Archive for the ‘Nick Yates’ Category

How To Manage A Small Business

June 14, 2008

Author: David Gass

Knowing how to manage a small business is very useful when you are considering starting a business and running it successfully. Without proper guidance it is hard for any venture to succeed. Time, money, employees must be managed efficiently for a business to operate smoothly. A well-drafted, carefully planned business plan will help greatly in managing a small business. A business plan helps you to understand all aspects of a business and the steps involved in all the operations.

Tips

Financial
It is essential to manage the finances wisely as it is the determining factor for success. Cash flow forecasts are very handy tools, if done accurately, to determine the amount of cash needed at a given time and to ensure that the cash is available. Good management will ensure that loans applied for are only for as much as can be repaid, as early as possible. Good bookkeeping and maintaining records of all transactions in an organized manner improves fiscal management. A plan to reinvest profits into assets is also a sign of good management. Making use of the software available will lessen the time and energy spent in managing your finances. Make sure that tax returns are filed on time. Opting for a good insurance policy for the business ensures that the business will continue no matter what.

Human Resources
It is necessary to manage the employees well, making sure that they perform their duties and ensuring that they are happy and motivated. Assigning the right person to the right job. Proper delegation of duty is an aspect to be taken into consideration while managing personnel. Periodic checks have to be carried out to measure their performance and ensure that they behave well and create a good impression when they interact with customers.

Marketing And Sales
Marketing and sales aspects of a business must be managed well too. Proper strategies must be implemented to improve sales and ensure that the target is reached. Maintaining good relationships with suppliers and dealers is also essential. Good, effective planning will ensure that the business is equipped to deal with any situation. Having a plan ready for the course of action to be taken when sales targets are not met will also be helpful. Using good advertising strategies, using the Internet, and making use of e-mail marketing, to promote the product or service will improve business.

These are just a few tips to managing a small business. When all aspects of a business are managed well, the company will function smoothly, ensuring that it will definitely succeed. There are firms that offer services and products that can help run and manage a company more easily.

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Do You Have What It Takes To Start A Small Business

June 14, 2008

Author: Jeff Schuman

Are you cut out to start your own small business. Some people are better off working for someone else then they are to take the plunge and start a small business of their own.

Statistics tell us that over 45% of small businesses fail within the first two years of starting up. On the other hand, millions of self-made business owners have gone on to become millionaires. So what do you need to become one of the successful ones? Don’t worry if you don’t have everything it takes. Training can develop many of the so-called essentials. All you really need to know are which ones are your strengths and which are your weaknesses. Here are some traits you’ll need. It’s up to you to decide if you’ve got them, or if you’ll work on getting them.

– Common sense. If you’re not sure whether you’ve got it, ask your family. It’s the ability to make sound judgments about all manner of life issues. It can be a combination of past experience and knowledge and will help you get to the core of a problem by simplifying it.

– Specialized knowledge of your field. It’s no use jumping into something about which you know nothing. Most successful businessmen have gained much valuable experience in their trade well before they went into business for themselves.

– Self Confidence. When you start out in small business, the buck will usually stop with you. You are the one who has to make difficult decisions and wear the consequences. This is not always something you either have or don’t have. You may have it in one area or situation and lack it in another. Training will help you to get it.

– The ability to get things done. This is actually self-discipline. It’s no use deciding to take the day off because it’s sunny and the surf’s up. There are things requiring your attention and if you leave them they won’t get done. On the other hand, it’s no use being on the job if you fritter the time away on menial talks that should be delegated.

– Creativity. Sure it’s been done that way since Adam, but there could be a better way to do it – one that will save you time and money.

– Ability to lead. Do you get along with others or is there a long line of dissatisfied staff, customers, clients, friends and relatives behind you? Your ability to lead and get people to do great work is paramount to your success in business.

– Self reliance. If you can’t rely on yourself, whom can you rely on? You need to be able to set goals and do whatever it takes to reach them. Sure you’ll have others under you – eventually, but many small business owners need first to rely on themselves. If you want to start a small business, the best thing to do is get in there and have a go. You can learn as you go, but make sure you listen to others advice, even if you don’t always follow it. Being open to new ideas and advice is important too.

If you want to start a small business and don’t feel like you have the traits to be successful maybe you need to develop them. The traits listed above can all be developed to the point the are habitual. It takes time and effort. Sometimes it comes down to getting out of your comfort zone and as Nike said in their commercials “Just Do it.”

You Need to Develop the Spirit of Entrepreneurship to Succeed in Business

June 6, 2008

Author: Bayo Bamitale

Many of us are interested in starting home-based businesses or quitting our full-time jobs. There is a marked difference between the psychology of the worker and that of the entrepreneur but the great flicker of hope is that the entrepreneurial consciousness could be developed. If you are tired of your day-time job and have been thinking of leaving your job and striking out on your own, you need to think about this properly. It is necessary to examine yourself and ask whether you have what it takes to be an entrepreneur; and if you don’t to go ahead and start the process of developing that consciousness. This article itemises some of the characteristics of an entrepreneur as well as the method by which those characteristics could be developed.

First, be clear about why you are starting business. Why become an entrepreneur? There are various reasons that one may consider in striking to become an entrepreneur and starting one’s own business. Some strike out because they hate their bosses, some because they hate their jobs, some because they hate poverty and some because they hate commuting. Becoming an entrepreneur because you hate something may not be the right attitude. It is better to strive to start your own business because you love something. When the chips are down, you will need the energy of love to sustain you in the days of adversity. It is your love of business or entrepreneurship which will keep you going when partners desert you, or a project fails, or the tax-man comes with harassment, or you face other negative circumstances. So the first thing to do is to first settle all the hatreds and rather replace them with the love of something this is done at the level of attitude. Your attitude to business will determine your altitude in success.

Second, don’t go into business tabular rasa like a clean slate. You need to develop yourself along the business line. You need to learn some accounting skills, some law, some technology and some philosophy to be a good business-person. A good way to start is to join a network marketing system. When you join, don’t join because of the money although you can make a whole lot of money from this business but don’t make that your focus. Go with the intention of learning, especially learning to sell. To succeed in business, you need to know how to sell. You will need to sell your business ideas to partners, to sponsors, to customers, and even to members of your work-force. And one good way to learn to sell is by joining a network marketing system and taking advantage of the great training facilities provided there.

Third, understand the difference between assets and liability. Many go out into business without understanding the difference between assets and liabilities. Your knowledge in this area is very vital to your success. So get some good training before you jump in.

Forth, understand the power of systems. A business is essentially a system. Not understanding the power of systems will convert a business-man into a self-employed, and there is a difference between a business-man and a self-employed. A good business-man puts in place a system, which works irrespective of whether he is sleeping or working. The ability to do this is the difference between a business-man and a self-employed.