By Dana Phillips.
For most direct sellers, the time comes to nearly a dead stop when you have to do paperwork. Nothing is more tedious! Keeping track of expenses as a direct seller was one task that I hated more than anything. I had receipts, mileage, and getting ready to prepare for taxes was a dreaded time of year. Can you relate?
Recently we asked direct selling peeps about their time challenges, and a not so surprising number of you said you felt the same way. So, we have been doing a bit of research on what’s out there and what can be helpful.
Disclaimer: we are not accountants. These are tips have we have discovered in our clients and our personal business. Accountants are trained to give you professional, up to date counsel.
Here are three general guidelines:
- Set a weekly deadline to record any expenses, mileage, or giveaways. Reward yourself for doing it on a weekly basis. Some people put $5 in a jar in the freezer every week saving for a special treat at the end of the year. Ask me about what Neil used to promise if I had my record keeping done every Sunday night.
- Keep track of product you discount or give away as incentives. You are not making “full profit” on it and keeping track will help you understand just how much you are cutting into your profits. Case in point, I had a team member giving away a $50 product (her cost: $32.50) to book a show. Her profit from a show was about $125. That is a pretty high cost for a booking.
- Be consistent in your method. If you use paper, accordion files, Excel or phone apps, use the system faithfully. There are some tremendous free apps for your cell phone that you might want to check out. https://www.thebalancesmb.com/best-android-and-ios-apps-for-managing-receipts-1294215. Want to see some Free apps? The key is to be consistent.
What’s a Serious Crazy Mistake You’ve Found When Getting Organized?
We’ve all said the oh so popular phrase … there just aren’t enough hours in the day.
It’s true, though. When you are a hardworking mom who owns her own successful business, it’s hard to get the house chores done, much less find the time to invest in your business. As we have been working on getting organized, we have uncovered some seriously crazy mistakes people are making. Join us to discover Five Shocking Mistakes Robbing Your Time. We will guide you to the solutions!