Download the PDF for the for the best guide I've seen yet to decipher the CARES Act for business owners. Thank you to Verne Harnish for sending it over, and to Greg Crabtree of Simple Numbers, for sharing this resource.
Produced by our partners at MikeMichalowicz.com, The Recession Response is an action plan for small businesses to implement now to preserve and manage cash flow. I appreciate Mike and the team for responding so quickly to the current conditions caused by the Coronavirus pandemic
If you do business outside your office walls, you need remote access to QuickBooks Online. You now can have it with Quickbooks Online’s Mobile Feature.
One of QuickBooks Online’s most compelling benefits is its portability. While its desktop counterparts remain chained to your desktop PC or notebook (with limited remote capabilities), many of the features found in browser-based QuickBooks Online can be easily accessed via iOS and Android smartphone and tablet apps.
These apps don’t look and work exactly like QuickBooks Online, and they don’t do absolutely everything you can do in the browser-based versions, but the most common accounting tasks you’d want to do away from the office are supported.
These mobile apps give you and your staff the freedom to manage numerous accounting tasks away from the office, whether you’re at home, a customer’s location, a conference or convention, or any event where you can sell products or services.
You can, for example:
You can do all of that on a smartphone. The iPad version offers more, including reports and account registers.
QuickBooks Online mobile apps take advantage of the capabilities of whatever device you’re using, so it’ll be easy to jump in and start using them by clicking on links or buttons, entering data or choosing from lists, and returning to previous screens when necessary. Their user interfaces and navigational tools are very similar.
Once you’ve downloaded and installed the free app, you’ll simply sign in using your QuickBooks Online user name and password. Your accounting files are then automatically synchronized with the mobile app, after which you can open the navigational menu, which appears in the left vertical pane.
The apps are arranged slightly differently on each device, but they’re roughly comparable. The iPad version offers the most options out of them all, which isn’t that surprising knowing how functional iPads are in many ways.. They all have a link to an Activity screen, which is an audit trail of sorts. It displays transactions entered in QuickBooks Online on all devices.
Say you’re working from home and you need to create a customer invoice. You’d click on that menu item, then on the “+” sign, and fill out the form similarly to how you would back in the office. You’ll have access to your existing customer list and your database of products and services, or you can add your own.
All data that you enter, modify, or delete is periodically synchronized and you can also refresh it manually.
QuickBooks Online’s sales forms – invoices, estimates, and sales receipts — all work similarly. You can record payments in the mobile apps, as well as expenses you incur outside of the office.
Of course, if you’ll be selling away from the office using one of QuickBooks Online’s mobile apps, you’ll want to be able to accept credit and debit cards. We can help you get set up with a merchant account that will allow you to do that. Remote payments are sent to QuickBooks Online, so your bookkeeping tasks will be greatly simplified.
If you use any kind of mobile device, there’s really no reason not to use a QuickBooks Online mobile app – unless you absolutely never work away from the office, never meet with customers at their sites, and never sell anything remotely. If you do any of those things ever, you’ll find that the convenience and flexibility of mobile apps can help you save time, manage your workflow better, and increase sales.
Think of the Quickbooks Online’s mobile feature as an added bonus like the app for your personal bank account. The app for your personal banking allows you to see how much money you have and where it goes every month. Well, the Quickbooks Online’s mobile feature will let you see where your business is at wherever you are, so you can make those quick informed decisions that will keep you on track with the growth you desire.
Download this app today and see how it can help you transform your business in ways you couldn’t see before. After all, you will no longer have an excuse as to why you didn’t have time, or access, to keep track of all of your accounting needs. Now you can simply open this app, type in the proper information and all of your Quickbooks platforms will be updated automatically.
Guest post by Mike Michalowicz, author Profit First, The Pumpkin Plan, and Clockwork
What is the next problem you must address or opportunity you must meet in order to grow your business? Do you know the answer? And, can you be sure that you have the right answer, the one that will truly move your business forward?
In the past, I repeatedly fell into the trap of fixing whatever problem was in front of me. Whether I was saving the day, or just trying to get my company to the next level, I rushed to the apparent problems. You know, the obvious stuff and the squeaky wheels. At any given time there are always a boatload of problems that need your attention. So, trusting my gut instincts, I would just pick the one that felt like the most urgent and focus on that. In this process of addressing the apparent issues, I disregarded the most impactful one. What resulted was a continuous run of problem solving, and yet my business remained stuck.
The biggest problem business owners have is that we don’t know what our biggest problem is. We can’t be sure that we are focusing on the area of our business that, when addressed, will yield the best results.
To solve that problem, I developed a model based on Abraham Maslow’s hierarchy of needs, which states that there are five categories of human need. From the most basic and essential needs for survival to the highest needs for happiness and fulfillment: physiological, safety, belongingness, esteem, and self-actualization. In order for us to attend to something higher on the list, we first need to make sure that our needs are met in the categories below it. So, for example, before you can focus on meeting your needs for love and belonging, you first need the basics: air to breathe, adequate hydration and nutrition, and a safe place to sleep. It’s pretty tough to deal with your self-actualization when you’re hangry and tired.
Looking at Maslow’s hierarchy of needs, I realized that it has a direct correlation to entrepreneurial progress: what drives your business, what keeps your company trapped, and how you fix the roadblocks along the way to achieve the highest levels of success as you, the entrepreneur, define it.
The key to climbing the hierarchy is simple: fully satisfy your business’s current level of needs, not by rushing to the apparent daily demands, not by addressing advanced needs before basic needs, and certainly not by trying to fix everything at once. To do this, we will use what I call the Business Hierarchy of Needs.
Sales: At this foundational level, the business must focus on the creation of cash. Just as humans can’t survive without oxygen, food, and water, if you don’t have sales, your company will not be able to survive for long. Heck, without sales, you won’t have a business at all.
The five core needs at the sales level are:
• Lifestyle congruence
• Prospect attraction,
• Client conversion,
• Delivering on commitments
• Collecting on commitments
Profit: Here, the company’s focus shifts to the creation of stability. Here, our businesses’ needs line up pretty closely with our human needs for health, financial stability, and a secure and safe environment. Massive revenue doesn’t mean much when you have no profit, no cash reserves, and are drowning in debt.
The five core needs at the profit level are:
• Debt eradication
• Margin health
• Transaction frequency
• Profitable leverage
• Cash reserves.
Order: At this level, the focus is on the creation of efficiency, and the needs are related to ensuring that everything runs like clockwork. With all of its organizational efficiency needs met, your business can run—and yes, even grow—no matter who is on your team. It can even grow without you, the entrepreneur.
The five core needs at the order level are:
• Minimized wasted effort
• Role alignment
• Outcome delegation
• Linchpin redundancy
• Mastery reputation.
Impact: The focus now is on the creation of transformation. Many businesses never properly address the needs at this level, because they either don’t know this level exists, or misunderstand what it’s all about. When we think of impact, we think of how our business impacts the world. However, the needs that must be addressed at this level are related to client transformation, and how your company aligns with your staff, vendors, and your community, not to the wider world.
The five core needs at the impact level are:
• Transformation orientation
• Mission motivation
• Dream alignment
• Feedback integrity
• Complementary network
Legacy: At this highest level, the focus is on the creation of permanence. Ensuring that your business and the impact it delivers will live on after you move on requires that specific needs are met. If you want your business to continue to thrive for generations to come, you’ll have to consider the big questions, such as your long-term vision for your company is, and how your business will adapt to changes in your industry, in consumer demand, and in the world.
Here are the five core needs at the legacy level:
• Community continuance
• Intentional leadership turn
• Heart-based promoters
• Quarterly dynamics
• Ongoing adaptation
To be clear, the Business Hierarchy of Needs levels does not represent stages in business growth. They are levels of needs. Your business will not climb the hierarchy in a linear fashion, but move up and down levels as it progresses. Like building and renovating structures, you don’t just go up. You go back down to the foundation, shore it up, so you can build higher. So, for example, while you may be dealing with a need in the SALES level, that does not mean your company is still in the SALES stage. You are simply strengthening the foundation.
The Business Hierarchy of Needs gets you out of guessing mode and into fast, impactful, deliberate action. It took me the better part of three years to perfect it, testing it out in my own business and with other entrepreneurs through multiple iterations. Once I figured out how to pinpoint what to focus on next, my businesses grew faster and healthier. Since creating the tool, I’ve stopped relying on my instinct alone and have started using this system to listen and respond to my company’s true needs.
Now, when you get stuck, all you have to do is start at the bottom of the pyramid and address the core needs you have not yet met. It’s back to basics, baby. Basic needs, that is. The tool never stops working. You can always return to it to pinpoint your biggest challenge, fix it next, and then pinpoint the next one after that as you build your beautiful business.
Learn more about the Fix This Next Eval or Fix This Next Book here: https://fixthisnext.com/