Google Gadgets, Yahoo Widgets & Myspace Widgets – Social Media Marketing On Demand

Remember the film “Field Of Dreams” and the tagline “If you build it, they will come?” Well, the same goes true for a Google Gadget, MySpace Widget or Yahoo Widget. Social Media Marketing and Viral Marketing are the crux of the online industry. Create a great looking website, fill it with informative content and useful information and viola – you have something that people will want. Something people will even be willing to pay for.

The trick is to get them to see your website. This is where viral marketing and social marketing come in. It is amazing what a few simple tricks that you can learn on the internet can do for your business. Creating a Google Gadget or a Yahoo Widget is not difficult at all. These are little bits of code that can be implanted in text. Because they are attractive little photo codes, they are appealing in text and can be put just about anywhere. Many people use these as their signatures on forums and blog posts to draw attention to their websites. They are very, very effective marketing tools and not difficult to create.

There are several tutorials online about how to create a widget or gadget. The first thing you need to understand is that this will connect to a website. Every time the website updates, the text that you use can update. A widget or gadget can be used in many different ways. For the most part, however, they should be used as a way to update information.

If, for example, you connect your widget to the weather channel, and you incorporate it into text into your website, your website will be updated every time the weather changes, which is often. This can continue to keep your website updated and at the top of RSS feeds.

If you change your website frequently, you will want to build a gadget or widget connecting it to your website. Again, with every change, the widget will automatically reflect that a change is being made. If you have subscribers to your website, even if it is a social page on MySpace, anywhere you post the widget online will continually update each time you change your MySpace page.

Think of what you use in your business that repeats often. Instead of constantly notifying people that you have a new shipment of a certain product, for example, you can incorporate a Google gadget into something like a subscriber link and have it automatically update each time you change your website. You can spread the links all over the internet, on bookmarking sites as well as social networking sites and the sky is the limit.

Building a Yahoo Widget, MySpace Widget or Google Gadget is simple and fun. There are fun tutorials that teach you how to complete this task. Just think about what you want to do with the gadget or widget and how you want to use it. Then log onto the Google, Yahoo or Myspace and follow the prompts. Then you can start building it.

Make a Business Plan for Working from Home

One of the biggest mistakes those who work from home make is neglect creating a business plan. Oftentimes they are thinking that because they work at home, a business plan does not apply to them as it would for other types of business startups where financing is needed. Of course there are home businesses that need financing to start up but oftentimes the reason why people choose a home business is because little startup capital is needed (i.e., financing). But you still need a business plan. Lets look at a few reasons why.

A business plan defines your product or service. First, you need to decide what products or services you are going to offer when you work from home. You need to take your business idea and write it down. This will be the basis of further market research to test your idea. For example, lets say you make a great blue widget and decide you want to go into business and sell it. So, you declare that you will sell blue widgets. However as you do market research you find out that everyone is now buying yellow widgets and blue widgets are no longer in demand. This means in order to work at home and sell widgets, you will have to adapt to make and sell yellow ones. Our example uses imaginary widgets but you can replace widget with your idea and see if there is a market for it. Deciding what it is you want to sell or the service you want to offer now will save you expense later on.

A business plan identifies your target market. If you have no idea who your target market is for selling your product or service then you do not know where to focus advertising for your home business. Using our widget example, it could be that younger people like yellow widgets with green stripes while senior people like plain yellow widgets. With the business plan, you can write this research down so that you can refer to it as you build the marketing strategy for your home business.

A business plan identifies your competition. You have to identify your competitors and as much as possible pinpoint what they do right and how you can do it better. Remember that in order to increase the chances for success of your home business, you must have characteristics that set you apart from your competition. A business plan lets you identify what it is that will set you apart and by writing it down you can refer to it and stay on track.

A business plan defines the daily operation of your business. Your home business [http://www.beasuccesfulconsultant.com] might be a one-person shop but you still need an operational plan. For example, what are your terms of service? What are your payment policies with your clients? What are your delivery procedures? Who are your suppliers if you have them? These are just a few of the questions you will answer in a business plan for your home business.

A business plan identifies any loan requirements. As mentioned before, one of the big reasons why people set up home businesses is that the capital investment requirements are lower. However there are certain types of businesses where you might need people to invest money or you have to get a loan from a bank. These people wont even meet with if you have no business plan.

Get yourself a self-help book and read how to make a business plan [http://www.beasuccesfulconsultant.com] for your home business. It might seem labor-intensive but it will help your business be more profitable and run smoother in the long run.

Profits, Growth and Cash Flow – Which is Most Important to Small Business Success?

Business growth and profitability. Most entrepreneurs would consider these to be the Holy Grail of business ownership. So it’s not too surprising that many participants in the financial workshops I lead are surprised when I tell them that instant profits and rapid business growth aren’t always a cause for celebration.

“How can this be?” you might be wondering. The best way to explain it is to tell the story of the Wonder Widget Company. Haven’t heard of them? Well, this is a fictitious company I made up to help me explain business financial concepts in an easy-to-understand way.

A Hot New Launch

Wonder Widget Co. launched last year with $100,000 in cash and the hottest new product in its market, the amazing Wonder Widget. It was so hot that the owners had sales and profits the very first month of operations. So they quickly leased and outfitted a factory, production equipment and furnishings (all with minimal initial cash outlay), bought materials, hired workers, and manufactured and shipped widgets. Then they mailed invoices totaling $50,000 to customers in the first month. Amazing!

They paid their bills as they came due and collected from customers in the normal course of doing business. Meanwhile, sales continued to grow, increasing by $50,000 every month with no decline in margins and no serious competition, and profits climbed without a pause.

But a strange thing happened on the way to the bank: The owners were shocked to find that they didn’t have enough cash to pay their bills. Soon, they couldn’t buy any more raw materials to manufacture Wonder Widgets or make their payroll. Instantly profitable Wonder Widget Co. was insolvent six months after they opened the doors.

On the surface, it’s hard to see how something like this could happen to a profitable and growing business. But when you dig a little deeper, it becomes clear that there’s a whole lot more to running a successful business than just profits and growth-namely, cash flow.

The Cash Flow Cycle

Understanding what happened to Wonder Widget Co. starts by understanding what’s known as the cash flow cycle. This is the time lag that exists between when cash is paid out by the business for things like equipment, raw materials and salaries and when accounts receivable are collected. In manufacturing, the cycle usually consists of converting cash into raw materials, finished goods, receivables, and then back to cash again.

At the beginning of the cash flow cycle, nearly every business starts out with-you guessed it-cash. But from that point on, the central purpose of the business is to convert that cash into other kinds of assets or to leverage or extend it with liabilities, and ultimately to turn it back into cash again-but this time, more cash than the business started with. This process continues indefinitely and simultaneously throughout the life of a business.

When the company started up, its first activities revolved around setup-renting facilities, getting phones and utilities installed, etc. At the same time, it was purchasing assets so it could start operations. These included office equipment, computers and the like. Of course, the company also needed employees to answer phones, run the office, and produce and sell Wonder Widgets. The owners financed some of these costs, but obtained credit via bank loans to cover most of them.

With all this in place, the company was ready to begin production, or the manufacture of Wonder Widgets. Unfortunately, the process consumed even more cash: wages, taxes, sales and marketing, more raw materials, and so on. In fact, this is the period of greatest cash consumption for most companies, as they are in full production mode but no cash is coming in yet.

Finally, Wonder Widgets was ready to sell its products and begin the process of recovering all the cash it has been spending (or investing) in the business. However, while sales were brisk, they were made on “net-30” day terms, which means the company won’t actually receive cash from these sales for another 30 to 45 days, at least.

To add to the challenge, growing sales means the company had to buy more raw materials than they did the first time around. Since they were selling more each month than the prior month, they needed to not only replace inventories consumed but also buy additional goods to satisfy their growing sales demand. Purchases can actually exceed sales in such a fast-growing environment.

Collections are the final step in the process. While this might seem like a minor activity in comparison to production or sales, it’s actually the most critical task in making every other step pay off. Unfortunately, it’s the step that many businesses, including Wonder Widgets, neglect-and that leads to their ultimate demise.

Don’t Give It Away

Are you starting to see how Wonder Widgets failed despite having strong profits and sales right out of the gate? Nolan Bushnell, the founder of Atari and Chuck E. Cheese Restaurants, put it this way: A sale is a gift to the customer until the money is in the bank. This final step is the one that turns the entire effort-setup, purchasing assets, hiring employees, obtaining credit, and producing and selling products-back into cash again.

At this point, the answers to some important questions will begin to surface, like: Did the company ultimately make a profit on its business activities? Did it plan adequately for the working capital it would need to finance the cash flow cycle in it’s entirety? As the Wonder Widget story makes clear, answering “yes” to just the first question isn’t enough to ensure business survival. There are three key takeaways from this story:

1. Fast growth is a double-edge sword. Fast-growing companies need more working capital than those growing more slowly or not at all. When incoming cash flow is delayed while fixed costs continue and paydays come every week, there’s a limit to how long a company can operate comfortably, even if it’s profitable.

2. Cash flow needs must be forecasted months in advance. This is especially critical during the early months of a startup. And cash flow results must be tracked separately from profits.

3. Business goes with the flow. The health of a business depends on the health of its cash flow. As Wonder Widget Co. makes clear, more businesses fail due to a lack of cash flow than a lack of profits.