Category: Business

Business Skills

Patience

In entrepreneurship, it cannot be doubted that patience is key. You need to have patience and understand that entrepreneurship is a journey that can’t be completed in a single day.

Tenacity

Tenacity, or as referred to in other terms, persistence is a skill that is necessary for entrepreneurship success. Sometimes things don’t go your way and you’ll need to keep on pushing.

Empathy

Entrepreneurs are problem solvers. The only way you can ever be motivated to keep on fighting in order to help solve a person’s problem is if you see it as your own, which is why empathy is so important.

Leadership

At one point or the other, as an entrepreneur, you are going to be required to lead which makes having this skill a must. You will have to be able to influence and help people move towards a certain direction.

Management

Management is key to being a successful entrepreneur. Every business has objectives and for people to meet those objectives, they have to be managed which makes it a key skill to have.

Innovation

An important skill. Great companies innovate and if your aim is to build a company that will someday be ranked among the world’s best, it is a vital skill to have.

Focus

Entrepreneurs live in the moment, which means they are focused. Focus is a key skill because by being focus as an entrepreneur, You will get more done.


Business Process Consulting

Have Clear Lines of Responsibility

In the high performance business culture, everyone knows what his or her role and function are. They are defined within the constraints of the strategic agenda and the direction of the business.

Having control mechanisms in place, such as documented position descriptions and standard operating procedures, for instance, ensures consistency in communication and feedback.

These mechanisms also provide a means of coordinating multiple initiatives and tasks, in terms of objectives and measures, consistent with resources and capabilities of the strategic agenda.

Razor Sharp Focus

Everyone knows what the goals and objectives are, in keeping with the strategic vision that must be aspired to. This is because they are clearly defined and spelled out. This can be done very simply and elegantly – in fact, the simpler the better.

Having a Small Business Plan that is aligned and cascades into the company’s functional areas and into its individual work plans will ensure that the vision of the business is communicated in concrete, achievable and measurable terms.

Highly Motivated People

Successful businesses are full of committed and dedicated people. All of the people in such businesses exhibit a high drive for self-improvement and achievement, both at the personal and the corporate level.

Such business environments create a high-trust and winning culture. Activities are focused on theĀ “cause of the business”. Creating such a developmental culture is essential in the high performance business.

Decision Making Happens Where the Action Is

In highly successful businesses, everyone leaves “ego” at the door. Work is about getting the job done and getting results.

This means having a common approach to understanding what is going on. It means people are able to make decisions where they are within the business. This type of on the ground decision making occurs within the boundary conditions of the Mission, Vision and Values of the business, and within the company’s Strategic Agenda.

Conversely, highly centralized decision making environments slow down the flow of information. This results in ineffective decision making and an inability to act quickly in response to opportunities or threats to the business. Information, particularly new information, is the life blood of a successful small business.

Get Rid of the Politics

Company politics slows you down. The successful, adaptive business minimizes political interference, by having undertaken business policy development. It also adopts common approaches to decision making and conflict resolution, through having clearly articulated processes, procedures and measures.

The political factor is minimized by having these elements in place and through paying careful attention to the other six factors outlined in this article.

Of course, you will never completely eliminate this element from corporate life, but you can manage it and sideline it to a large extent.


Protect Your eBusiness

For example, SSL would be of no use, if the organization is in a habit of sending mails from different departments. The virus scan technology can only prove to be effective, if you regularly update the virus scanner. This is because, time and again, new viruses are found to threaten the computers. Hence, you should ensure that the PROCESS involved in the security system is carried out effectively to meet the security needs of your organization.

There should be a distinct classification of responsibility for different security areas of your business. These areas include:

  • Firewall policies
  • Backup procedures
  • Virus control procedures
  • Disaster recovery procedures
  • Password procedures
  • System access levels and authorization procedures
  • Other traditional security areas

Unavoidable Security Measures For e-Businesses

  • When the sever consoles are idle, lock them with passwords. This will make the systems inaccessible to others.
  • Passwords should be such that they cannot be guessed easily. Moreover, change your passwords at regular intervals.
  • All your network systems as well as web servers should be located at places that are safe.
  • Redundancy systems should be present not only for network systems, but also for air conditioning and other power systems.
  • Source code procedure, process for detecting defects, and other such testing procedures should be in proper working condition.
  • Get a “professional hacker” to try out your web application to spot any loophole in your web program.

Other Security Measures

There are other security measures such as hidden urls, cryptography, identity based controls, authentication single sign on, and others that may be installed to limit access to information.

However, security is a dynamic thing. Hackers develop new ways to attack. Each time this is done, a new security measure has to be devised. As far as internet is concerned, it is difficult to provide 100 per cent security here, as the very idea of internet was to offer an unrestricted way of interaction.


Training Employees Within Budget

Businesses can conduct a needs analysis to correctly ascertain which areas their employees need training as well as try to shop for the most economical training available in that area. They have to have a clear perception of how they will benefit from the training, how to make sure that the employees implement the new techniques they have learnt and to make sure that with constant monitoring the employees significantly improve the businesses growth and sales.

Opt for individual training if only one employee needs brushing up on certain aspects such as leadership qualities etc.

Try web-based training, browsing sites that deal with the relevant topic, using CDs that can be economical as well as used to teach many employees. Several sites help teach people free of cost too, providing relevant information as well as guidelines regarding your area of work.

Try tele-classes, where in employees need not go physically to attend the classes and need not hinder the daily activities of the business as these classes are usually of just an hour’s duration. Groups can be taught using this method and the employees need to invest just a few hours a day to learn.

Conducting mini workshops can be also economical, where instructors teach them for a few hours a day for a short duration of time.

Try organizing a weekly session where teams can discuss topics relating their work such as latest books and new techniques and workout a plan to implement the new ideas effectively.

Try to make it fun as well as informal by getting to appoint those who have been trained to teach others where by they will both benefit as well as the company.

When an effort is made, small businesses will indeed find ways to ensure that training employees on a budget can be done effectively and economically. Shop round and get the best courses available at the lowest prices.


Starting A Market Research Company

Detroit opens a lot of opportunities for new businesses to grow. This is because; a lot of world famous companies are based here. It is also a very alluring and profitable destination for doing trade, due to the dedication and sincerity of the local people of this city.

Market research becomes vital, when it comes to form a marketing plan for any business. The business owner, no matter, how small the size of his establishment, wants to find everything he can about his potential customers. He wants to know more about them and their buying potential, ascertaining that his prices are competitive. He wants to make sure that he is able to provide the required products or services, in his area at the required time. This helps him to evolve marketing tools accordingly and offers a clear comparison between him and his professional rivals.

The data obtained by market research is never constant as it evolves with respect to various social and economic factors.

Market research helps you to sell your product or service to people, who need it, thus creating a demand. Putting forward your product in a way that appeals to your customers is also an important role-played by Market research. Market research also helps to identify the existing and possible obstacles involved, at the right time. Hiring the services of a market research company will diminish the risks involved in business by recognizing the prospects of trade.

Market research is an inseparable part of any business. Whether you hire a market research service or not, as a businessman you still do it unknowingly. Making use of a proper service makes your research more organized, innovative, and timely.

Market research proceeds in a pre-defined format of steps. The first step involves identifying the new prospects and problems in product promotion. Based on this, new goals, deadlines and financial plans are formed. The research service company then chooses the procedure and a course of action to carry out the research. Then begins; the process of gathering the information, organizing it and studying it. Putting all this into practical use marks the end of market research cycle. Market research is done on a periodic basis, and the whole cycle is repeated from time to time.


About Innovative Investing Ideas

For any innovative investing idea to succeed and for stimulating growth, people have to be clear of the strategy to be used, use all available resources to implement the ideas properly after extensive research. When your innovative investing ideas are clearly defined, you can lead your business towards success by developing your ideas clearly, by analyzing all your actions and forecasting results for any step taken; studying if the expected results come in when steps are taken and make necessary corrections when needed to ensure your innovative investing ideas succeed. The potential benefits of the innovative investing ideas to the firm as well as to its shareholders have to be carefully considered. The ideas have to be made clear to the all involved by establishing good communication making it possible to not only generate innovative ideas but also create an innovative enterprise where each employee can generate ideas and if they are viable can be implemented.

Taking old-fashioned investing ideas and developing them by making suitable changes to become innovative worthwhile investments is one way of generating innovative investing ideas. The firm must acknowledge that some innovative investing ideas may not turn out to be as successful as expected some may even fail, the best attitude is to experiment on a small scale or be sure about an innovative investing idea’s success.

Several firms use innovative investing ideas to make substantial fortunes. They weigh the viability of any innovative investing idea; try small-scale experiments to check ideas that they are not very sure about. They specialize in investing in innovative asset management and financial technology/services companies.

While investing in the stock market too, innovative investing ideas and strategies will play an important role. It is necessary to be cautious and not rush into any decision; a successful investing idea is one that is well drafted and planned after doing extensive checks. Carefully investigate all possibilities before implementing your ideas. Try investing in diverse sectors to reduce risk and diversify.


Become Incorporated

The main benefit of becoming incorporated is the limited liability status that incorporation affords the company’s owners. Personal liability of the owners is restricted to their capital invested.
The primary disadvantages of incorporation are double taxation and the additional burden of statutory controls and record keeping. Double taxation relates to the taxation of the corporation’s profits and the taxation of the dividends from the net profits. It may be possible to avoid the double taxation through filing to the IRS to become an S-Corporation (professional taxation advice should be sought on these matters).

Once it is decided that becoming incorporated is the right course of action for your business you need to decide on a company name and in which state to incorporate.

Name availability can be checked with the secretary of state for your chosen state of incorporation. At the same time you should also do a trademark check, this can be done at the US trademark website.

If you business is small and only likely to trade in your own state of residence then your own state is likely to be the one most suitable for incorporating in for your business. If you are likely to trade across states, and you are confident of significant growth, then a state such as Delaware or Nevada may be appropriate as they offer favourable trading conditions, although your set up costs and ongoing costs will be higher.

Once you have your name chosen and a state of incorporation decided on you are ready to prepare your incorporation documents. The documents will include:

  • Certificate of Incorporation / Articles of Incorporation
  • Bylaws for your Company
  • Resolutions of the Board of Directors
  • Stockholder Resolutions
  • Stock Ledger
  • Stock Certificates

With the introduction of the latest Corporation Act, the incorporation process has become less complex, and as such there are now many companies on the internet who will assist you to incorporate, and with simple incorporations being performed online. It is always advisable to seek professional legal and taxation advice though in advance of incorporation.

Once the certificate of incorporation and associated documents are filed with the secretary of state in your chosen state of incorporation your corporation becomes official.


Report A Business Insurance Claim

To Whom Should You Report

When you have gathered all aforementioned information, contact either the local office from where you bought the policy or email to the insurance company to report a business insurance claim. It is then the responsibility of the insurance company to call you back. Once the company has acknowledged the claim you can always contact them on the number written on the acknowledgement.

Reporting to Police and Other Related Institutes

If you want to report a business insurance claim regarding theft, personal injury, loss of personal possessions or malicious damage, you need to report it to police. Do not forget to note down the incident reference number, as the insurance company will require it when you report a business insurance claim. You should also call the police if the person whose property is damaged by you is not available. If the incident involves loss of credit cards, then you should report to the credit card company also. Similarly, if a third person is involved in the incident, get his name, address and other contact details. You should also give your contact details to that person. If any witness was there, get his or her details also.

Rest Assured after Reporting

Once you completed all formalities to report a business insurance claim, ball is now in the court of insurance company. It will make arrangements for any kind of emergency repairs immediately. You will get written acknowledgement. It is now the responsibility of the company to ask you if any more information is required. Insurance companies try to reimburse claim amounts quickly and in a fair manner. However, in complicated cases there may be some delay.


Seller Financing

Seller financing is a loan provided by the current owner of a business to the new owner of said business.

Buyers negotiate seller financing for a number of reasons. First, they may be unable to afford the business at the full asking price. Second, the business transaction, as is, will not qualify for a traditional loan. Finally, there may be a level of uncertainty that the business will continue to be successful without the previous owner at its helm. So an owner’s willingness to finance a portion of the sale often gives that business an edge over the competition, by removing some of the buyer’s uncertainty.

It is important for a seller financed transaction to be handled by professionals who can offer advice and construct documents that protect both the buyer’s and seller’s interests. Typically, a promissory note is drawn up that illustrates the details of the agreement. This note includes the recourse that the seller can take if a buyer defaults on the note. In the sale of a small business, the most likely scenario is that the seller would have the right to take their previously owned business back into their possession. Additional recourse avenues could be using the assets of the business as collateral or using a personal guarantee from the buyer. Utilizing a professional advisor to construct the terms of the promissory note will ensure that recourse actions are well structured.

The terms of the note are constructed in order to give the buyer adequate time to repay the note. Payments must be in an amount that the buyer can afford from the business income while continuing to run the business at an optimal level. The last thing either party wants is for the loan terms to constrict the buyer and eventually put them out of business. For this reason, the term length of seller financing varies depending on factors including: size of the loan, revenue of the business and the capital investment of the buyer. The interest rate charged on a seller financing note is typically in line with current banking rates.


Start A Business From Scratch

Businesses Fail

The main reason we start at the customer and solve his or her problem is because we need the foundation of a product that will sell for a profit. One that will continue on for years to come. Without that, there is no business. If you go all out and start a business without this kind of product, the business is likely to fail. In fact, even if you come up with a great product, you still have a high risk of business failure. But without a great product, it is almost a certainty.

The Customer’s Problem

Finding a problem to solve is finding an opportunity. You add value when you uniquely solve a customer’s problem with a product they can buy.

What is a product?

A product can be a physical product such as a shovel, a digital product such as an eBook, or a service such as business consulting. It could also be a method of distributing that adds value, or a way of organizing or combining existing product lines. Really the product is up to whatever you can imagine.

Trial Sales

Initially you can sell under your own name, which is the same as a sole proprietorship. If you find that your product sells, you can always sell your sole proprietorship to your corporation or LLC. But until you find a product that really sells for a profit, you should continue using trial sales.

What problem do you have?

After finding a product that sells for a good profit, evaluate your own business problems. Evaluate how you can serve the customer better, your concern for liability from damages or injuries, potential cash flow pitfalls, and so forth. Incrementally improve your business as you discover your own problems, especially focusing your attention on the customer. At this point you will probably want to consider business structure.