Social Media for Small Businesses

Social media has become an integral part of our day-to-day lives. Businesses of all size and shapes have started making the most of available mediums. Today we will try to anatomize tips on social media for small businesses. There are a plethora of small businesses eyeing social medium to promote their business/services. However, majorly these small businesses are failing or not being able to make optimum use of social media for their business growth. There are many theories and strategies on how to effectively use social media for established brands, but the topic social media for small businesses is seldom addressed. According to Digital state of eMarketing India 2017 Octane Research:

60% small businesses promote their business on social media. 50% focus on SEO and 35% use multichannel marketing funnel.
70% small businesses consider content strategy as their primary marketing activity.
52% business owners are using social media as to efficiently address customer engagement.
More than 20% of business owners said that they are making 50% plus profit using social media.

The primary reasons for the low turnout are uncertainty on an application of social media, calculating return on investment and persuade employees/stakeholders to clinch social media. Hence it is important to address the elephant in the room and analyze how beneficial is Social media for small businesses.

Social media for small businesses is a great way for emerging businesses to generate lead and build a reputation. If regularly updated, social media can deliver more results as compared to traditional mediums. Social media for small businesses gives brands an edge of control over the content that they want to post. Also, since social media is a two-way dialogue process, it helps businesses to instantly identify what is benefitting them. Social media for small businesses also helps generate Word of Mouth, which is one of the best tools for emerging businesses.

Social Media for small businesses | 10 Tips to effectively use Social Media

Define your Target Audience
The first and foremost important part that small businesses should focus on is to define their target audience. This helps small businesses to device their social media strategy accordingly. The target audience should be defined basis age group, sex, location, users’ online behaviors, their likes, interests, and preferences. For niche products, business owners can even target users based on their birthdays, anniversaries and important milestone. Audience targeting plays a very crucial role in the outcome of the results. For e.g.: a local shop selling footwear should not target users with interest in entertainment. The shop definitely won’t get the desired results.

Set achievable goals
Overnight success is a myth. Small businesses must understand this basic fact. Generally, when a new business starts selling on social media, there is palpable excitement is achieving more than set targeted sales. Businesses need to set goals which are upwards and forward. To achieve enormous goals, small businesses start updating social feed with multiple updates in shorter duration. This leads to user’s disinterest in the product/service. The set goals should be in sync with brand’s core capabilities and expertise. For e.g.: if a business is into selling shoes, they shouldn’t set a goal to repair maximum shoes in their area.

Choose the right medium
By now everyone knows, social media is for free. Even paid campaigns can be conducted at a relatively low cost as compared to traditional mediums. It is in this scenario, that we often see small businesses jumping the bandwagon and creating profiles on all the available platforms. Creating social profile doesn’t hamper brand image, but aggressively promoting a brand on wrong platforms can lead to brand losing its potential customers. Hence it is advisable for SME’s to first identify the right platform through which they can maximize their business. For e.g.: If a shoe selling brand tries to aggressively sell on LinkedIn, they won’t get a plausible response as compared to promotions on Facebook/Instagram.

Promote your core product/services
Since each and every business is riding in the social media wave, it is important for a them to promote their core product/services. Nowadays, we see a lot of businesses promoting their services as well as promoting peripheral products/services, which revolves around their core product/services. Majority of the times, this SME’s doesn’t have capabilities to fulfill a requirement, which can lead to a bad word of mouth for their business on social media platforms. Let us go back to our example; if a shoe seller is trying to aggressively promote socks instead of shoes, it is not going to benefit the business in the long run.

Create quality content
Now that we have covered the topics of identifying the target audience, setting achievable goals, choosing the right medium and promoting the right product/services let us now take a look at the type of content a business should promote on their social pages. A business should always focus on creating good quality content rather than not-good quantity content. Even if the business updates their page once in a day as long as it is relevant to their business, advocates about its core products send across a clear message it is considered as a good quality content. Antagonistically, if a business posts multiple updates which aren’t even relevant to the business’s products and services leads to users considering the business as fake/spam. Also, new businesses should try and refrain from promoting other businesses on their social platforms initially.

Create a content calendar
Making a small business successful on social platforms is no small task. It takes a lot of efforts for the businesses to keep up their conversion ratio. One such effort is to create a content calendar. Small businesses must anticipate important events and create a content calendar accordingly. Ideally, a content calendar must be planned a month in advance but an even weekly content calendar is highly recommended. This helps businesses to avoid any last minute hassles, strategize much more effectively and it also helps in creating curiosity amongst its loyal fans/customers.

Test and re-test
Social media is highly unpredictable. The content a business posts today, might not work for tomorrow. Hence, small businesses must always test their content before publishing it on their pages. Testing content also applies to the platform a small business chooses to promote. Small business owners must always don the consumer’s hat before posting about any product feature, updates, schemes or offers. A consumer’s perspective is the key when testing the content that has to be uploaded.

Look for inspiration
Small businesses must always look for inspiration from a competitor who is successful in the same category. Copy pasting competitors idea or content is not the answer. Small businesses must look for the kind of content its competitors are putting up and derive their own strategies subsequently. Inspiring content/stories always make a business to strive to create their own content that is appreciated by one and all. It helps in increasing brand consideration, brand visibility thereby increasing conversions for the business.

Calculate ROI
Even a small promotional budget is not justifiable if there is no mechanism to calculate its return on investment. It is more important in case of small businesses. It is very important for a small business to keep a tab on the budgets allocated to any promotions and the subsequent ROI related to it. If a certain promotion is not doing well or the business is not getting desired results, the brand custodian can always look for other platforms to generate quality conversions.

Analyze and Re-strategize
There can be umpteen instances where a particular campaign/promotion might not work for a business. That doesn’t mean that the promotion is wrong or the product/service is not good. Doing an analysis of the campaign is as important as setting the objective. This helps the business to formulate their upcoming strategies in more effective ways. At the end of every campaign, brands must note down the learning’s from that campaign and identify if the content/idea was appreciated by their fans or not. This helps businesses to skip the non-performing updates from future communications.

The Importance of Business Analyst Tools and Benefits of Hiring an IT Business Analyst

Do you want to know the importance of Business Analyst Tools? When it comes to workflow management, you need to use all the tools and processes that streamline and optimize the operations of your business. For instance, you need to utilize software systems that enable you to get improved productivity. These systems include content management systems, document management systems and business process management (BPM) tools.

Remember the best workflow management systems can be costly and challenging to implement. However, by seeking the services of an IT Business Analyst, your company will benefit from them, which means you will get the best returns on your investments. In this informative article, we’ll look at five benefits of these tools.

1. Improved Accountability

The best Business Analyst Tools enable your company to experience improved productivity. Keep in mind many employees don’t respond well to micromanagement, which means you need to use the latest tools to check their productivity. By using the best tools and software, you can know which tasks need to be done, the best team member to carry them out and the specific period the work should be completed.

When you know which tasks and goals need to be met, you won’t need to intervene now and then, that’s unless it’s necessary. That improves the relations between the staff and management by removing personal opinions and considerations from any issue. Databases can store records of what occurred in the system, which gives the administration the ability to audit behavior if necessary.

2. Reduces the Need for Manual Labor

The best business analyst tools provide your team members with the chance to work on non-repetitive tasks. It means they can expand their skills, for example, by working on aspects that require more human input such as in the production process. The best work management tools ensure that work is done faster and without common human errors. Instead of using these tools to replace employees, you should use them to make the workplace more productive and exciting, which improves the firm’s overall morale.

3. Better Communication

The best business analyst tools eliminate the need for paper chasing and use of telephones. That makes the office more efficient and greener, which in turn reduces the firm’s turnover rates. Among the reasons for quitting jobs is poor or inadequate communication in offices. By using tracking software, you can provide employees with a better way of finding out what needs to be done right now and in the future. For you to ensure smooth day to day running of the business, you need to make sure your communication is honest and clear to employees.

4. Streamlines the Business Operation Processes

Workflow or business analyst tools enable you to have valuable insight in the day to day running of your business. For example, by using automation software, you can determine which tasks can be done simultaneously instead of being completed sequentially. You can know which steps are unnecessary; which means you will make informed choices and decisions. For example, you will know which employees perform specific tasks at their best, rather than who happens to be free at that particular time.

5. Faster Completion of Projects

The best business analyst tools enable you to shorten the duration of projects. For example, you can use them to reduce the period between starting a project and having it approved. As the management, you can set these tools to notify team members when the deadline is approaching or if they have missed it. The team leaders can let employees know of any new projects, changes in scheduling and guideline updates. Remember that in the long run, the time taken to determine these issues can prove to be a lot, meaning you need to use the latest tools to move on to new profitable projects.

What to Do

When switching over to using the best Business Analyst Tools, you may encounter several challenges. That means you should evaluate your office or business needs before deciding to make the switch. If you regularly meet your goals or surpass them, you may choose to leave it as it is. However, if you think you need a general overhaul of your operating systems and routines, you should consider moving your company to the next level.

Before implementing drastic changes, you should open up and consult with your team members about the impending changes. You should then consider hiring an expert IT Business Analyst to help in the process. Below we look at benefits of hiring them.

Benefits of Hiring an IT Business Analyst

One common question on online business forums is; what are the benefits of hiring an Information Technology (IT) Business Analyst? For some businesses, business analysts provide them with many benefits. However, others may not know these benefits, which mean they fail to get the many positive results that analysts bring to companies. In today’s business environment, business analysis can be the glue that holds a company or business together.

What’s The Role of a Business Analyst?

Breaks Down Work into Manageable and Small Bits

The primary function of an IT Business Analyst is to help make work more manageable by breaking it into smaller pieces. Developing and testing are also made simpler by business analysts. These professionals ensure all projects are on track by documenting their progress. That means the best returns on your investments.

Enhances Communication

IT Business Analysts ensures the communication lines are kept open, that’s by filling any gaps in the case of breakdowns. They eliminate any confusion in the case of requirements, scope and testing by explaining the processes in a way that team members can understand. It means that the workplace efficiency is improved and tasks completed faster.

Provides Support

In the course of carrying out challenging tasks, the project managers may be overwhelmed by budgets, reports, schedules and other issues. Business analysts can step in and help by providing them with professional support to the team members, project managers and sponsors. The result will be improved returns and faster completion of projects.

Increases the Business Returns

Professional IT Business Analysts know how to increase the company’s potential benefits and returns. For example, they know how to uncover or discover new business needs and ensure that your business priorities are focused on bringing the best value. Remember that they use the best Business Analyst Tools to arrive at their decisions.

What 2018 Holds For IT Business Analysts

As far as the role of Business Analysts is concerned, the year 2018 offers them new predictions. That’s because new Business Analysts Tools provide them with more chances to improve the operating systems of companies.

These professionals will be tasked with many projects that include project and testing management. Many will offer their services on a specialist basis, for example, cost-benefit analysis, scoping and other project requirements.

For those with business analysis backgrounds, they will continue their migration towards critical and influential positions in different areas of the organization. The result may be a change in their titles, which may result in disagreement or confusion over their exact job description and responsibilities.

How to Hire the Best IT Business Analyst

• If you’re asking yourself whether you need to hire a Business Analyst or a project manager, you need to consider the value that each of them brings to your organization or project. In some instances, the project manager may have vast expertise.

• On the other hand, the business analyst may have experience and knowledge in examining information and other facts, which means they can provide your company with the right questions and carry out thorough research.

• The primary factors for hiring an IT Business Analyst is that he or she can be able to break down information into several parts, document and workflows.

• You need to ensure the business analyst you’re hiring has the best experience in the IT field which you need. It may seem like an obvious consideration, but you should remember that IT fields are different.

• Other qualities you should consider are their industry knowledge, problem-solving skills and effective documenting. They will ensure you get the best results. Remember that any professional should be self-directed and motivated.

• The business analyst should also have the best working skills and communication abilities. They will ensure that he or she works with your team to solve problems. Remember that it’s only through effective communication with your team members that the professional will able to bring you the best results.

• When hiring them, make sure you have written agreements on how fast you should expect results, the processes involved and how much they will charge you. That will enable you to plan your budget estimates to ensure that no payment disputes occur during the work or after completion of the project. Compare quotes from different professionals before settling on the best one, who should have experience and provide you with competitive rates.

Conclusion

The best IT Business Analyst should be able to use the latest Business Analyst Tools to ensure that your business improves its efficiency and profits. Consider hiring those who use the most recent software and have experience in your particular field.

How Business Succession Planning Can Protect Business Owners

What if something happens to you, and you can no longer manage your business anymore? Who will then take over your business, and will it be managed the way you want?

Establishing a sound business succession plan helps ensure that your business gets handed over more smoothly.

Business succession planning, also known as business continuation planning, is about planning for the continuation of the business after the departure of a business owner. A clearly articulated business succession plan specifies what happens upon events such as the retirement, death or disability of the owner.

A good business succession plans typically include, but not limited to:

·Goal articulation, such as who will be authorized to own and run the business;

The business owner’s retirement planning, disability planning and estate planning;

·Process articulation, such as whom to transfer shares to, and how to do it, and how the transferee is to fund the transfer;

·Analysing if existing life insurance and investments are in place to provide funds to facilitate ownership transfer. If no, how are the gaps to be filled;

·Analysing shareholder agreements; and

·Assessing the business environment and strategy, management capabilities and shortfalls, corporate structure.

Why should business owners consider business succession planning?

·The business can be transferred more smoothly as possible obstacles have been anticipated and addressed

·Income for the business owner through insurance policies, e.g. ongoing income for disabled or critically ill business owner, or income source for family of deceased business owner

·Reduced probability of forced liquidation of the business due to sudden death or permanent disability of business owner

For certain components of a good business succession plan to work, funding is required. Some common ways of funding a succession plan include investments, internal reserves and bank loans.

However, insurance is generally preferred as it is the most effective solution and the least expensive one compared to the other options.

Life and disability insurance on each owner ensure that some financial risk is transferred to an insurance company in the event that one of the owners passes on. The proceeds will be used to buy out the deceased owner’s business share.

Owners may choose their preferred ownership of the insurance policies via any of the two arrangements, “cross-purchase agreement” or “entity-purchase agreement”.

Cross-Purchase Agreement

In a cross-purchase agreement, co-owners will buy and own a policy on each other. When an owner dies, their policy proceeds would be paid out to the surviving owners, who will use the proceeds to buy the departing owner’s business share at a previously agreed-on price.

However, this type of agreement has its limitations. A key one is, in a business with a large number of co-owners (10 or more), it is somewhat impractical for each owner to maintain separate policies on each other. The cost of each policy may differ due to a huge disparity between owners’ age, resulting in inequity.

In this instance, an entity-purchase agreement is often preferred.

Entity-Purchase Agreement

In an entity-purchase agreement, the business itself purchases a single policy on each owner, becoming both the policy owner and beneficiary. When an owner dies, the business will use the policy proceeds to buy the deceased owner’s business share. All costs are absorbed by the business and equity is maintained among the co-owners.

What Happens Without a Business Succession Plan?

Your business may suffer grave consequences without a proper business succession plan in the event of an unexpected death or a permanent disability.

Without a business succession plan in place, these scenarios might happen.

If the business is shared among business owners, then the remaining owners may fight over the shares of the departing business owner or over the percentage of the business.

There could also be a potential dispute between the sellers and buyers of the business. For e.g., the buyer may insist on a lower price against the seller’s higher price.

In the event of the permanent disability or critical illness of the business owner, the operations of the company could be affected as they might not be able to work. This could affect clients’ faith, revenue and morale in the company as well.

The stream of income to the owner’s family will be cut off if the business owner, being the sole breadwinner of the family, unexpectedly passes away.

Don’t let all the business you have built up collapse the moment you are not there. Planning ahead with a proper business succession plan before an unexpected or premature event happens can help secure your business legacy, ensuring that you and your family’s future will be well taken care of.

Financial Planning Singapore

For more advice on business succession planning, you may connect with any of our financial consultants who will be more than happy to assist you with a business succession planning tailored to your needs or visit our website page.

Are You Stuck in the Day-To-Day Operations of Your Business?

Business Operations is the compilation of all the activities carried out inside a company that keep it running and generating revenue.

In standard business plans, the operations section is dedicated to helping business owners understand what systems, tools, people, and processes will be needed for the company business model to function.

A few examples of business operations:

Creating and maintaining key systems needed to run a business, including customer service, billing, communications, marketing, deliver, and backup
Creation of processes, tools, and players for key systems within the business
Management of systems that control access and login information
Establishing decision-making guidelines for team members
Creation and maintenance of your Standard Operating & Procedures (SOP) guide
Setting up effective backup systems to control company information
Creation and management of systems that process payments
Implementation of business tools and software to manage multiple systems
Managing the process of delivering products and services to customers

The operations area is a constant segment of your business and requires daily attention.

And this where most women business owners get stuck!

In the beginning stages of your business, it was just you. Just you making all the daily decisions and executing the many tasks that must be performed each day to accomplish goals and strengthen your business model.

As your business model proved successful, the endless task list began to increase exponentially. Business decisions and responsibilities increased. Quiet, creative, and productive time to focus on growing the business was more and more limited and many times downright non-existent.

As women in business, we must stay focused on those areas of business that ONLY we can do – everything else must be delegated to a team!

The Visionary and CEO role in the business at this level needs to stay focused on very high-level leverage tasks that will grow your business, such as:

Big Picture Vision
Marketing and Sales
Delivery of Services
Content Creation
Creating New Products
Partnerships
New Sources of Traffic

Everything else you need to get off your plate – much of this lies in the day-to-day operations of your business.

If your business has reached six figures, hold on to your seat belt because your company has taken on a life of its own.

And this is the point where you are most likely feeling that you’ve hit a ceiling and are even feeling a bit burned out. You may not see how you will be able to grow past the current challenges.

Bad news… good news…

You won’t be able to break that ceiling when you are the only one in charge of everything. The good news is that it does not have to stay that way.

A seasoned online business manager is the perfect second-in-command to pull you out of the day-to-day operations and marketing management of the business. You’ll have the time, energy, and focus you need to work on those high-level leverage tasks that will grow the business.

You can’t possibly expect to grow if you don’t position someone else in your business to be your “Mini-Me” – to take the day-to-day operations and management of business off your plate with the support of a team. Your business is now bigger than you are, and in order for it to continue to grow, you must have your operations running smoothly and cost effectively.

Isn’t it time that you are LIFTED out of the day-to-day activities so you can work ON your business instead of IN it?

About

Brenda Violette is Founder and CEO of Violette Business Services, a business management company that partners with entrepreneurial woman who have built a multiple six-figure online business and are stuck in their ability to create new revenue with them being the only one in charge of everything! They struggle and lose traction as they are buried in the “DOING” of the business.

Being a seasoned woman business owner herself, Brenda understands the struggles of other women trying to build a viable online business, balance work and a personal life, and contribute to the world through the business.

Brenda is an Online Business Consultant, Certified Online Business Manager, and most importantly, a diehard Integrator in every sense of the term.

The Home Based Business Explosion Is Upon Us!

INTRODUCTION

Perhaps I should start by asking the question “What is a Home Based Business? This is any business operated from the comfort of the residential home of the owner.

The next question is who is a Home Based Business owner? This refers to an Entrepreneur who decides to run his business from the comfort of his home.

I decided to clarify these terms because there is a huge difference between a Home Based Business owner and a Home worker who might be working with a government/private organization but decides to be working from home once or twice during the week.

Evolution of Home based Business

Many businesses operated from home usually start as a Micro or Small Enterprise. Some eventually metamorphose into Medium Scale Enterprise and others eventually grow into quite large companies.

The desire by Entrepreneurs to start operating businesses from home actually started in the 1980s. During this period, a lot of things combined to precipitate this massive desire by people to own Home based businesses.

In the main, the combination of many factors like socio- economic change, improved technology and new management thinking resulted in the loss of otherwise permanent paid employment and this encouraged people to attempt to revalidate their freedom by opting to set up a business at home.

The advent of new management thinking and theories like downsizing to make an organization Lean and more agile and efficient created fears in the mind of the average worker

So mass lay- offs helped create the right environment for some workers to go it alone and set up a Home based business.

The period of late 1990 to 2010 can be appropriately described as the period of massive explosion in the establishment of businesses at home. The use of Computer, Internet and Mobile Technology helped in the growth of this idea.

I strongly believe the idea of setting up business at home will continue to be positive and will remain so for a long time.

The continued upsurge in the desire of people to own businesses has attracted the attention of Universities and other higher institutions. They have responded by introducing different courses and programs on Entrepreneurial studies to cater for these needs.

Unlike earlier belief that businesses run from home are not well managed and don’t make good money, the present situation is that many Entrepreneurs motivated to set up business at home now have college degrees including a lot of high level professionals with business exposure.

The entrepreneurial spirit is innate in all of us and we only need to be adequately motivated to take the necessary action.

It’s really an exciting world out there.

THE HOME BASED BUSINESS EXPLOSION

As stated earlier, though the crave for running businesses from home started way back in the 1980s, what can be termed the explosion of this way of doing business was between the late 1990s and the first decade of the new millennium.(2010+)

This coincided with the time when the setting up of a Home based business became a Fad. According to Mr Lewis of the National Association of Home Based Businesses, Home based business in the United States grew from about 6 million in 1984 to 23 million by 2007.

With the help of modern technology like computers, mobile phones, printers and the huge power of the internet, more work is being done virtually than ever before and more global businesses are routinely being run from home.

According to the 2012 GEM report, 69 percent of American entrepreneurs start their business at home from either a spare room in the house, the dining table or from the garage. The report further revealed that more than 50 percent of entrepreneurs continue to operate from home even after the business has taken off successfully and stabilized.

Again according to Mr. Lewis of the National Association of Home Based Businesses, his own companies do training in 20 countries, import eyeglass frames from China and also develop condominiums.

Mr. Nuyten of the Home Based Business Statistics in America quoted the following statistics as at 2012:

38 million Businesses were operating from residential homes in America

A new business is started from home every 12 seconds in the United States

The Home Based Business sector in the United States earned Four Hundred and Twenty Seven billion dollars.

It revealed that 70 percent of Americans would like to be self- employed.

Entrepreneurship has become entrenched in the psyche of the average person. The Baylor University study of 2005 revealed then that more than 5 million jobs had been lost in Fortune 500 companies since 1980 while 34 million were created in small businesses.

The United States Census Bureau data of October 2012, also revealed that the number of businesses being operated from home have been on the rise since 1999.

The United Kingdom Experience

The continued growth in the Home based business sector appears to be a global phenomenon as the report from the United Kingdom will show shortly.

The United Kingdom department of Business, Innovation and Skills released a report titled ” Backing for Home Business” which revealed that 2.9 million home based businesses in the United Kingdom contributed 300 billion pounds sterling to the UK economy. The report also stated that 70 percent of all new businesses in the United Kingdom started from home.

According to Home Business report compiled by Enterprise Nation, 1,400 new businesses are started from home each week.

This report also confirmed that out of a total of 4.5 million small and medium enterprises, 2.1 million are Home based businesses.

Factors contributing to the growth of Home Based Businesses

There are many factors motivating people to set up Home based businesses such as:

Losing one’s job

Being laid off in a time of economic downturn could be very devastating. With difficulty in getting new job offers, the next best thing would be to start a Home based business.

Flexible lifestyle

You are your own Boss. Literally, you can come and go as you please. You maintain better work/family balance. There are no set opening and closing times. You go for lunch and vacation when you feel like

Reduction in Stress level

The daily commuting, especially with the present heavy fuel costs is avoided. Also those train/bus rides to and from work with all sorts of characters is avoided.

No corporate office politics

You are not thinking of how to always please the boss and climb the corporate ladder. You don’t have to engage with difficult colleagues. Best of all, there are no dress codes.

Cheaper start up and running costs

It’s cheaper to set up a Home based business. A serious entrepreneur can get started with just $5,000. The main requirements could just be a computer, mobile phone, printer and a good internet connection. No rent of physical store space.

Secondary Income

Some entrepreneurs set up business at home to bring in extra income to support a day job. Some people start the business as a part time hobby. Eventually the business may become very successful and the entrepreneur will now take the decision to resign from the day job.

Be your own boss

You are your own boss. You have the freedom to do things the way you want. There is nobody breathing down your neck reminding you of targets.

Job dissatisfaction

An otherwise loyal employee may become unhappy with the company for lack of promotion and motivation. The next thought is to set up a Home based business.

Opportunity to achieve Self actualization

Having your own business gives you the opportunity to make as much money as you desire. This of course depends on how much money you want to make and the amount of time and effort you decide to invest in the business.

Advantages of running a business from home

The desire to get out of the rat race, avoid the daily grind coupled with the power of modern technology make telecommuting more productive.

Together with some of the factors already mentioned above, listed below are more advantages:

Tax advantages

You can deduct some of your expenses as business expenses. These could be utility bills, insurance, mortgage and property tax.

Opportunities for Professional improvement

It is safe to assume that with the day to day running of your business, you will develop more business management skills.

Multiple streams of Income

With more time to yourself and the freedom to follow your lead, you can decide to explore other areas of interest and create multiple streams of income.

Disadvantages of running a business from home.

In spite of the almost glamorous attraction of Entrepreneurship, there are some disadvantages which must be effectively managed in order to improve the chances of success.

Irregular Income

For some one that had been used to regular pay checks, having to go through some weeks without income could be a huge challenge.

Lack of adequate space

This could arise where work sometimes spills into the home space

Nearness of Family and Friends

The nearness of family and friends could become a distraction if not properly managed.

Lack of Fringe benefits

Fringe benefits like health and dental insurance and paid vacations which were hitherto being enjoyed in paid employment are no longer available.

Friction with neighbors

The type of business you are involved in could create friction with neighbors due to noise pollution and lack of packing space

Health Issues

Staying glued to the computer screen and in a small space may affect health and fitness. So try and create time for exercise and recreation.

CONCLUSION

So as the French would say Voila! There you are! The idea of starting a business at home has become engraved in the mind of people. Every day, people are starting thousands of businesses in their residences all over the world.

Though there are disadvantages in running a business from home, the advantages far outweigh the disadvantages.

Some industry watchers believe that crave for setting up businesses at home is waning and the general trend could be heading downwards.

However, I personally believe that the trend can only continue northwards. Why? Because I see all the indices still pointing positive. The factors that motivate people to set up Home based business are still very much around. There are still massive lay- offs going on in many companies and workers are still feeling short changed by employers.

To crown it all, the technological tools like Computers, Mobile Phones, Printers and the Internet which assist Home Based Business owners to work smarter and achieve more with lesser effort are still evolving.

Therefore I’m of the view that the trend of setting up businesses at home is still on the upward swing.

So, how about you? What do you think? Is the trend moving up or going down.

Let’s have your thoughts.

What Is An Online Business Manager, and Is It Time for You to Hire One?

Are you a successful woman entrepreneur whose multiple 6-figure business feels out of control?

Are you stuck? Overwhelmed? Frustrated?

Ever thought seriously about walking away because you’re so bogged down with business operations that you can’t follow your passion?

If this sounds like you, it’s time to find an online business manager.

What’s an Online Business Manager?

According to Tina Forsyth, the author of Becoming an Online Business Manager, the official definition of an Online Business Manager (OBM) is:

A virtually based support professional who manages online based businesses, including the day-to-day management of projects, operations, team members, and metrics.

An OBM isn’t a virtual assistant who performs tasks. He or she is a professional business manager who runs the company’s daily operations to give the owner energy and time to focus on strategic growth. The OBM gives the owner permission to be the Visionary and serve her clients, plan the company’s growth and future, and use her gifts to their fullest potential.

The OBM keeps all the balls in the air as the Integrator of the business. Gino Wickman and Mark C. Winters first defined the Integrator role in their book, Rocket Fuel: The One Essential Combination that Will Get You More of What You Want from Your Business. The Integrator harmoniously combines the major functions of the business (sales, marketing, operations, and finance), runs the organization, and manages day-to-day issues. This role is literally the glue that holds the people, processes, systems, and strategy of the company together.

The Integrator creates space so the business owner, the Visionary, can fully step into the CEO role and do what she’s called to do-change the world.

Finding an Integrator for your business would take a big load off your mind and off your plate, wouldn’t it?

I help women business owners who need that time and space. For the past eight years, as an Integrator in my clients’ businesses, I’ve had the great honor of making someone else’s vision happen.

You can’t do it all, and you don’t want to.

When you started your business, you had to wear all the hats. You had to be the visionary and the manager. You knew it wasn’t your best fit, but you could do it until the business grew a little and you could hire help.

Soon you hired someone to take care of the tedious work, but you couldn’t let go of much more. You still needed to lead and manage alone. You told your family (and yourself) that wearing both hats wouldn’t last much longer and you could handle it.

Now, your business keeps growing and you spend way too much time managing and not enough time leading and serving. You don’t have enough time to decide where the business is going because you’re trying to keep up with managerial tasks you never wanted.

You started your business to change the world and to have the freedom to enjoy life. At this point, you can’t do either because you can’t get out of that manager role long enough to catch your breath!

Hitting the ceiling is inevitable. Every successful woman entrepreneur I’ve seen comes to the point where she’s exhausted and can go no farther – she can’t continue to manage and grow the business by herself. She needs online business management services so she can move into the CEO position and Visionary role to grow her company.

Transform your business with an OBM

Your business needs a Visionary and an Integrator to be successful, and you can’t be both for long and sustainable growth. As the Visionary, you need an Integrator to implement and drive your vision, and your Integrator needs you to lead the company’s direction and strategize its future.

My specialty is working with multiple 6-figure clients who have hit that growth ceiling. They know they can’t continue being in charge of everything. I’m an Online Business Consultant, Certified Online Business Manager, and most importantly, a diehard Integrator in every sense of the term.

My clients are high-achieving women entrepreneurs who want to change the world, and their visions are huge. They have proven business models that generate multiple 6-figure+ revenues. Their desire to build an empire is inspirational, and they’re ready to turn over the reins of management to a trusted professional who will move the business forward.

Are you ready for your Integrator?

Have you hit the ceiling in creating new growth? Feeling overwhelmed or frustrated with all the “DOING” in your business?

About

Brenda Violette is Founder and CEO of Violette Business Services, a business management company that partners with entrepreneurial woman who have built a multiple six-figure online business and are stuck in their ability to create new revenue with them being the only one in charge of everything! They struggle and lose traction as they are buried in the “DOING” of the business.

Being a seasoned woman business owner herself, Brenda understands the struggles of other women trying to build a viable online business, balance work and a personal life, and contribute to the world through the business.

Brenda is an Online Business Consultant, Certified Online Business Manager, and most importantly, a diehard Integrator in every sense of the term.

Developing A Business Startup Success Strategies That Work

It can be easy to lose sight of the very reasons why you wanted to open your business startup. You can get wrapped up in the day-to-day operations, leaving little time to focus on what makes your business startup standout in the market. Having a strategy in place that allows you to keep you motivated can ensure your business stays on a path of success.

Fall In Love With Your Business

Any business that you invest your heart in soul in should be the great love of your life. You need to nurture it and watch it grow. Having a real passion for what you are doing and the products and services you sell can make your business startup a real labor of love. You should have a real hunger that drives you to do well. Making your business startup idea one that you can stand behind and love to eternity is the first step in achieving success.

If it seems that you are losing that connection with your company and not really feeling the love, take a step back and allow yourself to remember how it all started. This can spark your emotions for your business and allow you to fall back in love with what you are doing. Your passion for your business is often times enough to get you through the challenging times.

Surround Yourself With Good People

From your employees to your professional network, the people that you surround yourself with can have a strong influence on your business startup. These very people can give you new ideas and help educate you on your business’ operations.

Having positive people to lift you up can be a strong motivator and allow you to have someone to bounce thoughts off of when you feel uncertain about a decision. Use your network to gain valuable information and learn from your peers on what mistakes to avoid. They can prove to be a big part of helping you run your business and ensuring it is successful in its endeavors.

Don’t forget your employees; they can be a big part of keeping your focused on your business startup on a daily basis. Good employees will drive your customer service and in turn your revenue. When your employees believe in your business and the vision you have set for it, it makes it that much more important that you deliver now and into the future.

Create A Marketing Strategy

Having a marketing strategy in place to promote your business is necessary to help achieve strong revenues. You should have prepped and planned a strategy that you want to adhere to market your business startup to your customers. It doesn’t have to be a large portion of your budget, but it should include some effort on your part.

Think about where your customers go for their information. Be visible to them and make sure you use every opportunity that is available to you to market your business with both new and existing customers. Try social media, check into local advertising, hold and an event, and use what is available to you to reach your customers and introduce your business’ products and services to the masses.

If you stay aggressive with your marketing plan, you are sure to garner the attention of your current customer base as well as a new group of potential clients. This can bring in more revenue and keep your business startup on a path of success.

Get To Know Your Customers

It is your responsibility as a business startup owner to know everything there is to know about your customers. You should have a strong idea of who they are, what their likes are, and where they are located. When you truly understand your customers, the more effectively you can serve them with your products and services.

While your attention may be turned toward gaining new customers, don’t lose sight of your current clients. They are the bread and butter of your business, and you want to make sure you are not replacing existing customers with new customers at a losing pace. Show your loyal customers how much you appreciate their business. Without them, your business will only see marginal success, and you want to make sure to grow your business startup rather than be stagnate in its approach.

Take Time For You

It may be difficult to imagine, but you need time away from your business startup. You may think that you can’t take time away or that your momentum will crumple without you, but taking a vacation every now and then is one of the best things you can do for your company. When you step away for a moment, you allow yourself the opportunity to recharge and refresh. You’ll be able to see your business in a new light and be surging with motivation when you return.

You’ll be surprised at how much a vacation from your business startup can do for you. You’ll be filled with new ideas and solutions to problems that you previously thought unsolvable. Being able to see your business from a new angle can be just what you need to take it in a new direction, move it forward, or reach to new heights. Your business startup will appreciate the time you took, and you will be ready to take on new challenges with a fury as your drive will be restored and you will feel anew.

Plus, you have good people surrounding you that you can trust to steer the ship when you are away. Rely on your employees and allow them to do what you hired them to do. You’ll be pleasantly pleased with how quick they are to pick up the slack when you are away and the positive results you’ll see upon your return.

Having a strategy in place can ensure your business stays on track and experiences great success now and into the future. It is important to stay focused, think about your customers, and take a break when you need it. By embracing your business startup and trusting in yourself, your business will reach the success that you deserve and have always envisioned.

Juggling Living in the Now and Our Businesses

Does anyone else find this quite a tightrope walk? It can be quite mind boggling!

The Past, Future but rarely Present

The business world at large demands projections, business plans, analysis of data and constant checking of figures – which area of our business should we concentrate on next, which country should we try to conquer next? A full time job in itself if we don’t have people to help us out!

All of the above serve to keep us in either the past or the future. The present moment is fleeting and reflects what we have been doing in the past anyway – so why spend so much time analysing it? Surely, by looking at the present moment and where we are – not just in business, but in our lives – we have a pretty accurate yardstick of how we have been creating our lives to date.

Business is a Serious Business

Most businesses are run with the aim of making money – yes, I know – I’m stating the obvious! However, isn’t it just this factor that takes the joy out of many businesses? A bit like a person who loves amateur dramatics, but when they decide to transfer over to the professional stage the joy dissipates because now their lifestyle depends on their success. There is a mantle of seriousness which now envelopes them and, except for a fortunate few, it’s not fun anymore, but business.

This very seriousness is what ties people up in knots, makes them tense, stressed and out of touch with their intuition and guidance. There is too much fear of failure and thoughts of not having enough money to support themselves, needing to go back into work that they hate doing just to make ends meet and even the fear of people telling them ‘I told you so!’

There are many layers to starting our own business. It’s about making ourselves vulnerable because we can ultimately be rejected by the world and nobody wants what we have to offer. The ultimate rejection! It takes courage to take that leap of faith.

We have to be Passionate

Loving what we do is really the only way to have any chance of a successful business, and I’m not just talking about money. I’m sure all of us have had dealings with businesses which have been run delightfully – restaurants that serve the most delicious food for example. Then one day we visit our favourite restaurant and the food isn’t quite as good, the service isn’t quite as personal and, on enquiry, we find that the restaurant has changed hands. The passion and energy of the person/people that started it has gone and, unless the restaurant is taken over by people with equal passion, the customers are going to feel the difference. Is there ever the same level of passion shown for a business which is already a running concern versus one that has been built from scratch with blood, sweat and tears? I don’t know, but I doubt it.

It is our energy which runs our business. We can have unlimited funds to throw at it, but unless we have passion for what we do that money is going to go down the drain, as potential customers will sense that we aren’t in business for the love of it, but purely as a way of making as much money as we can, in as short a time as possible. We won’t show up as people that they can trust!

Getting Things into Perspective

I think that it is imperative to focus on the present moment to stay sane in business. We can easily be forever looking at next month, next year or 5 years hence as to what our business should have achieved by then – along with that is all the pressure of trying to make that imaginary path an actual reality. If we have started a business with borrowed money, we also have the stress of having to report in on our successes or failures to meet financial deadlines. Our stress levels rise exponentially if we are in that situation!

The same as an artist will create a work of art or a piece of music, putting their heart and soul into it, and then tentatively release it into the world in the hope that someone out there will grasp its essence and understand what was in their heart at the time of composition. That is what it is like with our businesses – we put our hearts and souls into them and then hope that somebody, anybody, out there ‘gets it’ and will join us on our journey.

Ultimately, there are no guarantees that our businesses will be financially successful, but we can guarantee that they are emotionally successful on a day to day basis through following our intuition and doing what we love in each and every moment. Using this method will probably mean that projections fly out the window, as we can be lead down an entirely different path and our business could serve completely another purpose to the one we had originally envisaged. We could also be lead to change to another business, or travel another path – who knows. Life is full of surprises!

My point is that when we focus on the future and the money we feel we need to make (sometimes just for worldly validation), we often distance ourselves from the heart of our business, and the reason why we started it. Fear is what we feel when we imagine that we won’t make self-imposed deadlines – again, it’s often all about the money! Then our business suddenly becomes this massive thing which takes over all of our life, and we start to see it as the means of our ultimate glory or destruction – we see our whole lives depending on its success. Then the tables are turned – instead of us being the owner of our business, our business becomes the owner of our life!

I know people who don’t run their own businesses who are working jobs that they absolutely hate, but they fear leaving or losing those jobs because they have tied their whole existence to them. They don’t have enough faith in the Universe to provide for their needs, and transfer the power of the Universe to the company they are working for – making it the be all and end all! If they could just step away from their fears of destitution and homelessness, they would see that the company is merely a tool for the Universe to provide for their needs, and that they can change that and create a much more pleasant and worthwhile experience for themselves.

Similarly, if we can view our business as a tool the Universe has given us to either provide for our material needs and/or our emotional needs, that will help us to lighten up and enjoy the experience. However, if we see our business as our only means of survival, then it’s like having a partner that we rely on to supply every aspect of our happiness! It just doesn’t happen!

Conclusion

I believe that each of us has a unique path to follow and that we are only shown one step of that path at a time. The journey unfolds as we take the next step, and our mind-set and emotions are the keys to our final destination. If we move forward with joy and anticipation, then we find that in every moment. If we move forward with fear and trepidation, we similarly find that in every moment. We can choose to be a creator or a victim – the choice is ours. The good news is that we can change direction at any time – by living in the present moment and being grateful for what we have at that specific time. The more grateful we are, the more things we receive to make us even more grateful. I’m not saying anything new – a lot of people are talking about this and have been for many years. The thing is – it works!

There is more talk now than ever about moving to a world without money – much to the dismay of the people who own all the money I’m sure! I feel that this would bring real freedom of expression and enable each of us to live in the way we dream of. For some that is an affluent lifestyle, for others it’s a tiny home deep in a forest, or by the sea.

I have manifested many things in my life without the use of money – some just appeared out of the blue as the result of a wish, and others I acquired through barter – a reading swapped for a crystal for instance. I plug in directly to the Universe and trust it to supply all my needs. I then relax and enjoy my life on a day to day basis – I don’t look too far ahead in a focused manner, though I do like to day dream about the direction I would like to travel in. I do this with a light touch and lack of attachment, so if my life takes a different turn then it’s no big deal. This enables me to relegate my business to a comfortable part of my life – if it becomes a roaring success then that’s great, but if it doesn’t that is also okay, because the Universe will provide for my needs in another, often mysterious and unexpected, way. Ultimately, I am looked after whichever way it turns out and the upside is that I can really enjoy working within my business and fulfilling my mental and emotional needs, without the pressure of being attached to financial goals.

People will either like what I am offering or not – there is no way that I can control that and I’m not going to change what I do or who I am in order to attract a larger audience. I can only be who I am and do what makes me happy – I refuse to live my life compromising or changing myself to suit others. That is not the route to a happy and authentic life! I do know that the people who are meant to join me on my journey will find me, or I will find them. Of that I have no doubt. It’s the Law of Attraction!

Sue is the Founder of Soulfully Connecting. The idea behind Soulfully Connecting is to demonstrate that there are other ways of living which can heal the earth, the animal kingdom and ourselves. She is passionate about people having freedom of choice, which is only possible when they know about all the options.

Small Business Should Invest in Big Data and Analytics

Big data refers to huge volumes of structured and unstructured data; however, processing such massive volumes of data via traditional data management tools is inefficient and impossible. To understand big data you have to realize the devices that are collecting it today e.g. bar code scanners, mobile cameras, CCTV cameras, motion sensors, smoke alarms, web analytical tools, CRMs, etc. From the examples, you can see that these devices collect a vast array of data types hence the structured and unstructured part in the definition. The sheer velocity at which the data is being produced cannot be controlled and processed using traditional methods and tools.

However, the use of big data and incorporation of big data analytical technology gives businesses the competitive edge over their competitors.

Big Data and Small Businesses

It is only a thing of the past when terms like big data and business intelligence were associated with large enterprises only. Today, small businesses have to leverage the data they are collecting in order to remain a part of the competition. For years, cost has remained the main reason why small businesses did not adopt big data analytical technologies, but this has changed now. There are budget-friendly tools available for small businesses to take advantage of the data they are collecting today. According to some experts, small businesses can take better advantage of big data since they are able to make the necessary changes far more quickly than large enterprises i.e. real-time response to insights from available data.

According to an IDG study in 2016, 78% of the large enterprises agree that big data strategy has the power to change how businesses have always operated. This shows the acceptance of big data technology and strategies for large enterprises and strengthens the fact that small businesses could become irrelevant if they did not adopt the same strategies.

Benefits of Large Data Analytics

Large Data and Big Companies, a report by IIA Director of Research, Tom Davenport, reveals that businesses are benefitting greatly from big data analytics especially in improving their products, making business decisions faster and reducing costs. Here are some ways small businesses can benefit from big data.

• Cost Savings

The upfront cost of implementing large data tools and strategies is high undoubtedly, but the long term benefits of doing so are matchless. The healthcare industry is a great example of how the use of large data can help businesses reduce their costs regardless of their size. Using predictive analytics, Medicare and Medicaid Services forestalled more than $210 million fraud in healthcare with just 2 years of utilizing the aforementioned technology.

In addition to preventing frauds, small businesses can also reduce their costs by steering clear of creating more inventory than needed, including better partners in the supply chain, etc.

• Improved Decision Making

This is the biggest benefit of large data. It allows businesses to expedite decision making by processing the data fast and giving insights in timely manner. In the past, business decisions were reserved for future strategies in the light of available data and the trends that were observed in it. The amount of data that businesses are sitting on today is huge and thus more powerful insights are to be gained from it.

This vast amount of data requires the use of modern big data hardware technologies. Once both the things are in place for a business, they can understand customers better, create products that are a closer reflection of what customers want and develop a brand based on most reverenced values.

• Impenetrable Security

Businesses are more focused today on using large data to improve their core capabilities, but less attended to a more serious concerns i.e. cyber threats and security breaches. Almost every small, medium and large business is connected to the internet today. Moreover, the Internet of Things has broadened the attackable security surface for businesses making it easier for cyber criminals to attack networks and penetrate company databases.

The biggest concern for modern businesses is that they have to “respond” to cyber attacks that have already occurred rather than being able to prevent them from occurring. The use of big data and big data analytical tools can be a game changer in this area allowing businesses to prevent any security attacks way before they are executed.

Key Technologies Helping Businesses Make the Best of Big Data

As a small business, you will have to familiarize with various technologies that help you store, analyze and take action on big data. Here are some important ones:

• Hadoop

It’s a framework supporting the storing of large amounts of data using an open-source approach. Once data is stored, Hadoop enables the use of a variety of applications using “clustered hardware” at its base. Due to the cluster of commodity hardware, it becomes possible and easy for businesses to process big data despite its increasing volume.

• Data Mining

This is the technology that enables business owners to capture insights, patterns and trends from big data that otherwise cannot be obtained with a traditional approach. Data mining is what allows you to jump in a large sea of structured and unstructured data, make sense of it all and produce analytical insights that help businesses with real-time and future decisions.

• Predictive Analytics

Predictive analytics walk side by side with data mining. Artificial is at the heart of predictive analytics, enabling business owners to adjust their present strategies by giving predictions about what will transpire for the business based on existing data.

• Text Analysis and Mining

One huge concern for modern business is to analyze the noise on various web platforms such as forums, blogs, social networks, etc. to understand what customers expect from a particular brand. Finding out about brand mentions and understanding customer’s impression of your brand can help you readjust your marketing approach to gain customer loyalty. Text mining helps small to large sized businesses go through text data from emails, blog posts, social networks, etc. and hear customers “voice”.

Small Business Owners: The Building Blocks to Increase Profits

The foundational building blocks of every business are Processes (procedures/policy), People (employees), Customers and Resources (ideas/capital). Leaders, who strengthen and understand each of these blocks, build their business. Those who weaken or neglect these building blocks, find themselves with declines in both their top and bottom lines.

Believe it or not, organizations can sometimes forget that creating and delivering top quality products and providing excellent services is their main objective. Organizations keep ineffective processes in effect because it is comfortable, safe and familiar. Leaders must regularly set aside time to define and redefine their processes, track defects and poor service, and make improvements to solidify these (5) major building blocks.

Owner Mindset

You’ve got to make the mental shift from running your businesses as a self-employed job/good employee to building a business you can one day sell, scale or own passively to fund your retirement.

This means consistently reminding yourself that you are just a temporary producer, and that your business must eventually replace you from its day to day operations.

Be Clear in Your Mission

There’s a reason you started a business and left your job (or didn’t try to find a new one). Why are you doing this? Keep in mind that your personal mission and your company’s mission can be different, as long as they’re aligned and can co-exist. You did the mission statement in the business plan and it’s on the bookshelf collecting dust.

Network and Get a Mentor

Get a business advisor or coach. It doesn’t have to be someone professional, just someone who can share experiences to bounce ideas off of and tell you when you are losing teams, money and the mindset.

Get your Business off the Road to Nowhere

When the money gets tight and the momentum fades, you are left with day to day work of the business, this is when you learn how to make your business run. It can become grinding because sales are slow and you are learning how the business actually operates, to acquire customers, market products, understand how changing processes and products affect your financials, and every idea you have does not automatically work as you envision it to increase profits.

At some point while running a business, your likely to experience that burned out or uninspired feeling. Work-life balance is important; there is a truth, in working hard and playing hard to unwind. Reading a daily devotion and taking a daily 30 minute walk can assist in relaxing the mind, etc.

Customer

Customer acquisition is expensive in order to acquire new customers, companies must effectively target, market to and convince customers to try their product or service.

Many business owners do not take time to figure out who is their target customer. What are their target customers’ likes, dislikes, needs and wants? Which types of media do they consume? What is the cheapest way to reach them? How much is the target customer willing to pay for their products or services? Where and how should we sell our products?

Remember, it is cheaper to keep a customer than it is to acquire new ones.

Master the Art of Engagement

Being engaging is important in every part of your business, whether its communicating through email marketing, social media, blogs, videos and other commercial formats

Grab social Media Attention

Social media marketing plan should include Instagram, Facebook, Twitter and the company website to communicate with your customer. Use the same theme, pictures (banner pages) and similar products.

Understand importance of Business Logos

It is the first thing potential customers will notice about your brand, make sure it is presentable, professional and polished. Make sure the Logo connects with your customer needs and wants.

Create an experience for your Brand

Create fun and informative environment to solve your customer problems

The Right Clients are more Important than the Most clients

Most business strategy is get the cash in the door by any means necessary to get most clients in the door. Problem is you achieve all of this at the expense of quality, profit and sanity. The right clients will allow your company to do better work, build a better reputation, generate more profits and retain better employees.

Focus on Your Goal, Objectives, Theme but most of all Profitability

Don’t try to be all things to all customers. Specialize in solving your ‘target audience’ problems and have fun doing it. Even the largest companies do their best when they focus on keeping the ‘main thing the main thing’.

Operations

Processes

Are the actions and applications that executives and teams put in place to achieve desired results.

Leaders need to take a step back to review their processes-individually or in a cross-functional groupings— to eliminate inefficiencies and optimize performance, annually or as the market changes.

Systems

Systems are the reliable processes and procedures that empower your business to consistently produce an excellent result for your client and profitability for you.

Documenting automated processes can increase your company’s efficiency and reduce costly mistakes; the checklists your employees follow to ensure that all orders are shipped correctly; the orientation process for all new clients when you begin working together; and the standardized contracts you use with all your new hires and vendors.

Controls/Standards

Controls are the processes, procedures and safeguards that protect your company form uninformed or inappropriate decisions or actions by any team member. They also are your business’s way of making sure that key work is getting done on time and the right way.

There are (4) main types of business controls:

Checklists/Visual Business Process Controls
Scorecards/ Business Performance Measurements Metrics by Function (KPI)
Embedded Internal Quality Controls— product/process quality checks
Policy and Procedures— written/measured

Scalable Solutions

Systems(using excel and quickbooks), Processes and Procedures that worked for a $1million dollar a year business, are not sufficient for $10 million dollar business or a $25 million dollar business.

Scaling your business requires building it in such a way that your business model and systems can be rolled out and replicated on a much bigger playing field, based on increased product ordered/processed sales volume.

Example, choosing a database solution or a 3rd party fulfillment should be based on actual growth rates, not potential or forecasted projected sales.

Financials

Cash flow and Financial Statements are your ‘life line’.

Learn how you are making and losing money. Understand profit and loss statements and what processes and procedures link to improving the ‘profits’ of your business.

Resources

The company’s financial wherewithal additionally, the measurement tools necessary to manage and track finances and assets. Do you have the knowledge, competencies and skills necessary to use those tools to increase your profits?

Small and mid-size businesses must master the ability to manage their working capital and cash flow. Every company has access to profit and loss, balance sheet and cash flow statements. Management is either using accounting software or someone is preparing the reports for management.

How well does senior management understand the company’s financials and it correlation to their strategy? Do these managers understand which parts of the company need investment, where cuts can be made on why?

Managers must take the time to learn the relationships and interdependencies between their tools and the reports they use to maximize their resources.

Teamwork makes DreamWorks

You can’t do it by yourself. It is critical to ensure that your business doesn’t rely on the presence of any one individual.

Even Steve Jobs and Bill Gates, needed a great team to help them execute, deliver and do everything behind the scenes to deliver their vision to customers.

Surround yourself with the best people you can find. Hire people who are smarter than you, then step back and let them do their jobs. Remember championships are won by teams, not athletes. Employees are hired either to increase revenue or to decrease expenses in order to improve profits, no other reason.

People

People are not your greatest asset; the right people are. The wrong people are your greatest catastrophe. Mediocre people are your greatest drain on resources.

Leaders must strive to create learning organizations where the organization is always pushing to improve. A organization where employees feel valued and are contributing according to their abilities.

Effective management will create an organization where personal growth is expected and rewarded and employees are both challenged and satisfied.

Employees who are motivated by the company’s vision and mission will produce profitability, but frustrated employees will lead to losses.