Month: March 2020

ERP Applications

  • Information Transfer Is Unidirectional
    Information can flow in both directions, either from or to the ERP. If the ERP is integrated with the plant, it will have a bi-directional information flow.
  • ERP Integration Is All About Copying Data
    Since older methods of integration follow a system of copying a tag and its profile, business owners think modern ERP system can be integrated the same way. However, there is more to ERP integration, since the business related-date that the ERP handles is very different from what the plant handles.
  • The ERP Can Come Up With Standardized Answers All the Time
    Many people think that queries related to a business process follow a set pattern, as do their answers. They cannot be more wrong. Even if the system knows the right question, the right answer may depend on a number of factors.
  • You Must Use Only the Latest ERP Technology
    Although the latest ERP integration technologies offer many advantages to small business owners, they have their own share of problems. The biggest problem is the integration of new technology to the old. In some systems, you will find that retaining older applications may be more useful than overhauling it completely.
  • ERP to Plant Integration Needs To Be Total
    The ERP system deals with business process, while the plant, system deals with manufacturing and procurement issues. While the plant capacity fluctuates, the ERP capacity remains stable.
  • Data Security Is Compromised When You Integrate Plant to ERP
    Nothing can be farther from the truth. Many people are concerned about what happens to the data that is not on site. The ERP programmers have spent a lot of time and money on making the system as foolproof as possible, so even data that is not protected by elaborate passwords are not easily accessible to unauthorized personnel.
  • Installing ERP System Means That You Can Keep Fewer IT Staff
    The ERP system is not meant to replace your IT staff, it is there to help them with day-to-day problems related to maintenance and troubleshooting.

Start A New Business

Avoid making excuses

Many people have dreams of becoming successful businessmen, but they end up unsuccessful. They have excuses and a fear of failure. As a matter of fact, you may have millions of excuses for not starting your own business.

Actually, what excuses do is slow you down so you don’t achieve your goals. So, if you are serious about starting a new business, we suggest that rid you of all the excuses. You may want to look for a solution to your problems rather than make excuses.

Absorb everything

You may want to listen to your family, friends, experts and, of course, yourself. As far as dealing with things that are related to your business goals, you may want to become a sponge. With new ideas, you may want to spur on yourself to keep going. You may want to write down important ideas and maintain notes from different sources so you can have a solid business plan.

It’s not a good idea to ignore advice from experienced business men. As a matter of fact, experts know what works and what does not. Actually, smart people learn from the mistakes made by others.

Find a solution

As a matter of fact, if your product or service solves a problem people have been facing, it will be easier for you to get a customer base. For instance, if you are going to develop an application, find out if it can solve a problem people have been going through. If it does, go ahead and work on it.

Aside from this, you may want to understand your motives and find out more about the problems that your target audience may be facing.

Keep it simple

If you are like most businessmen, you will get an idea and get ready to work on it. However, at this stage, you may want to be careful not to turn your ideas into something complicated. Doing so may give you a product that no one will want to purchase.

What you need to do is start small and then continue to narrow your focus. You should find out how you can test your ideas so you can create a product or service that is simple and beneficial.

Figure out the costs

Once you have settled on an idea, your next step is to figure out how much it will cost. From start to end, you will have to calculate the total cost. This may include the location, supplies, rent, and marketing, just to name a few. After all, if you are on a small budget, you won’t be able to get things done.


Keys To A Successful Mindset In Business

Focus

Focus is definitely a key to a successful mindset. Continually remind yourself of what your business is about, what its purpose is, and why you’re doing it. Keep focusing on your goals by having them somewhere that you can see them.

Self-assessment

To achieve a successful mindset, you need to ferret out that negative mindset you may not even know you have. Here are some things to watch out for that may indicate a negative mindset:

  • Having excessive back-up plans and being over-cautious may mean you are doubtful about your success. Safety nets are understandable, but they can become a tempting escape when things are less than perfect. To be successful, you need to press through those imperfect times, not run from them.
  • Believe you deserve it. You may think that you really don’t deserve to succeed in business. You just aren’t “that type.” To be successful, though, you need to believe you are that type!
  • Uncertainty can be a manifestation of a negative mindset – you are not sure of yourself. There are resources out there; you can learn what you need to succeed. You just have to go for it.

Think Like an Entrepreneur

If you are starting your own business, it won’t work to think like an employee. You need to think like your own boss! This means the freedom and responsibilities that come with being the head of a business.

Believe In Your Product or Service

Whether you are selling something for a company or something of your own creation, you need to really love and believe in the product to succeed. If you are offering a service, you need to believe that you are offering something unique and excellent. Keep that mindset that says your product or service is absolutely worth it.


Effective is Personalized Business in the United States Culture

  • Personalized business gives you the opportunity to be your own boss. You do not need to follow the instructions of others and to kill your instinct. With job and government services you have to do whatever you are told, whether it is right or wrong. In business you can take your own decisions.
  • Another advantage of personalized merchandise is that you can show your creativity and can contribute in the development of society. You can put what is there in your mind in your work. You can do wonders with your imagination and creativity, by putting your thoughts into your business.
  • Personalized kids products like music CD and DVDs, school bags, water bottles, clothes, shoes and watch, personalized business products like stationary items such as pen, pencil, furniture, etc. are very popular in the United States. It gives a personal touch to all the products and makes it exclusive. These exclusive products can melt anyone and business becomes easy. You can attract your clients by gifting personalized gifts to them.
  • Personalized merchandise has one more advantage that makes it popular among the citizens of the United States. US government charge lower taxes to small businesses. This gives the small businesses an opportunity to make a full time income with small businesses. Personalized business comes into the category of small business and thus lower taxes apply to them also.
  • With personalized trading, there is lower risk and lower investment. You do not need to hire more people to increase your business. This type of business replicates on its own. Everybody likes personalized products and gifts and their popularity among US citizens adds in the popularity of personalized business
  • Another advantage of personalized product is that there is no limit to the expansion of the business. Personalized business can cross the borders and can be sold in many different languages and therefore it opens many doors for business expansion.

Start A Low Cost Business

Sell Other People’s Products

This online business model, known as affiliate marketing, is like being a commission paid sales person. You don’t have to buy any stock, deal with any payment programs or arrange any deliveries. The product owner takes care of that. Your job is to find the customers and get them to visit the product sales page. You can sell tangible products that get shipped to the customer’s front door or you can sell digital products which the customer downloads to their computer.

Freelance Your Services Online

If you have a specific level of knowledge or expertise there will be people looking online for them. Freelance websites like UpWork have countless numbers of customers looking for copy writers, creative designers, linguists, website developers, marketing and advertising staff, legal and financial specialists and more.

Create A Digital Product

The greatest advantage when you a create digital product is that once you have produced it, you can sell it online again and again. And you don’t need to be an expert in a particular subject to create a digital product like an eBook, video tutorial, white paper, or report. You just need to know more than the average person on your chosen subject.

Build A Membership Website

A membership site is like being like a consultant in the traditional offline world. You help and advise clients with your knowledge about your specialist subject. Every month you provide new content for your paying subscribers. You can produce content in advance that drip feeds to your clients when they sign up.


Institutional Investors

  • Equity Funding Mode:
    Majority of businesses prefer the equity-funding mode. Such funding is provided the venture capitalists or institutional risk takers who could be large financial institutions or high net worth individuals. Such investors constantly look out for start-up businesses where they can invest their money. They prefer to invest in at least three to five year old companies that posses the potential of becoming large national players in the end. Such venture capitalists check several potential investment options annually but may choose to invest only in few of them.

The venture capitalists may choose to participate in the management strategies of the company, in which they invested. They generally play a passive role in that company’s management, however, are free to react if they do not find certain things in the management worthy from the investment perspective.

Generally, the venture capitalists do not prefer funding start-ups and financing companies in their early stages, as the level of risk associated with such companies is often high. However, there are exceptional cases, wherein, the entrepreneur has obtained such a funding pattern, if he has a proven track record in the business where he operates.

  • Debt Funding Mode:
    Debt financing is generally done through banks and is common for funding start-ups in case of small companies. Banks offer products such as short-term loans, single-purpose loans, and seasonal lines of credit to meet the financial requirements of the small companies. The banks issue such products to the customers against their personal guarantees. The lender uses the collateral, in case, the borrower defaults in repaying. Banks do not prefer to give loans for start-ups or any other purposes on a long-term basis to small companies.
  • Securities Offerings:
    Producing genuine securities offerings before the investors while seeking for their investments is must. Otherwise, your company may end up violating the Federal and State Securities Laws, which could have disastrous consequences.

Research the market well for the right contacts of private capital before structuring any deal. Check out the contract options available in the market carefully. The most popular options are – royalty financing contracts, preferred stock, and short-term mortgage loan that has a tenor of three to four years.


Business Plan Resources

Build Leadership And Management Capacity

Implementing this principle ensures that the business owner and managers are committed and dedicated to the purpose and the direction of the business. The leaders of the business show the way, through their own beliefs, attitudes and behavior. They engage in their own leadership skills development as a constant.

The leaders in the business are the ones who must live the mission, vision and values of the business, on a daily basis and at all times in everything that they say and do. They adopt an ‘always learning’ mindset.

Develop A Strategic Business Plan

Effective business owners have a deep and thorough understanding of the nature and direction of their business. To this end, they clearly articulate the vision they have for their business within the framework of the small business plan. Everyone in the business understands the business plan. Everyone knows what their roles, responsibilities and accountabilities are in bringing about the results that have been spelled out for achieving the vision of the business.

Inculcate A Customer Focus Throughout Your Business

Everything that is done within a business is about delivering quality outcomes and results for customers. The effective business owner knows who his or her customers are, where they are located and what their needs are. With this knowledge in hand, they then ensure that their customer needs are met and, indeed, exceeded. Systems, policy development, procedures, processes and measures are all essential in achieving this area of excellence.

Deliver Products And Services That Provide Value

The effective business owner and manager always make sure that their business provides value for money with their product/service range. This means having proper controls in place for quality assurance, from product design and development, production, distribution and customer follow-up and feedback. These control mechanisms are indicative of an ongoing, continuous improvement culture that ensures value for customers on a consistent basis.

Create A Developmental Culture

The successful business owner creates an ethos where continuous learning is the hallmark of pursuing excellence in everything that is done. This is evidenced from the recruitment stage through to exiting. All the employees in a value-based business are employed as being competent and being the ‘best fit’ for the business. They are always developing, both personally and professionally. They all have development plans that are aligned to business objectives and performance outcomes.

Adopt A Common Decision Making Framework

Effective decision-making is critical in achieving excellence. Successful high performing business environments adopt a common language and agreed ways of arriving at best-balanced choices, reaching conclusions, resolving conflict and making hard-edged decisions. Everyone in high performing business cultures knows what these frameworks are and uses the tools consistently to ensure common understanding in the implementation of problem solving/conflict resolution.

Measure Your Business Performance

Establishing benchmarks and measuring results and performance against agreed objectives and outcomes will insure high performance and excellence in business. Such measures are identified and spelled out in concrete terms in relation to the other six areas listed above.


Stepping Up to Potential Success

A business takes a few things in order to be successful. Unlike many have been taught, it doesn’t take what you think it would. It doesn’t take the right credentials, ‘falling into’ a market, or even going to business school. It is much simpler than this. The only thing that you need to do as a business is watch your character and your ability to open the doors.

A strong entrepreneur is the type that is mentally aware of what is available. They are able to find markets, are continuously working on the next best thing and don’t stop at anything. Their character is aggressive, straight-forward and persistent in getting the job done. Just like someone who is running a marathon, they don’t stop when they get tired. They only stop when they have crossed over the finish line in order to get their medal.

By beginning with these characteristics, you can start stepping towards your own success. It is the development of these few attributes that will lead you into practical actions of helping your business to succeed.

The first application to these attributes is to find the best way to advertise to people. Where will they go to respond to you? How will they catch your name, your services and your business? Some say this is the Internet; however, never underestimate the power of the mail box. This is definitely something that everyone will be looking at every day.

The next way to apply entrepreneurial attributes is to make sure that you are always focusing on a niche. It doesn’t matter what it is at the time, just find a group of people that you know will be interested in what you are offering. Focus on finding the best in the group through assertive means of advertising and reaching out to your niche. This is one of the most important steps to succeeding with your business.

The only other step that you need to take is with your persistence. The more persistent you are the more customers you will find that want your business. The more you focus on finding the right targets, make sure that you get your foot in the door ahead of your competition, and keep working towards your achievements, the more likely you will be to succeed. As W. Clement Stone says, “Inspiration to action.”

Believe it or not, it is these simple things that will make or break a business. Whenever you feel like stopping, giving up, or getting a day job, know that you are on the edge of great success. You just have to get through one more jump before you begin to see the new horizon that will open for your business to be the best.


Succeed In The Wholesale Business

The number one aspect of starting a successful wholesale business is focus. Once you have the ideas and the business action plan set, you need to focus on building such wholesale business niche into a profitable venture. You need to set yourself daily goals as to what you are going to achieve for such 24hrs period. There is a huge difference between having something written and not having anything written down. Both research and even my testing shows that once a wholesale entrepreneur focus on achieving his required written daily goals for his business, the chances of getting the job done are increased. When you don’t write what you need to do either for the day or for the whole week, you are most likely to be as people say- lost at the sea. This is even the primary reason a wholesale business fails in America, they start the business and once they do not see profits as expected- they carry their fault on the business instead of carrying such faults on themselves. Selling wholesale tangible items on the Internet and better yet on eBay works- your first step is to focus on what you need to do each and every day.

Second, if you are going to become a retailer or sell wholesale tangible items either locally offline or on the Internet- you need below wholesale prices for the merchandise you will sell. For most businessman and businesswoman this one is obvious- but in my surprise more than 95% of wholesale business are not buying wholesale merchandise at the best possible prices. It is incredible to see many online wholesale businesses go online and fail because they never had a great wholesale distributor or the perfect wholesale list to start with, thanks to reliable and profitable contacts.

My last suggestion for this lesson as a guy who started earnings more than a thousand dollars in a single day on the Internet is focus, develop profitable wholesale sources to your portfolio and build multiple niches around such business with sub-niches. With wholesale, I can assure you that you can focus in specific merchandise and build sub-niches around it. I look forward on teaching you more.


Strategies for When Clients Don’t Pay

Gentle reminder

Your invoice could have been forgotten, misplaced or buried in a pile on your client’s desk. If they have gone past your due date, email – or call depending on what is most comfortable for you – a gentle reminder asking them the status of payment.

If you use QuickBooks or QuickBooks Online, you can also email a statement directly from the system.

Be personal

If you’ve reminded the client and no payment has come, it is time for either another email or a phone call. Your client may tell you that he is very busy and apologizes that he “forgot” again.

Explain that cash flow is very important to your small business and that you can not afford to carry the unpaid invoice any longer.

Always remember to make it easy for your client to pay you. Tell him that you are happy to be paid via wire, PayPal, credit card – offer him all the options and be sure that you have more than just “send a check” available. Make it as easy as possible!

Be the “squeaky wheel”

If your client is having his own cash flow issues, he may need to make hard choices about who gets paid when. Send an email reminder or statement every other day or every week – take your comfort level and go one step further.

By being the “squeaky wheel”, you insure that you are at the forefront of his mind when he is paying bills.

Cut him off

As hard as it is, sometimes you need to tell the client – even though you’ve become friends – that you can not do any additional work until your invoices are paid in full.

As a small business owner, you are responsible for the running of your business and, as a result, there are times when you need to make tough decisions that are best for your business. You can’t afford to work without compensation and your client should understand that.

Get tough

You’ve tried being gentle. You’ve tried being personal. And you’ve squeaked so many times that you’re tired of hearing your own voice. Now it’s time to put that prepaid legal plan to use!

Have your attorney send a formal letter stating that if you are not paid, in full, within X number of days, that you will either take the client to small claims court (the normal limit is between $2,000 and $7,500 – it varies by state in the U.S.) or to arbitration. Whether you sue or go to arbitration depends on the contract you have with your client as some state that disputes will be arbitrated.