Following from my discussion last week, blowing your trumpet it your responsibility and it is a task you cannot delegate carelessly. The second point to note in this series is nobody will blow you trumpet if you fail to blow it yourself.
Nobody will do it for you: If any one around is offering to blow your trumpet, be wary. Check to know the real cost of such an offer, bearing in mind that money is not the only price. Only professional image makers take on such responsibilities and then they get paid for it. If any other person makes you an offer, ask what went down with their trumpets. Ceteris Paribus, they should be busy with their own trumpets. Usually those around you who offer to sing your praises are sycophants.
The person offering to play your trumpet may have an agenda that would be furthered by blowing your trumpet. If your instrument is well tuned; or you have cultivated an audience; or you have influence in certain circuits, such people come around with all sorts of helpful offers. While at it, they could slip their music in between your notes. The danger is you may be half way through playing the music before you notice. Moreover it may be difficult to stop and start over especially if you are playing in public. If you do stop, you will be in need of a lot of damage control which may be costly or time wasting.
In spite of all the above, you do need people who will blow your trumpet in business. I mean people who can speak for you without misrepresenting you. One of hardest resources to find in business is good human resource. I mean good staff. This is especially so for small and medium enterprise owners. Your employees are the ones that do your marketing. They receive your calls. They talk to suppliers and customers on your behalf. They are the Front Desk Officers who receive your guests.
Needless to say, they have to know what you are thinking, what you mean to say, when and where to say it and to whom they can speak. A word said amiss could mean huge losses for you. I am sure many of us have experienced rude sales girls and boys before. Sometimes we speak up about their rudeness or sometimes we just walk away and take our business with us. You can imagine how much you loose if this happens just once a day. That translates to about 200 lost customers per year.
· Be careful about whom and to what you lend your voice. Some people are eager to associate with you to get noticed or for their own reasons.
· Ask for a recap of your last message when giving out instructions. You must ensure they got your message right.
· Your representatives must know what you want said how to say it. Invest in training them so they represent you well.
In all manage your communication from end to end. You are responsible for what goes out and you must check the feed back. Many have missed huge jobs and contracts due to miscommunication.
A common illusion is that if you make more money, you will have less worry. Intellectually, this is what many believe, but in practice the reverse in the case. Many people take on financial commitment without seeing the exact numbers. Their decisions are based on a ‘sense’ or ‘feeling’ or blind faith. Such people will continually increase their spending with every increase in cash availability.
“John D. Rockefeller reportedly kept track of every penny he spent from the age of 16 until his death at the age of 98” - (Reported biographers). He never paid a bill without examining it and understanding it. Now this might seem like a tall order to meet, but it is definitely a habit worth emulating. Business men need to be on top of their activities especially spending. It is easy to spend 3 months income in advance in a period of peak cash inflow. Attention to accounts and financials will prevent such an occurrence.
Apart from writing biographies, the financial records has major interests for a budding entrepreneur. Every business person needs to keep track of the flow of money in/out of the business. If this is done well, then the actual cash in hand or in the bank must always be equal to what you have in the records. You need to understand that plenty of cash generating activities is not what makes a business. Most times business run into trouble during periods of huge cash inflow. The temptation to spend more than you have actually earned is ever present. Many people spend the deposit given to them in advance for services or products. They realize their error when there is no fund to finance the production of the goods at the delivery period.
One way to manage the spending stress and reduce the grey hairs is to have a spending plan. If you carefully list all your revenue, it will make it easier to apportion what you have. You can spend to the best of your ability and not beyond. Below is a template of a simple spending plan. It can also be used to monitor the actual spending.
If you can prepare this ahead of the season and stick to your plan, you will be happier and will spend with less anxiety.
Be sure to include all your income under the revenue. Salary, Dividend, Rental income, Sales income e.t.c.
Tick off your fixed expense items first. E.g mortgage/rent, insurance premiums, lease repayments, loan repayment e.t.c
Do not compare expenses with cash inflow. Your spending decision should be based on your earnings not just cash balance. If you get sudden cash windfall should not cause a huge change in your spending plan.
You must record your credit purchases and include a gap for paying them off.
On a weekly basis, compare your total spend with your revenue. If there is a shortfall, check the various categories of variable expenses to see what you can reduce. Also compare your total expenditure with your budget to be sure you are on course.
· Be careful about whom and to what you lend your voice. Some people are eager to associate with you to get noticed or for their own reasons.
· Ask for a recap of your last message when giving out instructions. You must ensure they got your message right.
· Your representatives must know what you want said how to say it. Invest in training them so they represent you well.
In all manage your communication from end to end. You are responsible for what goes out and you must check the feed back. Many have missed huge jobs and contracts due to miscommunication.
A common illusion is that if you make more money, you will have less worry. Intellectually, this is what many believe, but in practice the reverse in the case. Many people take on financial commitment without seeing the exact numbers. Their decisions are based on a ‘sense’ or ‘feeling’ or blind faith. Such people will continually increase their spending with every increase in cash availability.
“John D. Rockefeller reportedly kept track of every penny he spent from the age of 16 until his death at the age of 98” - (Reported biographers). He never paid a bill without examining it and understanding it. Now this might seem like a tall order to meet, but it is definitely a habit worth emulating. Business men need to be on top of their activities especially spending. It is easy to spend 3 months income in advance in a period of peak cash inflow. Attention to accounts and financials will prevent such an occurrence.
Apart from writing biographies, the financial records has major interests for a budding entrepreneur. Every business person needs to keep track of the flow of money in/out of the business. If this is done well, then the actual cash in hand or in the bank must always be equal to what you have in the records. You need to understand that plenty of cash generating activities is not what makes a business. Most times business run into trouble during periods of huge cash inflow. The temptation to spend more than you have actually earned is ever present. Many people spend the deposit given to them in advance for services or products. They realize their error when there is no fund to finance the production of the goods at the delivery period.
One way to manage the spending stress and reduce the grey hairs is to have a spending plan. If you carefully list all your revenue, it will make it easier to apportion what you have. You can spend to the best of your ability and not beyond. Below is a template of a simple spending plan. It can also be used to monitor the actual spending.
If you can prepare this ahead of the season and stick to your plan, you will be happier and will spend with less anxiety.
Be sure to include all your income under the revenue. Salary, Dividend, Rental income, Sales income e.t.c.
Tick off your fixed expense items first. E.g mortgage/rent, insurance premiums, lease repayments, loan repayment e.t.c
Do not compare expenses with cash inflow. Your spending decision should be based on your earnings not just cash balance. If you get sudden cash windfall should not cause a huge change in your spending plan.
You must record your credit purchases and include a gap for paying them off.
On a weekly basis, compare your total spend with your revenue. If there is a shortfall, check the various categories of variable expenses to see what you can reduce. Also compare your total expenditure with your budget to be sure you are on course.
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