Hidden in Your Business - Darnyelle A. Jervey

It’s the end of another quarter in your business and you’ve not hit your revenue goal. You’re slightly irritated and very frustrated because you told yourself that you’d be more focused on growing your income this year. Before you throw in the towel on another month and quarter end in your business, take a step back and re-group by looking at what’s right in front of you.

Sadly, many business owners are busy being busy in their business and therefore they fail to see the opportunities that are present right in front of them. When you build an effective team to handle the tasks that are not profit producing for you, you will be able to see what’s been there all along. Ever lost your keys? You looked high and low and traced your steps only to take your focus off of your search for two minutes and find them right in front of you, where they were the entire time. The same is true right now in your business. There’s money on the table right in front of you. Don’t see it? Look a little more closely. Still can’t see it? Let me help you.

Every month, it is my personal recommendation that you complete the following steps (and complete these assignments) to make sure that the money on the table lands in your wallet:

1. Review your list of prospects who have expressed an interest in working with you (also known as ‘low hanging fruit’) in the past 6 to 12 months. Make a call – DO NOT EMAIL - them to see if anything has changed. Keep them abreast of service offering changes and find out what their current needs are. While you’re on the phone, inquire as to a new great time to touch base would be – and update your list accordingly.
2. Complete a review of your existing inventory. What have you already created that is just taking up space (on your shelf, or hard drive) that could be re-purposed into a product that could be sold at a lower investment (it’s selling for nothing right now)? This could be books, checklists, templates, audios, videos, etc.
3. Review the offerings you’re providing to your current clients. Is it time for an upgrade? Or do they require a service you offer that you've yet to tell them about? Maybe they came to work with you for one thing and now they may be in need of another. Are you verifying if they need more of your products and services?
4. Identify key strategic partnerships or joint ventures that may lead to increased website traffic and sales. Who, if you partnered with them, would get you in front of your ideal client prospects faster than you could on your own? What can you offer to them to create a true win/win joint venture opportunity?
5. What organizations would like you to speak that you have yet to nail down a date for? Call them today and increase your visibility and exposure to your ideal clients.

As you can see, these are simple yet effective strategies for finding the money on the table. What else can you do TODAY to find more hidden revenue in your business? Now, go do it!

©2011 by Darnyelle A. Jervey. All Rights Reserved. Darnyelle A. Jervey, The Incredible Factor Business Mentor and Coach, is the founder of Incredible One Enterprises.com and the Leverage Your Incredible Factor System® a proven step by step program for turning your passion into profit. For more information and a FREE audio download "How to Use Your Incredible Factor to Attract MORE Ideal Clients" visit http://www.incredibleoneenterprises.com.