How To Plan Efficiently For Your Embroidery Business!
Now is the time to start planning more efficiently for your Embroidery Business for 2012! In this video I talk about how to start planning more efficiently and I give you 10 Tips to Help you start planning more efficiently for your business! I divided this up into 2 videos because of the size of the files. Part 1 and Part 2.
Download Video: MP4
In Part 2 of this video I give you a link and a special price to the Embroidery Business Plan program. Make sure that you get the Coupon Code from the video and use it when you purchase the Embroidery Business Plan Workshop. It will save you $50.00!
Download Video: MP4
5 Ways To Avoid Cash Flow Issues In Your Embroidery Business
Having enough cash to run your embroidery business at times can be a real challenge but this is an area that you must stay on top of at all times. It is so easy to run on a day to day basis and forget how important managing your cash flow is to the overall health of your business.
Number One Way To Manage Cash Flow
The number one way to manage your cash flow is to get at least 50% down for each sale and collect the remainder on delivery or pickup of the finished product. This is the way that all Retail and Small Business accounts should be handled. Make sure you are making a profit on each sale.
Keep An Eye On Automatic Withdrawals
Do you have automatic withdrawals from your bank account? Stay on top of these to make sure that they are accurate and up to date. If the date that they are being withdrawn is causing you issues, ask your supplier to change the date to one that will better work for you. I found some programs on my statement that are no longer useful for me but the money was still coming out every month. If this is happening to you, cancel those programs. This one action alone resulted in $119.00 more per month in my bank account.
Keep Track Of Your Payments
Keep track of when your payments are due. If they are due in 30 days, and you do not have an early payment discount, pay them on the last day that they are due. This will keep you current wit your supplier and yet you can hold onto your cash as long as possible. Make sure that you pay them within the period that they are due to avoid having to borrow from your credit line or payment any interest on that payable.
Offer Early Payment Discounts
If you have contract accounts, make sure that they are current with their payments. If you offer them a small early payments discount, many will take advantage of it and pay early.
Create A Cash Flow Budget
Create a Cash flow budget or Cash Flow Statement that you will use on a daily basis. When you write a business plan you are required to write a Cash Flow Statement and many times it just stays with the business plan and never looked at again. Bad mistake! This Cash Flow Statement should be used and checked at least once per month to see if you are staying on track. If not make some adjustments.
Keeping a close eye on your cash flow or cash outflow will help to give you the cash that you need when an emergency arises or you find a special sale that you can take advantage of. Managing your cash flow can keep you in business much longer than just having a profitable business. A profitable business can go out of business just because they do not have enough cash to run with on a monthly basis.
Joyce Jagger
The Embroidery Coach
© 2011 Joyce Jagger, The Embroidery Coach
WANT TO USE THIS ARTICLE IN YOUR EZINE OR WEB SITE? You can, as long as you include this complete blurb with it:
“The Embroidery Coach, Joyce Jagger simplifies the complex world of embroidery into easy to understand lessons. Her passion is to help get the new embroiderer off to a fast start and help the existing embroiderer improve their skills so that they can provide higher quality embroidery and increase their profitability! Get her FREE Mini-Course “The 5 Mistakes Embroiderers Make” at www.TheEmbroideryCoach.com”
Embroidery Business Plan Workshop
Preparing your Business Plan is the first step in creating a highly profitable embroidery business. We are only one week away from the first session of our Embroidery Business Plan Workshop where I will be teaching you step by step how to create your own business plan. It is going to be a business plan that you can use to measure your business and will be your the Road map that you need to run your business on a daily basis.
You will be taught in this workshop how to create that daily plan for each area of your business whether it is a one person embroidery business in your home or a multi-head shop with employees.
Click on the link to sign up for your opportunity to be in this first session of this Embroidery Business Plan Workshop and finally be able to start planning the type of business that you have always wanted!
Joyce Jagger
The Embroidery Coach
Embroidery Business Plan Workshop
If you have an embroidery business and do not have a business plan, you do not want to miss our “Embroidery Business Plan Workshop”.
I have the “Embroidery Business Plan Workshop” scheduled to start on June 22, 2011. If you were not able to be on our “How To Plan For Your Embroidery Business training call, you can listen to the replay. There was a lot of great information in this call on how to get started with your planning within your embroidery business.
Each and every area of your business needs to have a plan and during our Workshop, you will learn exactly how to create a business plan , one that will work for you in your business on a daily basis and help you to get all of the areas of your business planned and running more efficiently.
Make sure that you click on the link, to see “How To Start Planning For Your Embroidery Business“ today!
Joyce Jagger
The Embroidery Coach
Evaluating Your Current Business Plans And Creating A New Plan For 2011
Evaluating my current business plan and creating a new plan is a task that I look forward to at the end of every year. This is the end of the year, 2010. It is hard to believe that another year has passed so quickly but here we are. At the end of every year, I like to take some time to reflect on what I have done within the past year and see what changes I need to make in my business plan to make some improvements for this new upcoming year.
Napoleon Hill says “The majority of men meet with failure because (they don’t create) new plans to take the place of those that fail.” I have found that to be very true. It is extremely important to evaluate what is working and what is not!
This has been a great year for me. I have accomplished a lot more than I had planned at the beginning of this year and it really is a wonderful feeling. I have also not been able to finish some of the projects that I had started, but I am continuing on with those projects into the New Year. They will be finished.
This past year I wrote a book, “The Truth About Embroidery Business Success”, I did a lot of traveling helping new embroiderers get their business of the ground, I taught some marketing courses and embroidery training courses on the “Embroidery Cruise to Success”, and I totally rebuilt my website, www.EmbroideryTipsandMore.com. Rebuilding my video training website was a huge project and took several months to complete, but now I am adding to it each month. I also created a new website called www.EmbroideryBusinessSuccess.com .
This year I had the honor to be named as one of the “20 Creative Thinkers” by “Stitches Magazine” and I was also named as one of the “56 Most Powerful People” in the Apparel Decorating Industry. That was a huge honor and I am very grateful to Nicole Rollender of “Stitches Magazine” for helping to make this happen!
Printwear magazine contacted me this past year to write articles for their magazine and this New Year, I will be speaking at their NBM tradeshows throughout 2011. If you are unable to attend the shows in person, you can attend the classes on line.
I will so be speaking at the ASI Show in Chicago in July of 2011.
This New Year I will be teaching on the “Embroidery Cruise to Success” again and I will be adding a lot of new information to my Embroidery Tips and More website as well as my other websites. I will be redoing several other websites and adding Embroidery Software Training.
This is going to be another exciting year of growth for me and my business! I am really looking forward to all of the new opportunities that are still awaiting me!
Make sure that you take the time out to really reflect on what you have been able to accomplish this past year and update your business plan for the New Year. If you have not yet created a Business Plan, let me help you get that process started. I have created a Business Plan template for you to help get you started. Purchase my book and this will help you even further to get this process started quickly!
The Basics Of Creating A Business Plan For Your Embroidery Business
A business plan will give you a clear direction on the steps you intend to take in the running of your embroidery business and help you to stay on track so that your business can grow.
A key element to writing a great, actionable business plan is to take it piece by piece. You can begin by planning out your day to day actions. A great Simple Working Plan needs to be laid out at the end of every day. Set aside a few minutes to write down the things that need to be done the following day, prioritize them, and you are ready for the next day’s work.
When you are in the habit of planning the next day’s work, you can move on to planning your week. At the end of every week, set aside some time to lay out your next week’s work. This will help you to know if you have spots open for more embroidery work as it comes in.
As the planning progresses and you are able to schedule out a few weeks worth of work, you are then ready to really think about how to plan out your entire embroidery business.
An important part of any business plan is to include how you intend to check your progress along the way. Because there are so many different types of business plans, some you find may already include this, and some may not. In either circumstance, you will want to create for yourself a simple plan or roadmap to help you check your progress and make sure you are staying on track.
This simple business plan will require you to do some research on your embroidery competition, what is going on in your market and what you can do to stand out from the crowd.
You will also want to write down why you want this embroidery business and what goals you intend to reach as a result. These will be your markers and help you to create a plan that is real and one that you will actually use!
Now, if you are planning on seeking financial assistance, then you will need to progress to a formal business plan. This will take some more research so that you have the right facts and figures to present to the financial institution. Take your time and fill this in as you use your simple business plan.
It does not matter if you are using the simple business plan only or if you are writing a formal business plan, it is important to remember that you will be making changes to your embroidery business plan and will adjust it as you go, just make sure that you are referring to your plan to help keep you on course and using it to help you make the right decisions.
Joyce Jagger
The Embroidery Coach
“The Purpose Of A Business Plan For Your Embroidery Business”
The main purpose for creating a business plan for your embroidery business is to give you a clear direction and guidance on how you intend to run your embroidery business and plan for your future growth. With this plan you will be able to analyze and measure each step along the way to ensure that you truly are on the right path.
Writing your business plan is not as tough as it seems; the hardest part is getting started and knowing where to start. I found that by taking it piece by piece; the job was much easier and I really could not believe what I learned as a result of taking the time to do it.
Many business plans look great on paper, but do not succeed in the real life. Make sure that you are writing a plan that will work in the real world!
Joyce Jagger
The Embroidery Coach
