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Monthly Archives: July 2016

Business Owner Relationships

As the universe of business turns out to be more mind boggling, a little entrepreneur can never again be a specialist in the greater part of the particular trains a little business needs. Regardless of the way that little entrepreneurs should fundamentally concentrate on creating and overseeing enough income and on getting clients in the entryway, it is additionally basically essential for them to develop and sustain associations with a bolster group. This gathering incorporates:

# Employees

Although thinking in terms of a “relationship” with employees might seem a little odd for a business owner, that relationship could be the most important of all of the relationships for the owner to cultivate. Because good employees represent a major resource in a small business, the time and effort the owner invests in nurturing that relationship has a huge return on investment(ROI). Employees who feel seen, respected and appreciated almost always produce more than anticipated.

Employees represent – in fact they are – the company to the customers. The business relationship with customers largely depends upon their experience and interaction with the employees. Happy employees tend to want to satisfy the customers, want to do a good job and want to stay in the job. This is important to the continuity of high-quality customer service and avoids the significant expense of employee turnover, employee retraining and the expensive but inevitable “rookie mistakes” of new, inexperienced employees. In addition, having trusted, long-term employees can free up the owner to handle off-site duties as needed.

# Banker
A banking relationship is an obvious need, not only for routine business banking, but particularly when capital is needed to grow, increase inventory, buy a building, bridge a short-term gap between payables and receivables or to address the seasonality of the cash flow in the business.

The banker that an owner goes to for a loan should know the business owner, understand the history of the business and have an understanding of the owner’s judgment and credibility regarding the use and payback prospects for a loan. If the long-term relationship is there, or it is at least in the process of being built, the loan request has a much better chance of being approved. If the business has borrowed and repaid loans in the past, the established track record and relationship greatly enhance the approval prospects. (Loan protection insurance can help in the event of financial difficulty.

# Accountant or Tax Specialist
A relationship with an accountant is equally important if the business owner is to be confident in the quality, clarity, timeliness and understanding of the financial reporting provided. A relationship with an accountant can also enhance the business’s credibility with a banker when the business is seeking additional capital.

Many small businesses combine the accountant and tax-specialist functions in one outside entity for convenience, time-saving and cost reasons. This is fine if the accountant has the requisite tax experience for the industry and the tax expertise for the specific business it serves.

# Lawyer
Every business owner should have a relationship with a business lawyer, liability attorney or legal firm. When an owner invests money and effort in building a business, it must be safeguarded from loss as a result of a lawsuit.

# Insurance Broker
As part of business risk management, the business also should have a relationship with and the trusted advice of an insurance broker who will provide the optimal coverage in the relevant areas within the constraints of the business budget.

# Marketing Professional
Depending on the owner’s sales and marketing expertise, a relationship with a marketing professional is highly advised. Most small businesses start with an entrepreneur who has a specific technical skill, a trade certification or has built up a following of customers for good work done. When the owner wants to grow the business beyond the established customer base, he or she should have a well-defined marketing plan that addresses the following issues:

  • targeting the market
  • optimizing the media used
  • considering branding issues
  • assessing the competition
  • getting the best value for the marketing money spent

Few small-business owners possess all of these skills.

# Business Trainer
A similar situation often exists with training both the owner and the employees. In a small business, especially in a startup, the owner often hasn’t had time to acquire the management skills necessary for managing a growing business with more employees, larger or additional computer systems, enlarged inventory, additional vehicles and more customers to manage. A relationship with independent business skills trainers can fill that need.

# IT Specialist
A more recent arrival on the needed-relationship list is the enterprise systems or information technology (IT) specialist. The business owner should have someone who can come in, analyze the systems and suggest ways to effectively and efficiently manage costs. That person (or organization) should also suggest ways to keep the business competitive in terms of administrative, project-management and operating costs and maintain the scalability of the business model through process productivity and system capacity and flexibility.

Summary
This might seem like a lot of relationships to sustain for the busy small-business owner. However, although these relationships aren’t necessarily time-consuming, they are absolutely essential to long-term business success and are worth their weight in gold when the business needs experts to help solve problems or to take full advantage of a business window of opportunity.

 

Grow Successful Business, Here Its Tips

To succeed in business today, you should be adaptable and have great arranging and authoritative aptitudes. Numerous individuals begin a business feeling that they’ll turn on their PCs or open their entryways and begin profiting, just to find that profiting in a business is a great deal more troublesome than they suspected. You can maintain a strategic distance from this in your business wanders by taking as much time as necessary and arranging out all the vital strides you have to reach to make progress.

# Get Organized

To be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and you’re completing all the tasks that are essential to the survival of your business.

# Understand the Risks and Rewards

The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.

# Be Creative

Always be looking for ways to improve your business and to make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and new approaches to your business.

# Stay Focused

The old saying that “Rome was not built in a day” applies here. Just because you open a business doesn’t mean that you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.

# Keep Detailed Records

All successful businesses keep detailed records. By keeping detailed records, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges.

# Analyze Your Competition

Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.

# Prepare to Make Sacrifices

The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases, you have to put in more time than you would if you were working for someone else. In turn, you have to make sacrifices, such as spending less time with family and friends in order to be successful.

# Provide Great Service

There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition.

# Be Consistent

Consistency is key component to making money in business. You have to consistently keep doing the things necessary to be successful day in and day out. This will create long-term positive habits that will help you make money over the long term.

Pick A Business Partner for Business Start Up

Numerous individuals need to fire up with another business however they have numerous elements to consider while beginning up. One of the vital variables to consider is whether to start your start-up all alone or with your accomplices. There might be a few people who need to set out upon their own vision, while others might be happy with offering that vision to a group. On the off chance that one is having a decent business thought, they may get a kick out of the chance to have full self-governance and control over their business however then again, by picking a shrewd accomplice can help one grow the business all the more powerfully. The entrepreneurial way is distressing, desolate and costly thus people would incline toward collaborating and imparting the weight to a prime supporter. In any case, it comes at the cost of sharing portion of your value and control. Numerous individuals have incredible thoughts to fire up their business however they do not have the experience required and subsequently they come up short in the end. As per Gallup, just about one in three little organizations fall flat inside their basic initial two years and more than 50 percent will come up short inside the initial five years because of absence of experience. The most ideal approach to battle this is to pick the right business accomplice. The most vital relationship for your business and the work-life will be with that with your business accomplice as he ought to be the one to balance your qualities and convey out various qualities to meet the same shared objective. Certainly, it is hard t o discover somebody with the ideal adjust of characteristics, values, and experience. Along these lines, we impart to you a portion of the vital focuses to consider while picking the right business accomplice for your start-up :

# Complimentary Skill Set

It is very important to know what the complementary skills of the business partner are, as it is going to help you decide what total strengths and weaknesses you both possess. But the first step here is to first look within yourself. One must be honest with themselves and able to identify their strengths and weaknesses. Do not try to partner with your clones as it is better to pick people who have different qualities and strengths. Also, one must be careful that they don’t partner with completely different personality as it can lead to conflict. Look for a partner who compliments your skills and not contrast with them.

# Able to invest time and money

One must choose a partner who has personal resources to invest in the company. It may not be important to invest as much time and money as you have done, but they should be able to invest the maximum they can afford to. Lenders and capitalists are more willing to invest in a company where the partner also invests substantially. Your partner having a specific role and skills should be able to invest time as well to the business and give his contribution to help the business grow.

# Bring New Business or Leads

It is important to ensure that your business partner has good contacts and can help in the business to grow and add lead to sales. The new partner should be in a position to use their previous contacts and relationships and the business can benefit out of it. For example, it may happen that your new business idea appeals other entrepreneurs and they can contribute further to it.

# Similar Goals and Vision

Different people have different vision for their business, but to have success in your start up, it is a must to have same vision and goal and work together towards it. Both you and your partner should work with same zeal to see those common results that both of you dreamt of while starting the business. But as we know that different people have different preferences. Like if you prefer quality over quick profits and your partner liked it the other way around then it might be a difficult situation.

So, having a business partner is just like having a married partner which makes it very essential to ask important questions from your partner before aking a deal in your startup.