Wednesday, February 24, 2010

Where is my Profit Going?!

Where is my Profit Going?!

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Where is my Profit Going?!

If you are wondering where your Profit is going, it is most likely being EATEN UP by the Bottom 20% of your Business.
These are the Products and/or Services that are "Not" Making you enough money.Tammy Taylor - CEO, Tammy Taylor Nails Inc.  - Entrepreneur and Business Owner since 1981

Quote:
The measure of success is not whether you have a tough problem to deal with, but whether it's the same problem you had last year.
Author:
John Foster Dulles

Why do you need to DISCONTINUE or EVALUATE existing Products and/or Services that "do not" produce enough Profit?

If you keep the Bottom 20%, which are the “Low to No Profit" Products and/or Services, they will eat away at your Business and Profits slowly. The “Low to No Profit" Products and/or Services only seem like they are helping you hit your bottom line every month, but... the bottom line would be more profitable and easier to hit if you spend more Energy, Time and Money on your 80% Top Money Makers.
  • It will take a commitment from you to evaluate and make the changes you need to make to your Bottom Line, because the things we like the most are the hardest to give up and they are not usually our Top 80% Money Makers, because the bottom 20% are usually more of the Fun Services to do, or the exciting Impulse Products, but these are the things that eat up our Bottom Line Profit.

SIMPLIFY then EXPAND

Especially if you plan to Add "New" or Expand, you will need to SIMPLIFY your existing Product lines and/or Services; if you only Add New Products and/or Services without weeding out the bottom 20%, which are the “Low to No Profit" Products and/or Services, you will be Overstocked, Overwhelmed, Over-worked and NOT Making a Profit

Keep your business simple; you will have More Energy, More Profit and you will have More Control.

Q: What Products and/or Services should I Focus on the most?
A: Evaluate where you are making the most Profit, and Focus on these Products and/or Services first and foremost.

Now let's find out where your business makes the most Profit

Example:
All of your Services Equal $4,000.00 a month
Service A makes $ 2,000.00 month
Service B makes $ 1,200.00 month
Service C makes $ 650.00 month
Service D makes $ 150.00 month

  • KEEP Services A and B
  • EVALUATE Service C
  • DISCONTINUE Service D

Another Example:
Your Product Sales Equal $4,000.00 a month

Product A makes $ 2,000.00 month
Product B makes $ 1,200.00 month
Product C makes $ 650.00 month
Product D makes $ 150.00 month

  • KEEP Products A and B
  • EVALUATE Product C
  • DISCONTINUE Product D
  • Keep your 80% Top Money Makers; Do Not Make Any Changes.
  • Evaluate your Bottom 20% Low to No Money makers and Make your Changes.

Quote:
"Change is hard because people overestimate the value of what they have—and underestimate the value of what they may gain by giving that up."
Authors: James Belasco and Ralph Stayer

After you have decided which Products and/or Services you are going to Evaluate or Discontinue, then you can start doing the fun stuff; like thinking about what you can do with all this Bottom 20% space that has opened up in your Business; especially now, you will have more Energy, more Time and more Money to spend.

Here are some ideas:

  • Expand your existing 80% Money Makers
  • Reinvent your Low 20% Products and/or Services to make them more appealing
  • Drop Off the Bottom 20% Products and/or Services One at a Time, and then replace them, One at a Time with NEW Products and/or Services

Always Have Fun with your Business, but also be committed to the changes you need to make, to help your business become more successful and more profitable.

With love,
Tammy Taylor

Proverbs 16:3 Commit your work to the LORD, and then your plans will succeed.


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Wednesday, February 17, 2010

Tammy Taylor - Are You Happy With Your Job?

Are You Happy With Your Job?

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Are You Happy With Your Job?

To Take Pride in your work is the pleasure or satisfaction taken in the achievement of doing something with excellence; this will give you Enjoyment in everything you do.

To be Prideful in your work is thinking things are below your status or education, thus giving no enjoyment in anything you do.Tammy Taylor - CEO, Tammy Taylor Nails Inc.  - Entrepreneur and Business Owner since 1981

It isn't our position but our disposition which makes us happy.

In this New Economy, it could seem like you are doing things that you used to do when you were first starting out; and you might be thinking, "I am better than this and I shouldn't have to go through this again".

Quote:
The only disability in life is a bad attitude.
Author: Scott Hamilton

When we do something with excellence, even washing the bathroom floor can be enjoyable. It is not the task that brings enjoyment; it is the joy of doing the task with excellence that brings enjoyment.

So, when we think that the task is going to bring enjoyment, we are in for a big let-down, because a task is a task. However when we treat each task as a personal challenge, no matter how menial it may seem, we still do it to the very best of our ability, like a competition with ourselves to win; then it becomes enjoyable.

Quote:
Life is great. Don't let circumstances and society fool you into believing it's not.
Author: Adabella Radici

with love,
Tammy Taylor

Luke 16:10 - Unless you are faithful in small matters, you won't be faithful in large ones. If you cheat even a little, you won't be honest with greater responsibilities.


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Wednesday, February 10, 2010

Tammy Taylor - Make More Money, and with Less Stress...

Make More Money, and with Less Stress

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Make More Money, and with Less Stress, even in the New Economy

Quote:
Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.
Author: Mark Twain

Yes, it is possible to improve your business, and make more money in this New Economy, but the most important thing it is going to take, is the Commitment from you “TO DO IT”.

Quote:
Commitment unlocks the doors of imagination, allows vision, and gives us the "right stuff" to turn our dreams into reality.”
Author: James Womack
Tammy Taylor - CEO, Tammy Taylor Nails Inc.  - Entrepreneur and Business Owner since 1981

Do not worry whether you have what it takes, because "YOU DO"; you just need to take the first step and commit yourself to it.

First, let’s start with reducing Stress and Tiredness:

#1 Distractions
Is your workday focused on making money? Or, is your workday full of distractions?

The way to keep your work day focused is by asking yourself throughout the day, "Is this making my business money or promoting for future money?; then this is Business, and I will keep doing it"; and if "not" advancing my Business, then it is Personal.

Quote:
"In reading the lives of great men, I found that the first victory they won was over themselves … self discipline with all of them came first."
Author: Harry S Truman, U.S. President

You might be giving 100% of your energy to your business without distractions but, let's do a little test:
Tomorrow, designate 8 hours just for your business; then for the entire day write down everything you do.
Especially write down anything you do which is personal:

  • A personal phone call
  • A personal errand
  • A personal conversation with a co worker
  • A personal email
  • Etc...

Also, make sure you write down the time you started doing anything personal, and the time you ended.

This is not to make you feel bad because you have to take care of personal business; we all have personal lives, and important things that need to get done; we just need to "separate" business from personal, to create less stress.

Quote:
I'm serious when I do my work. I'm not serious when I'm home with my kids.
Author: Bill Gates

Sometimes we think we are working more hours than we are; because our work hours are combined with distractions; like taking care of personal business, and talking to co-workers.

  • 25% of the work day is taken up with personal distractions...

Now, let's say you have done the 8 hour work day analysis, and you had 6 hours of actual time solely committed to your business; this means 2 hours or 25% of your work day is taken up with personal distractions.

This might not seem like a lot, but when this really makes a huge difference is when;
let's say you are at work from 9:00am to 7:00pm, and you feel like you are working 10 hours a day; but you are not making enough money for the hours you are working; causing you excess STRESS, and making you really TIRED and wore out.

  • 25% or 2 1/2 hours of your work day, is taken up with personal distractions, so you are only working 7 1/2 hours (but it FEELS like 10)

It would be better to schedule yourself 11:00 to 7:00 or 7:00 to 3:00, with only 8 hours of work with NO DISTRACTIONS.

Then you "WILL NOT" FEEL STRESSED OUT and TIRED; you will also stay more focused, which means higher production.
8 hours of productive work, is always better than 10 hours with non-productive work.

Separate business from personal, and you will have less stress, more energy, and you will get more done.

#2 Education
Quote:
It's what you learn after you know it all, that counts.
Author: John Wooden

Education will make you better and faster at what you do; which means you will make more money with less stress.
And, you will stay excited about what you are doing.

Quote:
To succeed in business, to reach the top, an individual must know all it is possible to know about that business.
Author: J. Paul Getty

Focus on one thing you could do to help you with your job, something you know that could make you better and faster, so you could be more productive.
Example:
Learn how to do Pink & White Backfills in under 1 hour
Learn how to use a computer program to keep track of your client information, for fast easy reference; this is especially efficient when confirming appts., doing special promotions, Birthday cards, etc...
Learn how to do a new service your clients would like, or would help you bring in new clients
Remember; every job is a self-portrait of the person who did it. Autograph your work with excellence.

Once you have targeted the one thing you want to improve on, then you need to get all of the Education you can possibly get on that one thing; then learn everything about it, and practice until you have it down.

  • Hands-on Classes are always the best.
    I suggest taking at least 2 hands-on Classes a year.
  • Take advantage of all the Free or low cost Education available today, especially with the internet, where you have endless education at your fingertips.
  • Check out my "Nail FAQ's by Topic", where you can find everything you need to know about doing nails, and building your Nail Business.

When you can do something better and faster, you will make more money (and have more FUN doing it).

#3 ORGANIZATION
Organization will make your job more productive, which means less hours at work; you will still be making money, but with less stress.

Quote:
“Life is too complicated not to be orderly.”
Author: Martha Stewart

  • Remember: Just being busy does not count as working; but just being busy will make you exhausted.

Plan your day:
Make your list at the beginning of each day, and check it off as you get it done.

Make sure to separate your Personal list from your Business list; this will help you make more money and give you more time with your family.

Quote:
“Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.”
Author: Saint Francis of Assisi, on time management in 1200AD

With love,
Tammy Taylor

Matthew

17:20 ... I tell you the truth, if you have faith as small as a mustard seed, you can say to this mountain, 'Move from here to there' and it will move. Nothing will be impossible for you."


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Wednesday, February 3, 2010

Tammy Taylor - 2010 Is Starting Out Good

2010 Is Starting Out Good

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Last week I shared with you my "Procrastination Styles"; this week I have been asking other people what their "Procrastination Styles" are; and there were actually 3 more "Procrastination Styles" that were very prominent; so I wanted to share with you some more ideas that might help you or someone you know.
Tammy Taylor - CEO, Tammy Taylor Nails Inc.  - Entrepreneur and Business Owner since 1981
Procrastination can really affect ones' business, and with the New Economy, we have to be on the top of our game at all times; and if we let procrastination sabotage us, then it will be even more difficult to thrive in this New Economy.

Here are the 3 prominent "Procrastination Styles" people have shared with me:
  • "Procrastination Style" 1: Procrastinating things they do not like to do, such as:

Getting to work early
Getting New Clients by Passing out business cards, Cold-calling and Asking for referrals
Cleaning and organizing work area
Ordering nail supplies every week

A good way they made this "Procrastination Style" work for them is they REWARD themselves every time they accomplish something they do not like to do.
Here are some ideas:
- After Getting to work early all week
REWARD Yourself by leaving early on Friday, or by treating yourself to a nice lunch at your favorite restaurant.
- After Getting New Clients
REWARD Yourself by treating yourself to a massage at your favorite spa, every time you have picked up 7 new clients.
- After Cleaning and organizing your work area
REWARD Yourself by treating yourself to a 30 minute coffee break at Starbucks, and read a fun magazine or book.
- Ordering nail supplies every week
REWARD Yourself with less stress and by taking advantage of the weekly specials; you will make more profit, so you have extra money to treat yourself to a little present.

  • "Procrastination Style" 2: Procrastinating getting organized.

A good way they made this "Procrastination Style" work for them is by not complicating the thought or action of getting organized, "Keep it simple".
Here are some ideas:
Key Thought: "Do not organize for tomorrow, only organize for today".
Write down your top-5 things that you have to get done today, and that is what you do. Anything else will have to wait until it makes it to your top-5 list.
Your REWARD; you will not only get organized, you will start enjoying it.

  • "Procrastination Style" 3: Procrastinating making decisions. This

"Procrastination Style" can come from fear of making a wrong decision.
A good way they made this "Procrastination Style" work for them is by getting over the fear of decisions.

For one whole day, make a decision on every single choice or question that you come across; and at the end of that day, go over every decision you made.
Your REWARD; your confidence will build every time you make a good decision "Priceless".

2010 is starting out good; let's keep it going.

With love,
Tammy Taylor

Proverbs 12:25
Worry weighs a person down; an encouraging word cheers a person up.



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