Posts Tagged ‘Business Owner’

When there the time comes to build the strong base of a child, mostly schools prefer three Rs so that children would be able to make their career strong in future. Same is the case with business networking. In order to attract the customers and clients, you need to learn four Rs which are also called Relationship, Resources, Reputation and Referrals. It’s very important to know their important if you want to get the beneficiary results out of your business networking strategies. We are living in a very tough area where survival of any business is becoming tougher. No matters it’s a small business or large business, every business owner has to build those types of tactics which can help to achieve their specific goals.

But try to pick these four Rs first and for this purpose, you need to know about the importance of these four Rs. First one is Relationships. Being a typical businessman, you will never want to go there where there are minor chances to gather around the response and reasons for sales. Same is the case with business networking too. If you are really serious about building good relationships then it’s important to know that what does exactly the meaning of relationships and how to get the attention of your clients and partners to make better relations. Once you have developed desirable relationship with your specific target market then other three Rs will successfully come into your pocket.

If you invest millions of dollars in your business and still people don’t know about you then it’s useless to invest like this. No one will want to make important deals with you because they don’t trust you and don’t recognize you well. The first and prior thing of your aim is having good reputation among your business community. Once you are successful to obtain the reputation soon you will be aware of this reality that you are now not all alone. Your well reputed image will help you to make high profits and this is just because of having business networking. The more you will mix up inside the networks the more you will be able to boost up your profits so try to enhance your reputation.

May be some people would think that they can collect the information alone and can get the powerful contacts immediately. But sometimes this type of information doesn’t worth your cost and for this purpose you need to have efficient strategy which can provide you desirable information from different resources. In this manner, you should take the help of networking which is the best resource for providing you valuable information. Once you have built your trust and reputation, you can obtain different contacts and beneficiary links out of business networking which would provide utmost success to your business.

There are some networkers who are very efficient to build thousands of active networks in superb manner. If you have developed your relationships with these networkers then you are not far away from your success. They can provide you contacts of up to 50,000 people which is a very big number but can provide you referrals of them for the success of your business. It is possible in one situation, if you are having good relationships with these networkers. After this, no one can stop you from winning whole battlefield. Implement these four Rs as quick as possible in order to have good reputation among business networks through which there are chances that you would become the successful role model for some other companies.

Running a small business is not all highs. When a business manager learns this they have overcome one of the hardest obstacles they ever will face.

Just today I talked to a Community manager. His webhost went down under the burden of his system. Yesterday he was in business, today he was completely out of business. It was as sudden as a restaurant having a fire in the kitchen. He contacted a problem solver/systems analyst in his network instantly.

They started the process of bringing the site online, but this man fumed and panicked the entire afternoon. He didn’t learn the truth behind the statement ‘if it was easy then everyone would do it.’

It is not easy to run a business. There are highs and there are lows. Every day can throw twists that need to be overcome. An advertising campaign may not produce the revenues needed. A new website may not be receiving the levels of targeted hits needed to produce the expected income. The shopping cart may be so difficult to use that consumers abandon the site.

The first response most business owners make is panicking and then reacting in fear. When people are afraid they do one thing – nothing. This is common in the business world. When a business starts to go under, the average business owner will adopt a ‘wait and see’ attitude.

By the time the business owner does take action it will be too late. They will either be out of time or out of money. The business owner in the above example did the right thing. He reacted in fear, but instead of sitting back and waiting, or wasting time trying to solve the problem, he found someone with a level head to coach him through the problem.

Emergencies will always happen. The first step to problem solving is to create a plan of attack before something goes wrong. Never wait until a problem hits before creating an emergency plan. This plan should include an emergency fund incase the only way out of the problem is spending cash.

In the same way a family saves three months bill payments to carry them through a hard time, a business should hold money in reserve to carry them through hard times.

A word of warning – never borrow money to handle an emergency. Of course, it is unrealistic to believe that you will be able to avoid this problem. However, the warning should not be ignored. Almost 100% of all emergencies are caused by problems that do not generate income. Borrowing money for situations and items that do not generate income is one of the biggest small-business blunders.

The best way to keep a business on track is to avoid problems. There are millions of blog and forum comments and replies that discuss how they lost everything because of one minor problem. I personally know two ecommerce businesses that went under because the business owners did not back up both their server and their PC.

There is no reason to lose the data on a PC with services like Mozy.com that costs $4.50 a month. However, I know three freelancers who lost up to one month’s work because they never backed up their computer ‘off site’ daily. One had to pay a data forensic technician $1200 to save on month’s work from a corrupted hard drive.

Another had a top ranked website. This ecommerce business trusted the web host’s back up service. However, when the web host closed business, over night, without warning, then the business owner lost everything. This was not necessary. Anyone can learn how to put a back up copy of their website onto their computer. It is as easy as writing an email.

Both of these businesses went under because the business owner didn’t employ a strategy to avoid all possible emergencies.

There are some problems that are beyond the business owner’s capacity to control. In late 2007 YouTube.com went down for a few days. A training company with their ‘lectures’ on Youtube was stalled for the duration. They did have a back up plan. When the lectures went down, the ‘alt’ tags revealed where users could find PDF transcripts of the lectures.

Do you have a Business Plan? Congratulations, but you are in a small minority. And if you have a plan, is it integral to your business, and instrumental to its growth? If the answer to this question is yes, then you need to read no further. However, most business owners who actually go to the trouble to write a business plan have left it languishing on their bottom shelf, gathering dust! This is the dirty little secret of business consultants.

Most business consultants are only interested in selling their time or their ‘Business Plan in a Box’ but knows that for a business plan to be useful, it has to be part of a Business Management System. But this is a much harder proposition for the consultant to sell, particularly to small business owners who are just looking for a quick fix. So most consultants just sell a quick fix solution- a business plan that they know will, within months, end up on the bottom shelf. Once owners have prepared their “fill in the blanks” plan, they expect it to transform their business overnight just by its mere existence. And because this does not happen, they never look at it again.

Business Plans do work, but you have to make them work. It is not a one-off exercise. If you buy a ‘Business Plan in a Box’, you need to understand that you are responsible for maintaining the plan. You also need to satisfy yourself that the product you buy is not just a fill in the blanks product. These plans always end up on the bottom shelf. They don’t show you how to do your strategic analysis (which is never a fill in the blanks exercise- no matter what someone tells you).

Business Planning is a real soul searching exercise for the business owner. You have to be brutally honest with yourself. Even if you prepare your plan yourself (without a coach), get someone else involved to keep you honest! Looking at examples of what others have done can help, but your business will have different strengths and weaknesses and will operate in a different marketplace. And lastly, make sure any off-the-shelf product you choose will show you how to implement your plan into your business.

When you use a consultant, insist that they show you how the plan should be implemented into your business process. And have the consultant give you at least one review of your performance against your plan six months after the plan has been delivered. While this will cost you extra, this will ensure that your plan does not end up on the bottom shelf- because you know you will be held to account!

Business Planning is not an easy process. It takes time and commitment. You don’t just do it once. This is not what business owners want to hear, and what most consultants won’t tell you, because it might cost them a sale. But the rewards from a well implemented business plan are worth many times your investment.

I always ask my clients and people I come across in life that are in business, why? What motivates you to want to be under all that stress of running a business? What’s your motivation for you entering into this world of business? I find all kinds of answers both great and puzzling. I get the opportunity to understand people better and how and what motivates them, could it be for some financial freedom, or for some the opportunity to be part of something and the most common answer I hear is I don’t want to work for someone else. What a great answer for all of them as I look back and engage in conversation with them. I get the opportunity to travel a lot and speak at seminars across the country and meet all different walks of life. What a true blessing. There are so many people and business owners out there we will never have the chance to meet and I feel honored every time I get that chance to talk it up with someone I have never meet.

I want to talk in this article about what it means for us to be in business, what’ in it for you. You need to ask yourself some of these key questions before entering business, why are you doing this? What is the driving motivation for you to start a business, how you have some sort of tragic episode in your life that you just decided to throw in the towel on your 9-5 and become part this movement in our country that seems to be sweeping the nation. You know there were more millionaires made during the great depression than an other time in history, unbelievable, not quite, people were able to have the Forsyth to see the opportunity and seize the moment. Become one of those individuals and business owners. Take advantage of the movement that is out there now. Now I’m not saying take advantage of people but in every down time there is a great chance for us business owners to see and identify the need for people to try something new. In every time in history when things were bad people saw that as an opportunity to change things around. We need to understand what’s in it for us, what it that drives you is, that opens your mind to be able to see the chance to use the resources we have around us.

I notice talking to business owners when things are down and out, and believe me as we all know the economy is bad for some and people are losing their jobs they have had for 20+ years and losing their stocks, leveraging everything they have and just getting stuck in that downward spiral that the world wants us to believe exists. Why not turn it around, look at the opportunities that are now even more available more than ever! They are out there. Go green, do something, use your God giving talents and brains that you have been giving and use them to your advantage to turn things around, again what’s really in it for you as a business owner. Are you in it to change people’s lives or just genuinely love to help people or most importantly are you the owner looking for that next chance to take the risk it takes to become great and become successful? Ask yourself why?

I know I got into business because I saw the chance to seize the opportunity to take something bad (economy) and use it to my advantage to help people understand that there is a chance, its not as bad as people or the news make it out to believe. Did you know that 80% of the American population actually pay their bills on time, but we see on the news that they make it sound like it’s the majority that don’t. Let me give you one example of the housing market crisis, most of your banks wont even talk to you as a home owner until you have defaulted on your home or paid you bills late and then all of a sudden they want to help, but by then its too late! How many of us fall into that category? How many of us truly just want to succeed and be safe for our families and our own stability in life. Business and life sure is unique and as we all know if it was as easy as we would like it to be everyone would be doing business right, so remember be unique find out your true why and maximize your ability to separate yourself from the “herd” of people that think they can and the business owners that know they can. I will leave you with this thought: I had a dream one night of opening a business and for years I had the same dream as if it were real. One night while dreaming I actually saw the business going forward and then saw the end result of it making it and succeeding. The point being, dream it, live it and do it! Thanks for all your reads and remember as they change we change! Take care hope to see you in the winners circle!

Hazen Martin www.entreprenuerhub.com hazenmartin2003@yahoo.com

Everyone arrives at a website that has management education information. Some help manage businesses. Some teach small business owners how to succeed. Others are communities. At first the new business owner passes these by. The day will come when all business owners stop and consider joining one of these groups. Unfortunately, if that day doesn’t come, the business owner statistically reduces their chances of success.

Management education is the key to small business success. But, according to some statistics only 36 per cent of small business owners take any professional development advice, courses, or read books. This could explain why most small businesses will go under in the first five years.

Too many small businesses are poorly funded with insufficient working capital to allow stable, controllable growth. The business owner’s lack of education and development leave them unable to manage their time and money effectively.

Compare this to large companies where all managers typically receive professional development training on a quarterly or yearly basis. In fact, many large corporations now run their own ‘in house’ Internet based schools. The correlation between education and success has been proven time and again.

Not all types of education are equal. Not all training venues are equal.

Where To Seek Advice

The net is a viable source of free information. Some good, most bad. The best rule of thumb is to follow the success rates. Find a website that offers advice. Then, check them out. Do they own a company? Are there employees? Can you find a business location? Phone the company, ask a few questions.

Do you really want to take advice from a business that has not reached a level of success where they need office space, staff, or even a business phone? The next step is to Google the guru’s and company’s name. You want to see hundreds of references to that company, proving that they are successful and respected by other people in the industry.

Types of Education

There are several types of business management education the small business owner needs.

BUSINESS MANAGEMENT skills are needed to learn how to increase productivity, manage time, keep projects on track, and understand business law. A business manager can take this type of education free on the net, by reading books, and by hiring a life coach.

College courses will probably not afford the information needed by buying a ‘get started’ or ‘how we succeeded’ package from a proven success.

CRISIS MANAGEMENT is an art more than a science. All business owners need to take crisis management courses. The confidence that you can handle an emergency effectively and efficiently is often enough to help the business owner ride out the most traumatic down turn, or devastating situation.

PROJECT MANAGEMENT is the ability to bring together all types of people, and resources. The objective is to create a time table, and a budget, that includes contingencies for emergencies and problems. The objective is to make sure that projects are finished before their deadlines.

ACCOUNTING is vital, even if the business owner never plans to take charge of their own bookkeeping. Millions of business owners have been robbed, and even ended up in jail for tax fraud, because they could not read a general journal.

No one can create effective cash flow charts and projections without first understanding how to manage a set of books. A small business owner may use one of the bookkeeping programs that ‘does it all.’ However, without a basic understanding of accounting procedures the numbers mean nothing.

Learning the basics of accounting will help the business owner translate their balance sheet into a business building, success creating, management tool.

COMMUNICATION STYLES teaches business managers how to get their point across without causing problems. Most clients are lost by someone who does not understand the basic concept of ‘communication styles.’

MARKETING can be the most confusing, and yet most powerful tool in a business owner’s arsenal. It is the one thing that will help them know the difference between an opportunity and a scam. Without a basic understanding of the concepts of marketing, it will be almost impossible to start a business without buying a ‘get started’ or ‘how to succeed’ kit from a business management success and mentor.

Introduction
Thousands and thousands of people a day are starting up businesses. Sorry to say, most don’t know exactly how to do it. They may be experts on the specific products or services that they can perform, but may lack marketing experience. They find out quickly that by simply hanging up a sign, the customers will come. This is where you come in. You can teach them how. Running a business coaching service is not only an exciting opportunity, but it has the potential to bring in large profits.

Who wants your services?
If you’re interested in starting a business coaching service, you will wonder about how you’ll make a profit and where will your clients come. How you will get them? By marketing and targeting the individuals who can benefit from your services. So who are they?

New business owners
Most new business owners take time to create their empire. They brainstorm and develop a plan, secure financing, and get to work. This is how small businesses should get started, but many do not take this route. Some individuals get an idea in their head to start a business and make money; they run with it. Action is key, but so is careful planning. Acting without first thinking of a solid plan is one of the reasons why many new small to medium sized businesses fail. You, as a business coach, can stop that from happening.

Not all new business owners realize the importance of proper training and education. Some mistakenly believe they can do anything themselves. These individuals may need a little push. Lead them to your website or deliver free promotional material highlighting your services. Also, show how they can translate into profits. For example, stress the importance of marketing. Both online and storefront businesses need a solid marketing plan. No one will buy products or pay for services if they don’t know they exist. If speaking directly with a new business owner, ask about their marketing plan. If they do not have one or have a poor thought out plan, stress the dangers and risks of heading down the wrong path.

Business owners not seeing profits
As previously stated, some new small to medium sized business owners do not understand the importance of seeking help. Most believe they can handle all responsibilities on their own. You can use persuasion and proof to change their minds, but still some will not budge. That is why you should not only target new business owners, but businesses in distress. Start with your local community. Have you heard ramblings that a small mom and pop store is about to go under due to increased competition and poor sales? Make your move!

Business owners who aren’t seeing profits, already have a business plan in place. That may be a good plan that just needs a little bit of tweaking. Since the business is already established, you should focus on sales, marketing, and lowering operating costs. When soliciting business from struggling companies, have a set plan in place. Have a step-by-step guide available to show potential clients why you can help and how you will.

Stay-at-home parents looking for a way to increase income
Perform a standard internet search with the phrases “working from home,” “work-at-home moms,” or “work-at-home parents.” You will find online message boards where parents are looking for information on how to make money from home. Some of these individuals just want a job that allows them to work from home, but others are interested in starting their own business. This is another group that is considered your targeted market.

When working with stay-at-home parents, it is important to focus on the business aspect. The internet is filled with online job scams. Most parents can benefit from starting their own business, as opposed to working for someone else. It also provides parents with more freedom and flexibility. Not only can you provide setup, marketing, and sales help to these individuals, but you can feed them ideas. Essentially, you aren’t just a business coach, but a moneymaking coach. Does a stay-at-home dad express his interest in woodworking? Suggest profiting from that passion by creating natural wood decor or toys to sell. If they like the idea, help them turn it into a reality.

Anyone with the dream of starting their own business
As previously stated, you can do more than just help small to medium sized business owners increase their profits. You can also encourage people to follow their passion and profit from it. This does involve more work, as you help someone get their small business off the ground, but it expands your reach. Not only do you have experience coaching small to medium sized business owners, but you now have experience with business setup.

People suffering economic conditions
Real estate during the last 18 months has taken a bath. Homes have dropped in value between 25%-40%. The days of relying on your home equity are over. Your 401k has now become your 201k! Most have fallen upwards of 50%. There are many who were eying retirement in less than 6-10 years and now figure having to work an additional 6-10 just to get to the point they were planning on. Starting a business of their own can help fill the gap left by the economy’s downturn. There are those who would jump at the chance to go into business themselves if they only knew how. That’s where you could come in.

Summary
Your experience and overall business knowledge is the answer to many new and existing businesses. You need to be able to translate the services you provide into advantages a business can tangibly see. By following your business plan this should be easily done and you will have a world of businesses who need your services.

What are the differences between business credit cards and charge cards? Why should small business owners use a business credit card in handling their expenses? This article should give the basic idea about charge cards and credit cards for business.

Charge cards
Charge cards can also be considered as department store cards or gas station cards. These are credit cards are used only in selected establishments. Thus, instead of paying cash, the cardholder can simply charge purchases to his credit card. At the end of month, the cardholder is expected to pay all his charges completely in order to keep his card active.

Credit cards for Business
As the name suggests, business credit cards are especially offered for small business owners or entrepreneurs. Just like standard credit cards, business credit cards can be used anywhere for purchase.

A billing statement will be sent to the business credit cardholder each month. The entrepreneur may choose to pay all his charges in full or to pay only the minimum due and carry over the rest of his balance for the next billing cycle.

Aside from the monthly billing statements, business credit card companies also send quarterly or yearly account summaries to help the business owner monitor all expenses made for the past quarter or year.

Charge Cards and Business Credit Cards
Both charge cards and business credit cards can be used build business credit. As long as the credit card issuer reports your payments to the business credit bureaus, you can build your business credit history with the use of these cards.

Which ONE Is Better?
So which one is the better credit card? For those who need to build business credit but is also on a limited budget, a charge card is a good choice because balances can be paid off on a monthly basis.

However, for those who need larger credit limit to finance their business, a business credit card offers more flexibility and more options. For instance, if you need to purchase expensive equipment, charging this to your business credit card and paying for it installments will give you the chance to finance your assets without spending a large amount of cash.

Another advantage of using a business credit card is the chance to participate in its reward programs. Since entrepreneurs often spend a lot on business needs, it is so much easier to collect points and earn rewards.

Buying an existing small Canadian business for sale can be a great decision towards achieving your financial independence and pursuing a passion you may have.  It is not for everyone though – there are risks involved that you must address.  Buying a small business requires capital, time, hard work and the ability to handle some moderate risk.  Please use care regarding the Canadian business for sale you are interested in – consider if purchasing the business is the right decision for you.  That being said, this article lists some of the more common reasons that people decide to buy a small business.

Customers. When you buy an existing Canadian business for sale there are typically existing customers already in place.  Many times start-up ventures fail for the simple reason that after the initial investment and work to get the business started that customers don’t arrive for quite some time (or not at all).  Having an existing customer base with an existing business is a major reason to buy an established Canadian business for sale.

Company reputation. When you start a company from the ground floor there is no existing reputation.  As a business owner in this scenario, you must work on building up your business’s reputation.  With an existing small business, there is usually an established business relationship existing in the marketplace.  Be careful to only buy a business for sale that has a good reputation!
Trained employees.  An established company will usually have staff in place that know their jobs and are fully trained.  Use caution and diligence when you buy a business to be reasonably sure that the staff will remain in place after the sale.  Mitigate any risks you think might be a factor.

Vendors are in place. Having good vendor relationships are crucial to the success of many small businesses.   When you consider buying an existing business for sale you may find that these critical relationships are already setup and the work to set these up has been done.  Confirm this during the due diligence process.

Operating systems are established. Starting up a new venture requires some trial and error with respect to the operations and usually involves some work in getting the ‘bugs’ out.  When you buy an established Canadian business for sale then there is a strong chance that most or all of the operational ‘bugs’ are already worked out of the system.

Well known existing location. Buying a small business that has been in operation for many years out of the same location has significant benefits.  Example – buying retail clothing score in a well-known Toronto or Hamilton, Ontario location that is recognized as a ‘destination’ spot to buy clothes has significant value to a business buyer. 

Cashflow. Buying a business with existing sales volume means cashflow on day one of owning the business.  Cashflow is the key to any business success so this is certainly a key benefit to buying an established company.

When you buy a Canadian business for sale it is important to recognize the clear benefits that come from acquiring an existing operation.  Please use caution and do a thorough due diligence before you sign on the dotted line.  Working with business brokers is a wise decision and you should always consult with a lawyer and accountant before you buy a small business.

Unsecured Business Loans are monetary loans that are not secured against the borrower’s assets. These kind of loans have higher interest rate and do not offer collateral terms against the business loan. These loans fulfill the financial needs of small business owners easily and quickly. They are flexible and easily available without any need of collateral security. The rate of interest depends upon the degree of risk involved in the whole activity. Unsecured business loans are much cheaper and contain less risk terms to the borrowers. Unsecured business loans can be used to commence a new business as well as to expand an existing one. Prospective business plan helps to win the confidence of the lender. Unsecured business loans are meant for individuals, who need funds to their business without facing any of their assets on risk. It is one of the best options for self employed people working for  other enterprises. You can extend your business domain at any point of time. Unsecured business loans are configured in such a way, that if any business who has no regular source of income, can avail this kind of loans. These loans put a close view on all the requirements of the business. It is quite true that all kinds of unsecured loans are becoming more preferred choice to everyone, as these offer hassle free finance at affordable rates. With these loans a business owner can easily arrange the financial needs to fulfill all the external requirements of the business.

Some of the major benefits of unsecured business loans are:-

1.  These loans do not require any kinds of collateral or security.

2.  One may use these loans for personal, educational or even holiday purposes.

3.  The payment period is up to a maximum of 60 months.

4.  Simple and flexible process: This process provides you easiest way to expand your business successfully and helps to make your business more flexible.

5.  It offers more security and reliable alternative to traditional businesses.

6.  It provides fast track to successful business.

7.  Fast Approvals : the approval process is very fast and efficient. It provides more flexibility to your decision making.

8.  Easy application process: the paper work is very less.

9.  You are free to utilize the funds received for any purpose.

10. It helps to gaining experiencing rapid growth easily

11. Risk: Risk term find out the probability of occurring any event and loses included. Risk defined as qualitatively as well as quantitatively. It is an issue which leads to negative results. In case of unsecured business loans the chances of Risk are very rare.

If your business is facing any major or minor problems in smooth running just because of finance, than unsecured business loans are the best option for you. These loans are available for each industry type, it means business owners from every level of corporate world can apply for them. Well established business owners can also prefer business loan to meet the ever-increasing requirements of their business organizations.

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Most business owners believe that an ‘external’ sale of their business is their only (or at least best) Exit Alternative. Typically this is because business owners know that their employees and/or fellow family members don’t have the type of money required to secure a successful exit plan for them. So often times, business owners approach (view or see) the topic of Exiting a business as meaning that they need to sell their business to an outside buyer with enough money to pay them what they want.

So while an ‘external’ sale is intuitively appealing, it’s my experience that an understanding of ‘internal’ transfers will help open up a very good dialogue with a business owner so that they can understand all their options and make a well informed decision. In fact, analysis of an ‘internal’ transfer of the business can be a powerful alternative to a business owner looking for an Exit Strategy. And, depending upon the business owner’s motives, it may be the best alternative available.

‘Internal’ transfers of ownership in a business are often times overlooked because they are not intuitively understood by the business owner and/or the business owner’s advisors. So let’s examine some of the ‘internal’ transfer methods that are available to a business owner to illustrate the benefit of a well-conceived Exit Strategy.

‘Internal’ transfer methods include Employee Stock Ownership Plans (ESOP) Transfers, Management Buyouts (Sales to Family and Management), Gifting Strategies, Private Annuities, Family Limited Partnerships, and Charitable Transfer Strategies. The three (3) primary differences between these ‘internal’ transfer alternatives versus (and the) ‘external’ transfer alternatives are:

(i) the corporate assets, including future cash flows, are leveraged to achieve these strategies;

(ii) the driving force behind these ‘engineered’ strategies is a business owner’s motive of passing the business to someone other than an outside buyer, and;

(iii) the business owners will frequently be considering tax planning and estate planning along with their Exit Strategies. ‘Internal’ transfers, as a general rule, allow for more flexibility in these areas than ‘external’ transfers.

A business owner considering an ‘internal’ transfer can set the price and terms for the transfer and say to their family and/or management team, “Here is what I want/need for my business”. For this reason, ‘internal’ transfers are often referred to as ‘controlled’ transactions because the business owner is working with ‘assets’ that they already possess in structuring their Exit from the business. So if those ‘assets’ are sufficient to achieve that business owners’ goals (based on their motives), then it is worthwhile to examine an ‘internal’ transfer.

This is in sharp contrast to a business owner attempting an ‘external’ transfer because they are often subject to a process that includes outsiders investigating their potential investment in the ‘Target Company’ and then telling the business owners, “Here is what we are willing to give you for your business”. So, the Exiting business owner can expect to lose quite a bit of control over the process. And, because many business owners possess a unique psychological mix of independence, intelligence and control orientation, losing control to an outside buyer often leads to ‘choppiness’ in a deal.

Mergers and Acquisitions professionals will often advise business owners that if the business owner wants to set the price for the deal, then the outside buyer will be setting the terms for the deal. A deal is struck when each party is ‘equally happy’. Or, as one dealmaker said, every successful ‘external’ deal is a “little miracle”.

So, one will naturally ask, “What’s the downside of an ‘internal’ transfer versus an ‘external’ transfer”? Quite simply, negotiating with family members and key employees can be inherently dangerous. These individuals (and their advisors) will require detailed and confidential information from the business owner in order to fully understand all the risks inherent in owning the business – really no different than the ‘external’ buyer. And of course, most business owners are not anxious to share all their information with their employees; it goes against the nature of the relationship amongst workers and owners.

So then, how does one go about negotiating an ‘internal’ transfer? The answer is “very carefully”. And, the most cautious first step that a business owner can take is to engage an intermediary – which can be any one of the existing advisors to that business – to assist with the transaction. Having trusted advisors involved in the process raises the level of objectivity and lowers the level of emotions when negotiating the transfer.

Because, after all, if the ‘internal’ transfer does not work out, it will not add a lot of Value to the business to have [further] frustrated employees due to that business owner’s own doing. It’s easier to place blame for a failed transaction with a third party advisor so that all parties involved can amicably return to the business of running [and not transferring] the business.

Yet another downside to an ‘internal’ transfer is the loss of potential for extraordinary gain on the transfer. As a general rule, ‘external’ buyers for businesses include ‘Strategic’ (or industry) buyers and ‘Financial’ (such as Private Equity Groups) buyers.

A Strategic Buyer of a business stands to offer the selling business owner the highest total Value in buying the business because that buyer can apply ‘synergies’ to the valuation of the deal. In other words, a buyer who is already in the same business as the seller, can eliminate duplicate expenses and acquire new customers for their existing products. These ‘synergies’ help raise the Value of the transaction to the Industry buyer, and a good M&A intermediary will argue for the sharing of those synergies with the selling business owner. This synergistic value is likely not available with an ‘internal’ transfer.

So to summarize my original point, a business owner who wants to Exit their business should be aware of the various methods by which an Exit can be directed. Thereafter, consideration should be given to that business owner’s motives. In other words, what is most important to that Exiting business owner and how can it best be accomplished?

An Exit Strategy is defined as ‘The written goals for the succession of a businesses’ ownership and control, derived from a well thought out and properly timed plan that considers all factors, all interested parties, and the personal goals of the owners in a manner and time period that is accommodative to the business, its shareholders, and potential buyers.’ Accordingly, knowing the pros and cons of ‘internal’ and ‘external’ transfers is a critical step in establishing an Exit Strategy.

Exit Strategies are hard to design and even harder to properly execute. I am pleased that you are pursuing a pro-active interest in Exit Strategies because a pro-active approach to an Exit Strategy is the only approach to a successful Exit Strategy.

© 2007 John M. Leonetti

The text message service included in the cell phones let people communicate with others in a discreet way. It enables the sender to covey his message without making others aware about it. This is a great advantage and that is why the advertisers and companies have started using this means to promote their products. Mobile sms marketing has become popular in countries like India. It has affected the advertising industry to a great extent.

There are a number of web sites that offer free online sms services and by using them a person can send sms to anywhere and anyone. However these service providers have certain limitations. Most of the bulk sms providers do not allow the users to use messages containing more than 160 characters. Part of the message also contains the advertisements of the service provider.

The companies that want to inform the potential customers about their upcoming products and services can resort to the services of the bulk sms resellers. Apart from informing the potential clients about upcoming products and promotions, the companies can also make use of the bulk messaging service to take feedback, send seasonal greetings and send reminders. The Bulk sms can be delivered from a computer using an Internet connection. 

There are a number of bulk sms providers in India but a business owner needs to select the one that offers him the maximum value added service. He needs to see if the sms service provider allows him to embed extra characters and multimedia contents in the message. If the provider allows usage of sender name then that would be an added advantage.

However if a business owner is looking for a comprehensive and one stop solution to his bulk sms needs he can count on the services of Sammrat.com. It is a part of the venerable Sammrat Ventures. The latter is the channel partner of the top notch MNC banks in India. It has been serving the industry for the past 9 years. The website is designed to complement the services of the company and enable the users to reap maximum benefits for their ventures.

Sammrat.com offers a host of services apart from Bulk SMS Marketing that the users can benefit from. It offers Web Designing and Hosting Services, Numerology, Insurance and Investments, loans etc. The users can expect to get a plethora of online services in one site. The company offers its entire services at the most reasonable rate and the users in India can expect to get the best value for their money if they opt for its service.

Ships and businesses are a lot alike.  Both reflect the dream and inspiration of the owner.  Both start with desire and get launched with excitement by all connected.  Both tend to come in various styles and sizes and can be manned by 1 person or a whole crew.  They also fall pray to the occasional disgruntle deckhand!

Ships (boats if you like) and businesses also require constant maintenance.  The owners may not be involved with them daily but they’re usually top of mind around the clock. Depending on the level of participation, owners can spend a lot of time just floating in place or navigating the chosen waters of their voyage. 

Businesses, like boats, need direction.  It’s best if you know where you’re going before you begin your journey.  Is your business ‘seaworthy’?  Does your business have what it needs to make the journey?  Can you make course corrections or do maintenance if the waters get rough?  Do you have the know-how if the engine stalls or the weather clouds your vision?

Yes, there are many parallels between boats and businesses.  One of the biggest similarities is the owner’s desire and commitment to stay the course.  Many boat owners celebrate the day they buy their boat and the day they sell it.  For most, the jubilation of owning one’s own watercraft is quickly replaced by the desire to unload a depreciating asset that knows no boundaries when it comes to sucking up all your money.  As a business owner, are you sinking money into your vessel without any idea of the expected return on your investment?  If so, how long are you will to keep going in this direction/?

So, is your business turning into a boat?  Do you find yourself going around in circles or just tied up to the dock when it comes to pursuing the voyage to greater revenues and profitability? If so, you’re not alone.  Many businesses that head for the open seas end up taking on water and finding themselves being towed to the nearest marina.  Then, they sit indefinitely while the captain tries to determine what happened and what it will take to get back on course.

As a business owner (and a former boat owner), there are things you can do to get yourself out of ‘dry-dock’.  Here are a few tips from my check-list on becoming seaworthy again:

1.                  Reassess your reason for ownership- Years of toiling away in a business or maintaining a boat can sap your spirit and drain your checkbook.  Take some time to rekindle the dreams that encouraged you to start your business.  If you’re clear about why you chose your venture, this alone can have a tremendous impact on igniting the passion to continue.  Often times, owners feel overwhelmed with the demands of running their businesses and can grow distant for no other reason than the need to survive mentally and physically.  Rekindling the passion that got you started does wonders for your desire to chart a new course.

2.                  Recalibrate your position- Sometimes the desire to hold on to a boat or a business without making the necessary course corrections can deplete you of all your resources.  For boat owners, it’s putting their ‘pride and joy’ on a storage lot whole they contemplate selling.  Business owners don’t have that same remedy.  Your business is your life, the future to your financial freedom, the totality of your existence.  In most cases, you are the business!  Your current latitude and longitude are the direct result of what you know and what you’ve chosen to do.  If you’re off course (regardless of the weather) it’s a result of what you don’t know and haven’t done that’s got your business in uncharted water.  Take a critical, unbiased look at what you have done so far to determine what was missed and what didn’t go as expected.  The answers to your future are in the decisions you made in the past.

3.                  Evaluate what makes your business different from others-   Everyone has choices including the customers you serve.  Since boats are an emotional purchase, the prospective owner usually decides to purchase based on something that touched them emotionally. Consumers make their decision to purchase based on something unique about the business, the way the service is provided, the particular array of products offered or the way the business owner treats them.  Whatever the reason, determine what makes you different from your competition.  Nothing brings a greater sense of pride than having a unique position that your customers’ value and your competition envies.

4.                  Is your business structure right for today’s market?- When diesel fuel crested $5.00, many boat owners decided to seek other recreation.  What about your business’ exposure to economic influences?  Is the business model you built still viable for today’s marketplace?  Are you making productive use of today’s marketing tools; think website? It’s very common to find matured businesses run just like they were when they opened, some 20 years ago.  A business that’s positioned for growth needs to be nimble, flexible and adaptable in order to weather the severity and frequency of change in today’s marketplace.

5.                  Thoroughly evaluate who your customers’ are- Consumers are faced with ever increasing choices.  It’s not just a matter of who offers what you offer but what else a customer can chose as an alternative to what you offer. People want value which does not mean lower prices.  If you offer value and promote price, you attract customers who value price.  As a small business, the product or service you provide contributes a small percentage of your overall success.  Figure out what drives your success and it will be smooth sailing.

In reality, running a business is much more difficult and demanding than owning a boat.  And while captaining a boat has its own special challenges, the similarities with running a business are noteworthy.  In the end, you must insure your business is seaworthy, you have your direction well planned and you keep a sharp eye on the horizon.  It also helps to remember to have fun.  After all, that’s the main reason we boaters decide to take the plunge!

As a business consultant at www.businessconsultancyonestopshop.com a lot of HR personnel have been contacting me to find out more about our one stop shop approach to business consultancy. The best way to present my response was to write a brief article titled business consultancy one stop shop, for the owners of www.businessconsultancyonestopshop.com

Dr. Mark D. Yates states, I’ve spent a lot of years directly involved in business consultancy and have always felt unhappy that none of the major or even any of the smaller business consultancy agencies offered a true one stop shop approach to a business consultant.

In this age of advanced technology and internet and e-commerce sales rocketing it’s inconceivable that none of the business consultancy agencies have spotted this niche in the market. Many other business sectors have recognised the need for a one stop shop business concept and have filled the gap by providing this online service to people related to their specific industry.

Dr. Mark Yates from “Business Consultancy One Stop Shop explains that we live in an age that only appears to recognise ‘now’. People, especially every professional business consultant I know has an expectation that they ought to be able to find everything they need for their business consultancy business under the one roof, and they want it from the internet and they want it now.

The premise of Business Consultancy one stop shop offered by www.businessconsultancyonestopshop.com is that every business owner, business decision maker, purchasing officer and business consultant can source everything they are ever likely to require in order to source consultancy services and products at extremely competitive prices.

It is based on this premise that the owners of Business Consultancy One Stop Shop” decided to set up the one stop shop concept in a dynamic e-commerce web site.

Dr. Mark D. Yates continues; business consultancy is changing, and make no mistake it has to if it is to survive. Business consultancy has languished in the prehistoric age for far too long. This can be partially attributed to the industry being formed on what’s commonly referred to as, ‘the old school tie brigade.’ For many years business consultancy has been compared to running Freemasonry. It’s no secret that the average of a UK business consultant is 55. Given this age average, it’s safe to say the industry fields many computer technophobes and many of these business consultants are missing out on new business because of their inability to navigate through basic IT skills and e-commerce.

Dr. Mark D. Yates from “Business Consultancy One Stop Shop” further advises that ‘Silver Surfers are the fastest growing demographic for learning how to use a desktop and laptop computer. Interestingly this age group has also been identified as one of the fastest growing sectors for new business start ups.

One thing is sure, whether business consultants embrace the concept of e-commerce for new business or even if they have to be dragged kicking and screaming into IT technology the future of business consultancy lies very firmly in cyber space. The one stop shop is a fantastic starting point for all business owners.

Any business consultant who doesn’t embrace the internet for their business will lose out in a big way.

If you are interested in business or business consultancy and you want to see the future of business to business consultancy then visit www.businessconsultancyonestopshop.com they are running a special offer where you can post your professional business resume on their dynamic web site for just £49.99.

It is inevitable that every business owner will need finance to properly run his business. The question that is always at the mind of every business owner is how will finances be pumped into the business to make it profitable? This is true for every business owner, be it on a large or small scale or on an international or local scale. There will be so many responses to the above question. The responses will depend on the person providing answers to the question as well as it may also depend on the particular period in business at which such as question is being tendered. Despite the varying responses that may be put, all these ideas about getting a business being financed will turn to a single direction. The following lines are meant for those coming into businesses, who want to identify the various options of financing their business and who will want to determine which of these options is the most appropriate for their businesses.

Individual Finances

There are so many business owners who will individually and single-handedly provide the money that is needed by their businesses. The sources of such type of capital may spring from their personal savings and other forms of capital which solely belong to them. However, these sources of finances are really workable if the business owner has substantially built up a good amount of money. If the capital is in the form of assets, it will be easy to dispose these to get some cash for the running of the business. If you intend to make use of capital through the credit card as a means of financing your business, you must take some reasonable precautions. You must be aware that this source of capital is usually best for interim financial provisions.

Angel Financing

This is yet another good way to oil the machinery of your business. When we make reference to this type of financing, we are referring to that type of financing that is often provided to new businesses. This is commonly found in the United States and most upcoming markets. In this type of financing, a group of affiliates belonging to the informal risk sector combine their resources to finance a business. What is usually done is that a business suggestion is proposed to a business owner and if the business owner finds the suggestion interesting, he will be given the option to get the business financed by the group of financiers. This group will also have the option to ether finance the business and take part in running its daily affairs or to stay aloof from the day to day running of the business.

Venture Capital

This is another way of making finances available to a business. In such a case, the business owner will approach a proficient financier and this must be a financier will is willing and capable to venture his or her money into businesses that are not only at the inception, but equally to businesses that have future prospects of expansion. Another form of financing related to this is the corporate venture capital. This is an idea often used by corporations to endow capital in some relatively young but vibrant businesses that may have some relation with these big corporations.

Credit from Banks

This is a source of finance that is commonly sought for. In most cases, either secured or unsecured loans may be provided to business owners. However, lending institutions will warrant that you provide some form of credit worthiness which will have to be carefully scrutinized ahead of making a decision if the loan will be given or not. It is sometimes easier for an unsecured loan to be given to experienced or well established businesses than new ones. But a secured loan will be provided for all types of businesses.

If You Want To Get The Financing You Are Seeking For:

Make sure you find out what the financing is all about, opt for a proficient group, set an objective, make sure your business is properly registered, investigate what type of financing will be suitable for your business and make sure that you have established the necessary connections.

Copyright (c) 2009 Linda Feinholz In the same way that kids will gravitate to their favorite games at recess – the average business owner cannot resist making the same mistakes over and over again. I was reminded of that habit we all share as I sat across the desk from one of my clients this past week. I\’ll call him Fred. He\’s the owner of a multimillion dollar business who came to me to get coached on how to get different results from his management team. I have to admit that I love the clients I draw – they\’re forward focused and action oriented. Quite often, in fact many times, just like at this meeting, they\’re also fed up. AND as we all know, when we\’re frustrated we don\’t have much patience. For the third or fourth time, Fred was telling me how he wanted ME to turn his folks into more effective managers… but that he didn\’t intend to change anything HE is doing. When we\’re in that state we very often are making 3 critical mistakes. Mistake Number 1 – \”Wishing\” It All Could Be Reality Fred, you and I all got messages from others in our life that we ought to \’wish\’ for what we want. From the time when an adult held a lit candle on top of a cake in front of us and said \”Blow!\” we each were taught that wishing is a path to achieving. In fact wishing and a dime used to get you a cup of coffee… but not even a sip these days! The heart of this mistake is believing on a sub-conscious level that if we wish hard enough, often enough, loud enough, then some mysterious unknown source will make it be so. I\’ve found most \’wishers\’ are in an emotional state, and their attention is on an emotional mental image of what they want \’different\’ to look like. Well, whether you \’wish\’ each morning, or before walking into a meeting with people who can\’t stay on topic for a discussion, or while looking at your bottom line results on a report. Wishes are merely the spark of the beginning of the notion of the \’different\’ result you want. Mistake Number 2 – \”Hoping\” For A Different Result Hoping has a different feel to it than wishing. When I ask people where in their body they feel sensation when they are wishing and when they are hoping, they point to distinctly different locations. When I\’ve probed the differences in the mental and emotional states at the route of these mistakes, they report that hoping feels more physical, visceral, tied to our muscles, as if we\’re a child looking longingly down the road and waiting. Physical instead of mental. Yet also sitting and stewing in an emotional state, rather than taking ownership of the situation. Mistake Number 3 – \”Praying\” For 3rd Party Rescue I\’m very fond of uncovering this mistake in my clients and program participants. It\’s been massaged so many ways over the past 20 years – from praying to a deity to make things work out the way we want, to \’making requests\’ of our Higher Self, to a childlike reciting of affirmations over and over again. The common thread in each of these mistakes is people are living in a sense of the entire situation being \’outside\’ of them. So here is my client sitting across from me… years of pent up frustration rippling through his skin. He\’s sick and tired of acting like a referee. Yet as an entrepreneur he both wants his judgment and opinions to guide the actions and decisions of his team. AND he also wants them to decide for themselves that they ought to change their behavior… even in the face of his conduct remaining constant. You can see how he\’s locating all the changes that are needed \’outside\’ of himself. Oh, by the way – you may be making the same wishing, hoping and praying mistakes, too! Fred tells his people at full voice that he cannot understand why they \”don\’t get it.\” That hasn\’t worked for him this far, no matter how loudly or frequently he tells his team they aren\’t living up to his expectations. We\’ll be working on creating a believable shift in Fred\’s behavior so that he can shift from his childlike habit to adulthood. From that space, he can invite the others on his team to try new ones themselves. We\’ll be starting by creating a shared vision of the incremental changes for each of them to make, AND we\’ll be naming the specific changes in behavior that will create more effective managing by each of them, and teaming among them.

Whenever a crisis surfaces in your business, you may feel like you are trapped. But the best thing to do is to be transparent since it will save the credibility of your company. It goes without saying, during times of crisis the more you speak out candidly, the more trust to gain within the organization, from customers and suppliers.

As a business person realize that you will be portrayed badly by the public and media. Even if the media coverage before the crisis was positive, all this will be forgotten in a minute. The negativity that will be presented will be so bad you may think they are taking of another organization all together. The best approach is; be the first to show up and explain the current position. Failure to do this it will be assumed you committed the fault.

Not all business crisis draw the attention of the media but you may get pressure from within the company. The same principles should be applied, call in all the staff and openly bring to the light the position. Define the problem as it is and state how you intent to address it, better still, involve your employees in finding ways of solving the crisis.

Being frank is a fundamental quality or attribute of a good leader. In all aspects of life, we all have places where we take the leadership position hence it is advisable to always be truthful. As a business owner of a big or small business, do not forget that you are in charge of making sure your business runs smoothly. Tough times call for tough decisions.

The daily hassles of life can easily squeeze out your energies hence result to stress and lack of drive to interact with others. The economic crisis has also not made things any better; people are faced with challenges from all directions raging from family to financial issues. It therefore goes to show just how it can sometimes be difficult to long for dawn and go to work.

As a business owner or a manager with staff under you, it can prove to be quite difficult to wear a smile at work especially in the morning. It is advisable when you report to your office; however stressed you may happen to be, try wear a smile and warm up to your workers or your juniors despite your troubles.

The first few moments when you report to the office determines a lot the measure of productively of the day. That simple smile can go along way to impact on the morale of your juniors or employees and in addition effectiveness both in your part and the staff.

On the other hand, being dull and irritant can greatly affect the work-flow for the day. I do not need to remind you that depressed nature does not reflect well to your health too. A cheerful spirit helps to radiate the same effect to people around you hence find ways to be lively especially during those gloomy days.

The best way to overcome morning stress is by first looking for a secluded place where you can meditate on positive aspects of your life. Concentrate on things that uplift your spirit and keeping away those issues that can cause irritation. Call a long time friend and you will be amazed how quickly it will cheer you up.

Almost every potential business owner is faced with the trouble of seeking for ways in which finance can be acquired to run the business. However, it should be noted that such troubles are not only identified with potential entrepreneurs. Research has shown that even experienced business owners also faced such difficulties. Keep in mind that in seeking solutions to such difficulties, there will be accuracies as well as inaccuracies and these will all determine the success or failure of the business. The above is an indication that starting a business and running the business should not be an end in itself. You must seek for means through which the business will be able to stand the test of survival often posed by its competitors. The following lines are aimed at identifying ways through which a business can be financed, be it incorporated or unincorporated:

Unincorporated Business

This type of business will refer to those that have unlimited liabilities. In most cases, such businesses have not been properly documented and the status of legal personality is absent. There is no distinction between what the business owns from those of its owners. Keep in mind that in the event of any problem, the owners are personally liable for the debts of the company.

Any source of finance on this type of business organization will weigh on the owner. Keep in mind that there is no legal personality in the business and this will deter any lending institutions from providing capital to the business. What is normally open to owners of such businesses is finance through the use of credit cards or some other forms of personal savings. But the problem with using credit cards is great. Remember that you may sometimes make use of these cards out of intuition. It is simple to ‘charge it’.

For this reason, there are lots and lots of lending institutions which will be afraid or unwilling to lend to unincorporated associations. They will not want to place their finances in ventures in which they are uncertain about their future. A good number of such businesses have been known to disregard certain essentials in running the business or even in repaying back their loans.

Incorporated Businesses

These are businesses that have fulfilled all the essentials of setting up a business and that have adequate cover in the event of any crises. Such types of businesses will include limited liability companies or partnerships. In most cases, the records of these businesses are open for appraisal and the administration of such businesses will conform to the required business standards.

It is very easy for these types of businesses to receive the required finances. Keep in mind that lending institutions are more confident of their ability and willingness to pay back. Financing with such businesses will be easily obtained at any phase of the business. Remember that there are lots of individuals as well as groups who will be willing to come in with finance that the business needs. This is however possible only when the appropriate individuals or groups have been identified. This type of situation is known as angel financing. Remember that when a business is properly administered and it has a sound reputation, it will attract more investors. Investors will also find it appropriate to be part and parcel of the current affairs of the business.

Besides the above type of financing, there are also many financiers who are willing and able to invest in high risk ventures, but with an expectation of equally taking home more profits. The business can also make open its shares for acquisition by the general public. In some cases, banks and other finance institutions will be willing to finance these businesses if they see a convincing business plan. However, if you are in search of any means to finance your business, it is necessary to carry out proper research ahead of resorting to any source of finance.

Some companies resist administering training to their employees for the fear that they will be poached by other rival companies. But for any business organization to prosper and record profits it is of utmost importance to have a skilled workforce. Training on issues like product knowledge is advisable since it gives employees confidence when dealing with customers.

Staff training should not be viewed as an additional cost. Though in the short run it may look like expensive, but in real sense, this is a long term investment for the company. With a well qualified and satisfied staff, organizations can be sure of high quality and profession work. A trained and contented worker is more innovative and even works extra hard since he/she feels that the company has got his/her career development at heart.

A company can opt to have attractive packages where it pays part or full training courses for its workers. Giving study leave to employees seeking to advance their career will not only motivate but also empower the workforce to develop their careers.

Companies can also have short courses where a professional is called in to offer training to relevant departments. Certificates should be offered after completion of every training workshop to the staff who attended. Motivational speakers also go a long way to inspire workers.

As a manager or business owner encourage your juniors to develop a culture of learning since this is the path to developing their career hence a benefit to the company. A company that is not keen to develop and support the skills of its employees by failing to offer adequate and relevant training is inviting failure.