Goals & Money Management

June, 2007

In This Issue

Use your Goals To Promote Your Success
Develop A System For Positive Cash Flow
Develop A System For Managing Your Money

Use your Goals To Promote Your Success

Setting goals is wonderful; it confirms that we've taken those first awkward steps towards attaining what we desire in our lives. The simple fact that you've taken the time to plan out what you want to achieve puts you in a distinct class.

Amazingly very few people take the time to keep a running list of goals. Sadly, even fewer people actually work their goals. So take the time right now to give yourself a little pat on the back! You deserve it.

You're part of the elite group of people who have chosen to take an active role in their own success. If the whole idea of goal setting (and goal achieving) is a new one to you, don't worry; the important thing is that you've decided to take the bull by the horns and get started!

Here's a technique to add substance to the goals you've set! Remember, the more real the goal is in your mind, the easier your subconscious mind can get around your desires and jump into action and start helping you realize them!

This technique assumes you've already decided on the things you'd like to achieve. If you're not there yet then take the time to record your goal, dreams and the action steps you believe are necessary to reach them. Be sure to give yourself the room to adjust those items as needed. It's a journey and one that you should derive enjoyment from. Remember, you're taking the word chance out of the equation and are taking an active role in the reaching the destinations you set for yourself.

After you've listed out your goals and dreams, the next step is to actually visualize yourself reaching your intended goal. It is through visualization that we can actually program ourselves to reach that which we desire.

It's one thing for you to say, "I want to start a business", and quite another to say, "My business will be growth oriented. I will find the stairway to success and it will grow with each new achievement. To reach this destination I will provide excellent service to my customers and continuously market my service to others.Through my efforts and the efforts of those whom I serve I will succeed."

The idea is that you're rehearsing these events in your mind. You're giving them vast amounts of power because as the saying goes. That which the mind can conceive, it can achieve. When using visualization with your goals try and do it as vividly as you can. The more real they appear the better.

To say I want to start a business someday is one thing, but to identify it and imagine myself doing this job (and taking the necessary steps to become a business owner) creates an added energy that will propel you towards making it a reality!

If we knew just how much talent we have inside us I am convinced it would absolutely boggle the mind. The reality is that we all have within us some unique greatness just waiting to find its way into the world.

The unfortunate thing is that all too often our talents lay hidden, and so we don’t always know what they are. Therefore, if we do not take the time to explore and identify our gifts and goals– we run the risk of having them never fully materialize, or lay dormant far longer then they need be

Develop A System For Positive Cash Flow

Cash flow is really the inflow and the outflow of money through your business. The inflow must consistently be greater than the outflow in order to maintain a healthy business.

Inflows generally come from sale of goods and/or services. Outflow goes toward payment of costs associated with goods or services sold, operating expenses, taxes, debt and other liabilities incurred in operation of the business. To the extent possible, you want sales to produce more than enough to cover all expenses. Unfortunately, sometimes for a growing business that isn’t always possible, so debt must be an option when and if needed.

In a cyclical business like drycleaning, the bulk of income is received in waves or spurts during the business year, you will have periods where you will either need to borrow or draw from a cash reserve (if you have one). In order for your business to keep operating you will want to plan carefully. Try to get big expenses (like insurance premiums) to fall into the high income part of your cycle. This can usually be negotiated if you deal with it upfront rather than waiting for it to become an issue.

Another action you can take that will make a positive impact on your cash flow is to create a monthly projection of your year's cash flow and create a monthly budget that stays within the financial parameters of your slowest months. Trim all fat from unnecessary purchases, control your monthly draw even during those times when money is flowing easily. Create cash reserves in "good times" to carry you through emergencies encountered when money is scarce.

Your business, your sense of well-being, and your intestinal fortitude will all benefit from a responsible system dedicated to establishing a positive monthly cash flow from your sales to meet your monthly expenses.

If Cash Flow Planning is somewhat new to you it may be helpful to try short term planning for a couple of months. A good example from the SBA is online at http://www.onlinewbc.gov/docs/finance/cashstplan.html, Don’t let the terminology throw you. It’s the concept that counts.

Develop A System For Managing Your Money

Starting a business begins with a dream, followed by a plan, followed by action. Much like raising a child, a business must be fed. Customers must be found to support your product or service and to provide the money needed to raise and feed this new born child - your business. Properly managing your business' money may be the most important task you undertake. Incorporate a monthly savings plan into your cash flow system.

One of the attractions to starting a mobile dry cleaning service is the fact that it can be started on a shoestring. However, like any other business, money is the life blood. Once money is earned, a financial discipline and responsibility becomes apparent if you want your business to succeed and provide you with years of financial security. Don't expect to spend every dollar you earn in the early days of your business. Just like you make a plan for operating your business, you must make a plan for managing the money you earn. Money must be set aside for supplies, insurances, gasoline, automobile expenses, drycleaning costs, taxes, etc. It may take several months before you begin to see any money for yourself. But once the money does start coming in, don't forget to put aside at least 10% for savings. managing the money you earn. Money must be set aside for supplies, insurances, gasoline, automobile expenses, drycleaning costs, taxes, etc. It may take several months before you begin to see any money for yourself. But once the money does start coming in, don't forget to put aside at least 10% for savings. managing the money you earn. Money must be set aside for supplies, insurances, gasoline, automobile expenses, drycleaning costs, taxes, etc. It may take several months before you begin to see any money for yourself. But once the money does start coming in, don't forget to put aside at least 10% for savings.

I had a friend who turned everything he touched to gold. His business grew in leaps and bounds and he spent his money in the same fashion believing he was invincible and no matter what happened his talent would carry him through. Well the inevitable did happen. His sales growth began to slow up then eventually stopped altogether. He initiated plans and techniques to capture the customers he lost and to entice new business. All to no avail. The market had changed, competition got tougher, and a few key employees left for other pastures. Soon he was bringing in less money than he was spending. His debt had become a burden he could no longer carry. He lost his home, his business, and all the luxuries he had previously purchased.

Had he saved some of this easy money from the beginning and resisted acquiring such a heavy load of personal debt, he could have established a comfortable nest egg to carry him through those difficult times. You must look ahead. The future holds many challenges and the wise business person builds a cash reserve that protects his business from these challenges. Then, his rewards will be even greater than they would have been earlier. Patience and wisdom are the key words. Nurture your business, care for it. Help it mature and soon your business will be taking care of you.

Start Your Journey Now!

Learn how to start and operate your own
Mobile Dry Cleaning Business.

Order
The Mobile Dry Cleaner Success Program
and become a successful member of America's family of Mobile Dry Cleaners.

Owning your own business and being your own boss is not for everyone,
but for those who desire this rewarding challenge,
there can be no greater satisfaction

C. E. Hill - MDCSP

www.themobiledrycleaner.com

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