mistakes and finance

Did you ever mail a check to the wrong vendor? Have you ever missed due dates for your credit card payment? Are you frustrated about the mistakes you make that cost money? I recently read a great book, Why We Make Mistakes by Joseph T. Hallinan [www.whywemakemistakes.com]. This in depth yet easy to read book covers a variety of typical mistakes and then breaks down the reasons why they happen. Based on research studies, quoting anecdotes, and some philosophy the author manages to really help us understand not only why the brain tends to make mistakes repeatedly, but how we can perhaps train ourselves not to do it again. I found this new knowledge enlightening and it forced me to change the way I do certain things, and gave me reasons behind why I've made mistakes in the past. Particularly for visual people, it's important to setup new systems to help avoid mistakes. I've known clients who repeatedly paid late fees simply because they had no system in place for knowing the due dates on bills. While having a bookkeeper helps, unless that person is working full time some of the responsibility of mailing out bills on time still falls on the client. Focus + Finance works with clients to develope easy to use systems so that mistakes are less likely to occur. Do you have a good habit that has helped you avoid mistakes, or an story about a mistake that cost you? Do share!

marketing when business is slow

During this economic downturn, some businesses plan to close, or at least spend less. This means reduced funds devoted to seeking new business. While many of Focus + Finance clients have seen significant reduction in sales from the first quarter of 2009 compared to the same period last year, those who are in a position to spend on marketing are advised to do so. This is no time to be stingy with promotion. Not only is there less competition out there, but if the majority of your rivals are ignoring marketing, this leaves plenty of room for YOU to get YOUR message to potential customers. But before you get that re-print of last year's brochures, you should read Your Marketing Sucks by Mark Stevens. Many small business clients don't understand the importance of overall branding, even for the smallest company. Identity - logo, website, packaging, and stationery - is very important to make an impression on clients and be easily recognizable. I was surprised to learn that some companies don't match up their business card design with their website or even with their invoice format. If your office is relatively quiet now, it would be wise to start evaluating your marketing tools and give yourself and/or your company a makeover. Then hopefully the rest of this year will start to look fiscally fine!