Monthly Archives: June 2013

7 Points Crucial For Business

Small-BusinessDoing business not only involves a capital stakes and make an effort to reap profits as much as possible. There are so many aspects that must be learned in starting and growing a business. And you do not have to experience it yourself to be able to know what points you should know in the course of business.

Here is an interesting exposure of Neil Patel, an online business entrepreneur who started two successful online companies: Crazy Egg and KISSmetrics. Armed with entrepreneurnya career, Patel, who is a young boy in the mid-20s has worked with many world-famous corporations such as Amazon, AOL, GM, HP and Viacom to increase their profits in the virtual world. Effect Patel in a virtual world has even been recognized by the Wall Street Journal.

Point 1: Take bigger risks when you’re young

When you are young, your life is relatively freer and you have more time to pursue all that you like. You have more chances to take risks and learn from failure you experienced. Support for younger people is still relatively more because they are not expected to be fully self-sufficient so that when a failure someone younger more easily get help and support from others in the vicinity, for example a parent, guardian, or sibling.

But not so for the more senior generations. The more a person gets older, generally the more responsibility he had to endure and the less time he has. By itself anyway, to take any risks should be reduced because if taken too great a risk to be managed, the stakes are not only personal but others are the responsibility of the partner and the person, such as spouses or children. Financial condition and life in general, the more stable is to be expected in a mature age and the risk in this case would destabilize existing.

Therefore, if you are still in their 20s or even a dozen years, it never hurts to start the business by taking risks as much as you are able to manage because it is the time to experiment and learn with a free, no-load.

Point 2: Keep the confidence of investors

Investors (in the broad sense, can be another person, bank or your own family) plays an important role in the course of a business. That he channeled funds to the body like the blood of your business. Fund investors entrusted to you is also a symbol of trust in your integrity as an entrepreneur and your business prospects. Therefore, do all you can to be able to maintain investor confidence by keeping their money in order to always grow, remain minimal.

In the business world, the beliefs of others to you and the business you run is an invisible asset that is more valuable than capital as much as anything. Therefore if their funds would have been lost due to any reason, look for ways to pay the funds originally they give to us in one piece. Thus, we demonstrate good faith in maintaining their trust (in the form of funds).

Point 3: Spend 10% of your time in the day to find new ways to make money

Set aside time in the day to be able to think of a new way to achieve more profits. You are required to be able to continue to be creative with all your mind and talents you have as an entrepreneur. Think out of the lane or the existing trends. Working on niche markets or untapped or underserved by the maximum. Or you can take advantage of existing market trends in different ways so that people like what you are handed to the market. Following the trend of rising without making a breakthrough will only make you become a follower of the old trend, not the creator of a new trend. Avoid it as much as possible.

This point does not require you to open a new business but rather focus on how to optimize what you already have right now so that it can produce greater benefits than before.

Point 4: Use communication to the maximum

There is no other way of thinking that can connect one person to another, in addition to communicating properly and efficiently. Usually a barriers in communication can lead to other negative barrage, such as a decrease in profits or failure to achieve the expected target.

Perform intensive communication with all parties related to your business, such as customers, investors, colleagues, business partners, and so on. Here is a practical way to increase the applied Patel smooth communication with all parties related to its business:

* Be a good listener: The ability to listen to what the other person is the ability to express the basic and vital in a communication process. Without being a good listener, a small possibility that we can respond to and understand, let alone take the appropriate action or response. Here, our ego must be suppressed so as not to dominate the conversation.
* Communicate regularly: Meet and communicate with others on a regular basis so they know you care about their existence.
* Speak clearly and concisely: Use sentence polite, brief but solid when talking with others. Express opinions, ideas or feelings very clearly so that people do not misunderstand. Misunderstandings often occur because the mind is not in accordance with each other. In fact, if spoken clearly, this can be avoided.
* Avoid complaints: Complaints will only be clearly convey a negative message to the listener. Instead, use the fact that what you say does not seem emotional and personal. Blame anyone, including yourself let alone anyone else, for an event that is not expected to be no real solution to the problem you’re facing.

Point 5: Maintain a relationship that has existed

Maintaining a relationship with another person just as difficult to build. Therefore, do not ever intend to cut ties with someone. Sometimes we have to suffer because others have made ​​a mistake that hurt and even they do not feel any wrongdoing. However, do not be burning with anger and immediately terminate existing ones. Be patient with the situation because maybe someday they will apologize, brings you the opportunity to succeed or even bring benefits to your business in the future.

Point 6: Spend 10% of your time a day to do networking

Patel believes that there needs to be someone who is the best in a field to make money. We just need to build a reliable network of relationships. This can be done by attending local networking events, blogging, and even participate in social networking sites are good ways to build relationships.

By building a network of relationships and extensive connections, you can cover the shortfall by asking for help from others. It would be much lighten your workload. Compare if you have to work alone and have no friends in running the business.

7. Points: Do not let your fellow investors or stranded

When you set up a business with another person or investor, try not to leave them and the joint venture established without good reason. Understandable if you go as no longer like what you are doing or feeling no longer needed to develop business in the future. But if you are not in a situation like that, you should stay with them.

Principles of Strategic Management

business ideaStrategic management is not just a course that is taught in most business majors at many universities. This is a method used an entrepreneur or business owner to plan and execute successful business. Classes include the conception of strategic management and the use of marketing, employee arrangements, outsourcing, public awareness of social programs, and many other factors that are part of managing the business well.

Vision

The principles of strategic management is to create and maintain the company’s vision. This vision includes the expectations for a company in the market in the short term and long term, as well as what role taken by the company in the community or even in the nation. Keeping in mind the vision of your business will determine how you set up other aspects of the company.

Methods for Achieving the Vision

Once you have a vision in your company, you have to find a way to achieve it. This includes introducing the company to as many people, driving sales, retain customers or building or other franchise locations. Finding an appropriate and suitable method for your business is a difficult aspect in strategic management. Easy to find what you want, but it is very difficult to know how to realize these desires. The methods that can be used is a change of personnel, outsourcing, marketing and advertising, and investment.

Implementation Methods

Strategic management includes not only planning and brainstorming, but also implement the ideas and methods that you currently have. The principle of the implementation of strategic management involves the realization of these ideas into the world of business and make it work for your company. For example, after you decide the best method that you will use to drive sales in your business, such as advertising or marketing plan, good management also requires the implementation of the plan. This could be a principle that is difficult because often require capital investments or changes in the company.

Adjusting Vision

Other strategic management principle is to modify the existing vision of the situation around your business. Because market conditions can affect your business, it is necessary to adjust the vision. Similarly, market conditions, technology is also constantly changing. Your business requires a periodic adjustments for the company to remain competitive in the markets in which it moves.

Steps Finding the Right Business Partners

handshake-businessHaving a partner to bring a number of business issues and complex interpersonal issues. Both of course have to be addressed in order to run as expected. Here are the steps you should take into account when choosing a business partner.

If your main goal is to have someone to be able to discuss together and help drive your business, there may be other options in addition to having a partner. A small business consultant or mentor can have the ability to fill that role. In such cases, you will reap the benefits of a dedicated thinking objectively but you still will determine the final decision.

Similarly, if additional capital is needed, there are several alternatives to provide equality that has been painstakingly you can. Debt is usually preferable to equality unless the partner can add value to your business. If an equal partner to open a new market that can be customized, can bear an important responsibility or provide valuable resources, perhaps he deserves to be seriously considered.

Make your decision to have a partner based on strong logic and reason. Be careful if you just aim to shift the responsibility to others who would agree.

The purpose of the partnership should have been obvious from the beginning in your mind. You then get to determine the quality and the assets will be taken of potential partners. A partnership is usually a long-term cooperation, so long think about whether you are ready or not for such a level of commitment.

If you believe that a partner is required, you have to choose very carefully. Here is the approach I take.

Start with your own strengths

First of all, create a draft job description for yourself. Plan to continue doing the best thing you can do. You will want your partner to be someone with the skills and knowledge that complement you. Determine what role AYou partners would play in the operation and decision making. Remember that a partnership is not always equally.

Recognize the value you’re looking for

Is the person filling the role or function of a partner as a key team member, it will affect the company’s image both internally and externally. If the commitment, integrity, and honesty are the qualities that are important to you, emphasize the importance of these criteria, especially regarding how you will determine whether the values ​​held by individuals who are being considered as partners.

Talk

Let the people in your network know what you’re looking for. The suppliers, customers, and other colleagues may be able to provide appropriate recommendations but use your common sense and discretion when determining who should be notified. Give emphasis to what you think is important.

Thinking openly

You might find someone who could be an ideal partner but he does not have money to invest. You can also find potential investors who are not willing to be partners. Finding the ideal partner who also has a fund is something that is difficult. Be open to what makes the most sense for you and your business.

Learn everything you can learn about potential partners

Check references and credit records, even if you know the person very well. This is especially important if the person will be your equal partner. Ask questions to determine the ability, motivation, and encouragement owned by that person as starters. You will be able to give responsibility with confidence because you know that there is a real incentive for the work order is completed.

The challenge is finding the right person the first time. Before agreeing to any agreement, might be a good idea to bring in a candidate as an experiment. Too often I meet business partners that do not fit. Whatever the eventual agreement, make sure you specify the terms in writing with the help of your lawyer.

Following these steps will ensure you are ready to go to a business partnership a good start and based on a solid foundation in order to grow a strong business and can generate a lot of profit.

*) Marian Baker, MBA, Business Leadership Coach is President of Prime Strategies, http://primestrategies.com. Baker’s mission is to transform the business owners into business leaders. He implemented a system / business that has been proven, that regulates thinking, direct action and building a leadership mindset.