Skip to comments.Dave Says: It's All About Marketing - Dazzle Them with Your Brilliance
Posted on 12/02/2013 10:59:49 AM PST by Kaslin
I have a 140-acre farm, and I recently began running my operation debt free. The problem is that I have $250,000 in debt hanging on from bad decisions in the past, and the varying expenses in my business make it difficult to budget. Do you have any suggestions for budgeting in a volatile industry like mine?
Obviously, you want to set up a separate budget and run a profit and loss statement. Youll want to estimate the income, as best you can, for the year, and youd need to estimate your expenses item by item and category by category for the year. Then, youll want to break that down by month. This is called laying out a business pro forma. In other words, a business budget.
Next, youve got two goals to work toward with your profits. By profits, I mean after youve paid household expenses. That includes a living wage, enough to operate, keeping food on the table, the lights on and that sort of thing. After basic living expenses are out of the way, your net profit in the business should be divided between retained earningswhich is savingsand debt reduction. The idea here is that youre going to put the lions share toward paying off debt. Still, you need to have something set aside for a rainy day. In your case, that could be taken literally.
Keep in mind that in business, retained earnings are used for more than just emergencies. Theyre also for buying equipment, more land and anything else that will grow your operation. But you always want a pad in there for that and other reasons. What if you have a strange year, and your budget estimates were way off? It could be unexpected expenditures or the fact that you simply had a bad year. In business, thats called an emergency, and youd take that out of retained earnings.
Doing a budget, whether its in personal finance or a business, is something that gets easier and more accurate with time. You wont get everything right the first couple of tries, but over time your estimates and budgeting skills will become more accurate because theyll be based on experience.
Good luck, Tyler!
I own a small business, and Im having trouble with public forum review sites. Im sure in some cases theyre being filtered in a way that paints my business in a negative light after Ive declined to advertise my restaurant with them. How would you handle this kind of problem?
Restaurants get hammered a lot online, and many of these kinds of sites are losing credibility because people are using them improperly. Im not sure if one of them is out to get you, but there are lots of cases where competitors will leave bad reviews. And of course, there are random crazies out there who will post some pretty messed-up stuff too.
The best suggestion I can give is for you to simply make these things irrelevant with your other marketing. Overwhelm potential customers with the quality of your food and establishment through your online presence. Make sure the design of your website is clean, crisp and inviting, and that your images are high-quality work. You could even post a 360-degree tour of your restaurant, showing that you run a nice, classy place. If youre situated in a beautiful location, include that as a selling point too. And double-check to ensure sure that all your information, like menu prices, address and phone number, is up to date.
Accurately message your position and offerings in the most aesthetically pleasing way possible, Carl. Thats my advice. I really dont care about the kind of online reviews youre talking about, because I get to my customers directly through the power of great marketing. The more you take control of the presentation and publicity of your business, the faster these outside entities will lose credibility!
When I saw this thread’s title, I thought this must be about SEC football.
“The best suggestion I can give is for you to simply make these things irrelevant with your other marketing. “
That or get some “sock puppets”. Lots and lots of “sock puppets” to leave your online reviews.
If you can’t dazzle them with brilliance then ;
Baffle them with xzcc wqzu
Can i get a side order of fried potatoes with that?
It sounds delicious
What do you think Obama's been doing?