How much money do you need to be profitable?

The best way to run your business is to know how much money you need to make in order to break even and how much you have to spend to run your business on a daily basis. Separate your business budget into 4 categories:

1. Prospective income
2. Fixed expenses
3. Variable expenses
4. Paycheck-allowance

The key to financial discipline is realistic balancing of needs versus wants.

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Is it enough to have a website?

This is one of the more challenging areas for larger companies and I don't see it getting any easier for smaller ones. Promoting the fact that you're on the social networks can help. Be sure to start showing your presence on your website, and consider things offline like your business cards, brochures and any other printed collateral you may have. They can also be used as a platform to advertise your social media presence by adding your social media information to them. It can be as simple as including a Facebook and Twitter icon to the pieces. Also, create an email database of loyal followers so that you can extend conversations and create referral programs to aid in growing your community.

Read the full article at: http://www.huffingtonpost.com/brandon-suyeoka/7-tips-for-small-business_b_4139791.html

What is your spending policy?

Spend your hard-earned money on things that will reap long-term benefits. Every expense has two faces: current benefits and long-term benefits. Businesses that spend on a long-term investment nature reap its benefits much longer.

Do you have a crisis communication plan in place should something arise via social media?

I always stress to clients that before you pull the trigger on social media you need to be sure that you are ready for it internally. Are you and your staff ready to handle any questions that come through the door? Do you have a crisis communication plan in place should something arise via social media? Do you have the bandwidth to actively keep up with this audience? Who will take ownership of retrieving and posting content?

Read the full article at: http://www.huffingtonpost.com/brandon-suyeoka/7-tips-for-small-business_b_4139791.html

Which is better, online advertising or traditional methods?

If you've been running traditional advertising campaigns, then you should continue to. Social media marketing shouldn't be looked at as a means of replacing your advertising, rather, enhancing it. It is most effective when working hand-in-hand with traditional off and online advertising. Remember that social media isn't for everyone and you still need a way of reaching out to this group.

Read the full article at: http://www.huffingtonpost.com/brandon-suyeoka/7-tips-for-small-business_b_4139791.html

Are you busy but the business is not progressing?

We frequently find that many business owners fill their day doing 'stuff'. As long as the day has been filled, then they can justify that it has been a good day. They equate activity with success. As the business owner though, it is necessary to focus on what is going to drive the business forward, what is really going to make a difference to the bottom line and create shareholder value. Most often, this will centre around strategic activities, creating new products or services, opening up channels to market, ensuring the company is systematized and not simply recreating the wheel every day.

Read the full article a:t http://www.smarta.com/advice/business-mentoring-and-skills/skills-and-training/how-to-be-a-great-business-owner/