Accounts receivable financing, also known as factoring, is a powerful financial tool that has fueled the growth and success of a number of companies.
Factoring enables companies to capitalize on their unpaid receivables by selling them to a factoring company for immediate payment. With factoring, companies
immediately get paid for their invoiced work from the factoring finance company, while the factoring company waits to be paid by the customers. Factoring
strengthens a business' cash position by shortening the time to get invoices paid to 48 hours and providing the needed funds to meet current expenses and
target new opportunities.
Factoring Benefits
As opposed to loans and lines of credit that require that the client have tangible assets and strong financials, factoring relies more heavily on the
financial strength of the clients' customer. This is a critical feature,since many new and small businesses do not meet the financial criteria of traditional
lending institutions. However, many small businesses have a roster of financially strong customers that can be leveraged. Factoring empowers businesses to
capitalize on their customer list, and provides them with a tool to transform outstanding receivables into immediate cash, without generating debt. Since
Factoring is not a loan, it is an ideal financial product for the following:
o New and emerging businesses including small and home businesses, consultants and solo-preneurs.
o Businesses with financially strong customers
o Businesses that are preparing to grow significantly
o Business with intangible assets (e.g. consultants)
o Businesses that do not want to take a loan
An additional benefit of factoring is that the factor usually assumes part of the clients' credit risk for the customer. This means that if the customer
becomes financially insolvent due to bankruptcy and does not pay the invoice, the factor will assume the loss. This is a critical service for small companies
who may not be able to afford the bankruptcy of a customer.
Costs
The costs of a factoring transaction - also known as the discount - vary based on a number of variables such as the financial strength of the customer and
the amount being factored. Generally, the discount is a percentage of the invoice's face value that increases with time until the invoice gets paid. Small
businesses, those that have between $20,000 and $300,000 in yearly revenues, can expect to pay a discount rate of about 2% for every ten (10) days that the
invoice remains unpaid. Businesses with factorable revenues in excess of $300,000 can expect lower discount rates.
Factoring at Work: Business Services and Products, Inc. Case Study
Business Services and Products, Inc. (BSP, Inc.) is a small fictional company, which provides business consulting and equipment to local companies. It has
$300,000 of annual revenues and during the past year BSP Inc. has enjoyed significant sales growth. Although most business owners would be very happy to
manage such a company, Jane Sullivan, BSP Inc's president, is very worried about her company's financial position.
Most of BSP Inc.'s customers are large companies with a good reputation for always paying their invoices. However they always take between 30 to 45 days to
pay them. BSP Inc., however, needs to pay their employees every two weeks and their vendors every four weeks. This discrepancy between the time that
customers pay their bills and the time BSP Inc. needs to pay their employees and vendors has created cash flow problems in the past. Furthermore, these cash
flow problems have already caused Jane to delay payroll twice this year and have placed her trade (vendor) credit in jeopardy multiple times. This has also
caused her to pass on a number of significant business opportunities because she was unsure of the company's financial ability to hire and pay for additional
staffers. Unfortunately, BSP Inc. did not have a large enough financial cushion in the bank to afford paying employees while waiting for 45 days new clients
to pay their invoices.
The following table provides an overview of BSP, Inc's current financial position.
Business Services and Products, Inc (without financing)
Yearly sales: $300,000
Lost new sales opportunities: Unknown
Total Sales: $300,000
Variable Costs (60% of Sales): $180,000
Fixed Costs (Rent, phones, etc): $20,000
Total Costs: $200,000
Profit (Sales - Costs): $100,000
Although the company's prospects appear great, Jane may have to stall her company's growth until she builds a large enough cash cushion at the bank to
finance her company's growth. After careful consideration, Jane decided that a factoring line of working capital could help strengthen her company's
financial position. Furthermore, factoring her invoices would enable BSP Inc. to take on new customers and continue growing, knowing that she could
capitalize on her slow paying customers. BSP Inc.'s financing agreement will provide the company with an advance of 70% of her invoiced services. This means
that the company can get 70% of the face value of the factored invoices within 24 to 48 hours of submitting them to the factor. The remaining 30% of the
funds, less the factoring fees, will be quickly rebated as soon as the customer pays their invoice.This line of working capital strengthened the company's
financial position and bank account, enabling Jane to pay for new employees to service new contracts. Jane also decided to use the extra capital to pay her
vendors early, obtaining quick payment discounts and helping to reduce the cost of factoring.
BSP Inc. customers pay their invoices within 30 days of receipt. The discount (factoring fee) for these invoices is 6%. Every time an invoice is paid, the
factor rebates BSP Inc. the remaining 30% that was not advanced less the factoring fee. This means that once the transaction is completed, the factor rebates
24% (30% - 6%) to BSP Inc. Thanks to the factoring line of working capital, Jane was also to secure an additional $120,000 worth of business, bringing her
annual revenues to $420,000.
The following table shows BSP Inc.'s financial position a year after using factoring.
Business Services and Products (with factoring)
Existing Sales: $300,000
New Sales: $120,000 (factored)
Total Sales: $420,000
Variable Costs (60% of Sales): $252,000
Fixed Costs (Rent, phones, etc.): $20,000
Cost of Factoring (6% of $120,000): $7,200
Total Costs: $279,200
Net Profit (Sales - Costs): $140,800
As can be seen from the above table, factoring helped BSP Inc. increase profits substantially from $100,000 to $140,800 - a 40% increase. It placed BSP Inc.
on a more stable financial footing, priming it for growth. Furthermore, the cost impact of factoring on the bottom line was minimal, as it was easily
absorbed by the additional business, showing that factoring was paid for directly by the growth.
Wednesday, March 10, 2010
Work Your Home Based Business Idea in Three Easy Steps
Create a Business Plan first
The primary necessity is to get a perfectly designed plan of action for a genuine business. A business plan on its own is useless. It is a mere reflection, but it will not suffice you also need an action plan. A business scheme is the first step in working out your idea into actions that you can follow. Well-illustrated business plans can be found online or at your library.
Begin now
• Do not be afraid of failure. Remember failure is the first stepping stone to success, if this home based business idea does not work out for you now do not let this deter you. Always remind yourself of the spider when you feel like losing hope.
• Do not let that wonderful home-based business idea gather dust. Start today.
• Waiting for the right time to start your business might make success elude you forever. If there is any specific right time, it is right now. Do not waste your precious time.
•
Put a figure on it
This is the greatest stumbling block for most home-based business owners. That is, they fail to evaluate their work. If you do not give proper attention to this, you may have to wrap up your business. You need to know that real figures and numbers are needed for you to stay in business. If this is not your agenda of work, you are probably going all wrong.
Large businesses usually set up balanced scorecards. The idea is to have a referring point to compare how successful your work is. For example, to get five customers in one month you could settle on free seminars but if you see that your plan is not getting you five clients, you need to reassess your plan. Change of plan prevents waste of energy and resources.
Entire contents copyright © 2005 Morpheus Institute.
The primary necessity is to get a perfectly designed plan of action for a genuine business. A business plan on its own is useless. It is a mere reflection, but it will not suffice you also need an action plan. A business scheme is the first step in working out your idea into actions that you can follow. Well-illustrated business plans can be found online or at your library.
Begin now
• Do not be afraid of failure. Remember failure is the first stepping stone to success, if this home based business idea does not work out for you now do not let this deter you. Always remind yourself of the spider when you feel like losing hope.
• Do not let that wonderful home-based business idea gather dust. Start today.
• Waiting for the right time to start your business might make success elude you forever. If there is any specific right time, it is right now. Do not waste your precious time.
•
Put a figure on it
This is the greatest stumbling block for most home-based business owners. That is, they fail to evaluate their work. If you do not give proper attention to this, you may have to wrap up your business. You need to know that real figures and numbers are needed for you to stay in business. If this is not your agenda of work, you are probably going all wrong.
Large businesses usually set up balanced scorecards. The idea is to have a referring point to compare how successful your work is. For example, to get five customers in one month you could settle on free seminars but if you see that your plan is not getting you five clients, you need to reassess your plan. Change of plan prevents waste of energy and resources.
Entire contents copyright © 2005 Morpheus Institute.
Tuesday, March 09, 2010
You Never Have a Second Chance to Make a First Impression: Position Your Company Wisely
One of the most profound statements made on the subject of positioning comes from Louis Carroll's, Alice In Wonderland. When Alice asks the Cheshire Cat which path to take, he responds, "If you don't care where you're going, it doesn't make a difference which path you take."
Your positioning statement is the foundation on which all communications activities are based upon. It is the most important marketing practice, and often the most overlooked. Without clearly defined messages and positioning, promotion efforts are fruitless.
From a management perspective, positioning is the cornerstone of an effective communications plan. A well-crafted positioning statement defines your company's direction. A positioning statement expresses how you wish to be perceived. It is the core message you want to deliver in every medium. The purpose of this is creating clarity, consistency, and continuity in the way your organization speaks to the market. This makes all forms of communications less complex and easier to manage.
Once established your company should actively apply its new positioning statement to all communications (internal and external) - from marketing collateral to sales material, Web sites to press releases. This means that if communications do not support the sought-after positioning or do not include, reflect, address or amplify the positioning statement and key messages, they are off strategy. This positioning process should be repeated as market conditions require, semi-annually is customary.
An effective positioning statement answers seven essential questions:
• who you are
• what business you're in
• for whom (what people do you serve)
• what's needed by the market you serve
• against whom do you compete
• what's different about your business
• what unique benefit is derived from your product or services
Think of positioning as the perception your target audience has of your product. You have total control over this element of your marketing efforts, and it is critical to how you develop the rest of your plan. Planning your service’s positioning must involve taking into consideration such issues as the competition and how their services and products are perceived, the needs and desires of your target audience, and the element of mystique or drama that your product or service naturally has about it.
In crowded markets, it is very important to position your company and products appropriately. Think about the 3000 messages your audience is bombarded with every day! In order to stand out, your product has to have a clear position in your audience's mind.
Your positioning statement is the foundation on which all communications activities are based upon. It is the most important marketing practice, and often the most overlooked. Without clearly defined messages and positioning, promotion efforts are fruitless.
From a management perspective, positioning is the cornerstone of an effective communications plan. A well-crafted positioning statement defines your company's direction. A positioning statement expresses how you wish to be perceived. It is the core message you want to deliver in every medium. The purpose of this is creating clarity, consistency, and continuity in the way your organization speaks to the market. This makes all forms of communications less complex and easier to manage.
Once established your company should actively apply its new positioning statement to all communications (internal and external) - from marketing collateral to sales material, Web sites to press releases. This means that if communications do not support the sought-after positioning or do not include, reflect, address or amplify the positioning statement and key messages, they are off strategy. This positioning process should be repeated as market conditions require, semi-annually is customary.
An effective positioning statement answers seven essential questions:
• who you are
• what business you're in
• for whom (what people do you serve)
• what's needed by the market you serve
• against whom do you compete
• what's different about your business
• what unique benefit is derived from your product or services
Think of positioning as the perception your target audience has of your product. You have total control over this element of your marketing efforts, and it is critical to how you develop the rest of your plan. Planning your service’s positioning must involve taking into consideration such issues as the competition and how their services and products are perceived, the needs and desires of your target audience, and the element of mystique or drama that your product or service naturally has about it.
In crowded markets, it is very important to position your company and products appropriately. Think about the 3000 messages your audience is bombarded with every day! In order to stand out, your product has to have a clear position in your audience's mind.
Time Management For Your Home Business: 7 Ways To Win The Time Crunch
Are you working a day job while building your home based dream business? Do you find it difficult to manage your time? Follow these seven tips to get more done growing your business, and have more time for other important things in your life, too.
1) Make And Use A To Do List Daily.
It's easy. Tonight, write down the tasks you need to do, in order of importance (revenue generating tasks first), on a 5x7 index card and tape it to your desk or computer. Tomorrow, do them one at a time, starting at the top of your list. Place any tasks that aren't completed at the top of the next day's to do list before you go to sleep. Seeing that list at the end of the day with everything (or mostly everything) scratched off is a great feeling.
2) Schedule Your Time For The Day.
Make note of your free time (non day job time) and schedule a block for each major activity that you need to do. Save the more involved tasks for the time of day when you are fresh and alert. Try your best to adhere to the schedule, but be flexible. Don't stress out when you run out of time and get off schedule. Over time you will know how much time a task will take to complete and will be able to plan for it better. Remember, this schedule is only a tool for you to set aside time for what you need to do. It's not intended to have a negative affect on you, but it could if you don't be realistic.
3) Do Not Disturb.
Make sure that your most productive periods are free from interruptions. Close your office door if you have to. Plan to use this work time when household distractions will be at a minimum. When the kids go to their grandparent's house. When your husband shoots pool with the guys. When your wife goes shopping. If you have to hang a sign on your office door, do it. You'll be surprised how much more you get done.
4) Make Time For Your Family.
Quality time with your family should not be sacrificed in order to build your home business. If you make time regularly for your spouse and children, they will be able to deal with your No Disturb sign without feeling neglected. Don't be the parent that the kids never see.
5) Take Your Work With You.
If your day job leaves you with slow periods when you do little or nothing, use this time to your advantage. Lunch breaks or smoke breaks can add up to some valuable time by the end of the week. Always carry the tools that you need to do your work with you. Don't go anywhere without your "idea notebook" and pen. Be prepared.
6) Automate Or Hire Out Tasks.
Computers and the internet allow you to automate certain tasks that were once time-consuming manual chores. Use autoresponders to deal with repetitive email questions. Use modern accounting and word processing programs that help you be organized and save you time. Use a list management service/program to make it easier to stay in contact with your prospects and clients. Don't be afraid to hire out some of your most time consuming tasks such as writing, proofreading and product creation. The pros do it, and so can you.
7) Time To Relax.
Don't kill yourself trying to work a day job and build a home based business at the same time. You need time to totally escape from your daily duties occasionally. Exercise is one of the best things you can do for yourself, while helping to manage stress. Don't sacrifice your health for business sake. Take that drive to the beach and walk a mile. Play basketball with your friends. Or just sit outside under a tree and read that new mystery you've been wanting to read. A clear head will do wonders for your productivity.
If you give it a try, you'll see that IT IS possible to solve "the time crunch". Be organized and know what your total work load includes. Think about spending less time watching television, or on other useless activities. Don't forget your family. Even though you are working hard, make sure you are having fun. If you don't love what you are doing, don't do it.
Because enjoying life is what it's all about, right?
You bet.
1) Make And Use A To Do List Daily.
It's easy. Tonight, write down the tasks you need to do, in order of importance (revenue generating tasks first), on a 5x7 index card and tape it to your desk or computer. Tomorrow, do them one at a time, starting at the top of your list. Place any tasks that aren't completed at the top of the next day's to do list before you go to sleep. Seeing that list at the end of the day with everything (or mostly everything) scratched off is a great feeling.
2) Schedule Your Time For The Day.
Make note of your free time (non day job time) and schedule a block for each major activity that you need to do. Save the more involved tasks for the time of day when you are fresh and alert. Try your best to adhere to the schedule, but be flexible. Don't stress out when you run out of time and get off schedule. Over time you will know how much time a task will take to complete and will be able to plan for it better. Remember, this schedule is only a tool for you to set aside time for what you need to do. It's not intended to have a negative affect on you, but it could if you don't be realistic.
3) Do Not Disturb.
Make sure that your most productive periods are free from interruptions. Close your office door if you have to. Plan to use this work time when household distractions will be at a minimum. When the kids go to their grandparent's house. When your husband shoots pool with the guys. When your wife goes shopping. If you have to hang a sign on your office door, do it. You'll be surprised how much more you get done.
4) Make Time For Your Family.
Quality time with your family should not be sacrificed in order to build your home business. If you make time regularly for your spouse and children, they will be able to deal with your No Disturb sign without feeling neglected. Don't be the parent that the kids never see.
5) Take Your Work With You.
If your day job leaves you with slow periods when you do little or nothing, use this time to your advantage. Lunch breaks or smoke breaks can add up to some valuable time by the end of the week. Always carry the tools that you need to do your work with you. Don't go anywhere without your "idea notebook" and pen. Be prepared.
6) Automate Or Hire Out Tasks.
Computers and the internet allow you to automate certain tasks that were once time-consuming manual chores. Use autoresponders to deal with repetitive email questions. Use modern accounting and word processing programs that help you be organized and save you time. Use a list management service/program to make it easier to stay in contact with your prospects and clients. Don't be afraid to hire out some of your most time consuming tasks such as writing, proofreading and product creation. The pros do it, and so can you.
7) Time To Relax.
Don't kill yourself trying to work a day job and build a home based business at the same time. You need time to totally escape from your daily duties occasionally. Exercise is one of the best things you can do for yourself, while helping to manage stress. Don't sacrifice your health for business sake. Take that drive to the beach and walk a mile. Play basketball with your friends. Or just sit outside under a tree and read that new mystery you've been wanting to read. A clear head will do wonders for your productivity.
If you give it a try, you'll see that IT IS possible to solve "the time crunch". Be organized and know what your total work load includes. Think about spending less time watching television, or on other useless activities. Don't forget your family. Even though you are working hard, make sure you are having fun. If you don't love what you are doing, don't do it.
Because enjoying life is what it's all about, right?
You bet.
Smart Investment When Buying a Laptop
Have you priced a laptop computer lately? Buying a new laptop is a big investment; and just how big of an investment you want to make is entirely up to you. Look in your Sunday newspaper flyers to see countless models on sale each week. Initially selections were made by looking at the specifications and the general appearance. However that’s not the sole criteria any longer. Everyday more and more people are now stepping inside the mobile world. With so many models of laptops now available, how can you be sure about the choice you make? Below are several factors you should consider: CPU (Central Processing Unit), Video Card, hard disk, noise, battery life and RAM (Random Access Memory).
CPU is the main component which determines the performance of your computer and also the heating and the battery life. There is a trade-off between the CPU performance and the battery-life and power consumption (heating). If you want a laptop which would replace a desktop and if you are not planning to travel with it a lot then there are several different offers with desktop CPUs integrated in the laptop main board (such as a P4).
If you are fond of mobility and are going to use your new laptop for your business purposes or school, then you should consider buying a laptop with more suitable CPUs. AMD Athlon can be a solution: Athlon processors are designed for users who are looking for economical solutions, both purchase and usage. Older models of Athlon are no where near Intel Pentium products from the point of performance, and yet new models like 2800+ are potent enough to compete with P4 2.8 GHz.
There is one more model of CPU that many of the customers prefer: Centrino. Centrino is the new attempt of Intel to balance the tradeoff between the performance and mobility issues. With the 2 MB second level cash, the Pentium CPU is modified for the laptop which eases the burden of the CPU and implicitly pulls down the levels of heating and power consumption.
RAM and the graphic card are also two important factors for the quality of the laptop. There are two kinds of RAM on the market: SD RAM and DD RAM. In any case, there is no tradeoff, no comparison: DD RAM is better, and yet, you still have to be careful about the clock specification of the RAM. If you buy a RAM with 3.0 MHz clock speed, you will see the performance improvement it supplies to the whole system. Another thing to consider is that some computers have 512 MB RAM with two slots (256 x 2) which is not very good for the new laptop you are going to buy. Overall, if you want a good laptop, you should consider one equipped with a 3.0 MHz, 512 MB, DD RAM.
There are various video cards on the market today. The first thing you should check is the “ON-Board” specification in the video card. These cards are integrated into the main board and generally use your main RAM as for the video memory. If you are going to use your laptop for general purposes, not for gaming or 3-D design which would require 3D hardware acceleration, these laptops with onboard video card are for you. However, if you are a professional Counter Strike player, you would be disappointed with the screen delays and freezes.
The last technical detail is the hard disk. While buying a hard disk there is a detail which is much more important then the capacity: RPM. Rotation Per Minute determines how fast the data transfer rate is to the CPU to be processed so this specification also plays a huge role while dealing with multimedia stuff.
So if you’re in the market for a new laptop computer, one suggestion is to consider buying a Centrino laptop with an on board video card with a big RAM if you are planning to use it for school or business purposes and also randomly for movies and music. Nevertheless, Pentium computers with AGP or PCI Express video off-board video cards would give you the performance of a desktop if you don’t mind the weight, noise and the heating of the laptop.
With so many decisions to make, take your time; do your homework and invest wisely.
CPU is the main component which determines the performance of your computer and also the heating and the battery life. There is a trade-off between the CPU performance and the battery-life and power consumption (heating). If you want a laptop which would replace a desktop and if you are not planning to travel with it a lot then there are several different offers with desktop CPUs integrated in the laptop main board (such as a P4).
If you are fond of mobility and are going to use your new laptop for your business purposes or school, then you should consider buying a laptop with more suitable CPUs. AMD Athlon can be a solution: Athlon processors are designed for users who are looking for economical solutions, both purchase and usage. Older models of Athlon are no where near Intel Pentium products from the point of performance, and yet new models like 2800+ are potent enough to compete with P4 2.8 GHz.
There is one more model of CPU that many of the customers prefer: Centrino. Centrino is the new attempt of Intel to balance the tradeoff between the performance and mobility issues. With the 2 MB second level cash, the Pentium CPU is modified for the laptop which eases the burden of the CPU and implicitly pulls down the levels of heating and power consumption.
RAM and the graphic card are also two important factors for the quality of the laptop. There are two kinds of RAM on the market: SD RAM and DD RAM. In any case, there is no tradeoff, no comparison: DD RAM is better, and yet, you still have to be careful about the clock specification of the RAM. If you buy a RAM with 3.0 MHz clock speed, you will see the performance improvement it supplies to the whole system. Another thing to consider is that some computers have 512 MB RAM with two slots (256 x 2) which is not very good for the new laptop you are going to buy. Overall, if you want a good laptop, you should consider one equipped with a 3.0 MHz, 512 MB, DD RAM.
There are various video cards on the market today. The first thing you should check is the “ON-Board” specification in the video card. These cards are integrated into the main board and generally use your main RAM as for the video memory. If you are going to use your laptop for general purposes, not for gaming or 3-D design which would require 3D hardware acceleration, these laptops with onboard video card are for you. However, if you are a professional Counter Strike player, you would be disappointed with the screen delays and freezes.
The last technical detail is the hard disk. While buying a hard disk there is a detail which is much more important then the capacity: RPM. Rotation Per Minute determines how fast the data transfer rate is to the CPU to be processed so this specification also plays a huge role while dealing with multimedia stuff.
So if you’re in the market for a new laptop computer, one suggestion is to consider buying a Centrino laptop with an on board video card with a big RAM if you are planning to use it for school or business purposes and also randomly for movies and music. Nevertheless, Pentium computers with AGP or PCI Express video off-board video cards would give you the performance of a desktop if you don’t mind the weight, noise and the heating of the laptop.
With so many decisions to make, take your time; do your homework and invest wisely.
Monday, March 08, 2010
Autoresponder Services For Your Business
In the world of eCommerce, millions of sites are fiercely competing with each other to gain new clients. For any eCommerce site to succeed, it must capture the interest and the trust of its visitors. It is not enough that your site is impeccably designed or has the latest in animation of content. You should focus your efforts not only in attracting visitors but also in leading them to make a purchase. There are dozens of marketing strategies you can use to attract more buyers and pump up your sales. One of them is by establishing an excellent and professional reputation for prompt and efficient response.
As more potential customers visit your site, you should expect a flood of inquiries and requests for information. This is an excellent opportunity for you to capture more clients and lead them to buying from your site. Thus, it is important that you carry out an efficient and prompt response to every email you receive. The fastest and most effective way to do this is by utilizing Autoresponder services.
Autoresponder services use a computer program that automatically returns a prewritten message to anyone who sends an email to your site. It is widely used for responding to consumer inquiries and visitor comments and suggestions. Autoresponder services are also used by e-zines in responding to people who subscribe or unsubscribe to their online magazines. Companies, who send out their e-newsletter regularly, also use Autoresponder services.
How can effective Autoresponder services help boost your business? The answer lies in its ability to return a prompt response to any e-mail the site receives. By responding rapidly and efficiently, you create a very good impression on your potential customer. Good Autoresponder services help you get important information back to these customers immediately. An effective Autoresponder service helps you communicate your message promptly, creating a sense of professionalism and efficiency that your clients will definitely appreciate.
Another very important advantage of Autoresponder services is that it saves time with multiple marketing tasks. Certainly, you do not have enough time to personally make and send all correspondence. Autoresponder services allows you to send thank you letters, newsletters, product information, brochures, orders etc. to hundreds of clients almost immediately and simultaneously. Autoresponder services are also indispensable in any email marketing campaign.
Choosing the right Autoresponder services is very important. What then should you look for in an Autoresponder service? First, you should pick an Autoresponder service that is reliable and can give you 24/7 service. You cannot afford to lose a customer because your Autoresponder service failed to answer his query or request for information. The ability to respond promptly is the first thing you must look for in any Autoresponder services.
Another key factor you should consider when choosing Autoresponder services is flexibility. Good Autoresponder services allow you to customize unique responses that will have maximum effect on the customer. You should avoid creating an impression that the customer is communicating with a machine instead of a real human being. Excellent Autoresponder services lets you provide the information that is specifically targeted for what the potential customers are looking for. Because any email from potential customers essentially represent the customer's intent on getting more information about your product, which can ultimately lead to direct sales, all emails are important. Thus, a top Autoresponder service must fulfill all these duties to help you boost your business.
As more potential customers visit your site, you should expect a flood of inquiries and requests for information. This is an excellent opportunity for you to capture more clients and lead them to buying from your site. Thus, it is important that you carry out an efficient and prompt response to every email you receive. The fastest and most effective way to do this is by utilizing Autoresponder services.
Autoresponder services use a computer program that automatically returns a prewritten message to anyone who sends an email to your site. It is widely used for responding to consumer inquiries and visitor comments and suggestions. Autoresponder services are also used by e-zines in responding to people who subscribe or unsubscribe to their online magazines. Companies, who send out their e-newsletter regularly, also use Autoresponder services.
How can effective Autoresponder services help boost your business? The answer lies in its ability to return a prompt response to any e-mail the site receives. By responding rapidly and efficiently, you create a very good impression on your potential customer. Good Autoresponder services help you get important information back to these customers immediately. An effective Autoresponder service helps you communicate your message promptly, creating a sense of professionalism and efficiency that your clients will definitely appreciate.
Another very important advantage of Autoresponder services is that it saves time with multiple marketing tasks. Certainly, you do not have enough time to personally make and send all correspondence. Autoresponder services allows you to send thank you letters, newsletters, product information, brochures, orders etc. to hundreds of clients almost immediately and simultaneously. Autoresponder services are also indispensable in any email marketing campaign.
Choosing the right Autoresponder services is very important. What then should you look for in an Autoresponder service? First, you should pick an Autoresponder service that is reliable and can give you 24/7 service. You cannot afford to lose a customer because your Autoresponder service failed to answer his query or request for information. The ability to respond promptly is the first thing you must look for in any Autoresponder services.
Another key factor you should consider when choosing Autoresponder services is flexibility. Good Autoresponder services allow you to customize unique responses that will have maximum effect on the customer. You should avoid creating an impression that the customer is communicating with a machine instead of a real human being. Excellent Autoresponder services lets you provide the information that is specifically targeted for what the potential customers are looking for. Because any email from potential customers essentially represent the customer's intent on getting more information about your product, which can ultimately lead to direct sales, all emails are important. Thus, a top Autoresponder service must fulfill all these duties to help you boost your business.
Banking Software: Do You Need It?
Whether you are considering the purchase of banking software for your personal use or for your business use, there are many reasons to consider this type of software. For one, you will reap many rewards. For another, it will relieve much work from your shoulders. But, do you need a banking software? You probably do not need a banking software if you maintain your checkbook accurately. You probably do not need it if you know how much you are spending on your various expenses each month. You also probably do not need it if you know how much of your income is going towards savings. But, then again, are any of us good at this type of organization?
Banking software really can help you manage your everyday and monthly expenses. It can help you to know what is happening in each function of your business as well. Who are you paying and how much are you paying them? What is your income to spending ratio? Are you saving enough? Are you investing well? These things are all things that a banking software can help you to manage.
Many banking software options allow you to connect right to the web so that your daily information can be downloaded and managed. No more balancing a check book when you can use the software instead. In fact, it will do that for you.
Another nice feature about a banking software is that it will allow you never miss another deadline for bills again. This is a great option because it allows you to know when you need to send out a payment so that you don?t have to deal with missing payments, late fees or even worse, bad credit reporting.
Banking software is exceptional when it comes to business use as well. It can organize just about any type of solution that you need it to and allow you to excel in your businesses' overall plans. Consider a banking software for all of your needs.
Banking software really can help you manage your everyday and monthly expenses. It can help you to know what is happening in each function of your business as well. Who are you paying and how much are you paying them? What is your income to spending ratio? Are you saving enough? Are you investing well? These things are all things that a banking software can help you to manage.
Many banking software options allow you to connect right to the web so that your daily information can be downloaded and managed. No more balancing a check book when you can use the software instead. In fact, it will do that for you.
Another nice feature about a banking software is that it will allow you never miss another deadline for bills again. This is a great option because it allows you to know when you need to send out a payment so that you don?t have to deal with missing payments, late fees or even worse, bad credit reporting.
Banking software is exceptional when it comes to business use as well. It can organize just about any type of solution that you need it to and allow you to excel in your businesses' overall plans. Consider a banking software for all of your needs.
Point Of Sale Systems: How to Choose One That’s Right for Your Business
A point of sale (POS) system can have a dramatic impact on the way you run your business -- and on your bottom line. Choosing the right one requires careful planning.
Here are some of the things you need to think through to make a good decision when selecting POS equipment and systems for your business. Use this list as a starting point for your planning process.
* First of all, price should not be the main consideration when buying a POS system. The improved efficiency, greater flexibility and better reporting should pay for the investment in a reasonable period of time.
* Don’t start off by calling for lists of features of various POS systems. Instead, start with a comprehensive analysis of what your business requires.
* Do you have operations spread over multiple locations? What are the implications?
If you run a restaurant, for example, you may need to keep some parameters common across locations while varying others. For instance, your menu may be identical at all locations, but prices of some items may vary from one outlet to another. The system you choose must be capable of implementing such differences.
* How easily can you make changes to the system? You can be sure that your business will keep changing in many respects -- employees join and leave, prices go up or down, your product range expands, locations get added or deleted and so on.
Ask yourself if the programming interface will easily allow your employees to execute such changes.
* Will it be possible to make changes ahead of time? For example, if you’re beginning a special promotion on November 15, can you input the price changes well in advance and set the system to automatically effect the changes on that date?
This as well as other types of flexibility are essential for many retail operations.
* To what extent will the POS system need to integrate with your accounting system? Does it have to be real time? Or is it enough to have an export of entries at day-end?
* If you are running a bar, does the POS system need to work with liquor control devices? A liquor control device tracks pours from bottles. This makes billing easier and reduces shrinkage.
* Will the credit / debit card processing system in the POS equipment work well with your merchant account?
* Will the system allow you to implement special deals for frequent shoppers? For instance, each purchase could have points associated with them and these points could eventually translate into lower prices or free gifts.
* What reporting capabilities will you need? If you work across multiple locations, will the system give you an online real-time report of transactions completed?
Most dealers will have sample reports available. Ask to see them so that you can compare better.
* In most cases, the POS system will have to be upgraded as your needs evolve and expand. How quickly can the dealer respond to your needs?
Also, most dealers put out regular software upgrades. Are they included in the contract or does the dealer charge extra for them?
For the sake of avoiding compatibility problems, plan to purchase new hardware of the same kind as the original. That way you’ll ensure everything works well together -- and even if there are problems, you can get the dealer to handle it.
* Support is a critical consideration. What happens if your POS system goes down? This can have a serious impact on the business. You need to get a detailed written agreement on how the dealer is going to handle breakdowns.
The dealer may try to diagnose and solve the problem over phone initially. If that doesn’t work, they may send support staff to your location. And if the problem can’t be solved quickly, you may need to get equipment on loan till your system is repaired.
Here are some of the things you need to think through to make a good decision when selecting POS equipment and systems for your business. Use this list as a starting point for your planning process.
* First of all, price should not be the main consideration when buying a POS system. The improved efficiency, greater flexibility and better reporting should pay for the investment in a reasonable period of time.
* Don’t start off by calling for lists of features of various POS systems. Instead, start with a comprehensive analysis of what your business requires.
* Do you have operations spread over multiple locations? What are the implications?
If you run a restaurant, for example, you may need to keep some parameters common across locations while varying others. For instance, your menu may be identical at all locations, but prices of some items may vary from one outlet to another. The system you choose must be capable of implementing such differences.
* How easily can you make changes to the system? You can be sure that your business will keep changing in many respects -- employees join and leave, prices go up or down, your product range expands, locations get added or deleted and so on.
Ask yourself if the programming interface will easily allow your employees to execute such changes.
* Will it be possible to make changes ahead of time? For example, if you’re beginning a special promotion on November 15, can you input the price changes well in advance and set the system to automatically effect the changes on that date?
This as well as other types of flexibility are essential for many retail operations.
* To what extent will the POS system need to integrate with your accounting system? Does it have to be real time? Or is it enough to have an export of entries at day-end?
* If you are running a bar, does the POS system need to work with liquor control devices? A liquor control device tracks pours from bottles. This makes billing easier and reduces shrinkage.
* Will the credit / debit card processing system in the POS equipment work well with your merchant account?
* Will the system allow you to implement special deals for frequent shoppers? For instance, each purchase could have points associated with them and these points could eventually translate into lower prices or free gifts.
* What reporting capabilities will you need? If you work across multiple locations, will the system give you an online real-time report of transactions completed?
Most dealers will have sample reports available. Ask to see them so that you can compare better.
* In most cases, the POS system will have to be upgraded as your needs evolve and expand. How quickly can the dealer respond to your needs?
Also, most dealers put out regular software upgrades. Are they included in the contract or does the dealer charge extra for them?
For the sake of avoiding compatibility problems, plan to purchase new hardware of the same kind as the original. That way you’ll ensure everything works well together -- and even if there are problems, you can get the dealer to handle it.
* Support is a critical consideration. What happens if your POS system goes down? This can have a serious impact on the business. You need to get a detailed written agreement on how the dealer is going to handle breakdowns.
The dealer may try to diagnose and solve the problem over phone initially. If that doesn’t work, they may send support staff to your location. And if the problem can’t be solved quickly, you may need to get equipment on loan till your system is repaired.
Sunday, March 07, 2010
Great Payoffs From A Workflow Software
When it comes to the terms, “Streamline Operations” or “Reduce Operating Expenses” and “Cut Labor Costs”, do you really have any idea what these terms actually mean? How much money does the company actually want to save? And how does workflow software help the company to achieve this seemingly insurmountable goal?
When it comes to workflow software, every company definitely has their own sets of procedures as well as methods that they implement when it comes to handling all sorts of day-to-day operations in and out of their companies such as the following: invoicing, time sheets, status reports, new account setup and you might as well include everything else that will be able to make your business tick. The term workflow in workflow software actually refers to the tasks, personnel, procedural steps, required information as well as the various tools that are needed for the steps that the business has to take in order for it to become successful.
Every company has a unique and different process as compared with other companies in the business, this is why a lot of growing companies usually end up with a highly unorganized business process when it comes to email templates, spreadsheets, shared documents, paper forms and even trivial knowledge which the employees should know in order to be able to handle the day-to-day business.
Majority of the time, such chaos and disorganization often leads to various frustrations and problems for the small company, such every day hassles include: missing paper work, missed deadlines, lost as well as incorrect information as well as extending heavily on working hours in order to complete a certain task. This is what usually happens to unorganized offices and is often referred to as “red tape.” The bottom line is that when the red tape starts getting on your customers nerves, it would soon be a downward spiral for your company as well.
So to your company’s rescue comes workflow software automation. But what exactly is a workflow software? And how can it help you out in this company crisis? Workflow software is actually still relatively new to the corporate setting wherein it is a combination of a to-do list as well as project management tool, only set on a different scale.
When it comes to workflow software just think of having a simple to-do list at your hands wherein through the workflow software, that to-do list can now also be accessible by other employees from your company through the company network. This simple to-do list can actually, on its own, keep track of all the items that need to be addressed by everyone in the company. Also, through the workflow software, once certain tasks are completed by the assigned company employees, the workflow software will actually automatically send off other to-do tasks to the appropriate company employees.
The workflow software is actually smart enough to also pass whichever documents or data that are needed to be able to perform whichever tasks that it sends out to the employees. And lastly, if the workflow software’s features are not exciting enough then there are other great features that this automation software has in store for its users. The workflow software can also do some visual status tracking of the tasks at hand, due data monitoring (which ensures every member of your team that a deadline has been set and has to be especially met by the employees, business rules). The workflow software will always make sure that the employees continuously adhere to the company’s rules and regulations, e-mail and database capabilities.
It is incredibly important for a company to have a well sorted out database in order to prevent people from panicking once a certain file has mysteriously disappeared most especially during the time that their boss needs it. All these are jam-packed in the workflow software automation wherein it will certainly be able to help you and your company, and most especially the employees to have a simplified working environment which is highly geared towards being able to produce the best results at any given time. The workflow software will actually enable employees to be able do their job well since they would not be scrambling for lost files anymore as well as all sorts of other hassles that may erupt when you are in a highly disorganized company. It is also equally important that the employees are highly skilled but their skills will not be a match to the cluttered chaos that will be caused by disorganization.
When it comes to workflow software, every company definitely has their own sets of procedures as well as methods that they implement when it comes to handling all sorts of day-to-day operations in and out of their companies such as the following: invoicing, time sheets, status reports, new account setup and you might as well include everything else that will be able to make your business tick. The term workflow in workflow software actually refers to the tasks, personnel, procedural steps, required information as well as the various tools that are needed for the steps that the business has to take in order for it to become successful.
Every company has a unique and different process as compared with other companies in the business, this is why a lot of growing companies usually end up with a highly unorganized business process when it comes to email templates, spreadsheets, shared documents, paper forms and even trivial knowledge which the employees should know in order to be able to handle the day-to-day business.
Majority of the time, such chaos and disorganization often leads to various frustrations and problems for the small company, such every day hassles include: missing paper work, missed deadlines, lost as well as incorrect information as well as extending heavily on working hours in order to complete a certain task. This is what usually happens to unorganized offices and is often referred to as “red tape.” The bottom line is that when the red tape starts getting on your customers nerves, it would soon be a downward spiral for your company as well.
So to your company’s rescue comes workflow software automation. But what exactly is a workflow software? And how can it help you out in this company crisis? Workflow software is actually still relatively new to the corporate setting wherein it is a combination of a to-do list as well as project management tool, only set on a different scale.
When it comes to workflow software just think of having a simple to-do list at your hands wherein through the workflow software, that to-do list can now also be accessible by other employees from your company through the company network. This simple to-do list can actually, on its own, keep track of all the items that need to be addressed by everyone in the company. Also, through the workflow software, once certain tasks are completed by the assigned company employees, the workflow software will actually automatically send off other to-do tasks to the appropriate company employees.
The workflow software is actually smart enough to also pass whichever documents or data that are needed to be able to perform whichever tasks that it sends out to the employees. And lastly, if the workflow software’s features are not exciting enough then there are other great features that this automation software has in store for its users. The workflow software can also do some visual status tracking of the tasks at hand, due data monitoring (which ensures every member of your team that a deadline has been set and has to be especially met by the employees, business rules). The workflow software will always make sure that the employees continuously adhere to the company’s rules and regulations, e-mail and database capabilities.
It is incredibly important for a company to have a well sorted out database in order to prevent people from panicking once a certain file has mysteriously disappeared most especially during the time that their boss needs it. All these are jam-packed in the workflow software automation wherein it will certainly be able to help you and your company, and most especially the employees to have a simplified working environment which is highly geared towards being able to produce the best results at any given time. The workflow software will actually enable employees to be able do their job well since they would not be scrambling for lost files anymore as well as all sorts of other hassles that may erupt when you are in a highly disorganized company. It is also equally important that the employees are highly skilled but their skills will not be a match to the cluttered chaos that will be caused by disorganization.
Can An Employee Survey Help You?
An employee survey can provide you with a good understanding of what is happening within your business when you are not there or what your employees think of working there. While any company can benefit from doing an employee survey, there are many reasons for those companies that have issues with such things as poor retention of employees and high turnover to those companies that have a low productivity level. Finding out what is happening behind the scenes will help you to determine what you can do to improve these situations.
For many of those who do an employee survey within their business, it is an eye opener. It can relate good things such as why employees like working with you and how well you pay them and treat them. But, it is also a great way of measuring ways in which you can improve. For many businesses, it can be a turning point.
Because the survey will be conducted through the use of a blind study, that means that the employees who partake in it can do so with the confidence of knowing that their opinions will not be judged or they will not receive harsh treatment if they do not provide good answers.
So, what areas can you learn about on the employee survey? You can learn about many areas from communication down to how well your management team is treating employees. You can learn of why people think about quitting and what things you can do to make things better for them. Little things are often important things to employees. You can also find out about really worrisome issues such as harassment and be more aware of what is really happening behind the scenes.
The employee survey can be done by any number of outside agencies who will provide for your employees a questionnaire. They will then review the information provided and come back to you with the information you need. You'll find that you have options in helping to create an employee survey or you can use a generic model as well. Whatever you choose, realizing that you can benefit from getting an employee survey taken care of is very important in helping your business take the next step forward.
For many of those who do an employee survey within their business, it is an eye opener. It can relate good things such as why employees like working with you and how well you pay them and treat them. But, it is also a great way of measuring ways in which you can improve. For many businesses, it can be a turning point.
Because the survey will be conducted through the use of a blind study, that means that the employees who partake in it can do so with the confidence of knowing that their opinions will not be judged or they will not receive harsh treatment if they do not provide good answers.
So, what areas can you learn about on the employee survey? You can learn about many areas from communication down to how well your management team is treating employees. You can learn of why people think about quitting and what things you can do to make things better for them. Little things are often important things to employees. You can also find out about really worrisome issues such as harassment and be more aware of what is really happening behind the scenes.
The employee survey can be done by any number of outside agencies who will provide for your employees a questionnaire. They will then review the information provided and come back to you with the information you need. You'll find that you have options in helping to create an employee survey or you can use a generic model as well. Whatever you choose, realizing that you can benefit from getting an employee survey taken care of is very important in helping your business take the next step forward.
Today I am going to talk about something that seems to be one of those things that people either love or hate. What I am talking about is network mark
There are a number of ways that you can find tax services companies. The yellow pages is a good place to start for companies in your area but, depending on where you live, the list of names may be extremely long. It is a good idea to ask your friends, colleagues and business partners to recommend the tax services that they have found helpful and efficient in the past. Then you can call the tax services professionals that you have on your list and discuss your requirements.
The first step in finding the best tax services for your needs is deciding what level of help you require. Perhaps you simply need someone who can file a simple tax return but has to wade through your slightly disorganized accounting documents, or maybe you have a number of employees and need
assistance sorting out their tax withholding s or you may even want all of these tax services, and more. The size of the tax services company may also be an issue. You may want one person to be able to perform all of your tax work, especially if you are only a small business owner or you may want a team of tax professionals and you want to find tax services that have a number of specialists available. Once you have identified the type of tax services then you can begin your search more easily. Your available tax services budget is obviously going to be an issue but you should try to allocate as much money as possible to ensure that you can afford the best possible tax services. Remember that you can incur heavy fines if you have incorrectly filed your tax return or are late paying any type of tax that your business is liable for.
Apart from professional qualifications and references one of the most important points to consider when assessing which of the tax services companies you want to use is whether you feel comfortable with the person you are dealing with. At the end of the day you are going to trust them with your financial records and it is essential that you feel that you can depend upon the person.
Every business, at some time, needs the help of some type of tax services at some stage. Large organisations usually have their own tax services department with accountants and tax lawyers but small companies often have to hire tax services on a regular basis to help keep their tax returns and other issues in order. It is important to know how to find the best tax services, no matter what type of business you are involved with.
The first step in finding the best tax services for your needs is deciding what level of help you require. Perhaps you simply need someone who can file a simple tax return but has to wade through your slightly disorganized accounting documents, or maybe you have a number of employees and need
assistance sorting out their tax withholding s or you may even want all of these tax services, and more. The size of the tax services company may also be an issue. You may want one person to be able to perform all of your tax work, especially if you are only a small business owner or you may want a team of tax professionals and you want to find tax services that have a number of specialists available. Once you have identified the type of tax services then you can begin your search more easily. Your available tax services budget is obviously going to be an issue but you should try to allocate as much money as possible to ensure that you can afford the best possible tax services. Remember that you can incur heavy fines if you have incorrectly filed your tax return or are late paying any type of tax that your business is liable for.
Apart from professional qualifications and references one of the most important points to consider when assessing which of the tax services companies you want to use is whether you feel comfortable with the person you are dealing with. At the end of the day you are going to trust them with your financial records and it is essential that you feel that you can depend upon the person.
Every business, at some time, needs the help of some type of tax services at some stage. Large organisations usually have their own tax services department with accountants and tax lawyers but small companies often have to hire tax services on a regular basis to help keep their tax returns and other issues in order. It is important to know how to find the best tax services, no matter what type of business you are involved with.
The rarely told truth about network marketing
Today I am going to talk about something that seems to be one of those things that people either love or hate. What I am talking about is network marketing, also called mlm or multi-level marketing. Right from the beginning I will say that there is no need to have extreme views about this, it is simply a business model that you can use if you wish.
However, it is crucial that you understand HOW the business model of network marketing works.
I think there are basically two reasons that some people seem to be almost electrocuted, simply by hearing someone mention the word network marketing. Either they have tried it themselves, and because they didn't have a clue on how to do it they failed miserably. Or they belong to the group of people who can't get the idea that mlm = pyramid scheme out of their heads.
This second misconception is easy to debunk. Pyramid schemes are illegal almost everywhere, do you really think large multinational companies could operate year after year on an entirely illegal basis?
Secondly, this view on network marketing shows that the speaker is ignorant. He or she hasn't done an ounce of homework on the various businesses that are available to each of us today, and they are ignorant of the industry itself.
This means they aren't serious. It means they "would like" to make more money, but have no intention of making it happen. They continually "look" for home businesses, which is enough to satisfy their minds that they "did everything they could", but everything they find out there is flawed and are "scams". They are looking to buy "hope", not a business.
There is a Chinese saying that goes something like this:"If you spend too much time thinking about your next step, you will be standing on one leg for the rest of your life". Yes, there ARE scams out there, but mlm is not a dirty word and it is not a synonym for scam. Get over it!
***********************************************
BREAKING NEWS! Corporate America a Pyramid Scam?
***********************************************
As for the comparison to a pyramid in general - think of any company that comes to mind. The company will probably have a CEO, president, vice presidents, middle management, a sales force, and hourly employees.
It goes without saying that the guy at the top, the CEO, is going to make the most money, and the compensations continue to decrease down the ladder which starts at his cushy leather chair. The only way to get paid more and move up the ladder is to boot someone else out of their spot - and this is what people call okay and normal!
Not to mention the fact that the corporate slave masters seem to have no problem with working people to the limits...and then kicking them out the door before any of the benefits kick in. (As always there are some exceptions, of course). How is this any less pyramid than network marketing? All people in the company work hard, but ONLY those at the very top has "permission" to make a lot of money.
Now, in network marketing the basic idea is that it will be of great benefit to everyone involved to help people who are new reach the top. In fact the whole business idea hinges on this idea - the only way to become really successful in the long term is to help others. Of course there will always be a mathematical limit to how large a network can become, but with todays global marketplace, and a suitable compensation plan, there is usually plenty of room for everybody.
A network marketing company can diversify and find new markets, just like all companies have to.
But what about the miserable statistics of network marketing, the over 90% drop-out rate etc.?
This is mainly caused by the simple fact that not that many people know how to do network marketing correctly. And I must admit that some network marketing companies are responsible for this themselves, by providing useless ideas like making a "100 list" etc.
You see, this is a somewhat unique industry. Most people don't realize that network marketing is a business of marketing and promotion pursued by people who have NO IDEA how to market and promote.
Read the above paragraph once more and let it sink in...
If you are going to be involved in network marketing you need to develop both the right mind set and acquire the right knowledge (no, they usually don't teach this in college).
You must learn that when you do this business right:
* You don't have to "sell"
* You don't have to ask people to join your business.. They ask you!
* You don't have to post "work at home" flyers!
* People will PAY YOU to prospect them
You should learn that this is not at all about the Vitamins or whatever product your company is selling. In fact, this is one of the single biggest mistakes people make in network marketing.
However, it is crucial that you understand HOW the business model of network marketing works.
I think there are basically two reasons that some people seem to be almost electrocuted, simply by hearing someone mention the word network marketing. Either they have tried it themselves, and because they didn't have a clue on how to do it they failed miserably. Or they belong to the group of people who can't get the idea that mlm = pyramid scheme out of their heads.
This second misconception is easy to debunk. Pyramid schemes are illegal almost everywhere, do you really think large multinational companies could operate year after year on an entirely illegal basis?
Secondly, this view on network marketing shows that the speaker is ignorant. He or she hasn't done an ounce of homework on the various businesses that are available to each of us today, and they are ignorant of the industry itself.
This means they aren't serious. It means they "would like" to make more money, but have no intention of making it happen. They continually "look" for home businesses, which is enough to satisfy their minds that they "did everything they could", but everything they find out there is flawed and are "scams". They are looking to buy "hope", not a business.
There is a Chinese saying that goes something like this:"If you spend too much time thinking about your next step, you will be standing on one leg for the rest of your life". Yes, there ARE scams out there, but mlm is not a dirty word and it is not a synonym for scam. Get over it!
***********************************************
BREAKING NEWS! Corporate America a Pyramid Scam?
***********************************************
As for the comparison to a pyramid in general - think of any company that comes to mind. The company will probably have a CEO, president, vice presidents, middle management, a sales force, and hourly employees.
It goes without saying that the guy at the top, the CEO, is going to make the most money, and the compensations continue to decrease down the ladder which starts at his cushy leather chair. The only way to get paid more and move up the ladder is to boot someone else out of their spot - and this is what people call okay and normal!
Not to mention the fact that the corporate slave masters seem to have no problem with working people to the limits...and then kicking them out the door before any of the benefits kick in. (As always there are some exceptions, of course). How is this any less pyramid than network marketing? All people in the company work hard, but ONLY those at the very top has "permission" to make a lot of money.
Now, in network marketing the basic idea is that it will be of great benefit to everyone involved to help people who are new reach the top. In fact the whole business idea hinges on this idea - the only way to become really successful in the long term is to help others. Of course there will always be a mathematical limit to how large a network can become, but with todays global marketplace, and a suitable compensation plan, there is usually plenty of room for everybody.
A network marketing company can diversify and find new markets, just like all companies have to.
But what about the miserable statistics of network marketing, the over 90% drop-out rate etc.?
This is mainly caused by the simple fact that not that many people know how to do network marketing correctly. And I must admit that some network marketing companies are responsible for this themselves, by providing useless ideas like making a "100 list" etc.
You see, this is a somewhat unique industry. Most people don't realize that network marketing is a business of marketing and promotion pursued by people who have NO IDEA how to market and promote.
Read the above paragraph once more and let it sink in...
If you are going to be involved in network marketing you need to develop both the right mind set and acquire the right knowledge (no, they usually don't teach this in college).
You must learn that when you do this business right:
* You don't have to "sell"
* You don't have to ask people to join your business.. They ask you!
* You don't have to post "work at home" flyers!
* People will PAY YOU to prospect them
You should learn that this is not at all about the Vitamins or whatever product your company is selling. In fact, this is one of the single biggest mistakes people make in network marketing.
Saturday, March 06, 2010
10 Things Every Home Based Business Owner Needs
When you make the decision to earn income from the internet you will need to go through a set up process to be ready for business.
Following are the basic steps in setting up for home business success.
1. Attitude
The key to your business success is your attitude.
Treat your business like a business.
This is critical whether you are working part-time or full-time. One of my colleagues is a mother who works from home around her family. She has always put her family first whilst at the same time developing her business. She says, "I work part-time, but I have a full-time attitude."
Put another way, "If you have a hobby attitude you will have a hobby income, if you have a business attitude you will have a business income."
You can be successful working part-time and you can be successful working full-time but it is highly unlikely that you will be successful working in your "spare time".
2. Working Environment
A space that you can call your own, free from distractions for your scheduled time.
A comfortable chair and organized desk.
Stationery supplies as required. For example:
- pens
- highlighters
- stapler
- hole punch
- sticky tape
- note book(s)
- a simple filing system
- ring binders
- manilla folders
Consider the value of a broadband connection. Your time is valuable and a broadband connection can allow you to get more done in a given time frame.
3. Schedule
Develop a schedule that works for you, your family (or "significant others") and your business. When you allot a block of time for work then use that time for work. Equally important is to schedule time for your other commitments - family time, self education ( reading, listening and viewing), "health time" (exercise, cooking and eating), and leisure time. During these other times don't work. After all if one of the reasons to work from home is to spend more time with your family then you don't want your working at home time to consume your family time.
You are working for yourself and your schedule (by your choice) is your "boss". When you have people calling you or dropping around unexpectedly or maybe out-of-town visitors may want to catch up with you then you need to make a choice. Are you committed to your own business success? What will be your choice in these situations? Only you can decide what is important to you.
In a family environment you may need to negotiate with your partner and children to have your business time agreed upon, during which you will not be interrupted. Put this schedule prominently somewhere so all family members are aware of your work schedule.
4. Describe Your Business
Be able to describe your business concisely; a powerful one or two sentence description that someone can repeat in describing your business to others. A unique and memorable tag line can also be invaluable for promoting your business.
5. Know Your Product or Service
Once you have selected your product or service to sell, it may or may not be something that you use yourself but you need to know your product intimately. If you are selling ebooks then know the content and its value. If you are selling software then use it know it "inside out". You will develop a reputation of providing quality information and because of your product knowledge you can become the preferred supplier.
It is not practical to use certain products (for example a woman may choose to sell man's shoes or vice versa) in which case the seller won't be a product user, however the seller can still know the benefits and features of the product intimately.
6. Administration
Use good record keeping practices.
This may involve a consultation with a tax advisor who can let you know about the optimal way to set up your financial records and what records need to be kept. Your advisor will also recommend record keeping systems and you can find out what software may simplify this aspect of your business. Additionally your obtain advice on the best arrangement for your bank accounts. You will most likely be advised to have a separate bank account.
You will also need to keep track of your various logins, usernames and passwords. A very handy little software tool for this is Treepad available as either the free Lite version (without password protection) or the commercial Plus or Biz versions. http://www.treepad.com
There are other useful tools for this also from a simple paper notebook to free and commercial password keepers. One popular solution is Roboform that will remember your login details and can automatically fill out your login and other registration forms. http://www.roboform.com
7. Computer Protection
Your computer is the lifeline to your business dealings and must be protected including the data that is stored.
You need a virus scanner, personal firewall, anti-spyware and anti-adware and preferably an email scanner with the ability to delete suspect of spam email from the server before it is downloaded to your computer.
Some suggestions are:
AVG Anti-Virus: http://www.grisoft.com
Spybot S&D: http://www.safer-networking.org
Microsoft Anti-Spyware:
www.microsoft.com/athome/security/spyware/software/default.mspx
Adaware: http://www.lavasoft.com/
Mailwasher Email Scanner: http://www.mailwasher.net
8. A Domain Name
You will most likely need a domain name for your business and one cost effective registrar is GoDaddy, http://www.godaddy.com.
9. Payment Processing
You will need a way to process credit cards; that may be using services such as:
- PayPal https://www.paypal.com
- Storm Pay http://www.stormpay.com
- 2 Checkout http://www.2checkout.com
- Clickbank http://www.clickbank.com or others.
This is the most economical way to get started. Once your business picks up you may need to look into your own merchant account for credit card transactions.
Consideration may also be given to other forms of online currency such as eGold http://www.egold.com
10. Email accounts
Once you have your own domain you can use an associated email account. This can further assist in the promotion of your business and promotes a more professional business image.
As a final comment on continuing in your internet business, conduct your business ethically, provide extraordinary service and be proud to put your name to the products or services that you are selling and you will be on track to developing a sustainable long term internet business.
Following are the basic steps in setting up for home business success.
1. Attitude
The key to your business success is your attitude.
Treat your business like a business.
This is critical whether you are working part-time or full-time. One of my colleagues is a mother who works from home around her family. She has always put her family first whilst at the same time developing her business. She says, "I work part-time, but I have a full-time attitude."
Put another way, "If you have a hobby attitude you will have a hobby income, if you have a business attitude you will have a business income."
You can be successful working part-time and you can be successful working full-time but it is highly unlikely that you will be successful working in your "spare time".
2. Working Environment
A space that you can call your own, free from distractions for your scheduled time.
A comfortable chair and organized desk.
Stationery supplies as required. For example:
- pens
- highlighters
- stapler
- hole punch
- sticky tape
- note book(s)
- a simple filing system
- ring binders
- manilla folders
Consider the value of a broadband connection. Your time is valuable and a broadband connection can allow you to get more done in a given time frame.
3. Schedule
Develop a schedule that works for you, your family (or "significant others") and your business. When you allot a block of time for work then use that time for work. Equally important is to schedule time for your other commitments - family time, self education ( reading, listening and viewing), "health time" (exercise, cooking and eating), and leisure time. During these other times don't work. After all if one of the reasons to work from home is to spend more time with your family then you don't want your working at home time to consume your family time.
You are working for yourself and your schedule (by your choice) is your "boss". When you have people calling you or dropping around unexpectedly or maybe out-of-town visitors may want to catch up with you then you need to make a choice. Are you committed to your own business success? What will be your choice in these situations? Only you can decide what is important to you.
In a family environment you may need to negotiate with your partner and children to have your business time agreed upon, during which you will not be interrupted. Put this schedule prominently somewhere so all family members are aware of your work schedule.
4. Describe Your Business
Be able to describe your business concisely; a powerful one or two sentence description that someone can repeat in describing your business to others. A unique and memorable tag line can also be invaluable for promoting your business.
5. Know Your Product or Service
Once you have selected your product or service to sell, it may or may not be something that you use yourself but you need to know your product intimately. If you are selling ebooks then know the content and its value. If you are selling software then use it know it "inside out". You will develop a reputation of providing quality information and because of your product knowledge you can become the preferred supplier.
It is not practical to use certain products (for example a woman may choose to sell man's shoes or vice versa) in which case the seller won't be a product user, however the seller can still know the benefits and features of the product intimately.
6. Administration
Use good record keeping practices.
This may involve a consultation with a tax advisor who can let you know about the optimal way to set up your financial records and what records need to be kept. Your advisor will also recommend record keeping systems and you can find out what software may simplify this aspect of your business. Additionally your obtain advice on the best arrangement for your bank accounts. You will most likely be advised to have a separate bank account.
You will also need to keep track of your various logins, usernames and passwords. A very handy little software tool for this is Treepad available as either the free Lite version (without password protection) or the commercial Plus or Biz versions. http://www.treepad.com
There are other useful tools for this also from a simple paper notebook to free and commercial password keepers. One popular solution is Roboform that will remember your login details and can automatically fill out your login and other registration forms. http://www.roboform.com
7. Computer Protection
Your computer is the lifeline to your business dealings and must be protected including the data that is stored.
You need a virus scanner, personal firewall, anti-spyware and anti-adware and preferably an email scanner with the ability to delete suspect of spam email from the server before it is downloaded to your computer.
Some suggestions are:
AVG Anti-Virus: http://www.grisoft.com
Spybot S&D: http://www.safer-networking.org
Microsoft Anti-Spyware:
www.microsoft.com/athome/security/spyware/software/default.mspx
Adaware: http://www.lavasoft.com/
Mailwasher Email Scanner: http://www.mailwasher.net
8. A Domain Name
You will most likely need a domain name for your business and one cost effective registrar is GoDaddy, http://www.godaddy.com.
9. Payment Processing
You will need a way to process credit cards; that may be using services such as:
- PayPal https://www.paypal.com
- Storm Pay http://www.stormpay.com
- 2 Checkout http://www.2checkout.com
- Clickbank http://www.clickbank.com or others.
This is the most economical way to get started. Once your business picks up you may need to look into your own merchant account for credit card transactions.
Consideration may also be given to other forms of online currency such as eGold http://www.egold.com
10. Email accounts
Once you have your own domain you can use an associated email account. This can further assist in the promotion of your business and promotes a more professional business image.
As a final comment on continuing in your internet business, conduct your business ethically, provide extraordinary service and be proud to put your name to the products or services that you are selling and you will be on track to developing a sustainable long term internet business.
Importance Of Technology Changes In Business Computing
The importance of keeping up with changes in business computing and technology can be more important over time as your business grows. As and an IT professional far too often I have seen many small businesses get way too far behind in computing technology and wonder why they should pay for the upgrades. Usually I have to explain to them the hard way that the current computers system that are over 4 years old are not going to perform the requested task very well and are not supported by software. Usually do to combination of software changes and incompatibility with older software and hardware platforms that cause issues. I explain that it actually will cost them more money in the long run to try and maintain there existing computer equipment then buy a new replacement.
Most small businesses fail to recognize that keep computer equipment very long periods actually can cost them more money to maintain those systems then the price of a replacement. One cost is the amount if money you pay out for replacement parts when there is no warranty on the old device. If the computer, server or printer is made by a specific manufacture then there is a good chance that you will have to go back to them for certain parts which can be very costly. Another problem is that they actually don’t make replacement parts for broke unit, this is a worse case issue I have seen although sometimes you might find a vendor that makes similar parts and hopefully it fits properly and works properly but not always.
Another disadvantage is if your business is operating on older slower computer equipment that takes a long process customer request and this might open the door for your competition to take your clients away from you but offering better service. If your competition is reinvesting in there business computing and technology changes then most likely they will have the ability to complete products and request faster and at a cheaper rate. The advance technology will cost you money upfront but if the proper equipment is purchased and utilized in office it can add to your over all business.
Some of benefits can include lower power requirements for the devices, more storage capacity for computer files, improved CPU along with memory speeding up processes run on the computer, faster and higher quality documents from new printers. Less down time and less delays in completion of customer request. These are just a few of the benefits of keeping up with technology in your business.
I know that some of you are say that this is easier said then done and in some cases that is very true depending on your current business. But as a small business or home office you should plan for these events after all that is what large companies do and you should follow the same lead. Your business should have at least a basic IT business computing plan that has budget plan and cycling out of computer and office equipment. By having budget and plan in place it should not impact your business finance as much since you set planed ahead. The IT business computer plan should have some flexibility after all you don’t want to do a complete equipment change in the middle of a big job or shutdown your business at the wrong time. And if your business in booming and you don’t have them time then hiring a temp IT professional to help with computing change which might not be a bad idea.
Investing in the proper technology is the key to success it does not matter if you have established small business, home office or if you’re a new startup business. Remember that your business most likely will change over time along with the clients you are serving so your computing equipment should also.
In conclusion business computing when done right can truly add to your business by adding to productivity and efficiency of the day to day operations and can help you take on more clients and over all help you build your business.
Most small businesses fail to recognize that keep computer equipment very long periods actually can cost them more money to maintain those systems then the price of a replacement. One cost is the amount if money you pay out for replacement parts when there is no warranty on the old device. If the computer, server or printer is made by a specific manufacture then there is a good chance that you will have to go back to them for certain parts which can be very costly. Another problem is that they actually don’t make replacement parts for broke unit, this is a worse case issue I have seen although sometimes you might find a vendor that makes similar parts and hopefully it fits properly and works properly but not always.
Another disadvantage is if your business is operating on older slower computer equipment that takes a long process customer request and this might open the door for your competition to take your clients away from you but offering better service. If your competition is reinvesting in there business computing and technology changes then most likely they will have the ability to complete products and request faster and at a cheaper rate. The advance technology will cost you money upfront but if the proper equipment is purchased and utilized in office it can add to your over all business.
Some of benefits can include lower power requirements for the devices, more storage capacity for computer files, improved CPU along with memory speeding up processes run on the computer, faster and higher quality documents from new printers. Less down time and less delays in completion of customer request. These are just a few of the benefits of keeping up with technology in your business.
I know that some of you are say that this is easier said then done and in some cases that is very true depending on your current business. But as a small business or home office you should plan for these events after all that is what large companies do and you should follow the same lead. Your business should have at least a basic IT business computing plan that has budget plan and cycling out of computer and office equipment. By having budget and plan in place it should not impact your business finance as much since you set planed ahead. The IT business computer plan should have some flexibility after all you don’t want to do a complete equipment change in the middle of a big job or shutdown your business at the wrong time. And if your business in booming and you don’t have them time then hiring a temp IT professional to help with computing change which might not be a bad idea.
Investing in the proper technology is the key to success it does not matter if you have established small business, home office or if you’re a new startup business. Remember that your business most likely will change over time along with the clients you are serving so your computing equipment should also.
In conclusion business computing when done right can truly add to your business by adding to productivity and efficiency of the day to day operations and can help you take on more clients and over all help you build your business.
Cold Calling Really Sucks
There are many oh so many different ways to market a product or a service. Among these varied techniques, there are many good ways to generate sales and customers. But as many are the good methods, marketing also has its fair share of turkeys. Cold calling is one of the techniques in marketing that is subject to scrutiny in many ways. Marketers and other organizations are beginning to doubt the efficacy of cold calling.
Cold calling is also called blind calling. The marketer in this case calls up or contacts a ‘random’ person who might, if the marketer is lucky, want the product or service want to buy into what the marketer is offering. Cold calling is pretty much like blind guessing who your next customer will be. The caller then does his pitch talk to this person even if he or she has not been referred to by anyone.
This method of marketing has also been used by honest marketers and has also resulted in good customer relationships. However, cold calling has fallen out of fashion due to the fact that it has been well abused by many an unscrupulous marketer.
Advantages? It allows you to tap into a potentially unsaturated market. It allows you to create a new network of referrals, especially if yours is running dry. But do the advantages outweigh the disadvantages?
1. Irritates the investor
Cold calling has gained the ire of many a customer. This is because many of the cold callers usually conduct their business at nighttime. This is very inconvenient to potential clients because they generally want this time to be private. And dragging a person out of bed in their pajamas to talk about business is as irritating as it gets.
Many marketing firms employ boiler rooms to conduct cold calling. Boiler rooms are a team of cold callers whose specialty is spewing out very persuasive scripts on why you should buy into their product. Unfortunately, these callers tend to be abusive, and pugnacious. Many of the clients they get only took up their offer because they were coerced into doing so. Their motto is: as long as the person is on the line, there is still a chance to badger him or her. This is not the kind of marketing that gains mutual trust and respect.
2. Unfocused Marketing
Cold calling marketing is unfocused marketing. If you cannot focus your energies on better prospects, you might find yourself using up resources on people who are not really interested in your product. It would be better to use mailing lists or profiling to know which customers would most likely avail of your offers.
Cold calling sometimes relies on pure luck or stubbornness to get their clients. Unscientific. Unreliable.
3. The law
Believe it or not the law has made steps to safeguard clients from the wrath of cold callers. Law dictates that cold callers only call during working hours. They are no longer allowed to call from 8:00 P.M. onwards. Clients can now submit complaints to the authorities if your cold callers become abusive or disrespectful. For a business to be successful, you would like to avoid tangles with the law such as this.
Unfortunately there have been many reported scams in regards to cold calling marketers. As said in the first reason. These callers are usually annoying and abusive. The people you call may take offense at this and report your company to the authorities.
4. Loss of Trust
Since cold calling already has a bad reputation, affiliating with this kind of service could have a negative effect on the image of your business. If you want your business to be reputable, you will have to use reputable methods to gain the confidence of your customers. Remember that you are not merely wishing to siphon money off of them, you are also trying to establish a mutually beneficial relationship with them.
The Verdict
Cold calling can still be a good way to broaden your client network. However, the intrinsic dangers that it displays may not be very appealing to many companies. Before even considering cold calling as an option, take a look at the other marketing strategies that are in existence.
Cold calling is also called blind calling. The marketer in this case calls up or contacts a ‘random’ person who might, if the marketer is lucky, want the product or service want to buy into what the marketer is offering. Cold calling is pretty much like blind guessing who your next customer will be. The caller then does his pitch talk to this person even if he or she has not been referred to by anyone.
This method of marketing has also been used by honest marketers and has also resulted in good customer relationships. However, cold calling has fallen out of fashion due to the fact that it has been well abused by many an unscrupulous marketer.
Advantages? It allows you to tap into a potentially unsaturated market. It allows you to create a new network of referrals, especially if yours is running dry. But do the advantages outweigh the disadvantages?
1. Irritates the investor
Cold calling has gained the ire of many a customer. This is because many of the cold callers usually conduct their business at nighttime. This is very inconvenient to potential clients because they generally want this time to be private. And dragging a person out of bed in their pajamas to talk about business is as irritating as it gets.
Many marketing firms employ boiler rooms to conduct cold calling. Boiler rooms are a team of cold callers whose specialty is spewing out very persuasive scripts on why you should buy into their product. Unfortunately, these callers tend to be abusive, and pugnacious. Many of the clients they get only took up their offer because they were coerced into doing so. Their motto is: as long as the person is on the line, there is still a chance to badger him or her. This is not the kind of marketing that gains mutual trust and respect.
2. Unfocused Marketing
Cold calling marketing is unfocused marketing. If you cannot focus your energies on better prospects, you might find yourself using up resources on people who are not really interested in your product. It would be better to use mailing lists or profiling to know which customers would most likely avail of your offers.
Cold calling sometimes relies on pure luck or stubbornness to get their clients. Unscientific. Unreliable.
3. The law
Believe it or not the law has made steps to safeguard clients from the wrath of cold callers. Law dictates that cold callers only call during working hours. They are no longer allowed to call from 8:00 P.M. onwards. Clients can now submit complaints to the authorities if your cold callers become abusive or disrespectful. For a business to be successful, you would like to avoid tangles with the law such as this.
Unfortunately there have been many reported scams in regards to cold calling marketers. As said in the first reason. These callers are usually annoying and abusive. The people you call may take offense at this and report your company to the authorities.
4. Loss of Trust
Since cold calling already has a bad reputation, affiliating with this kind of service could have a negative effect on the image of your business. If you want your business to be reputable, you will have to use reputable methods to gain the confidence of your customers. Remember that you are not merely wishing to siphon money off of them, you are also trying to establish a mutually beneficial relationship with them.
The Verdict
Cold calling can still be a good way to broaden your client network. However, the intrinsic dangers that it displays may not be very appealing to many companies. Before even considering cold calling as an option, take a look at the other marketing strategies that are in existence.
Achieve Your Business Results Through Executive Coaching That Yields a 500% Plus ROI
What if you could have a 500% plus return for very dollar that you invested in your employees? What would that mean for your business? Possibly right now you are thinking that this is not possible and even if it was, any business owner would jump at the chance for such an incredible investment?
First, it is true. So begin looking for that jump rope. According to a recent report by MetrixGlobal for a Fortune 500 company, executive coaching provided a 529% return on investment. This report is supported by other research including Dell Computers. Half of the 761 senior managers at Dell Computer Corporation recently received executive coaching within a two-year time period. Dell has been actively monitoring these managers through pre-determined measurements. One of these criterion indicates that executives who received coaching tended to be promoted more often than those who were not coached.
So, if you are now convinced that coaching is a viable strategy to enhance your bottom line, then what do you need to do as a business owner to implement a coaching program?
First, research any coach or coaching organization that you are considering. Ask for specific references where measurable results were put in place prior to the coaching. The coaching should be results focused with clearly identifiable measurements. Also, coaching certification should not be a limiting factor as many certified coaches fail to earn even mid five figures. The determining factor should be about the results that the coach has delivered with his or her clients.
Second, look for a coaching program that works with your company and can be quickly and affordable aligned to your company's culture. This curriculum should also be easily adapted to other training and development group sessions as well as to the different roles within the organization including Executive Leadership, Management, Supervision and Leadership.
Third, coaching is a personal relationship between the coach and the client. Your employees must feel comfortable with the coach. Some preliminary communication should take place with your employees before the implementation of a coaching program.
Fourth, the coaching curriculum should be structured, proven and provide numerous opportunities for application and feedback.
Fifth, everyone in the organization needs to support and reinforce the coaching program. Management above those in the coaching program must understand and be in agreement with the program.
To be truly effective, an excellent coaching approach extends beyond the professional life into the personal life. For it is within each individual personally where the performance excellence evolves.
Coaching is a proven way to dramatically enhance your bottom line provided you incorporate at least these five strategies. By taking such action, you can achieve your goals quicker and leave your competition in the dust. That is unless of course they decide to enact a coaching initiative before you do. So what are you waiting for?
First, it is true. So begin looking for that jump rope. According to a recent report by MetrixGlobal for a Fortune 500 company, executive coaching provided a 529% return on investment. This report is supported by other research including Dell Computers. Half of the 761 senior managers at Dell Computer Corporation recently received executive coaching within a two-year time period. Dell has been actively monitoring these managers through pre-determined measurements. One of these criterion indicates that executives who received coaching tended to be promoted more often than those who were not coached.
So, if you are now convinced that coaching is a viable strategy to enhance your bottom line, then what do you need to do as a business owner to implement a coaching program?
First, research any coach or coaching organization that you are considering. Ask for specific references where measurable results were put in place prior to the coaching. The coaching should be results focused with clearly identifiable measurements. Also, coaching certification should not be a limiting factor as many certified coaches fail to earn even mid five figures. The determining factor should be about the results that the coach has delivered with his or her clients.
Second, look for a coaching program that works with your company and can be quickly and affordable aligned to your company's culture. This curriculum should also be easily adapted to other training and development group sessions as well as to the different roles within the organization including Executive Leadership, Management, Supervision and Leadership.
Third, coaching is a personal relationship between the coach and the client. Your employees must feel comfortable with the coach. Some preliminary communication should take place with your employees before the implementation of a coaching program.
Fourth, the coaching curriculum should be structured, proven and provide numerous opportunities for application and feedback.
Fifth, everyone in the organization needs to support and reinforce the coaching program. Management above those in the coaching program must understand and be in agreement with the program.
To be truly effective, an excellent coaching approach extends beyond the professional life into the personal life. For it is within each individual personally where the performance excellence evolves.
Coaching is a proven way to dramatically enhance your bottom line provided you incorporate at least these five strategies. By taking such action, you can achieve your goals quicker and leave your competition in the dust. That is unless of course they decide to enact a coaching initiative before you do. So what are you waiting for?
Friday, March 05, 2010
How to Combat Work At Home Loneliness
Always dreamed of having your own work at home business, right? No boss. No commute. Your own hours. Sounds great. However, one rude awakening most new work at home business owners is the work at home loneliness that is a natural occurrence for most work at home careers. That lack of interpersonal interaction can take its toll on you, and you could even become irritable, lethargic, or sad for no reason.
Feeling work at home loneliness is not uncommon, and there are ways to prevent or emerge from it. It could be the result of doing work in which you have little interpersonal contact, or it can happen due to not having any co-workers for intellectual stimulation. No matter the cause, it is important for your own well-being that you find ways to combat work at home loneliness.
You can force yourself to make outside contacts. It is easy when you are feeling isolated to become more introverted. Get out of the routine. Get in touch with others who share the same interests through simple social groups. If you have kids, you could get together with other parents of children their age. You could join a group that focuses on your favorite hobby, or do some community service. Getting out of the house and meeting people is a great way to combat work at home loneliness.
However, if getting out of your house is not an option for you due to your health or transportation issues, there are still great social opportunities available to you so that you can combat work at home loneliness. There are a number of great websites out there that allow you to interact with people who share your interests and hobbies. You can even take classes online that allow you to learn new things while interacting with other students.
Another way to get over work at home loneliness involves creating business contacts. You can join business organizations such as your local Chamber of Commerce or networking groups to meet people who may be interested in your products or services. There are even networking websites that do the same. By joining networking groups and business organizations you are not only gaining social interaction, but you are also building your business.
Remember, work at home loneliness is normal. Many people fear it, as they think they are being melodramatic or that they are not being successful in their business. Yet by getting together with some people on a regular basis, you allow yourself to fill a social need that we all have. Taking some time out to interact with others will enhance your well-being, combat work at home loneliness, and make you better at your job.
Feeling work at home loneliness is not uncommon, and there are ways to prevent or emerge from it. It could be the result of doing work in which you have little interpersonal contact, or it can happen due to not having any co-workers for intellectual stimulation. No matter the cause, it is important for your own well-being that you find ways to combat work at home loneliness.
You can force yourself to make outside contacts. It is easy when you are feeling isolated to become more introverted. Get out of the routine. Get in touch with others who share the same interests through simple social groups. If you have kids, you could get together with other parents of children their age. You could join a group that focuses on your favorite hobby, or do some community service. Getting out of the house and meeting people is a great way to combat work at home loneliness.
However, if getting out of your house is not an option for you due to your health or transportation issues, there are still great social opportunities available to you so that you can combat work at home loneliness. There are a number of great websites out there that allow you to interact with people who share your interests and hobbies. You can even take classes online that allow you to learn new things while interacting with other students.
Another way to get over work at home loneliness involves creating business contacts. You can join business organizations such as your local Chamber of Commerce or networking groups to meet people who may be interested in your products or services. There are even networking websites that do the same. By joining networking groups and business organizations you are not only gaining social interaction, but you are also building your business.
Remember, work at home loneliness is normal. Many people fear it, as they think they are being melodramatic or that they are not being successful in their business. Yet by getting together with some people on a regular basis, you allow yourself to fill a social need that we all have. Taking some time out to interact with others will enhance your well-being, combat work at home loneliness, and make you better at your job.
Give the Gift of Gas
Gasoline prices are at and all-time high, and this fact has created an outstanding opportunity for motivating employees and thanking customers, by presenting them with official Gas Rebate Coupons.
What are Gas Rebate Coupons? They are the perfect solution to letting your employees and customers save money at the gas pump. Available in either $40 or $100 value-pack denominations, these gas rebate coupons are worth real cash when filled out and sent in for processing. It's almost like giving your employees or customers a discount every time they buy gas.
Here's how gas rebate coupons work:
Whether you choose the $40 rebate pack, or the $100 one, the process is the same. Your employee or customer buys at least $10.01 worth of gas from any gas station that they choose. Then, they send the gas rebate coupons in to the processing company along with the gasoline receipt. They receive a check back for $10. Sweet! And it's that easy. The $40 pack has four $10 gasoline rebate incentive coupons, and the $100 pack has ten.
But don't think that you have to pay $40 or $100 to give these motivating incentives out!
That's not the case at all. In fact, these gas rebate incentive coupons are sold for pennies on the dollar. The companies that provide them realize that consumers often buy additional items like oil, cigarettes, soft drinks, food, beer, and other products while they are at the gas station, and that's where the real profit is. It's their hope that these gas rebate coupons will stimulate people to buy gas and then come inside to spend more money.
That's why you can get these employee incentive coupons and customer thank you gifts for so little money. But there IS one catch...
You've been waiting for the catch, haven't you? Here it is:
Just like anything else, there are people who run scams when it comes to employee incentive and customer thank you gift programs like the gas rebate coupons, so you have to be careful. Make sure that you purchase from an authorized reseller who has REAL contact information on their web site. Never buy incentive program coupons from a company that doesn't list a real address and telephone number. A site with no contact information should be a serious red flag.
Gas rebate coupons are part of the Travel Incentive industry where organizations can buy incentive coupons for travel, hotels, gas rebate coupons, etc., to motivate their employees, increase sales response from new customers, and thank existing customers for their continued loyalty.
Incentive coupons are inexpensive and they are proven to work. Try a test campaign and watch your employee productivity or sales explode.
What are Gas Rebate Coupons? They are the perfect solution to letting your employees and customers save money at the gas pump. Available in either $40 or $100 value-pack denominations, these gas rebate coupons are worth real cash when filled out and sent in for processing. It's almost like giving your employees or customers a discount every time they buy gas.
Here's how gas rebate coupons work:
Whether you choose the $40 rebate pack, or the $100 one, the process is the same. Your employee or customer buys at least $10.01 worth of gas from any gas station that they choose. Then, they send the gas rebate coupons in to the processing company along with the gasoline receipt. They receive a check back for $10. Sweet! And it's that easy. The $40 pack has four $10 gasoline rebate incentive coupons, and the $100 pack has ten.
But don't think that you have to pay $40 or $100 to give these motivating incentives out!
That's not the case at all. In fact, these gas rebate incentive coupons are sold for pennies on the dollar. The companies that provide them realize that consumers often buy additional items like oil, cigarettes, soft drinks, food, beer, and other products while they are at the gas station, and that's where the real profit is. It's their hope that these gas rebate coupons will stimulate people to buy gas and then come inside to spend more money.
That's why you can get these employee incentive coupons and customer thank you gifts for so little money. But there IS one catch...
You've been waiting for the catch, haven't you? Here it is:
Just like anything else, there are people who run scams when it comes to employee incentive and customer thank you gift programs like the gas rebate coupons, so you have to be careful. Make sure that you purchase from an authorized reseller who has REAL contact information on their web site. Never buy incentive program coupons from a company that doesn't list a real address and telephone number. A site with no contact information should be a serious red flag.
Gas rebate coupons are part of the Travel Incentive industry where organizations can buy incentive coupons for travel, hotels, gas rebate coupons, etc., to motivate their employees, increase sales response from new customers, and thank existing customers for their continued loyalty.
Incentive coupons are inexpensive and they are proven to work. Try a test campaign and watch your employee productivity or sales explode.
The Secret That Will Help You Make More Money On eBay
It was the middle of the afternoon and I was hungry. Nothing decent in the kitchen to eat so I had to go out and get some food.
There was a new book shop just opened in the city, one of those massive places with a Starbucks and a café on the upper floors. Since I had not read a book for some time, I could kill two birds with one stone ( I hate that saying) and go there to eat and read.
I hit the business section. After getting past the pile of Trump books, I found what I was looking for:
The 80-20 Principle, by Richard Koch.
Reading the back cover, it says that... 80 per cent of the output of an activity comes from 20 per cent of the inputs.
So how can this help you make more money on eBay?
Well, the applications of the 80-20 principle will depend on the approach towards eBay that you're using. Let's say that you are dealing in a 'niche' market, trading in antiques of a certain kind. I don't know much about antiques, but let's say you are buying and selling ancient Chinese antiques. Now, what you might find here is that you'll have the same people buying these antiques repeatedly. In other words...
80 per cent of your business comes from 20 per cent of your customers.
The implications of this? Firstly, suiting your products to these 20 per cent. If they're buying X, give them more of X.
Plus, make sure you keep these customers very happy indeed, because thats one way to make more money on eBay and where the biggest profits lie. So think more of what they want, more freebies just for them, constant communication just for them and so on.
Also, you might also find that 80 per cent of your great products come from 20 per cent of your supplier base.
Furthermore, you might find that 80 per cent of your hassle comes from 20 per cent of your products, and within that figure, 80 per cent of the hassle comes from 20 per cent of the hasslers! Or, generally, 80 per cent of hassles come from 20 per cent of your customers. Also, you might find that 80 per cent of your profit in a given year comes from a selection of items - maybe 20 per cent of your items produce the profits, the rest only mediocre.
But here's the interesting thing.
You see, the intuitive thing to do - if you have products that are losing, and some that are winning - is to try and 'work' the losers so they come up to speed. Not so, according to the 80-20 principle. Because rather than bothering with these losers, we'd want to do more with those few that are winning.
Sounds strange, huh?
Because most people would try and work with the losers...they'd try to bring them up to speed. Well, the author of this book says that, instead, you should concentrate your efforts on what's working best:
The 20 per cent that's producing 80 per cent of the results.
That's right. You DON'T concentrate on improving the 20 per cent... you simply work harder with the 20 per cent that is producing 80 per cent of the results!
That may sound a bit well, silly - and counter-intuitive. You'd think that if you had ten products, and eight were performing badly... well, most people's natural reaction is to try and boost the results of the bottom eight. Uh-uh. Go the other way. Try and boost the results of your best two.
Or, in the case of suppliers, concentrate more on the best two. Or, if you've got a mailing list of buyers, concentrate on the top 20 per cent. How? As I've said, by treating them right... maybe rewarding them with free gifts and so on.
And what if you're selling products wholesale? And what if you're selling the same product over and over?
Then what? Do you concentrate on the losers and try and improve them? Uh-uh. Probably wrong. Try the winners... and try to boost the results of what's already working.
I'll give you a practical, real-world current example. I tried a listing for a product. It went pretty well. In fact, it went really well, better than I expected. Now, it just so happens that I was selling the same product over and over again - the wholesale approach. But what could I do to expand? The logical thing would be to get more products.
But no. Instead of doing that, I listed the same product AGAIN - right alongside the identical product!
That's right. I simply listed the same product again, at virtually the same time (i.e. running them simultaneously) but with a different picture. And it sold nearly as well. It's all about getting more out of the winning 80 per cent.
See, instead of diversifying, the implication of the 80/20 principle is actually one of anti-diversification. Because instead of going into new markets and the like, perhaps I should concentrate more on the current niche that's working very well for me, and yes - working with the current one product that's working so well. So after the current product is 'hammered', and I've listed it as many ways as I can (concentrating on what's working), then I can try other products in that SAME market that's already producing great results for me.
Make sense?
What we're doing here is the opposite of diversifying our eBay business. It's concentrating purely on what's most effective at the current time, and working out ways to boost the current good results.
What's your best performing listing right now? Try listing more of it. Try new categories, new approaches, different descriptions and pictures.
Who are your best customers now? Sell them more, and make sure they're well looked after.
Where are your profits the biggest right now? Instead of trying to expand out in the logical way, try a different approach and concentrate on what's currently most effective.
Most eBayers don't think about these things! Very few do! If you stop to think about it for a moment, you might be surprised. If you analyse it, you'll probably be even more surprised. You might find just ONE product is carrying your business, and it's that product that deserves a great deal more attention.
So I'd urge you to think about the areas of your eBay business where the 80-20 principle might apply - and how to harness it so you make more money on eBay.
There was a new book shop just opened in the city, one of those massive places with a Starbucks and a café on the upper floors. Since I had not read a book for some time, I could kill two birds with one stone ( I hate that saying) and go there to eat and read.
I hit the business section. After getting past the pile of Trump books, I found what I was looking for:
The 80-20 Principle, by Richard Koch.
Reading the back cover, it says that... 80 per cent of the output of an activity comes from 20 per cent of the inputs.
So how can this help you make more money on eBay?
Well, the applications of the 80-20 principle will depend on the approach towards eBay that you're using. Let's say that you are dealing in a 'niche' market, trading in antiques of a certain kind. I don't know much about antiques, but let's say you are buying and selling ancient Chinese antiques. Now, what you might find here is that you'll have the same people buying these antiques repeatedly. In other words...
80 per cent of your business comes from 20 per cent of your customers.
The implications of this? Firstly, suiting your products to these 20 per cent. If they're buying X, give them more of X.
Plus, make sure you keep these customers very happy indeed, because thats one way to make more money on eBay and where the biggest profits lie. So think more of what they want, more freebies just for them, constant communication just for them and so on.
Also, you might also find that 80 per cent of your great products come from 20 per cent of your supplier base.
Furthermore, you might find that 80 per cent of your hassle comes from 20 per cent of your products, and within that figure, 80 per cent of the hassle comes from 20 per cent of the hasslers! Or, generally, 80 per cent of hassles come from 20 per cent of your customers. Also, you might find that 80 per cent of your profit in a given year comes from a selection of items - maybe 20 per cent of your items produce the profits, the rest only mediocre.
But here's the interesting thing.
You see, the intuitive thing to do - if you have products that are losing, and some that are winning - is to try and 'work' the losers so they come up to speed. Not so, according to the 80-20 principle. Because rather than bothering with these losers, we'd want to do more with those few that are winning.
Sounds strange, huh?
Because most people would try and work with the losers...they'd try to bring them up to speed. Well, the author of this book says that, instead, you should concentrate your efforts on what's working best:
The 20 per cent that's producing 80 per cent of the results.
That's right. You DON'T concentrate on improving the 20 per cent... you simply work harder with the 20 per cent that is producing 80 per cent of the results!
That may sound a bit well, silly - and counter-intuitive. You'd think that if you had ten products, and eight were performing badly... well, most people's natural reaction is to try and boost the results of the bottom eight. Uh-uh. Go the other way. Try and boost the results of your best two.
Or, in the case of suppliers, concentrate more on the best two. Or, if you've got a mailing list of buyers, concentrate on the top 20 per cent. How? As I've said, by treating them right... maybe rewarding them with free gifts and so on.
And what if you're selling products wholesale? And what if you're selling the same product over and over?
Then what? Do you concentrate on the losers and try and improve them? Uh-uh. Probably wrong. Try the winners... and try to boost the results of what's already working.
I'll give you a practical, real-world current example. I tried a listing for a product. It went pretty well. In fact, it went really well, better than I expected. Now, it just so happens that I was selling the same product over and over again - the wholesale approach. But what could I do to expand? The logical thing would be to get more products.
But no. Instead of doing that, I listed the same product AGAIN - right alongside the identical product!
That's right. I simply listed the same product again, at virtually the same time (i.e. running them simultaneously) but with a different picture. And it sold nearly as well. It's all about getting more out of the winning 80 per cent.
See, instead of diversifying, the implication of the 80/20 principle is actually one of anti-diversification. Because instead of going into new markets and the like, perhaps I should concentrate more on the current niche that's working very well for me, and yes - working with the current one product that's working so well. So after the current product is 'hammered', and I've listed it as many ways as I can (concentrating on what's working), then I can try other products in that SAME market that's already producing great results for me.
Make sense?
What we're doing here is the opposite of diversifying our eBay business. It's concentrating purely on what's most effective at the current time, and working out ways to boost the current good results.
What's your best performing listing right now? Try listing more of it. Try new categories, new approaches, different descriptions and pictures.
Who are your best customers now? Sell them more, and make sure they're well looked after.
Where are your profits the biggest right now? Instead of trying to expand out in the logical way, try a different approach and concentrate on what's currently most effective.
Most eBayers don't think about these things! Very few do! If you stop to think about it for a moment, you might be surprised. If you analyse it, you'll probably be even more surprised. You might find just ONE product is carrying your business, and it's that product that deserves a great deal more attention.
So I'd urge you to think about the areas of your eBay business where the 80-20 principle might apply - and how to harness it so you make more money on eBay.
Sales and marketing terminology
Terminology / Acronyms
ABC figures: This is the independently audited sales figure for all recognized publications in the UK. By using the ABC figure, you can quickly establish how much the advertising will cost per 1,000 readers.
Account Managers: These are sales people who have great skills in getting repeat orders and maximizing revenue returns from existing accounts. It is very rare that a good “Account Manager” will be good at winning new clients.
Blue Bird: This is an unexpected sales opportunity that has a high chance of turning into profitable business.
BRAD: This book lists every UK publication including magazines, newspapers, vertical publications etc. It also contains key information i.e. “ABC figures”, advertising deadlines etc and is one of the most useful tools available if you are looking to place advertising or embark on DIY PR.
Comfort Factor Statements: Also known as credibility statements they show that you can deliver exactly what you say you can. They must not be emotive i.e. include words like “the best”, “fantastic”, “amazing”, “superior” or contain anything that cannot be proven i.e. “high level of customer satisfaction”, “unparalleled support”, unless supported by facts.
Commission Plans: This is how a salesperson is paid for their efforts. It is strongly advised that you include a minimum contribution and ensure that if you plotted a graph of gross margin and percentage of target it would create an incremental curve.
CRM: “Customer Relationship Management” This is software that organises all your sales contacts, schedules activities and is used in targeted marketing campaigns. This is vital to all sales operations and there are many packages to choose from costing anything from £80.00 per user upwards i.e. ACT! Goldmine etc. Previously known as TCM.
Double Bubble: Sales slang for two people being paid out the full amount of commission on a specific deal / incentive or the same person being awarded double the amount of commission.
Elevator Pitch: This term comes from the theory that if you are in a lift on the 10 th floor of a building you should be able to explain what you do before it gets to the ground floor i.e. about 10 seconds. This is often the opening statement of any form of communication and is predominantly used in lead generation and marketing activities.
Farmers: These are sales people who have great skills in getting repeat orders and maximizing revenue streams from existing accounts. It is very rare that a good “Farmer” will be good at winning new clients.
Gross Margin: The difference between your buy price and your sell price.
Hunters: These are sales people who are very good at winning new accounts and getting the first order but tend to lose interest when they know that the new customer will continue to buy, this often makes them very bad farmers. Also known as New Business Sales Exec’s.
Kick Back: This is when a company gets an extra soft margin when they buy sufficient numbers / value of a product. i.e. if you buy 10 cars we will give you / or the company free servicing.
Minimum Contribution: This is the account value that all sales staff are required to reach, in gross margin terms, before any commission. This is put in place to ensure that commission is not paid before staff have covered their basic salary plus all other costs i.e. NI, travel, phone, expenses etc.
New Business Sales Exec’s: These are sales people who are very good at winning new accounts and getting the first order but tend to lose interest when they know that the new customer will continue to buy, this often makes them very bad farmers. Also known as “Hunters”.
OTE: “On Target Earnings” This is how much the sales person will earn if they hit their sales target. Please note that when the person has achieved 50% of target they should not earn more than 30% of their OTE. By using this method it creates a further incentive for the salesperson to hit the their sales target.
Over Ride: This is the term used when a sales person over achieves his target and hence is given a large bonus. Remember the bigger the “over rider”, the bigger the incentive and hence this increases the motivation to over achieve the gross margin sales target.
PPC: “Pay Per Click” This is a much-targeted method of advertising and enables sponsored links to be placed at the top of search engine results when your particular key words or phrases are encountered. For each sponsored link placed you are charged from as little as 10 pence upwards.
Prospect: A company / person that you know will require your services and they are looking to purchase. Particularly if you have been asked to bid for the work
RTR: “Ready to Run” This is the term used mainly by advertising agencies or company's for an advert which is ready to be placed. It is then common practice to place the advert on the deadline in order to get the lowest possible price.
Sales Forecast: The system that sales people and managers use to look at how much business is likely to be won each month, unfortunately these are often misleading due to sales processes that minimize inaccuracies not being implemented.
Sand Bagging: This is a tactic used by sales people who hold back orders so that as many as possible fall in the same month or quarter and hence they over achieve the target to win a large Over Rider. This is not only expensive because extra commission is paid but can also have very negative effects on cash flow. By having a properly implemented Sales Forecast it is very easy to establish if this is occurring.
SEO: “Search Engine Optimisation” This is the method of making sure that your website gets lots of traffic and enables your company to be listed higher in the search engines for specific key words and phrases i.e. car hire Newcastle, buy discount fishing rods, mortgage advice etc. The downside of this methodology is that it takes several months for your website to get a good position on the major search engines i.e. Google, Yahoo etc.
Soft Margin: This is most commonly found in the reseller market and generally provided by the manufacturer in form of marketing assistance i.e. for every £10,000 of product x sold we will provide you with y amount of money that must be spent on promoting our product / service.
Suspect: A company / person that you know will require your services but nothing else is known.
TCM: “Time Contact Management” This is software that organises all your sales contacts, schedules activities and is used in targeted marketing campaigns. This is vital to all sales operations and there are many packages to choose from costing anything from £80.00 per user upwards i.e. ACT, Goldmine etc. Now known as CRM.
TMUP: “Target Market User Profile” this is the type of company / person that would be a prime target for your business i.e. single male 30 – 40 and divorced or SME services based companies with staff of between 3-10 people based within 5 miles of central London etc. Finding and Targeting your prime TMUP will reduce the cost of sales and increase marketing and new business efficiency's.
Tyre Kicker: This is a company / person who pretends to be interested in your product / service. This term comes from the motor trade when customers would kick the tyres to fain interest when they had no intention of buying a car and were just browsing / looking for a test drive. Sales people who are not performing and wish to give the impression that their sales pipeline is strong often put this type of prospect on their sales forecast.
USP’s: Unique Selling Points i.e. what makes your company different from its competitors. This is used predominantly in lead generation and marketing activities and therefore is a MUST HAVE for any sales strategy to work.
ABC figures: This is the independently audited sales figure for all recognized publications in the UK. By using the ABC figure, you can quickly establish how much the advertising will cost per 1,000 readers.
Account Managers: These are sales people who have great skills in getting repeat orders and maximizing revenue returns from existing accounts. It is very rare that a good “Account Manager” will be good at winning new clients.
Blue Bird: This is an unexpected sales opportunity that has a high chance of turning into profitable business.
BRAD: This book lists every UK publication including magazines, newspapers, vertical publications etc. It also contains key information i.e. “ABC figures”, advertising deadlines etc and is one of the most useful tools available if you are looking to place advertising or embark on DIY PR.
Comfort Factor Statements: Also known as credibility statements they show that you can deliver exactly what you say you can. They must not be emotive i.e. include words like “the best”, “fantastic”, “amazing”, “superior” or contain anything that cannot be proven i.e. “high level of customer satisfaction”, “unparalleled support”, unless supported by facts.
Commission Plans: This is how a salesperson is paid for their efforts. It is strongly advised that you include a minimum contribution and ensure that if you plotted a graph of gross margin and percentage of target it would create an incremental curve.
CRM: “Customer Relationship Management” This is software that organises all your sales contacts, schedules activities and is used in targeted marketing campaigns. This is vital to all sales operations and there are many packages to choose from costing anything from £80.00 per user upwards i.e. ACT! Goldmine etc. Previously known as TCM.
Double Bubble: Sales slang for two people being paid out the full amount of commission on a specific deal / incentive or the same person being awarded double the amount of commission.
Elevator Pitch: This term comes from the theory that if you are in a lift on the 10 th floor of a building you should be able to explain what you do before it gets to the ground floor i.e. about 10 seconds. This is often the opening statement of any form of communication and is predominantly used in lead generation and marketing activities.
Farmers: These are sales people who have great skills in getting repeat orders and maximizing revenue streams from existing accounts. It is very rare that a good “Farmer” will be good at winning new clients.
Gross Margin: The difference between your buy price and your sell price.
Hunters: These are sales people who are very good at winning new accounts and getting the first order but tend to lose interest when they know that the new customer will continue to buy, this often makes them very bad farmers. Also known as New Business Sales Exec’s.
Kick Back: This is when a company gets an extra soft margin when they buy sufficient numbers / value of a product. i.e. if you buy 10 cars we will give you / or the company free servicing.
Minimum Contribution: This is the account value that all sales staff are required to reach, in gross margin terms, before any commission. This is put in place to ensure that commission is not paid before staff have covered their basic salary plus all other costs i.e. NI, travel, phone, expenses etc.
New Business Sales Exec’s: These are sales people who are very good at winning new accounts and getting the first order but tend to lose interest when they know that the new customer will continue to buy, this often makes them very bad farmers. Also known as “Hunters”.
OTE: “On Target Earnings” This is how much the sales person will earn if they hit their sales target. Please note that when the person has achieved 50% of target they should not earn more than 30% of their OTE. By using this method it creates a further incentive for the salesperson to hit the their sales target.
Over Ride: This is the term used when a sales person over achieves his target and hence is given a large bonus. Remember the bigger the “over rider”, the bigger the incentive and hence this increases the motivation to over achieve the gross margin sales target.
PPC: “Pay Per Click” This is a much-targeted method of advertising and enables sponsored links to be placed at the top of search engine results when your particular key words or phrases are encountered. For each sponsored link placed you are charged from as little as 10 pence upwards.
Prospect: A company / person that you know will require your services and they are looking to purchase. Particularly if you have been asked to bid for the work
RTR: “Ready to Run” This is the term used mainly by advertising agencies or company's for an advert which is ready to be placed. It is then common practice to place the advert on the deadline in order to get the lowest possible price.
Sales Forecast: The system that sales people and managers use to look at how much business is likely to be won each month, unfortunately these are often misleading due to sales processes that minimize inaccuracies not being implemented.
Sand Bagging: This is a tactic used by sales people who hold back orders so that as many as possible fall in the same month or quarter and hence they over achieve the target to win a large Over Rider. This is not only expensive because extra commission is paid but can also have very negative effects on cash flow. By having a properly implemented Sales Forecast it is very easy to establish if this is occurring.
SEO: “Search Engine Optimisation” This is the method of making sure that your website gets lots of traffic and enables your company to be listed higher in the search engines for specific key words and phrases i.e. car hire Newcastle, buy discount fishing rods, mortgage advice etc. The downside of this methodology is that it takes several months for your website to get a good position on the major search engines i.e. Google, Yahoo etc.
Soft Margin: This is most commonly found in the reseller market and generally provided by the manufacturer in form of marketing assistance i.e. for every £10,000 of product x sold we will provide you with y amount of money that must be spent on promoting our product / service.
Suspect: A company / person that you know will require your services but nothing else is known.
TCM: “Time Contact Management” This is software that organises all your sales contacts, schedules activities and is used in targeted marketing campaigns. This is vital to all sales operations and there are many packages to choose from costing anything from £80.00 per user upwards i.e. ACT, Goldmine etc. Now known as CRM.
TMUP: “Target Market User Profile” this is the type of company / person that would be a prime target for your business i.e. single male 30 – 40 and divorced or SME services based companies with staff of between 3-10 people based within 5 miles of central London etc. Finding and Targeting your prime TMUP will reduce the cost of sales and increase marketing and new business efficiency's.
Tyre Kicker: This is a company / person who pretends to be interested in your product / service. This term comes from the motor trade when customers would kick the tyres to fain interest when they had no intention of buying a car and were just browsing / looking for a test drive. Sales people who are not performing and wish to give the impression that their sales pipeline is strong often put this type of prospect on their sales forecast.
USP’s: Unique Selling Points i.e. what makes your company different from its competitors. This is used predominantly in lead generation and marketing activities and therefore is a MUST HAVE for any sales strategy to work.
How to Start Your Home Based Business and Quit Your Day Job
Ever dream of leaving that daily commute, nagging boss, and finding your freedom in running your own home based business? Can’t wait until the day you can walk out the door and work at home? Well, the key is finding the right home based business that will allow your dream to become a reality, and quickly.
No one wants to feel forced to stay in a job they do not like. If you already have a part time home based business that you believe can make you enough money, go for it. However, if you have no idea what to do in your business, then you first want to find a home based business that will pay you a continuous residual income on a monthly basis. This way you do not have to stress about selling enough to live on each month.
You will also want to find a consumable product for your home based business. Some of the most lucrative businesses are those in which the consumer needs to replenish a supply of it on a monthly basis. This way you only have to build a small base of repeat consumers, and you don’t have to work so hard to build a new consumer base.
Also, you will want to find a product that is easy to market. Complicated products are hard to sell, because consumers don’t want to think that hard about what they are going to purchase. Make sure that the service or product your home based business is selling is not only simple to understand but reliable and easy to use. People want to buy a product that will work on a regular basis. Create a great reputation for your home based business by choosing a quality product.
Selling an exclusive product or service is key to making money in your home based business. If it cannot be found anywhere else, you’ve found your niche. Make sure your clients feel like they just have to get the product or service from you. Many companies start up and sell a product that people can find almost everywhere. Find your uniqueness in your home based business product and use it to your advantage.
Hard work and a great product are two components that spell success for the home based business owner. One without the owner makes success very difficult. Find your niche. Then sooner than later you’ll be able to put in your notice and find your financial freedom in your home based business.
No one wants to feel forced to stay in a job they do not like. If you already have a part time home based business that you believe can make you enough money, go for it. However, if you have no idea what to do in your business, then you first want to find a home based business that will pay you a continuous residual income on a monthly basis. This way you do not have to stress about selling enough to live on each month.
You will also want to find a consumable product for your home based business. Some of the most lucrative businesses are those in which the consumer needs to replenish a supply of it on a monthly basis. This way you only have to build a small base of repeat consumers, and you don’t have to work so hard to build a new consumer base.
Also, you will want to find a product that is easy to market. Complicated products are hard to sell, because consumers don’t want to think that hard about what they are going to purchase. Make sure that the service or product your home based business is selling is not only simple to understand but reliable and easy to use. People want to buy a product that will work on a regular basis. Create a great reputation for your home based business by choosing a quality product.
Selling an exclusive product or service is key to making money in your home based business. If it cannot be found anywhere else, you’ve found your niche. Make sure your clients feel like they just have to get the product or service from you. Many companies start up and sell a product that people can find almost everywhere. Find your uniqueness in your home based business product and use it to your advantage.
Hard work and a great product are two components that spell success for the home based business owner. One without the owner makes success very difficult. Find your niche. Then sooner than later you’ll be able to put in your notice and find your financial freedom in your home based business.
Thursday, March 04, 2010
Preparing Yourself Mentally for Business
People say that starting your own business is difficult. Guess what? They're not kidding. Starting a business, in many ways, is a lot like having a child – and would you just have a child without thinking it through first? Before you get started, there are lots of things you need to think about and discuss with anyone you can.
Can You Afford to Fail?
You might have heard the old saying ‘only gamble what you can afford to lose’. Well, however you approach it, starting your own business is still gambling. A massive percentage of businesses fail in their first year. If your financial situation is such that you agonise over every small amount you spend, starting a business is probably a bad idea.
Put it this way: do not expect to succeed. Expect that you will fail, and always try your hardest not to. You'll be pleasantly surprised if things go your way. Note that this doesn't mean that you shouldn’t believe in yourself and your business – simply that you have to realise the kind of odds you’re up against, and stay realistic.
Will You Stick at It?
You can’t get halfway through all this and have a sudden change of heart, or feel like you’re doomed to fail. All successful business spend plenty of time doing badly before they start to pick up. You need to prepare yourself for a steady stream of failure being slowly replaced by success. Don’t expect the world all at once.
Could You Take the Stress?
Starting a business is one of the most stressful things you can do. It will affect you mentally, physically and emotionally. You need to be strong to deal with this kind of stress, and you need to have someone to turn to for support.
Are You a Survivor?
There are some people who always seem to make it in the end, regardless of what life throws at them. You need to be the kind of person whose response to things going wrong is to work harder and get it fixed, not someone who cries and goes into hiding.
Many entrepreneurs say that this, more than anything, is the secret of success. You need to be a never say die’ kind of person. You need to be always ready to try again, no matter what gets thrown at you. Remember that it’s not when things start to go wrong that you fail – you haven't failed until you've given up.
Be Prepared to Work Hard.
If you’ve been doing a standard nine-to-five job, you’re probably used to a world where it’s someone else’s responsibility if the work doesn't get done – you work as fast as you can for the hours you’re told to, and if it’s not done on time then it’s the manager's fault for not hiring enough people. When you work on your own, though, there’s no-one to blame – the buck stops where it starts, with you.
You Need to Satisfy Every Customer.
When you run a home business, you can’t afford to lose any customers. You need to always be nice to them, trying to meet their needs. You have to remember that you’re the most senior person they can talk to in this organisation, and you have to act like it – when there’s no-one other than you to handle complaints, you have to either give in to customers at every opportunity or watch them take their business elsewhere.
Do You Really Love What You Do?
If you don’t love what you do, then sooner or later you’re going to want to stop doing it – and when you run a home business, that’s difficult. Besides, you can’t run a home business if you’re always sitting and thinking about how great it’ll be when it’s the weekend. No, the only way to succeed in home business is to be absolutely sure that you really love what you’re doing. If you can think of another job you’d rather have, then you’re in trouble.
Think of it this way: could you run up to someone on the street with a leaflet about your business, and tell them all about it in a way that would really leave an impression? It doesn't matter whether you actually could or not – if you think everyone will be interested, then, believe me, they will be.
Can You Afford to Fail?
You might have heard the old saying ‘only gamble what you can afford to lose’. Well, however you approach it, starting your own business is still gambling. A massive percentage of businesses fail in their first year. If your financial situation is such that you agonise over every small amount you spend, starting a business is probably a bad idea.
Put it this way: do not expect to succeed. Expect that you will fail, and always try your hardest not to. You'll be pleasantly surprised if things go your way. Note that this doesn't mean that you shouldn’t believe in yourself and your business – simply that you have to realise the kind of odds you’re up against, and stay realistic.
Will You Stick at It?
You can’t get halfway through all this and have a sudden change of heart, or feel like you’re doomed to fail. All successful business spend plenty of time doing badly before they start to pick up. You need to prepare yourself for a steady stream of failure being slowly replaced by success. Don’t expect the world all at once.
Could You Take the Stress?
Starting a business is one of the most stressful things you can do. It will affect you mentally, physically and emotionally. You need to be strong to deal with this kind of stress, and you need to have someone to turn to for support.
Are You a Survivor?
There are some people who always seem to make it in the end, regardless of what life throws at them. You need to be the kind of person whose response to things going wrong is to work harder and get it fixed, not someone who cries and goes into hiding.
Many entrepreneurs say that this, more than anything, is the secret of success. You need to be a never say die’ kind of person. You need to be always ready to try again, no matter what gets thrown at you. Remember that it’s not when things start to go wrong that you fail – you haven't failed until you've given up.
Be Prepared to Work Hard.
If you’ve been doing a standard nine-to-five job, you’re probably used to a world where it’s someone else’s responsibility if the work doesn't get done – you work as fast as you can for the hours you’re told to, and if it’s not done on time then it’s the manager's fault for not hiring enough people. When you work on your own, though, there’s no-one to blame – the buck stops where it starts, with you.
You Need to Satisfy Every Customer.
When you run a home business, you can’t afford to lose any customers. You need to always be nice to them, trying to meet their needs. You have to remember that you’re the most senior person they can talk to in this organisation, and you have to act like it – when there’s no-one other than you to handle complaints, you have to either give in to customers at every opportunity or watch them take their business elsewhere.
Do You Really Love What You Do?
If you don’t love what you do, then sooner or later you’re going to want to stop doing it – and when you run a home business, that’s difficult. Besides, you can’t run a home business if you’re always sitting and thinking about how great it’ll be when it’s the weekend. No, the only way to succeed in home business is to be absolutely sure that you really love what you’re doing. If you can think of another job you’d rather have, then you’re in trouble.
Think of it this way: could you run up to someone on the street with a leaflet about your business, and tell them all about it in a way that would really leave an impression? It doesn't matter whether you actually could or not – if you think everyone will be interested, then, believe me, they will be.
Why Doesn’t Your Business Plan Consistently Secure Your Desired Results?
From small businesses to large corporations, when you render all the challenges and issues facing these economic engines from employees to growth and innovation, the inability to secure desired results or implementation always float to the top as the number one to number three obstacles that prevent business success. As a business owner or management executive, have you ever asked yourself one of these five questions:
1. How do I move from my vision to my desired results?
2. How do I get my employees to perform?
3. How do I recruit new employees with the skills that my company needs?
4. How do I attract new customers or clients?
5. Why can’t I consistently achieve my desired results?
All of these questions when rendered down are about implementation. The failure to implement each corporate wide business goal consumes valuable resources specifically time, people and money. These resources may have been already allocated to other initiatives.
Effective implementation is what separates the successful companies from the not so successful ones. Many authors from Rick Page in “Hope is not a Strategy” to Jason Jennings and Laurence Haughton in “It’s Not the Big that Eat the Small, It’s the Fast that East the Slow” write about the affects of poor implementation.
Possibly why implementation continues to vex today’s businesses is because executives search for an ineffective answer through a business plan instead of a strategic business plan. A recent search using Inventory Overture revealed that searches for business plan were over 200 times as many as for strategic business plan (148,650 vs. 614). From these searches, it suggests that business owners may be looking for the wrong answer.
Why choose a strategic business plan over a business plan? The answer is simple because a strategic business plan defines “Who Does What By When” through the critical success factors and supporting goals that are in alignment with the sales and marketing plans.
The structure of a strategic business plan is all about implementation. Using the ADDIE Plus methodology may help you in your efforts to create an effective strategic business plan.
Assess - The current market conditions, future market conditions and the organization need to be assessed. This evaluation should begin with an overall organizational assessment and may extend to internal and external customers.
Design – After the evaluation, a design is crafted. This design should include the vision, values and mission of the organization and is overall architecture for the plan. Simply, speaking this is the “Big Picture.”
Develop – The plan is developed according to the structure of the organization. Smaller plans or pictures such as marketing and sales fit within the overall plan.
Implement - Using specific goal setting and goal achievement, the strategic plan is implemented. At this juncture, who does what by when is identified.
Evaluate – Goal achievement is the mechanism to monitor and evaluate successful implementation.
Plus - Follow-up is the plus to ensure necessary course correction that may again require some new assessments along with design, development, implementation and evaluation.
Using the ADDIE+ methodology provides business owners a consistent vehicle from which to create, monitor, evaluate and follow-up on their strategic business plan.
If you truly want to reach that next level of success by bridging the implementation gaps, stop focusing on a business plan and take the time to create a strategic business plan that clearly defines who does what by when.
1. How do I move from my vision to my desired results?
2. How do I get my employees to perform?
3. How do I recruit new employees with the skills that my company needs?
4. How do I attract new customers or clients?
5. Why can’t I consistently achieve my desired results?
All of these questions when rendered down are about implementation. The failure to implement each corporate wide business goal consumes valuable resources specifically time, people and money. These resources may have been already allocated to other initiatives.
Effective implementation is what separates the successful companies from the not so successful ones. Many authors from Rick Page in “Hope is not a Strategy” to Jason Jennings and Laurence Haughton in “It’s Not the Big that Eat the Small, It’s the Fast that East the Slow” write about the affects of poor implementation.
Possibly why implementation continues to vex today’s businesses is because executives search for an ineffective answer through a business plan instead of a strategic business plan. A recent search using Inventory Overture revealed that searches for business plan were over 200 times as many as for strategic business plan (148,650 vs. 614). From these searches, it suggests that business owners may be looking for the wrong answer.
Why choose a strategic business plan over a business plan? The answer is simple because a strategic business plan defines “Who Does What By When” through the critical success factors and supporting goals that are in alignment with the sales and marketing plans.
The structure of a strategic business plan is all about implementation. Using the ADDIE Plus methodology may help you in your efforts to create an effective strategic business plan.
Assess - The current market conditions, future market conditions and the organization need to be assessed. This evaluation should begin with an overall organizational assessment and may extend to internal and external customers.
Design – After the evaluation, a design is crafted. This design should include the vision, values and mission of the organization and is overall architecture for the plan. Simply, speaking this is the “Big Picture.”
Develop – The plan is developed according to the structure of the organization. Smaller plans or pictures such as marketing and sales fit within the overall plan.
Implement - Using specific goal setting and goal achievement, the strategic plan is implemented. At this juncture, who does what by when is identified.
Evaluate – Goal achievement is the mechanism to monitor and evaluate successful implementation.
Plus - Follow-up is the plus to ensure necessary course correction that may again require some new assessments along with design, development, implementation and evaluation.
Using the ADDIE+ methodology provides business owners a consistent vehicle from which to create, monitor, evaluate and follow-up on their strategic business plan.
If you truly want to reach that next level of success by bridging the implementation gaps, stop focusing on a business plan and take the time to create a strategic business plan that clearly defines who does what by when.
7 Easy Ways to Make More Money in Network Marketing
Hit a snag lately? Haven’t been able to recruit any new agents? Is you network marketing job paying less and less because you can’t generate any sales? You don’t have to fret! With these easy network marketing tips, you can revitalize your sales pitch and methods in no time at all!
1. Contacts
Remember that your contacts are your most valuable asset. Who are your contacts? The people you see on the streets? Your next door neighbor?
When considering whom to invite, try those closest to you first. This is because they are most likely to be more open to your suggestions and will be willing to do you a few favors (such as buying that detergent you are hawking). The great thing about this is that they will really mind plunking a few bucks to help jumpstart your business. And when they see that you are doing well, they could very well join you as well.
When you run through the whole list of you clan, what will that leave you with? You will of course have to go to those people that next in line with regards to closeness or affinity to you. And what if that gives out too?
You can always adopt a friendlier stance and chat up that neighbor you never talked to. You could meet new people on the bus and on the train. But remember, you have to like them as people first. Don’t go about and look at them like walking piggy banks. People will know if they are being looked upon as things.’ Always regard them highly and get to know them. Build their trust. The truth is, the friendships you build will be the true reward, and the sales will be just a side dish.
Always ask for referrals from your contacts. This is another sure way to increase your prospects.
2. Believe
If you yourself do not believe in your product, chances are you won't be able to sell it to others. Remember, nothing promotes a product better that a satisfied customer. Let others see you using the product. Say glowing things about it. And most of all, let all that you say be true. If your customer finds out you weren’t being honest, you could ruin your business relationship.
When you choose a network business, take into consideration their product. See if you can believe in it and pitch for it effectively.
3. Recruit the right people
Don’t just recruit anybody. Make sure the people you recruit share an unbridled passion, and tireless work ethic with like you. If you don’t chances are, they will drop out of the networking business and you will not be able to build your down line.
4. Don’t force the issue
When trying to close a sale, don’t force the issue. If you do, people will get suspicious as to why you are doing so. Are selling them counterfeit items? Are you only interested in your profit and not in your customer's satisfaction? Always keep this in mind: the customer always comes first. Please them, and the profits and windfall from these relationships will follow.
5. Look the part
When recruiting others, you can’t say, “You will get rich with network marketing,” and look shabby all the while. They’d say, “I thought you got rich from this thing, why do you look like you didn’t.” People will want to see a visible sign of success. You are their only reference point. If you are not convincing as a successful networking agent,
6. Hang in there
Perseverance is a virtue. If money grew on trees, you’d still have to wait for them to grow. Remember the old adage: try and try, until you succeed. Remember that your goal is not to just to get money, but to build upon a good income generating business.
7. Evolve
Don’t be satisfied thinking that your techniques at recruiting will forever be effective. Although there are basic principles that should be followed, you can forever improve on your techniques. Today's society is constantly evolving. If you want to catch up with them, you have to evolve in your marketing strategies as well.
1. Contacts
Remember that your contacts are your most valuable asset. Who are your contacts? The people you see on the streets? Your next door neighbor?
When considering whom to invite, try those closest to you first. This is because they are most likely to be more open to your suggestions and will be willing to do you a few favors (such as buying that detergent you are hawking). The great thing about this is that they will really mind plunking a few bucks to help jumpstart your business. And when they see that you are doing well, they could very well join you as well.
When you run through the whole list of you clan, what will that leave you with? You will of course have to go to those people that next in line with regards to closeness or affinity to you. And what if that gives out too?
You can always adopt a friendlier stance and chat up that neighbor you never talked to. You could meet new people on the bus and on the train. But remember, you have to like them as people first. Don’t go about and look at them like walking piggy banks. People will know if they are being looked upon as things.’ Always regard them highly and get to know them. Build their trust. The truth is, the friendships you build will be the true reward, and the sales will be just a side dish.
Always ask for referrals from your contacts. This is another sure way to increase your prospects.
2. Believe
If you yourself do not believe in your product, chances are you won't be able to sell it to others. Remember, nothing promotes a product better that a satisfied customer. Let others see you using the product. Say glowing things about it. And most of all, let all that you say be true. If your customer finds out you weren’t being honest, you could ruin your business relationship.
When you choose a network business, take into consideration their product. See if you can believe in it and pitch for it effectively.
3. Recruit the right people
Don’t just recruit anybody. Make sure the people you recruit share an unbridled passion, and tireless work ethic with like you. If you don’t chances are, they will drop out of the networking business and you will not be able to build your down line.
4. Don’t force the issue
When trying to close a sale, don’t force the issue. If you do, people will get suspicious as to why you are doing so. Are selling them counterfeit items? Are you only interested in your profit and not in your customer's satisfaction? Always keep this in mind: the customer always comes first. Please them, and the profits and windfall from these relationships will follow.
5. Look the part
When recruiting others, you can’t say, “You will get rich with network marketing,” and look shabby all the while. They’d say, “I thought you got rich from this thing, why do you look like you didn’t.” People will want to see a visible sign of success. You are their only reference point. If you are not convincing as a successful networking agent,
6. Hang in there
Perseverance is a virtue. If money grew on trees, you’d still have to wait for them to grow. Remember the old adage: try and try, until you succeed. Remember that your goal is not to just to get money, but to build upon a good income generating business.
7. Evolve
Don’t be satisfied thinking that your techniques at recruiting will forever be effective. Although there are basic principles that should be followed, you can forever improve on your techniques. Today's society is constantly evolving. If you want to catch up with them, you have to evolve in your marketing strategies as well.
How to Buy Wholesale Store Fixtures for Your Business
It may sound funny, but honestly, if you’re opening up your own retail store the last thing you’ll ever want to do again for the rest of your life is buy anything retail -- especially if it’s for your own store. Buying your store fixtures wholesale is not only mandatory it’s a last resort after you've tried buying antique fixtures at a fraction of the cost. Even if you’ve hired a top-notch retail store designer, he or she should be buying your fixtures and other materials at prices even better than wholesale. The designer should be charging for his services and not making a markup on the raw materials.
If you’re setting up your store by yourself, you have to shop around to know the best wholesale prices to pay for your fixtures. But expect to pay full price for the design and manufacture of items that must be custom-made for you. For example, if you want a certain look imitated in a new material you can expect to pay a premium for that service as well. But if your tastes are not too esoteric and if your product can be handled tastefully in a variety of attractive displays you should have no trouble finding the right fixtures at the right wholesale prices to fit your budget. Research and flexibility is the key here. After all, whatever it is that you are selling, you wouldn't pay retail for it, so why pay retail for the fixtures?
There are numerous store fixture wholesalers in and around every city in
America. There are enough stores in existence in any major city and enough new ones opening up to make the wholesale market for fixtures a healthy and competitive one. Visit them, get their catalogues when you are planning the look of your store and ask them about closeouts and discontinued items for sale. Their business, like yours, changes with the seasons, the trends and technology. Give yourself time to make your purchase and you may end up getting the fixtures you’ve been wanting at prices even better than you expected.
If you’re setting up your store by yourself, you have to shop around to know the best wholesale prices to pay for your fixtures. But expect to pay full price for the design and manufacture of items that must be custom-made for you. For example, if you want a certain look imitated in a new material you can expect to pay a premium for that service as well. But if your tastes are not too esoteric and if your product can be handled tastefully in a variety of attractive displays you should have no trouble finding the right fixtures at the right wholesale prices to fit your budget. Research and flexibility is the key here. After all, whatever it is that you are selling, you wouldn't pay retail for it, so why pay retail for the fixtures?
There are numerous store fixture wholesalers in and around every city in
America. There are enough stores in existence in any major city and enough new ones opening up to make the wholesale market for fixtures a healthy and competitive one. Visit them, get their catalogues when you are planning the look of your store and ask them about closeouts and discontinued items for sale. Their business, like yours, changes with the seasons, the trends and technology. Give yourself time to make your purchase and you may end up getting the fixtures you’ve been wanting at prices even better than you expected.
Wednesday, March 03, 2010
Getting Help and Advice on Starting a Business
When you want to start a home business, it can be easy to feel alone, confused, and scared. The chances are that you don’t know anyone else who's ever started a business, and you don’t even know who to ask if you get stuck. Here are a few things you ought to be looking at.
The Internet.
The Internet is a great resource for people who are thinking of setting up a home business – as well as all the articles you can find with practical advice, there are also many forums, where you can read about others experiences, and ask questions.
The Government.
Scary as it might seem to be getting advice on anything from the government, most governments go really out of their way to produce all sorts of easy-to-understand material on starting your own business. Encouraging you in business is a great way for them to both strengthen the economy and increase tax revenues.
Depending on your area, you might find that local government agencies are also keen to give you help and advice, and might even have some kind of ‘small business centre’ that you can visit.
Mentors.
Mentors are usually volunteers who think it would be nice to offer local businesses help and advice. They often have years of business experience, and can be really useful – if you find one, hang on to them.
Librarians.
Always willing to help and sadly neglected in our ‘wired’ age, you really should talk to a librarian. Libraries generally contain all sorts of business books and resources that they’ll be able to point you towards, and they’ll be more than happy to do research into obscure areas for you.
Lawyers.
Pricey as they might be, lawyers know all about starting businesses – they’ve almost certainly done it thousands of times over. It can be well worth paying for an hour of a lawyer’s time and just asking them every question you can think of.
Accountants.
A less expensive alternative to lawyers, accountants also know their stuff, especially (obviously) on the financial side. If you want your business to be profitable, you should take on board what your accountant tells you – and if you don’t have one, you should get one. By the time they’ve helped you navigate through all the tax mazes, they’ll almost certainly have made their fee back for you anyway.
Incubators and Investors.
If you think your business would be an attractive proposal to people who back businesses for a living, then you can try going to a ‘business incubator’ or some other kind of investor with your idea. If they like it, they’ll often have a quick process set up to get your company up and running as soon as possible.
Universities.
Here’s an interesting one: universities are full of business students. They’ve all spent ages learning about nothing but business, and many of them would just love to help get a real one off the ground – it’d look great on their CV, after all. Business students can be a great source of free help and advice, and they’ll probably even be thankful to you for letting them help out!
Teachers.
If you do a course to get a formal qualification in what you want to do before starting the business, you’ll probably find that your teacher is also a good resource on the business side of things. They’ll have had plenty of students starting businesses who’ve asked them similar questions, and they might even have prepared some material to give to anyone who asks for it.
Your Bank.
Traditionally, your bank would have been the first place you went if you were thinking of starting a business, but many people seem to ignore them nowadays. While they’re no replacement for accountants, most banks will offer you a ‘business advisor when you open a business account, and they can be especially helpful with the technical and financial elements of starting up.
Associations, Societies and Unions.
Whatever industry you’re thinking of entering probably has some kind of trade association, society or union. You should join as soon as you can, and take advantage of all the resources that they will almost certainly offer to people wanting to get started in their industry. After all, the more people who are in their industry, the more members they can get.
The Internet.
The Internet is a great resource for people who are thinking of setting up a home business – as well as all the articles you can find with practical advice, there are also many forums, where you can read about others experiences, and ask questions.
The Government.
Scary as it might seem to be getting advice on anything from the government, most governments go really out of their way to produce all sorts of easy-to-understand material on starting your own business. Encouraging you in business is a great way for them to both strengthen the economy and increase tax revenues.
Depending on your area, you might find that local government agencies are also keen to give you help and advice, and might even have some kind of ‘small business centre’ that you can visit.
Mentors.
Mentors are usually volunteers who think it would be nice to offer local businesses help and advice. They often have years of business experience, and can be really useful – if you find one, hang on to them.
Librarians.
Always willing to help and sadly neglected in our ‘wired’ age, you really should talk to a librarian. Libraries generally contain all sorts of business books and resources that they’ll be able to point you towards, and they’ll be more than happy to do research into obscure areas for you.
Lawyers.
Pricey as they might be, lawyers know all about starting businesses – they’ve almost certainly done it thousands of times over. It can be well worth paying for an hour of a lawyer’s time and just asking them every question you can think of.
Accountants.
A less expensive alternative to lawyers, accountants also know their stuff, especially (obviously) on the financial side. If you want your business to be profitable, you should take on board what your accountant tells you – and if you don’t have one, you should get one. By the time they’ve helped you navigate through all the tax mazes, they’ll almost certainly have made their fee back for you anyway.
Incubators and Investors.
If you think your business would be an attractive proposal to people who back businesses for a living, then you can try going to a ‘business incubator’ or some other kind of investor with your idea. If they like it, they’ll often have a quick process set up to get your company up and running as soon as possible.
Universities.
Here’s an interesting one: universities are full of business students. They’ve all spent ages learning about nothing but business, and many of them would just love to help get a real one off the ground – it’d look great on their CV, after all. Business students can be a great source of free help and advice, and they’ll probably even be thankful to you for letting them help out!
Teachers.
If you do a course to get a formal qualification in what you want to do before starting the business, you’ll probably find that your teacher is also a good resource on the business side of things. They’ll have had plenty of students starting businesses who’ve asked them similar questions, and they might even have prepared some material to give to anyone who asks for it.
Your Bank.
Traditionally, your bank would have been the first place you went if you were thinking of starting a business, but many people seem to ignore them nowadays. While they’re no replacement for accountants, most banks will offer you a ‘business advisor when you open a business account, and they can be especially helpful with the technical and financial elements of starting up.
Associations, Societies and Unions.
Whatever industry you’re thinking of entering probably has some kind of trade association, society or union. You should join as soon as you can, and take advantage of all the resources that they will almost certainly offer to people wanting to get started in their industry. After all, the more people who are in their industry, the more members they can get.
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