Resources Not Available Internally
Many small business owners do not have access all the required skill sets needed to manage a company properly. Outsourcing is a practical alternative to building those needed resources from the ground up. Outsourcing is also sensible when these skills are need only on a part time basis.
When business owners hire full time to fulfill such needs, they often find employees are under challenged with the tasks that are given to them to fill unproductive time. Consequently turnover is high. Or employees with lesser skill sets are hired and are expected to accomplish tasks that are beyond their training and experience, leaving the business open to risk, poor customer service and frustration for all involved.
Thanks to Next Level for this series of compelling reasons why it makes sense for small businesses to outsource during recession and beyond. For more great tips, check out Next Level's blog, site or FB page.. Find the pros you need and list your own business also on the OED Community.
Fostering the entrepreneurial spirit!
Monday, January 17, 2011
Wednesday, January 12, 2011
Now Is the Best Time for Women to Start Their Own Businesses
The following is a pickup from the PRNewswire, by Karen Terry, small business coach of Houston TX. Karen makes some excellent points re: the current climate. If you are interested in getting started, we also suggest you check out Jeff Lee's Business Builder Series webinar#1 with OED on 1/18: Starting Your Business.
HOUSTON, Jan. 12, 2011 /PRNewswire/ -- The Great Recession might be a dark cloud that actually has a silver lining for women who want to be their own bosses.
"There has never been a better time to start a new business," said Karen Terry, a women's business coach and mentor based in Houston. "Many women who work in Corporate America dream of starting their own business but are afraid. Other women who are stuck at the highest levels of their careers and have hit the glass ceiling wonder when they can be their own bosses. Now is the time."
"Many women are getting severance packages, or unemployment benefits, due to the recession. They can use those unexpected windfalls to finance their own business," said Terry, author of "Full Time Woman; Part Time Career." "Getting fired or laid off could actually be a blessing in disguise."
To help women entrepreneurs start their own businesses, Karen Terry has written a special report titled "The 10 Biggest Mistakes New Entrepreneurs Make When They Start Their Business." To get a free copy, go to http://www.fulltimewoman.com/.
Here are some of her favorite business ideas:
1. For women who are still working at a corporation, create a financial safety net. Start saving money by skipping the extra coffee or newspaper. All that money adds up and can come in handy when you are running your new business. "It is hard to walk away from a steady paycheck. But it is easier if you know you can get by for a few months without having to worry about money," she said.
2. Get one new client before you leave your current job - if you can. "Every little bit helps. For a lot of people it is scary to quit a job and not have any clients lined up. Clients translate into income, which helps ease the transition to self-employment," she said.
3. Use your network. If you are going through a career change, don't assume you can't use your existing network. "Your current network already knows you and some of them may have needs in your new career field," she said. "Your existing network may surprise you. They might be doing things that you are not aware of and they might need to hire you."
4. Professional Development. You need to identify your skills. If you are weak in certain areas then take a class so you can become the best you can be. You aren't going to be successful if you have certain areas where you are weak. For example a lot of women aren't skilled in contract negotiations. "Some women tend to just give in and then they don't get what they want. It is important for a woman to hear from other women what they can do and what they can't do," she said.
5. Find out what your client wants and then create it. "This is an essential marketing strategy. If you create materials and hope your clients buy it, that's not a good strategy," she said. "A good business is created in response to a need in the marketplace, so you want to find out what they need."
6. Mentors. You should work with a women's business coach who has also had experience running a business. "A woman may be more aware of special programs for minority-owned businesses," she said. "Most men don't think about those opportunities." A list of such opportunities is printed in her book, "Full Time Woman; Part Time Career." "Business coaches also have a system in place to ensure client's success when starting a business."
Read the complete article and more about Karen Terry on PRNewswire.com.
HOUSTON, Jan. 12, 2011 /PRNewswire/ -- The Great Recession might be a dark cloud that actually has a silver lining for women who want to be their own bosses.
"There has never been a better time to start a new business," said Karen Terry, a women's business coach and mentor based in Houston. "Many women who work in Corporate America dream of starting their own business but are afraid. Other women who are stuck at the highest levels of their careers and have hit the glass ceiling wonder when they can be their own bosses. Now is the time."
"Many women are getting severance packages, or unemployment benefits, due to the recession. They can use those unexpected windfalls to finance their own business," said Terry, author of "Full Time Woman; Part Time Career." "Getting fired or laid off could actually be a blessing in disguise."
To help women entrepreneurs start their own businesses, Karen Terry has written a special report titled "The 10 Biggest Mistakes New Entrepreneurs Make When They Start Their Business." To get a free copy, go to http://www.fulltimewoman.com/.
Here are some of her favorite business ideas:
1. For women who are still working at a corporation, create a financial safety net. Start saving money by skipping the extra coffee or newspaper. All that money adds up and can come in handy when you are running your new business. "It is hard to walk away from a steady paycheck. But it is easier if you know you can get by for a few months without having to worry about money," she said.
2. Get one new client before you leave your current job - if you can. "Every little bit helps. For a lot of people it is scary to quit a job and not have any clients lined up. Clients translate into income, which helps ease the transition to self-employment," she said.
3. Use your network. If you are going through a career change, don't assume you can't use your existing network. "Your current network already knows you and some of them may have needs in your new career field," she said. "Your existing network may surprise you. They might be doing things that you are not aware of and they might need to hire you."
4. Professional Development. You need to identify your skills. If you are weak in certain areas then take a class so you can become the best you can be. You aren't going to be successful if you have certain areas where you are weak. For example a lot of women aren't skilled in contract negotiations. "Some women tend to just give in and then they don't get what they want. It is important for a woman to hear from other women what they can do and what they can't do," she said.
5. Find out what your client wants and then create it. "This is an essential marketing strategy. If you create materials and hope your clients buy it, that's not a good strategy," she said. "A good business is created in response to a need in the marketplace, so you want to find out what they need."
6. Mentors. You should work with a women's business coach who has also had experience running a business. "A woman may be more aware of special programs for minority-owned businesses," she said. "Most men don't think about those opportunities." A list of such opportunities is printed in her book, "Full Time Woman; Part Time Career." "Business coaches also have a system in place to ensure client's success when starting a business."
Read the complete article and more about Karen Terry on PRNewswire.com.
Monday, January 10, 2011
WHY SMALL BUSINESSES SHOULD OUTSOURCE THINGS THAT ARE NOT THEIR CORE COMPETENCY TO AN EXPERT – REASON THREE
Reduce Operating Costs
Companies that try to do everything themselves may well incur higher operating costs for non core areas such as accounting and marketing, which are then passed on to the customer. An outside expert’s lower cost structure, which may be the result of a greater economy of scale or other advantages based on specialization, reduces a company’s operating costs which in turn increases its competitive advantage.
Thanks to Next Level for this series of compelling reasons why it makes sense for small businesses to outsource during recession and beyond. For more great tips, check out Next Level's blog, site or FB page.. Find the pros you need and list your own business also on the OED Community.
Companies that try to do everything themselves may well incur higher operating costs for non core areas such as accounting and marketing, which are then passed on to the customer. An outside expert’s lower cost structure, which may be the result of a greater economy of scale or other advantages based on specialization, reduces a company’s operating costs which in turn increases its competitive advantage.
Thanks to Next Level for this series of compelling reasons why it makes sense for small businesses to outsource during recession and beyond. For more great tips, check out Next Level's blog, site or FB page.. Find the pros you need and list your own business also on the OED Community.
Thursday, January 6, 2011
Do I have what it takes to own/manage a small business?
“The starting point of all great achievements is desire.” – Napoleon Hill
You will be your own most important asset, so an objective appraisal of your strengths and weaknesses is essential. To determine if you have what it takes, YOU need to answer some questions about yourself:
Am I a self-starter?
How well do I get along with a variety of personalities?
How good am I at making decisions?
Do I have the physical and emotional stamina to run a business?
How well do I plan and organize?
Are my attitudes and drive strong enough to maintain motivation?
You will be your own most important asset, so an objective appraisal of your strengths and weaknesses is essential. To determine if you have what it takes, YOU need to answer some questions about yourself:
Am I a self-starter?
How well do I get along with a variety of personalities?
How good am I at making decisions?
Do I have the physical and emotional stamina to run a business?
How well do I plan and organize?
Are my attitudes and drive strong enough to maintain motivation?
Wednesday, January 5, 2011
Delegation
The following list is of items that could be delegated to subordinates and make it easier on [you as] the manager:
1. Matters that keep repeating themselves.
2. Minor decisions most frequently made.
3. Details that take the biggest chunks of time.
4. Parts of the job the supervisor is least qualified to handle.
5. Job details that the superior most dislikes.
6. Parts of the job that make the superior overspecialized.
6. Parts of the job that make the superior under specialized."
1. Matters that keep repeating themselves.
2. Minor decisions most frequently made.
3. Details that take the biggest chunks of time.
4. Parts of the job the supervisor is least qualified to handle.
5. Job details that the superior most dislikes.
6. Parts of the job that make the superior overspecialized.
6. Parts of the job that make the superior under specialized."
Monday, January 3, 2011
A Once a Month “Sit Down”
A Once a Month “Sit Down”
Once a month sit down with this list and DO IT!
PLANNING.
Review your business plan (You do have one, don't you?). Are you on course to your objectives and goals? Update your plan as may be necessary and make any additions and/or deletions based on any changes in your desired goals. Remember the importance of planning - without a plan in place, effective decision making is difficult if not impossible.
CUSTOMERS.
Make a point to contact all your existing customers - remember, they are most likely to purchase your product or service. Have a "preferred" sale, send them all an announcement of some kind, ask for suggestions. Make them feel how important they are to your business. Make personal individual contact with your larger customers.
SUPPLIERS.
Contact all your current suppliers and attempt to negotiate lower prices. Review your previous year's usage and consider a larger bulk buys in order to obtain additional discounts.
ACCOUNTS.
Contact all overdue accounts. Decide if you want to continue to work with these customers.
EMPLOYEES.
Make a point to sit down with each of them and ask for suggestions that might improve your product or service. Ask if they need anything that might make them more efficient. Be sure to give feedback at a later date as to how you usedany of these suggestions.
TECHNOLOGY.
Are you using technology to the fullest extent possible? Remember that technology is one of the great equalizers between small and large companies.
a. Should you have an Internet site?
b. Is your telephone system adequate? (Do you keep customers waiting?)
c. Would a fax-back system help get information into your customers hands at a lower cost to you?
MARKETING.
Set down ALL your marketing plans and plan your marketing budget.
ORGANIZATION.
If nothing else, get yourself a good personal information manager (PIM) and use it.
Remember, the continued success of your business is dependent on many factors, most of which are under your control. It is up to you to take advantage of what you can do something about.
Once a month sit down with this list and DO IT!
PLANNING.
Review your business plan (You do have one, don't you?). Are you on course to your objectives and goals? Update your plan as may be necessary and make any additions and/or deletions based on any changes in your desired goals. Remember the importance of planning - without a plan in place, effective decision making is difficult if not impossible.
CUSTOMERS.
Make a point to contact all your existing customers - remember, they are most likely to purchase your product or service. Have a "preferred" sale, send them all an announcement of some kind, ask for suggestions. Make them feel how important they are to your business. Make personal individual contact with your larger customers.
SUPPLIERS.
Contact all your current suppliers and attempt to negotiate lower prices. Review your previous year's usage and consider a larger bulk buys in order to obtain additional discounts.
ACCOUNTS.
Contact all overdue accounts. Decide if you want to continue to work with these customers.
EMPLOYEES.
Make a point to sit down with each of them and ask for suggestions that might improve your product or service. Ask if they need anything that might make them more efficient. Be sure to give feedback at a later date as to how you usedany of these suggestions.
TECHNOLOGY.
Are you using technology to the fullest extent possible? Remember that technology is one of the great equalizers between small and large companies.
a. Should you have an Internet site?
b. Is your telephone system adequate? (Do you keep customers waiting?)
c. Would a fax-back system help get information into your customers hands at a lower cost to you?
MARKETING.
Set down ALL your marketing plans and plan your marketing budget.
ORGANIZATION.
If nothing else, get yourself a good personal information manager (PIM) and use it.
Remember, the continued success of your business is dependent on many factors, most of which are under your control. It is up to you to take advantage of what you can do something about.
WHY SMALL BUSINESSES SHOULD OUTSOURCE THINGS THAT ARE NOT THEIR CORE COMPETENCY TO AN EXPERT – REASON TWO
Every business large or small has limits on the resources available to it. Outsourcing permits a business to redirect valuable resources, from non core activities toward activities which serve the customer. Energies that are currently focused internally can now be focused externally – on the customer, which in turn increases revenue.
Thanks to Next Level for this series of compelling reasons why it makes sense for small businesses to outsource during recession and beyond. For more great tips, check out Next Level's blog, site or FB page.. Find the pros you need and list your own business also on the OED Community.
Thanks to Next Level for this series of compelling reasons why it makes sense for small businesses to outsource during recession and beyond. For more great tips, check out Next Level's blog, site or FB page.. Find the pros you need and list your own business also on the OED Community.
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