Electronic Tools for Entrepreneurial Success

"Half of any job is having the right tool" was one of the earliest lessons I learned from my father growing up on a farm in Nebraska. As an organizing and productivity consultant, it continues to serve me well.

As a business owner for over 20 years, one of the principles it took me too long to learn was that the reason for owning a business is ? or should be ? to develop something of value that you can one day sell to someone else for a profit.

Unfortunately, many entrepreneurs have a service or product that is, or could be, of great value to others, but their lack of business skills is a huge stumbling block to success. Fortunately, technology is solving much of that challenge. In my experience, there are three electronic tools that are essential to creating a business you can someday sell: (1) a contact management program, (2) a financial management program, and (3) a filing system management program. These three programs will manage all the aspects of the administration of your business ? and provide a method for you to get out from under the mounds of paper that harass most entrepreneurs!

Contact Management Program

My tool of choice in this area is ACT! Because of ACT! I can eliminate all those elusive business cards I collect, and be confident that I will give the right person the right information at the right time. Scraps of papers, Post-it Notes, and reminders scribbled on napkins can be transformed from annoyances in action ? at exactly the right time. Now, don't get me wrong! I can't imagine living without Post-it Notes, but they were designed to be a temporary tool ? not a permanent faded reminder paper stuck to you computer monitor, which you don't even notice anymore! Another favorite tool of mine in this arena is Card Scan, which enables you to scan business cards into ACT! without having to type in the info. If you collect 10 or more business cards in a week, it's well worth the investment. (It's a not a perfect system, for sure ? but a major time and frustration saver.)

With ACT, not only can I be sure that I am doing the right thing at the right time, but because we are networked, I can easily check to see what my support staff has done as well. For example, let's say I answer the phone and the person on the other end is someone whose name I don't recognize. I can quickly do an ACT! search, and know that my assistant talked to this person last week about a potential presentation. I note in ACT! what I said to the prospect, and set an ACT! alarm for my assistant to send the appropriate additional information. Another example: Frequently I receive e-mail newsletters from experts in various fields. I put their contact information in ACT! so that I can access their expertise in a matter of seconds.

It makes me sad now when I think of all the people with whom I have lost contact from the early days of my business. I prided myself that I did a good job of organizing people ? and they didn't need me any more. What I failed to realize was that I would be developing other products and services in the future that would be of interest ? but I lost the opportunity.

Financial Management Program

In my experience, one of the biggest nagging worries in the back of many entrepreneurial mind is "I sure hope I don't get audited." Using a financial program, such as QuickBooks, eliminates that worry. While QuickBooks won't reduce the possibility of an audit, it will increase one's comfort with the ability to easily produce accurate information if needed.

QuickBooks (or QuickBooks Pro for time-billing companies) lets the business owner easily keep a finger on the fiscal pulse of the company. And remember ? if there is no fiscal health, there is no health at all. It is critical to the success of any business that the owner has a working knowledge of the financial management routine, and that he/she develops a system of frequent checks on the growth and health of the business.

While QuickBooks has remarkably vast capability, the real secret to successful money management is simplicity. By designing the QuickBooks accounting system to match the flow and style of the business, one can easily enter day-to-day transactions including customer and vendor invoices, bank account transactions, payroll and inventory. While most business owners are naturally inclined to "over classify" in terms of the number of accounts available, a better strategy is to use fewer accounts. Those that roughly correspond to the tax return (perhaps restated in the language of the user's business), with a few additions specific to the enterprise should be sufficient. Then, when it is time to do those infrequent analyses of rare events, QuickBooks' comprehensive sub sort capability (i.e. Payee, date, transaction type, etc.) comes into play.

Once the data entry system is reutilized, the owner will want to develop a few regular reports ? "snapshots" of the business that allow him/her to see both the trigger points of the financial profile as well as the big picture, all at a glance. In this way the entrepreneur can remain in control of the direction of the business ? past, present and future - avoiding unseen potholes along the way.

And guess what? The new version of QuickBooks interfaces with ACT to make it easy when time to convert all those contacts into customers!

A Filing System Program

Research shows that the average entrepreneur spends 150 hours per years looking for misplaced information ? much of it on paper. Spending those same hours on making a sales call or creating a new product or service will do a lot more for your bottom line ? to say nothing of eliminating a major source of frustration.

There are three components to an effective filing system: (1) Mechanics, (2) Management and (3) Maintenance. If any of the components is weak, your filing system will be am on-going frustration instead of a valuable resource.

1. Filing Mechanics One of the major reasons we procrastinate about filing is that it is simply too time-consuming. Here are some tips to make it quick and easy:

? Make sure there is always adequate room in a file cabinet to add papers.

? File papers directly into hanging files. If you take individual papers directly from the file, you do not need a manila file inside.

? If you need to take the entire file out of the file cabinet, create a hanging file and a manila file with the same label.

? Put the plastic file tabs on the front of the file folder.

? Keep color systems simple.

? Use staples instead of paper clips.

2. File Management One of the major frustration sources of frustration about filing is deciding what to call a file. The solution to this frustration is a File Index ? a list of the names of your files. Before you make a new file, you can check the File Index to see if an appropriate file already exists. You can use a word processing or spread sheet program to create this index. A revolutionary new option for managing your files is also now available: Kiplinger's Taming the Paper Tiger (www.thepapertiger.com). This software program allows you to keep your information in paper form in your filing cabinet, automatically cross-reference the information, and use the incredible search power of the computer to find anything in your files in five seconds or less ? regardless of who filed it! The software will also print file labels and a File Index automatically.

3. File Maintenance Regardless of the management or mechanics techniques you use, all filing systems have to be maintained. But there is good news! There are only two steps required to maintain any filing system indefinitely: (1) make sure that the File Index is a living document ? a perfect reflection of the names of the files in your cabinet. If you add a new file, add it to the File Index, and when you remove a file, delete it. (2) Clean out your files when the cabinet gets too full for easy filing.

Of course there will undoubtedly be other programs you need related to your particular expertise, but in my experience, these three programs are crucial to every entrepreneur's success!

? Barbara Hemphill is the author of Kiplinger's Taming the Paper Tiger at Work and Taming the Paper Tiger at Home and co-author of Love It or Lose It: Living Clutter-Free Forever. The mission of Hemphill Productivity Institute is to help individuals and organizations create and sustain a productive environment so they can accomplish their work and enjoy their lives. We do this by organizing space, information, and time. We can be reached at 800-427-0237 or at www.ProductiveEnvironment.com

---

Creativity & Entrepreneurship: The Creative Evolution of an Intellectual Property?

In each of us, there is a creative spark - a unique purpose and destiny for which we are born. Most of us have forgotten what that special gift is, or we are... Read More

Double Down on Marketing

If you want to compete in the world of high growth startups, you better know how to play the marketing game. Marketing has become a big stakes game where companies are betting fortunes... Read More

About Ending Competition

1. Why should I not compete with others?The very concept of "competition" is fear based. Somehow you are telling yourself that you have to "beat" the competition, or "take" a certain share of... Read More

Entrepreneurial Traits that Drive Sales

Frequently overlooked and hidden deep within our marketing tool box is the ultimate marketing vehicle for your business ? you! Many small business owners are so busy figuring out how to increase sales... Read More

Traits and Skills of Successful Internet Entrepreneurs

There are certain traits and skills that many successful online entrepreneurs have in common. Some mentioned in this article may seem simple, but don't overlook their importance.You may not personally be strong in... Read More

How You Can Earn $1000 A Week Part Time

About 6 years ago I started to notice that certain friends of mine had quit their jobs but continued to live very luxurious lifestyles - seemingly without doing very much. I thought they... Read More

Secrets of My Favorite Government Auction

I love bargains. And there's no better place to find bargains than an auction. And there are no better auctions than government surplus auctions. My favorite government surplus auction takes place the 3rd... Read More

Could a Non-Profit Structure Be Right for Your Business?

If you have a business idea, or an idea for a service for your community, there's one decision you must make early on: are you going to structure your project as a for-profit... Read More

The Heroic Entrepreneur: Profiting from Your Brilliance

If you look up the definition of hero in Webster's, you'll find a definition something like, 'A person noted for feats of courage or nobility of purpose, especially one who has risked or... Read More

Drive Website Traffic Unconventionally, Force Your Children To Do It

If you believe that every little bit helps then keep reading...For the past two summers my son has dabbled in entrepreneurialism.He started by mowing lawns, what kid hasn't done that? It's time tested... Read More

Find Me the Expert on This!

Many people who set up as consultants never make more than a minimal living. They get some clients who like them, but are so dependent on these few businesses that the resignation of... Read More

Achievements Outweigh Education and Experience

Q: When it comes to succeeding in business, which do you think is more important: education or experience? -- Regina M.A: Regina, have you seen the television show, Fear Factor? If you haven't... Read More

Learn how to Compress Time

In the popular 1980's movie "Dune," man learned that by "folding space" the distance between two points shortened and he could cover those distances faster. Around 1995, we found a substance that could... Read More

Self-Esteem and the Entrepreneur

Isn't it funny how people think that being self-employed is so cool? They think that you get to take lots of vacation time and spend all of the profits. What they don't realize... Read More

Confidence = Preparation + Courage

It always amazes me when I see someone on television holding a press conference ? a lawyer outside a courtroom, a businessperson at the launch of a new product. Reporters ask hardball questions.... Read More

Financial Strategies for Transitioning from Salaried to Solo

7 Financial Strategies for Transitioning from Salaried to SoloA 40's something woman was talking to me the other day about her growing sense of frustration with "working for someone else" and her longing... Read More

The Business Leader as Ultramarathoner

Have you ever heard of an ultramarathon? A standard marathon is just over 26 miles. An ultramarathon is usually on the order of 50 or 100 miles, though there are some that span... Read More

Franchisor Sample Grand Opening Launch for New Franchised Outlets

It is paramount that all franchising companies work hard in the critical launching of all franchises in their new territories. In this present period most franchisees come into the franchise systems with much... Read More

Everything You Wanted to Know About Public Domain Info, but Were Too Afraid to Ask!

What to Look Out For:Copyright - you absolutely must check on this - violating someone's copyright is not clever and can be a really expensive mistake not to mention seriously damaging your reputation.... Read More

Hearing That Entrepreneurial Voice?

Women business owners are our only clients, so naturally we celebrate and support female entrepreneurship. Operating in this market gives us the good fortune to learn about some of the deeper themes in... Read More

7 Small Business and Self Employed Law of Attraction Principles For Success

It is widely held that one of the most important ingredients in small business success is perseverance. Deciding on a strategy and sticking with it. I would agree but you need to be... Read More

The Perfect Little Coffee Shop: Are You Afraid of Failure? Are You Letting that Failure Cripple You

Ah, coffee, the drink of choice when I want to share a special moment with friends, when I want to sit and ponder life or when I want a moment alone. I am... Read More

History of Enterprise Car Rentals

So few really understand the drives and motivations of entrepreneurs. Many write about them, some lecture and teach about what they are, how they operate and what they have achieved; yet so few... Read More

The Term Sheet?s Role in Raising Venture Capital

Entrepreneurs and companies who are seeking venture capital often negotiate with one or more venture capital firms on a number of important issues. These issues include the amount of capital to be raised,... Read More

Create Your Entrepreneur Dream Team

I hear it all the time. "What should I do about . . .?" As a business owner you're faced with the daunting task of making all the decisions that affect your business.... Read More

5 Tips to Step Boldly into the World & Set Yourself Apart from Others

"Real champions believe in themselves even when no one else will!" Author UnknownTo take your life and business to a level that makes you ecstatic there is a good chance you will need... Read More

Franchise Business and Franchise Businesses

Franchise business is being part of a successfully proven business that has a name or trademark that is well known and profitable. Franchise businesses are strategically tried and marketable with options to expand... Read More

Herb Filled Pillows Make Over a Million Dollars

Lauren Rosenstadt was a single mom working at a herbcompany in Bethesda, Maryland. A herb (pronounced "erb") isa plant that has medicinal, savory, or aromic qualities. Oneday while at lunch with a friend... Read More

Playing Hookey Can Help! A Surprising Secret To Small Business Success!

Would you like to increase your chances of business success by 350%? The good news is that you can! Before you start working harder or learning the latest business theories so you can... Read More