Are you Planning For Growth?
Over the past few years have you done very much long-range planning for growth?
If you are forward looking and flexible in your thinking, more than likely you will be continually planning and executing changes - for change is a dominant aspect of modern competitive life. Although a wise businessperson respects the past, they should never be bound by it. Your long-range planning should take into consideration all of the following: selling methods and sales training, sales promotion media and devices, customer services, addition of income bringing services, building modernization (fixtures and equipment), branch development or location change, financing (especially the reinvestment of earnings).
Do day-by-day activities involve you so much that you find no opportunity for advance planning?
The small business owner must be both a planner and a doer. Day-to-day activities can be delegated so that you can do more important planning.
When you find that change is called for, do you act decisively and creatively?
Risk is always present in business. Some of it can be reduced by insurance. But there is no way to hedge on long-range planning. Once you have decided to make a change - based on all available facts - you should enter into the project wholeheartedly.
Do you find that recurring crisis force you to make most of your changes before you have been able to give them thoughtful analysis?
The failure to plan for changes that must be made if you are to hold your customers and attract new ones leads to great waste and poor management practices. Sudden changes add unnecessarily to your expenses, they disturb your established customers, and they upset your employees' morale.
When you determine that you must make a change in some policy or practice, plan ahead carefully and give all those involved a clear account of what is going to be done. By planning ahead, you lessen the possibility of crises and the need for snap judgments.
Do you have someone ready to take your place in case of emergency?
The uncertainties of life are many. You should have someone ready to keep the business running smoothly, if something should happen to you, until such time as a long-range decision can be made.
Are you grooming someone to succeed you in the not too distant future?
No matter how young the management of a business is, unforeseen disabilities can occur at any time. Someone should always be in training as a successor; otherwise, the business is no more secure than the health of its owner-manager.
Fostering the entrepreneurial spirit!
Thursday, September 20, 2012
Saturday, August 25, 2012
Steps to Success
Steps to Success
SET YOUR GOALS
Goal setting is a must in every area of life.
What do you want to accomplish? You can have whatever you want, but you must want it enough to do the things that have to be done in order to get it. Set your goals, write them down and set a target date for reaching them.
Set short-term reachable goals and long term higher goals, yet don't set them too high. This will cause you to become discouraged if you don't achieve them. Work consistently towards accomplishing your goals each day, each week and each month until you reach your short-term goals. When you have attained your short-term goals set them a little higher each time. Ultimately you will achieve your long-term goals.
BE SELF DISCIPLINED
Have a list of all the things you want to accomplish during the day. This will give you an organized approach to each day. It's amazing how much you can get done using a "To Do" list.
BE SELF MOTIVATED
Set up a schedule and stick to it. Be Enthusiastic. Enthusiasm generates its own energy. Energy and good health are synonymous with motivated, happy people. Achievers.
BE ENTHUSIASTIC
Positive thinking will literally be your key to success. You have to convince yourself that you can succeed at whatever you desire, because you can.
SCHEDULE YOUR TIME WISELY
A schedule is your roadmap to success. If you have no direction, you'll travel in circles and ultimately never reach your goals. Plan your work then work your plan.
HAVE A POSITIVE ATTITUDE
Success is 90 percent attitude and 10 percent aptitude. Learn the art of positive thinking. You can do whatever you put your mind to. It's mind over matter.
HANDLE YOUR MONEY WISELY
Set up a written budget. Set aside a percentage of your business income to put back into your business. This is a must. Failure to reinvest your money will result in the failure of your business.
TAKE CARE OF YOURSELF
Get plenty of sleep, eat right and take some time to smell the roses...
Be Persistant...Persistance Pays Off...Don't Give Up...Most Businesses fail Just At The Moment They Are About To Succeed...
SET YOUR GOALS
Goal setting is a must in every area of life.
What do you want to accomplish? You can have whatever you want, but you must want it enough to do the things that have to be done in order to get it. Set your goals, write them down and set a target date for reaching them.
Set short-term reachable goals and long term higher goals, yet don't set them too high. This will cause you to become discouraged if you don't achieve them. Work consistently towards accomplishing your goals each day, each week and each month until you reach your short-term goals. When you have attained your short-term goals set them a little higher each time. Ultimately you will achieve your long-term goals.
BE SELF DISCIPLINED
Have a list of all the things you want to accomplish during the day. This will give you an organized approach to each day. It's amazing how much you can get done using a "To Do" list.
BE SELF MOTIVATED
Set up a schedule and stick to it. Be Enthusiastic. Enthusiasm generates its own energy. Energy and good health are synonymous with motivated, happy people. Achievers.
BE ENTHUSIASTIC
Positive thinking will literally be your key to success. You have to convince yourself that you can succeed at whatever you desire, because you can.
SCHEDULE YOUR TIME WISELY
A schedule is your roadmap to success. If you have no direction, you'll travel in circles and ultimately never reach your goals. Plan your work then work your plan.
HAVE A POSITIVE ATTITUDE
Success is 90 percent attitude and 10 percent aptitude. Learn the art of positive thinking. You can do whatever you put your mind to. It's mind over matter.
HANDLE YOUR MONEY WISELY
Set up a written budget. Set aside a percentage of your business income to put back into your business. This is a must. Failure to reinvest your money will result in the failure of your business.
TAKE CARE OF YOURSELF
Get plenty of sleep, eat right and take some time to smell the roses...
Be Persistant...Persistance Pays Off...Don't Give Up...Most Businesses fail Just At The Moment They Are About To Succeed...
Friday, August 10, 2012
Professional Liability Insurance: Who Needs It? Maybe YOU
You work hard for your clients, striving to provide services that will bring solid impact to their businesses. The cost impact to a small practice can be immense when a dissatisfied client brings in legal back up and sues. Even more troubling is a dishonest client, who may purely be seeking to force settlement.
Many types of businesses obtain liability insurance. We all are familiar with product liability exposure and malpractice exposure among doctors or lawyers. As consulting continues to grow, so too can the risks and the misconceptions among clients. The good news for professional advisors is that liability insurance is relatively inexpensive when viewed against other insurance costs small businesses may be buckling under like health care or auto.
Each small business is different, with its own risks to be assessed. Quotes can be obtained online, but we highly recommend you get in touch with your insurance broker to talk you through the various risk factors among practice types (ie. marketing consultants vs. IT, etc). Like many things involved in running a business, some times we don’t know what we don’t know when it comes to liability. Just that one quick call may give you peace of mind as you build your business.
Many types of businesses obtain liability insurance. We all are familiar with product liability exposure and malpractice exposure among doctors or lawyers. As consulting continues to grow, so too can the risks and the misconceptions among clients. The good news for professional advisors is that liability insurance is relatively inexpensive when viewed against other insurance costs small businesses may be buckling under like health care or auto.
Each small business is different, with its own risks to be assessed. Quotes can be obtained online, but we highly recommend you get in touch with your insurance broker to talk you through the various risk factors among practice types (ie. marketing consultants vs. IT, etc). Like many things involved in running a business, some times we don’t know what we don’t know when it comes to liability. Just that one quick call may give you peace of mind as you build your business.
Sunday, July 22, 2012
Business Insider Offers Treasure Trove of Tips
If you're not aware of Business Insider by now, we recommend you check it out. It is often filled with great, ready-to-implement tips for small businesses. Gone are the long-winded theoretical posts and here are quick ideas you can capture AND USE.
In true BI fashion, here is a great post that culls some of the best-of-the-best in seemingly offbeat-yet-common-sense advice from the net for Small Business. We've captured the concepts below, with link to full article at the jump.
On Leadership:
Enforce vacations!
Stop selling to yourself!
On Strategy:
Stand out in the online world
Study your taxi driver
On Marketing:
Learn the basics of bootstrapping
Don't just create a brand!
On Communication:
Create a powerful message
Deal with picky customers
On Branding:
Make yourself more trusted
Now we're sure if nothing else piqued your interest, you're a little puzzled by studying your taxi driver. Check out the complete post for elaboration!
In true BI fashion, here is a great post that culls some of the best-of-the-best in seemingly offbeat-yet-common-sense advice from the net for Small Business. We've captured the concepts below, with link to full article at the jump.
On Leadership:
Enforce vacations!
Stop selling to yourself!
On Strategy:
Stand out in the online world
Study your taxi driver
On Marketing:
Learn the basics of bootstrapping
Don't just create a brand!
On Communication:
Create a powerful message
Deal with picky customers
On Branding:
Make yourself more trusted
Now we're sure if nothing else piqued your interest, you're a little puzzled by studying your taxi driver. Check out the complete post for elaboration!
Friday, July 6, 2012
Building (Business) Relationships Takes TIME
A major skill often requiring some fine-tuning with most entrepreneurs is the process of building relationships with prospective clients and future business associates BEFORE asking for the sale or discussing business participation specifics.
Most entrepreneurs are taught to talk to anyone and everyone they know and meet as soon as they can, about their new business BEFORE someone else gets to them first. This goes against all good business logic.
People do business with those they know, like and trust. New prospects need more than a first meeting to know, like and trust you. In all businesses, it takes time to build relationships that are mutually beneficial.
Be professional, focus on your goals and create a reason for people to do business with you – PERSONALLY!
Most entrepreneurs are taught to talk to anyone and everyone they know and meet as soon as they can, about their new business BEFORE someone else gets to them first. This goes against all good business logic.
People do business with those they know, like and trust. New prospects need more than a first meeting to know, like and trust you. In all businesses, it takes time to build relationships that are mutually beneficial.
Be professional, focus on your goals and create a reason for people to do business with you – PERSONALLY!
Saturday, June 30, 2012
Why You Need A Business Plan
Great ideas need landing gear as well as wings.” – CD Jackson – American publisher
Building a business is no different then building anything, there are many pieces to put together and many details to cover. If you were building a building (whether a tool shed or a skyscraper) you would need a plan!
The process of creating a business plan forces you to take a realistic, more or less detached look at your business in its entirety.
A finished business plan becomes a tool that will help you manage your business and work toward its success.
The business plan allows you to take nebulous thoughts and put them in concrete form. It is the difference between those who merely have an idea and those who make money on one.
The importance of planning cannot be overemphasized. It is the key to unlocking the door to success. And once you open that door, what do you find? About a thousand more doors with all kinds of variables, problems, and situations. The only way you can effectively handle those variables in a business venture is to have a logical, well-organized business plan.
By taking an objective look at your business, you can identify areas of strength and weakness. You can pinpoint your needs or details you might normally overlook. A business plan will give you enough information to help you spot problems before they arise. Planning will help you determine how you can best achieve your business goals.
A business plan does several things for you:
• Helps you identify your objectives.
• Helps you develop strategies to meet those objectives.
• Helps you earmark problems and suggests ways to solve them.
• Helps you avoid problems altogether.
• Helps create a structure to your business by defining activities and responsibilities.
Building a business is no different then building anything, there are many pieces to put together and many details to cover. If you were building a building (whether a tool shed or a skyscraper) you would need a plan!
The process of creating a business plan forces you to take a realistic, more or less detached look at your business in its entirety.
A finished business plan becomes a tool that will help you manage your business and work toward its success.
The business plan allows you to take nebulous thoughts and put them in concrete form. It is the difference between those who merely have an idea and those who make money on one.
The importance of planning cannot be overemphasized. It is the key to unlocking the door to success. And once you open that door, what do you find? About a thousand more doors with all kinds of variables, problems, and situations. The only way you can effectively handle those variables in a business venture is to have a logical, well-organized business plan.
By taking an objective look at your business, you can identify areas of strength and weakness. You can pinpoint your needs or details you might normally overlook. A business plan will give you enough information to help you spot problems before they arise. Planning will help you determine how you can best achieve your business goals.
A business plan does several things for you:
• Helps you identify your objectives.
• Helps you develop strategies to meet those objectives.
• Helps you earmark problems and suggests ways to solve them.
• Helps you avoid problems altogether.
• Helps create a structure to your business by defining activities and responsibilities.
Saturday, June 16, 2012
Planning and Implementation Go Hand-in-Hand
A plan succeeds only through action!
How many times have you heard a business owner proudly state, “I have a business plan”? Then you learn one or more of the following:
• The business plan was prepared when the business was first launched long ago.
• The plan has not been updated for years.
• The plan was prepared using a bank’s required format to help justify a loan.
• The management team does not refer to the plan.
• The plan is unwritten and exists only in the owner’s mind.
• The plan includes only general concepts and nothing specific.
A plan only has value if it helps guide implementation. That means it needs to be written and kept current. It needs to be used and referred to by the management team. It needs to include specific action items with target dates for completion.
Both plans and implementation are required to succeed. They go hand-in-hand.
If you act without a plan, you will be wasting time and money. If you plan without implementation, nothing gets accomplished.
Whatever business processes you follow, make sure they include both planning and implementation steps to ensure your actions are well thought out and your best laid plans are put into motion. The combination of advance planning and timely implementation goes a long way in building a successful business enterprise.
How many times have you heard a business owner proudly state, “I have a business plan”? Then you learn one or more of the following:
• The business plan was prepared when the business was first launched long ago.
• The plan has not been updated for years.
• The plan was prepared using a bank’s required format to help justify a loan.
• The management team does not refer to the plan.
• The plan is unwritten and exists only in the owner’s mind.
• The plan includes only general concepts and nothing specific.
A plan only has value if it helps guide implementation. That means it needs to be written and kept current. It needs to be used and referred to by the management team. It needs to include specific action items with target dates for completion.
Both plans and implementation are required to succeed. They go hand-in-hand.
If you act without a plan, you will be wasting time and money. If you plan without implementation, nothing gets accomplished.
Whatever business processes you follow, make sure they include both planning and implementation steps to ensure your actions are well thought out and your best laid plans are put into motion. The combination of advance planning and timely implementation goes a long way in building a successful business enterprise.
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