Business Finance – 3 Blunders to AvoidWhen you have your own business, it is important to follow some basic financial rules. Keeping track of the money flow and expenses helps you decide if your business is making enough money or spending too much on supplies. Your business should always have a strategy to follow as well as projected cash flow. Money is important in every aspect of business.Below are some of the following business mistakes that you should try to avoid:(1) Not keeping accurate records in your business finances can affect a business negatively.It can hurt cash flow and the decisions and plans that you make for your business. If you find that you do not have time to keep track of accounting, it is a good investment to hire somebody to keep track of finances. If you conduct business from home, you also need to make sure that you keep two separate accounts: one for business and one for home or personal items.(2) Not staying informed about business laws.You need to educate yourself about Occupational Safety and Health regulations, worker’s compensation laws, unemployment insurance and employment laws. By not keeping yourself educated about business laws, you could possibly make careless mistakes that could affect your business.(3) Not filing or estimating quarterly taxes.Taxes are also very important when it comes to business. You should familiarize yourself regularly with the latest tax info for business and learn about filing estimated taxes early. If you don’t estimate what the cost of taxes will be each quarter, you could end up paying a large sum of money at the end of each year. Not estimating the cost of taxes or paying more taxes than you bargained for could hurt your business financially.It is important that you avoid these business blunders so that you can be sure that your business is run professionally. Always stay educated and up to date on current business laws and practices. Not staying familiarized with business laws or your financial status could cost you more down the road.Popular Ways to Seek Referrals TodayReferrals are important in any business. Referrals help us build a reputation and bring in new customers/clients. Without referrals, a business can’t grow.Below is a list of ways that you can attract more referrals to your business.• Attend meetings, luncheons or other business events and meet others who are in similar business markets as you.Find out how other business owners create strategies to meet new clients. Attend events held by the city or other organizations where you might have a chance at meeting new clients.• Familiarize yourself with online social networking.By learning about other people’s interests, you can educate them about your business and services. There are millions of potential clients who are on social networks such as Facebook and Twitter each day. Visit online blogs that pertain to your market and leave comments. Be sure to leave your name website link somewhere in the visitor field in case readers or the blog owner wants more information.• Speak with your current clients and customers.Your current clients may have family and friends who need your services and products too. Create “coupon specials” for those who refer friends or family, and then offer introductory specials to those who were referred. Family members will often refer places of business or products to each other that they had a successful experience with.• Post fliers, signs or business cards to attract more business.At business events, be sure to leave your business cards, free magnets or pens that have the name of your business or website on them. People always love gifts that they can take home with them. If someone needs your services, they may call the number or visit the website that is listed on the pen or magnet.There are several ways to attract referrals to your business. A business just can’t expect customers to show up unexpected. By going out to meet and learn about your potential clients, you can ensure the future of your business’s success.
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Traits of a Successful Small Business Owner
There is no secret formula in this world which will make you the most successful small business owner. Every business has a different nature and different products or services to offer and that is why the success of a small business as a result of its business strategies. But it is the business owners who make those strategies and execute them to achieve the business goals. Some traits in personality and character are needed in a business owner on a very basic level. The entrepreneurs with the best professional and personal traits will prove to be the most successful. In this article I will share with you the characteristics and traits of small businesses owners.Believe In What You Are DoingIf you don’t believe in your business then why would your customers believe in it? Think of a boy who has always wanted to be a choreographer and he is forced to study mechanical engineering. He will never be good at being an engineer because his personal interest lies in creating and directing professional dancers. Same is the case with business. So always chose own a business which has your personal interest in it. Then take it seriously. If you would take it for granted, very soon your interest in it will vanish. You will not like what you are doing and you will lose the motivation to keep running the business. So believe in what you are doing and act on your passions.Planning and ManagementBusiness strategies really make a difference. If you want to ensure the success of your small business then you need to plan your every move. Analyze every situation and do the necessary research to gather facts. Compile those facts and make calculated decision on the basis of it. Don’t rush into making business decision because every decision has a perfect impact on your business. Also make it sure that your business is excellent managed and organized. Keep your eye on the prize. Whether it is financial management or general management, always be proactive and don’t let yourself or others distract you from your goal.Great ReputationWould you ever buy from a company who has a reputation that they never deliver the product on time? The answer is no, because that business broke the trust of its customers by not delivering the product on time. Earn the trust of your customers and as a reward your reputation will increase. Don’t promise something you cannot deliver and always have principles for yourself and your company. Reputation is not something that you can buy. It’s intangible and you have to earn it. Don’t let anything hurt your personal or company’s reputation as it will result in serious consequences for your business.Negotiate EffectivelyA business man without effective negotiation skills is like a pilot without a plane. But there is an important thing to understand. If you are always able to win in a business negotiation, that doesn’t mean that you are good at it. It could mean that you might be losing business in the long run. You have to master your negotiation skills in such a way that you should be able to create a win-win situation for both parties. If everybody would feel that they have got something after that negotiation then you would have good business relations with your customers.Promote Your BusinessGet involved with people and the community that is beneficial for your business. Grab attention and never lose a chance to introduce and promote your business. Just make it sure that you don’t waste your time and money. Your small business may become insolvent if you try to raise awareness about your company by spending money. Try to build relationships. Would you like to do business with a person you just met or someone you have established a history with? People like to do business with those who they know. So, build contacts and promote your business in a very effective and inexpensive way.Be CollaborativeIndividual performance can never match team work. You should be able to work with your team to achieve the goals of your business. It is a very important trait as it ensures team effort, which eventually leads to the success of a small business. You should know that you cannot do everything on your own. So intelligently delegate tasks to your team and get them done in the most effective and efficient way. Don’t be a control freak. Motivate your staff and have a great relationship with them. Enable your staffs to make decisions, contribute ideas, and work on project that interest them. As a result, the performance and productivity of your team will increase and support your path to success.Honest and RespectfulYou should be honest and fair in your business dealings. Always be polite and respectful to the people you deal with. Both of these characteristics should be a permanent part of your personal and professional life. People really appreciate these traits as they increase their trust in your business. Be tactful and never take your customers lightly.Dedicated and Hard WorkingYou should not be the kind of person who runs away from work and just builds castles in the air. It is all right to dream about success but success can only be achieved through hard work. Moreover, be dedicated to your work and stay focused. Don’t settle for anything less. Put your heart into your work and never stop until you are done with it.In the end, I would like to make a special note. Occasionally you plan your business perfectly and have great personal and professional traits but still the business remains unable to reach its goals.Sometimes it is simply having someone else look at your business with objectivity and creativity to identify the areas that need to change. Don’t be afraid or intimidated to ask for help.You will be amazed what a fresh set of eyes can bring to your business and strategic goals. In the meantime, be consistent and stay connected. Use these strong personal and professional traits in yourself and soon your small business will be on the road to success.
Home Based Business – Defying All Odds on Your Journey
Home based business owners often underestimate the difficulties associated with developing a successful home business. Some of the common challenges encountered are raising business capital, managing a workforce and maintaining a competitive edge. It is totally normal for unforeseen challenges to occur. Developing personal entrepreneurial qualities can assist in finding solutions to the constant changes in your business development. Adapting to change and being creative is the mark of a true self starter and is more likely to lead to your success.Some of the common challenges you may find as a home business owner are cash flow, competition and operative cost. In this ever changing market there could be difficulty with the appropriate pricing of products and services while finding a way to be financially competitive. Another area is the effective use of technology for your home business. Technological development is advancing rapidly and while assisting you for maximum efficiency: there is still a learning curve to experience. Look especially to the areas of computers and communication. Although critical in saving time and money while increasing productivity, they still need purchased and then the learning curve on how to maximize the use in your business for benefit of saving both time and money.The following personal entrepreneurial characteristics can be adopted to overcome challenges associated with any successful home based business opportunity:- A clear business strategy in the form of a business plan is required for planning on all levels of your business. A mission statement will clarify both for you and employs if you have them, your true purpose for this business venture. Staying on focus as you develop each step of your business should meet the steps you set for yourself in your mission statement and business plan. It will also keep you on track from those areas that tend to take time but do not make income. It is easy to look busy doing tasks, but are they the tasks that make the profit for your business, or the busy tasks used to stall your progression?- Flexibility and adaptability area attribute as a key to success. With creative business ideas, you can avoid loss and bring back productivity with market changes. Marketing plans and their results must be constantly evaluated taking into consideration your target market.- A practical approach and complete honesty is necessary to gauge the potential of business products or services. Impartial judgement should be exercised with entrepreneurial decisions and actions. For example: if you have a painting that to you is beautiful and highly desired, but to the public it is not well accepted, it would be wise to stop trying to market it as it wastes time and resources.- Application of logical reasoning and comprehensive analytical skills with product or service development is essential. Clear thinking in line with your business plan can help develop and utilize resources that are essential for the progression of business growth.- Un-wavering moral behavior through all your business activities and client interactions will be the hallmark of your business if you want referrals and repeat business. Quite often people shop or do business, not simply because of price, but rather because of service and integrity. It is recommended that in your mission statement, both service and integrity are addressed as they are essential for optimum business health and development.- Networking skills can help build resources which can render guidance and support. Regular participation in the breakfast business clubs, lead generation groups, meetings with speakers on pertinent subjects and activities of local business groups can help with the development of critical business solutions. Developing friendships or even mentors in the business setting is of benefit to all. It is suggested you don’t go with the primary intent to sell yourself or your products. As you get to know other business people, start to gravitate to their conversation, take and also pick up Biz Cards, writing a note on their card to reminder where and why you connect with. From these often comes a “think tank group”. Take advantage of these opportunities.- Home based business owners must constantly work to evolve with market changes and the local or national business strategies, changing market and product trends. This can help maintain competitive edge over a period of time as long term profitable stable business.The above actions can be adopted by small business owners to establish a unique position against competitors in the market. Develop a home business that you have passion and enthusiasm for as it will carry you forward during the challenging times. Even in down times, having zeal and enthusiasm will help to hold you through and get those creative juices following. There is a well known saying in the home based business world. You have never failed until you decide not to learn from the failures. Develop with your passion the flexibility to readjust business plans as needed.The most difficult task for a home based business venture is to move towards competency and expansion beyond mere survival. Persistent hard work, self discipline and passion can endow a small business venture with long-standing growth. Are you ready for the challenge and success of your home based business can provide?