1. Lack of Direction – It is important to have specific goals and a business plan. With a business plan in place you will worry less about the small”problems” and concentrate more on the plan itself. You will be working towards your goals.
2. Poor Cost Control, especially when starting a business – The challenge in business is to retain as much of the cash inflow as you possibly can. Remember that even though you may be in business, you are still working for the benefit of others. If your landlord, stationer, advertisers or staff are making more than you, then you are in the wrong business! Be frugal, coserve as much cash as you can. Those starting out in business should carefully monitor their set-up costs. Minimise these costs by starting modestly and buying used assets where possible.
3. Poor and irregular reporting of profits – You must keep your finger on the financial pulse of your business. Weekly or monthly profit reporting is essential.
4. Loss of momentum in the sales department - Sales staff should be the most motivated people in the business and they should keep thinking about customer needs. Your business exists because of your customers, so treat them importantly. Their needs must always come first, In fact, everything possible should be done to satisfy their needs.
5. Failure to anticipate market trends by failing to recognize the changing needs of customers and clients – Your product must be relevant to the market today and you should be looking for tomorrow’s products. This is one of the most common causes of failure and will be looked at in much greater detail later.
6. Inappropriate leadership style – When successful companies grow they often become bureaucratic and regulatory in their approach. They can even lose the dynamism that produced their success in the first place. A company should not be run by bean-counters(accountants and bureaucrats). Successful businesses need people who lead with initiative and flair.
7. Failure to hire good staff – One way to protect yourself here is to only hire people. Better than yourself. If everyone within your company did this then their position then standards would inevitably
Improve. If people only hired those who would not threaten their position then standards would deteriorate and the business would
Inevitably decline.
8. Lack of capital – A business should have capital in reserve to tie it over the tough times, which inevitably occur.
Monday, January 7, 2008
Wednesday, December 26, 2007
MANAGE YOUR OWN BUSINESS
Before even considering devoting your time and capital to a business venture, give careful consideration to the points raised earlier in this part. You need only walk through the streets of any city to see business people who work very long hours for very little return. Running your own business will involve the selling and marketing of your product or service, raising finance, keeping accounting records and managing people. Although you do not need to be an expert in these areas, a certain level of skill must be either acquired or hired.
The successful establishment of your own business also requires careful planning. If you have done your homework and are confident that you have a good chance of success, then give it a go. But remember, because you are working for yourself it does not mean that your slavery is over. Rather than being a slave to someone else, you may become a slave to yourself. Making a success of your own business is hard work and you can expect to work long hours.
Many successful businessmen have plenty of money but very little time to enjoy it. Your objective is to have both money and time. There could be no better example of this philosophy than Dick Smith, Australia’s whiz electronics retailer and Australian of the year in 1987. His message is “ master your money, don’t let money be your master”.
Dick Smith started his business by selling computer wares out of his Holden station wagon. Over a 20 year period he built up the business into a multimillion-dollar company extending throughout Australasia.
He then realized the futility of having considerable wealth if he didn’t have the time to spend it, so against the advice of his business associates he sold his chain of stores to the Woolworths empire. Since then, he has made the first around the world solo helicopter flight and launched the natural history magazine, Australian Geographic.
Smith was wise enough to realize that he had all of the wealth that anyone could hope for and was able to say enough is enough . Life for Smith has just started. He is incredibly positive and bursting with enthusiasm. His new goals are not concerned with wealth; his needs have moved beyond the basic ones for a nice house, nice car and all the other usual symbols of success, onto goals of personal achievement and challenge.
By all means consider forming your own business. If you can do it well, it will enhance your financial well-being. But don’t lose sight of the fact that it is still a means to an end and not an end in itself. A slave to oneself is no less a slave.
The successful establishment of your own business also requires careful planning. If you have done your homework and are confident that you have a good chance of success, then give it a go. But remember, because you are working for yourself it does not mean that your slavery is over. Rather than being a slave to someone else, you may become a slave to yourself. Making a success of your own business is hard work and you can expect to work long hours.
Many successful businessmen have plenty of money but very little time to enjoy it. Your objective is to have both money and time. There could be no better example of this philosophy than Dick Smith, Australia’s whiz electronics retailer and Australian of the year in 1987. His message is “ master your money, don’t let money be your master”.
Dick Smith started his business by selling computer wares out of his Holden station wagon. Over a 20 year period he built up the business into a multimillion-dollar company extending throughout Australasia.
He then realized the futility of having considerable wealth if he didn’t have the time to spend it, so against the advice of his business associates he sold his chain of stores to the Woolworths empire. Since then, he has made the first around the world solo helicopter flight and launched the natural history magazine, Australian Geographic.
Smith was wise enough to realize that he had all of the wealth that anyone could hope for and was able to say enough is enough . Life for Smith has just started. He is incredibly positive and bursting with enthusiasm. His new goals are not concerned with wealth; his needs have moved beyond the basic ones for a nice house, nice car and all the other usual symbols of success, onto goals of personal achievement and challenge.
By all means consider forming your own business. If you can do it well, it will enhance your financial well-being. But don’t lose sight of the fact that it is still a means to an end and not an end in itself. A slave to oneself is no less a slave.
Friday, December 21, 2007
Start your Home-Based Business
Are you interested in starting a home-based business? You may want to work from home for several reasons, including dissatisfaction with your current job, because you have small children or elderly parents that require you to be at home, or you may just need the income a home-based business opportunity can provide. Since you have come this far, you are already an Internet entrepreneur ready to take the first step in creating a steady income and implementing your home-based business ideas. You can be your own boss and generate steady income with your own home-based Internet endeavors. The first step in starting a home-based business is to develop a business plan. Researching your options thoroughly and making wise decisions can make your home-based business very successful and give you a steady stream of income, all from the comfort of your home. There are numerous business opportunities geared towards those who want to work from home. Some promise instant wealth and long lasting success for simply signing up. The truth is that any home business will require effort, marketing, and a network of contacts। The amount of work you are willing to put into your home-based Internet business is directly related to the amount of income you may earn.।
Plan each step of
starting your business carefully. Examine your short and long-term goals and plan how you are going to achieve them. Some home business opportunities are free while others require an investment. Check into free affiliate programs, free home-based businesses, and take a look at those which will need an upfront financial commitment from you। It is possible to earn serious cash from home, but you will have to commit to your business plan and follow it closely. A home-based business must follow certain guidelines. The difference is that the business is located in your home।Do not restrict what you do based on self-imposed doubt and lack of confidence। If you have an idea to start your own home-based business and are truly ready to take that step towards making your dreams a reality, then develop your plan and implement it। It takes self-discipline to plan your business and your life then work towards turning your ideas into steady cash। Make informed decisions and give your home-based business the time and energy it takes to build wealth. Distinguish yourself from the competition and you will be on your way to financial independence.
Successful home.-based businesses utilize all available resources. There are many tools and sources of information freely offered that will assist you in achieving your goals. You can find any number of tips, marketing plans, strategies, and advice from the Internet and
small business organizations. It is common for those starting an Internet or other home-based business to feel as if they are getting nowhere fast. Patience, discipline, and old-fashioned hard work are the key in creating a constant cash flow. If you have the motivation and discipline it takes, you can operate your own successful home-based business , generate the income you need, and enjoy the freedom of being your own boss.To your success! Good Luck
Plan each step of
starting your business carefully. Examine your short and long-term goals and plan how you are going to achieve them. Some home business opportunities are free while others require an investment. Check into free affiliate programs, free home-based businesses, and take a look at those which will need an upfront financial commitment from you। It is possible to earn serious cash from home, but you will have to commit to your business plan and follow it closely. A home-based business must follow certain guidelines. The difference is that the business is located in your home।Do not restrict what you do based on self-imposed doubt and lack of confidence। If you have an idea to start your own home-based business and are truly ready to take that step towards making your dreams a reality, then develop your plan and implement it। It takes self-discipline to plan your business and your life then work towards turning your ideas into steady cash। Make informed decisions and give your home-based business the time and energy it takes to build wealth. Distinguish yourself from the competition and you will be on your way to financial independence.
Successful home.-based businesses utilize all available resources. There are many tools and sources of information freely offered that will assist you in achieving your goals. You can find any number of tips, marketing plans, strategies, and advice from the Internet and
small business organizations. It is common for those starting an Internet or other home-based business to feel as if they are getting nowhere fast. Patience, discipline, and old-fashioned hard work are the key in creating a constant cash flow. If you have the motivation and discipline it takes, you can operate your own successful home-based business , generate the income you need, and enjoy the freedom of being your own boss.To your success! Good Luck
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