Credit cards are a great way business owners can manage expenses. Often times, it is much easier and faster for start-ups to open a credit card account than to establish a secure line of credit from the bank. When paid on time, credit cards are a good way for business owners to establish credit in a business’s name. If you own a small business, it is wise that you carry more than one business credit card so as to maximize the potential of each one for the overall benefit of your business. For example, consider having one card with 0% APR offer or a low interest rate for carrying balances, and a second card for expenditures that you will repay fully at the end of each month. Having these two types of credit cards can help you manage costs and avoid debt in the long run. There are many choices out there when it comes to credit cards, but the key is how you plan to use them for your business. To start off on the right foot, determine your spending habits and how you plan to pay charges each month before you sign up for any credit card account. There are perks to owning business credit cards. For example, if you are carrying balance and have good credit some card issuers offer a low interest rate. Others, on the other hand, have fixed rates which can benefit you as an entrepreneur when the rates rise. Don’t hesitate to research the credit cards that are out there. Know exactly what they offer and how payments will be made. Read the fine print and if you need help in determining which credit card for you don’t hesitate to ask. Strategy is key when using credit cards. Over time, business credit cards can help your small business build a credit history with business credit bureaus so that your business will have a credit history of its own, instead of being linked to your personal credit history. Good luck!
After having studied top achievers and peak performers over the past 35 years, I’ve concluded that these unique men and women have, in most cases, mastered what I call the Seven C’s of Success.
1. Clarity – Eighty percent of success comes from being clear on who you are, what you believe in and what you don’t.
2. Competence – You can’t climb to the next rung on the ladder until you are excellent at what you do now.
3. Constraints – Eighty percent of all obstacles to success come from within. Find out what is constraining you or your company and deal with it.
4. Concentration – The ability to focus on one thing single- mindedly and see it through until its done takes more character than anything else.
5. Creativity – Flood your life with ideas from many sources. Creativity needs to be exercised like a muscle, if you don’t use it you’ll lose it.
6. Courage – Most in demand and least in supply, courage is the willingness to do the things you know are right.
7. Continuous learning – Read, at the very least, one book a week on business to keep you miles ahead of the competition. And just as you eat and bathe, organize your time so you spend 30 minutes a day exploring e-mail, sending messages, going through websites, because like exercise, it’s the only way you can keep on top of technology. If you get away from it, you’ll lose your edge.
Many small-business owners have the potential to be highly innovative, but not aware of it. Most think that they are at a disadvantage because they their business is small or it is in a location with little traffic. This is simply not the case. Small business owners have an advantage over big companies because they have the opportunity to understand their customers on a personal level. This factor is a great way for small businesses to innovate their products because they are able to know what their customers want and need. A strong connection with your customers is essential for innovation. Figure out what your customers want. What problems to they have? Are you able to fix the problem? If not, what product or products can you change to help? Be flexible with your strategy and planning. Most small business owners think that innovation involves a great amount of money. That is simply not true. Innovation involves a good idea, ambition and hard work. If you believe in an idea that will improve your business flow don’t discard it. Instead, work and develop that idea. Having a clear direction and the ability to change course immediately if needed are factors that you as a small business owner should include in your business plan.
Whether you are selling or buying a business, it is always wise to get an evaluation before making any transactions. A business evaluation helps you or a potential buyer answer important questions. For example, why does the current owner want to sell the business? Or what type of growth potential does the business have? The following are three reasons why every company needs an evaluation.
Reason 1: Financial Stability
An evaluation will inform you if a business is in sound financial condition. Financial statements provide information on a company’s profitability, equity, available cash, and other financial data that illustrate how well a company is doing. This is very important if you are trying to avoid any debts or liens against it.
Reason 2: Legal Matters
An evaluation can tell you if a business has been under investigation by a government agency or the status of a current investigation.
Reason 3: Clientele
Clients are the most important aspect of any business. Without clients, there is no cash flow. An evaluation informs you about the number of customers a business has on a regular basis and who makes up the market for a particular business. The larger the customer base is the easier it will be to survive the loss of customers, if any.
Here are five of the most common, most concerning reasons that good judgment among teams can falter.
1. Employees Feel Left Behind
Leadership consists of a shared purpose where employees can all see the company’s vision beyond their individual craft and know that they’re part of the team. When employees detach themselves from the company’s set goals they tend to feel that they are not heading in the same direction as the organization. When this happens, the individual begins suppressing the contribution of others.
Often times, employees may attempt to do way more than they can work with in order to . This can lead to stress. Not being able to handle this responsibility. Let your employees know that it is ok to say no. Remember sometimes its about quality not quantity.
3. Copy Cat Effect
The behavior of leaders in a company is reflected on employees. If the influential leaders in your company are not doing what they are supposed to be doing this will reflect on your employees. People are sharp in picking up subtleties and it may affect their judgement.
4. When Competition Gets Ugly
Employees are more likely to engage in unethical behavior when “winners” and “losers” can be easily identified. Winning and losing are directly tied to people’s ego and thus winners feel they are superior. This hostility can be dissolved in an environment that encourages collaboration and a sincere sense of pride for other team members in the company.
5. No Set Company Values
Company values lay the foundation for how your company operates. Employees must know what these values are in order for them to be a unified team.
Exponential growth occurs when the growth rate of the value of a mathematical function is proportional to the function’s current value. In business, the exponential growth of your company can be derived from the Enhancement Plan (four E’s of Business Ownership). A Business Enhancement Plan is the strategy that an independent third-party creates to reach the goals and objectives of a business. In order to enhance the growth and productivity of a business it is crucial that you have an open mindset and think exponentially. What this means is that you must ask yourself: “How can I double my revenues this year?”. Using the right information in right order at right time allows you to take control of your business’ cash flow and ultimate value. As an entrepreneur, you must be fully committed to the growth of your business. Lack of financial resources, knowledge, or skills should not hinder your desire for the exponential growth of your business. Seek help when you find yourself stuck in a rut. Here in the Inland Empire, there is an organization by the name of Small Business Development Center where you can find all kinds of great information. From training to consulting get in touch with the “masterminds” in your area. Experts in the field can provide advice and help evaluate and examine your business to boost leads, prospects and revenue. By seeking help you can discover limitless opportunities to create revenue and grow your business.
There are both pros and cons to most decisions in life and this is no different. So it requires proper planning, analyzing, and thinking when deciding why you want to become an entrepreneur.
Depending on who you talk to there are an unlimited number of questions to answer why become an entrepreneur. Some people become entrepreneurs for financial reasons while others may do it for personal satisfaction.
Here are the reasons why I became an entrepreneur:
1. There is nothing more exciting than being an entrepreneur. If you are a thrill seeker and someone that loves the ever shifting pace of life, you will be an entrepreneur. For me, being an entrepreneur is the pulse that keeps the blood running through my veins. I am not happy in any other situation.
2. As an entrepreneur you have the freedom to make your own decisions. With that though comes the success and the failure. If you are the type of person that is okay owning responsibility in both good situations and bad, then you won’t have to ask yourself why become an entrepreneur because you will already know the answer.
3. When you are your own boss, you call the shots. This will enable you to make decisions quicker and capitalize on opportunities as they present themselves. I think this is my favorite part of being an entrepreneur. When working in corporate style settings, you have so many hoops to jump through. It seems like you can’t even sharpen a pencil without having to ask for permission. But as an entrepreneur with your own company, you don’t have to worry about this type of environment.
For me, this decision was extremely simple. I like the excitement I love the freedom, and I’m making decisions.
Entrepreneurship isn’t for everyone, however. This profession requires patience, dedication, hard work, and long hours. My next post will discuss the characteristics needed in order to succeed in this business venture.
Every business whether big or small has systems which ultimately help produce the results you need to be successful. Business systems help your company stay on track and help deliver consistent results. Take your company website for example. Your website may have subsystems such as an E-mail newsletter, direct mail, links to your social media accounts, etc. which serve as systems to help you get in touch with more clients and help your company grow. The best systems are formulated strategically and map out every possibility. For example, design, quality, target audience, implementation and measurement are elements that are very significant when building a business system. Each business is different, however, that is why it is your job to analyze and determine what the most important aspects of your business are in order to improve business success. Good systems eliminate unnecessary costs, save time, increase profit, and improve customer satisfaction. A great systems approach has detailed procedures, performance standards, and accountability. Detailed procedures help your company stay on top of its game. Performance standards keep track of the goals your business achieves. Accountability makes you responsible for what goes on in your company. As time goes by, business systems remain constant and that is why it is a good idea to let systems run your business while you run the systems. In essence, identify the system you want for your business taking into account different types of situations and possibilities. Implement your system and get ready for profitable outcomes. Remember that you can change and adjust your system to fit your needs. The important factor here is figuring out what works for your business and what doesn’t. Good luck!
Have an idea.
This idea must be something you are passionate about.
What customers are you trying to get a hold of? Who will buy your product? If you can’t answer this question then there won’t be sales.
Define goals and objectives.
Goals and objectives are important because they lead you in the right direction and help you get back on track. Figure out why you are starting your new business. It may be for financial independence or you might want to sell it in the long run to the highest bidder, it’s your call.
Create your name and logo.
A working name helps define your ideas. A logo will help create your brand.
Determine if you will be working alone or if you will have a business partner(s).
Choose wisely. Sometimes problems may arise and can create irreparable circumstances.
Create a business plan.
A business summarizes your business in one page. It also creates a map for investors, bankers, and other interested parties to use when determining how they can best help you and to help them decide whether or not your business is viable.
It will give you peace of mind if you have someone there to clarify extensive rules and regulations, etc. Get an accountant who understands the tax side of running a business.
Manage your finances.
Make sure you have enough capital to get by while you build your client base.
Market your business.
Create your company website, develop an excellent social media presence, and implement your marketing and distribution plans.
Success will not come over night so it is important to have your feet set on the ground and realize that this will take time and plenty of effort from your part.
What makes you stand out from the crowd? Why should people trust you and your product?
You will learn many things as you venture out into the business world. You may make mistakes but those mistakes with help you become wiser.
In business, a great listener gains respect and builds rapport with the people around him or her. Listening is one of the key business communication skills. Listening has the power to make or break your success in leadership, or client relationships. Therefore, improving your listening skills means enhancing your business success. An important aspect in being a good listener is to pay close attention. Listen to the speaker’s message without interrupting because when you interrupt, you limit yourself from understanding the message and end up frustrating the speaker. Also, take note of their nonverbal messages because they help in understanding the overall message. Listening enables you to acquire facts so that you can make decisions that benefit your business. In a business organization, listening is key to effective working relationships among employees and between management and staff. Listen to employees to discover what aspects of the job they find most rewarding and challenging. An important fact to consider is that the reputation of a business depends immensely upon listening skills. When you fail to listen to a client, the client might not receive the service or product he or she expected. Listening helps you solve problems before they happen because you are paying attention to your client’s needs.