Business travel is costly, particularly international travel: a few thousand dollars for each round trip, adding another few thousand dollar hotel bills, expensive overseas roaming calls, and not to mention physical fatigue from jet lag and sacrifice of family life. If you do decide to travel, you've got to make sure your investment not only gets you the maximum return, but also that of those you visit, you meet or invite to spend time with you. Otherwise, stay home and save everybody's time and money.
Very often, we tend to do things just because we have always done them and they have become our routine. We do them again and again without putting much thoughts into what we do. We travel because we have budgeted to travel, and we believe it does good to our businesses. We believe it helps with market development, sales, and after-sale support and services etc.. But none of these should become the rationale for business travel unless we have specific objectives, detailed plans to help reach those objectives efficiently and effectively, and finally results that are measurable.
So when planning your next business trip, consider the following:
· Ask yourself the question I asked earlier: Is this travel absolutely necessary?
· If you could reach your objectives through other means instead, and with better results, then the answer is no, and you should kill that travel plan altogether.
· If no other means can replace your presence in person, the answer is yes, then be very clear about the objectives. Start making a detailed plan to help reach those objectives.
· Make your travel most efficiently and effectively, e.g., if part of the work could be done in alternative ways, focus your travel only on the things that require in-person presence and attention.
· Get the right people on the trip. If a couple of people could do the job, why bring eight or 10?
· Not everyone has to give a presentation just because a seminar is held. A seminar is not a lecture. In fact, where applicable, no presentation is necessary if a seminar leader has prepared participants for the occasion well enough in advance.
· If you give a handout to every attendee prior to or at the start of the seminar, what's the point of you standing in front reading out exactly what your audience are busy reading themselves? Get their attention or leave them alone. Don't disturb them.
· If the handout is already bilingual or is a translated version, what's the point of having an interpreter translating word by word what's already on the printout?
· Why would you show one slide after another when the attention of your audience is fixed on their handouts? And what's the point of showing slides with 70 words crammed into each when it is hardly legible from a distance?
· Can you forgo your PowerPoint or at least limit the use of it? Use it only to enhance rather than spoil your event.
· Develop a way to measure the results of your trip. Only the output, not the input, will tell you how effective your work is and where you can improve next time.
February 10, 2010
February 9, 2010
10 Ways to Ensure That You Don't Join the 97% of Small Business Owners That Fail in the First 5 Year
• Business plans
• Marketing strategies
• Cash flow forecasts
• Passive income streams
• Social networking
• Copywriting and more
I know how overwhelming it can be learning about all of these things and working out what to do first, what to do next and how to do many of these things when you've just finished your training and are so excited about being able to help others change their lives. All the business speak and tasks that you need to think about, plan and do, can feel overwhelming and oftentimes be intimidating too at the beginning of your journey to build a successful business!
As a beginner working for yourself and building a successful business, you do not need to know or worry about everything just yet. Right now, you just need to know the basics to get you started and to see your initial results.
So there's no need to feel overwhelmed about any of these things or think you need to spend mammoth amounts of time learning about writing business plans and all these other business related tasks. If you are passionate about your future business and committed to success, even as a beginner you can create rock solid business foundations by just following these simple tips:
1) Always take responsibility for what you are doing, decide what you want to do and what feels right for you to do. Take help and advice from others but don't follow their suggestions blindly. What works for others may work for you too but if their advice and suggestions just do not feel right to you, you don't have to follow them. Follow your own instincts and do what feels right for you.
2) Know that it will likely take 3-6 months before seeing real results from all of your effort and hard work, but after that point the results will start to snowball.
3) Focus on creating your own personal rock solid foundations and investing in yourself first and foremost. Too many people invest so much time and money to complete their training, gain their skills and qualifications and then forget to continue to invest in themselves and their future success. Without rock solid foundations you will be moving forward blindly and making your first business building blocks in credibly hard for yourself.
4) Decide if you want to work for yourself on a self-employed basis or build a business. There is a big difference between the two and knowing which you are doing will make a big difference to the building blocks you will put in place and also to your future financial success too.
5) Before you begin to look for premises, find clients, spend time and money on creating leaflets & websites and much more, make sure that you know why you want to create a successful business on an emotional level. Ask yourself what it will feel like and give you emotionally to create a successful business.
6) Ask yourself what is in it for you materialistically - how much money do you want to attract, what materialistic things would you like to have in your life, where would you like to live, what would you like to be able to do.
7) Decide what business arena you are working in - all too often small business owners stumble into a particular business arena because someone else tells them it is a good idea, or they decide they want to work for themselves and begin their business working for themselves in the same business arena they were working in as an employee only to find a few months down the road that they are not happy and don't actually like the arena they find themselves in - whatever business arena you choose, ask yourself if you really enjoy reading about it, hearing about it, talking about it, learning about it.
8) Decide how you want to offer your products or services to others, look at what you really enjoy doing and think out of the box. If you are in the helping arena with your business, you may offer one to one services, you may though enjoy offering group workshops more or online video and audio services. You can offer products and services in so many different was - check in with yourself that you really enjoy the way you will be offering yours.
9) Check that your vales align to your business goals and dreams, if you build a business that is out of synch with your own values, it will be very hard work for you as you will be working against yourself. if you are not sure what your top 5 values are take some time to look at them before you begin your business and then write them down and pop them on your wall so that you can look at them often, and check that everything you are doing is aligning to them.
10) Check that your beliefs are not in conflict with your dreams and plans for your business. if you believe:
You do not deserve to be successful
You are not experienced enough to be successful
You are not expert enough to be successful
You wont be successful. if you currently have limiting beliefs at this stage you re-frame and release them before beginning your business, if you begin with limiting beliefs they will challenge you and potentially block your success. If you will just do these 10 simple but powerful things listed here, you will make a strong start to developing rock solid business foundations that will benefit and enable your success over the long term.
Why a Small Business Owner Should Spend Money on Professional Services.?
The typical business owner is usually great at one aspect of his or her business and a little light in many areas when it comes to expertise. With that in mind, it makes sense to consult a professional when it comes to taxes, accounting, insurance and the like.
Using the services of a professional takes some burden off the shoulders of a businessman as well as opens up an area that could cost him tens of thousands of dollars. The counsel of a good tax man or a qualified insurance professional can indeed keep more money in your pocket in the event of a catastrophe or an audit from the Internal Revenue Service.
The other benefit hiring a professional is that when you allow a professional to make solid recommendations, instead of the business owner trying to figure things out, is that the proprietor can now direct those energies to promoting his goods and services, making sure that his clients are all fat and happy, looking where he can cost cut or even figure out the marketing plan that works best for his firm.
An accountant that spends his or her time doing nothing but accounting is sure to make your life easier as they are well versed in all the tax laws, the tax law changes as well as the proposed changes. When quarterly taxes are due, he handles all the required paperwork and when it is time to file the annual taxes, he knows which of the zillion different forms to use in order to save you money in the long run as well as stay within the law.
A good business insurance policy will protect the firm from having to hire attorneys and spend time litigating in court. That will save thousands of dollars as well as save hours working with the attorney trying to win a lawsuit.
Typically with a solid policy in place, the insurance company will provide legal council to represent you in court as they have something to lose and very possibly they will just work out a settlement with the person bringing the suit. That will not only relieve the owner of the business from massive stress it may also give the owner some goodwill in the community.
So it you think that by handling your own taxes and figuring out which insurance policy is best for you is going to save you money, you may be cutting off your nose to spite your face.
Using the services of a professional takes some burden off the shoulders of a businessman as well as opens up an area that could cost him tens of thousands of dollars. The counsel of a good tax man or a qualified insurance professional can indeed keep more money in your pocket in the event of a catastrophe or an audit from the Internal Revenue Service.
The other benefit hiring a professional is that when you allow a professional to make solid recommendations, instead of the business owner trying to figure things out, is that the proprietor can now direct those energies to promoting his goods and services, making sure that his clients are all fat and happy, looking where he can cost cut or even figure out the marketing plan that works best for his firm.
An accountant that spends his or her time doing nothing but accounting is sure to make your life easier as they are well versed in all the tax laws, the tax law changes as well as the proposed changes. When quarterly taxes are due, he handles all the required paperwork and when it is time to file the annual taxes, he knows which of the zillion different forms to use in order to save you money in the long run as well as stay within the law.
A good business insurance policy will protect the firm from having to hire attorneys and spend time litigating in court. That will save thousands of dollars as well as save hours working with the attorney trying to win a lawsuit.
Typically with a solid policy in place, the insurance company will provide legal council to represent you in court as they have something to lose and very possibly they will just work out a settlement with the person bringing the suit. That will not only relieve the owner of the business from massive stress it may also give the owner some goodwill in the community.
So it you think that by handling your own taxes and figuring out which insurance policy is best for you is going to save you money, you may be cutting off your nose to spite your face.
How To Set Up a New Business
Setting up a business requires a lot of planning and strategy. Do it right from the start with a good foundation, a sound strategy, and resourcefulness, your business has a good shot at success. Do it wrong haphazardly, with no strategy, and with little attention to being resourceful, and you are doomed to failure.
To be sure, it will be hard to devise a lot of sound planning and strategy if you are entering small business for the first time, or are entering a market with little knowledge. If this is the case for you, then you will have to perform a lot of trial and error and feel your way through the process. As such, the process may be a lot slower and unsteady. However, if you do have some small business experience and do know a lot about the market you are about to get into, then you will be in a much better position to monetize your plans quickly. However, in either event, it is crucial to have some sort of plan from the start. This plan should be fluid, and not concrete because you will necessarily find that some of your assumptions about the market and your customers or clients will be dead wrong.
The first step should be to determine what your future customers or clients are desperate to pay money for now or in the immediate future. Notice I did not say to figure out what your customers want. All your customers want a two month vacation in the Caribbean, but may not be in the position to pay for it. And notice I did not say that you should build a better mousetrap, cook a better pizza, or invent the world's first solar-powered waffle maker.
Your customers will not necessarily want the next best thing. Your customers might not even want a quality product at all. For instance, there is currently a need in the marketplace for a cheap cell phone that only makes phone calls. Some people do not want the ability to make texts, check their email, take pictures, etc. They just want a stripped down, cheap and dirty version of a cell phone without all the bells and whistles. So don't automatically assume your customers or clients want the next best and biggest thing. You need to find out exactly what they are looking for and at what price they would like to pay. This is one of the biggest mistakes most people make, because most people assume that the public wants the best this or that. Sometimes, a shovel is just a shovel and any one will do, for the right price of course.
Generally speaking, if you can figure out this first question, pretty much everything will fall into place. Advertising for your product will be a lot cheaper, less risky, and more likely to produce instant revenue to gain needed financing for equipment, employees, websites, and the like. On the other hand, if you do not figure out this question, you will likely throw tens of thousands of dollars away on awful advertising, unusable inventory, worthless retail space, etc. You may also destroy your credit which will make it a lot harder for you to attract additional capital for you in the event that you need some big ticket capital expenses in the future.
To be sure, it will be hard to devise a lot of sound planning and strategy if you are entering small business for the first time, or are entering a market with little knowledge. If this is the case for you, then you will have to perform a lot of trial and error and feel your way through the process. As such, the process may be a lot slower and unsteady. However, if you do have some small business experience and do know a lot about the market you are about to get into, then you will be in a much better position to monetize your plans quickly. However, in either event, it is crucial to have some sort of plan from the start. This plan should be fluid, and not concrete because you will necessarily find that some of your assumptions about the market and your customers or clients will be dead wrong.
The first step should be to determine what your future customers or clients are desperate to pay money for now or in the immediate future. Notice I did not say to figure out what your customers want. All your customers want a two month vacation in the Caribbean, but may not be in the position to pay for it. And notice I did not say that you should build a better mousetrap, cook a better pizza, or invent the world's first solar-powered waffle maker.
Your customers will not necessarily want the next best thing. Your customers might not even want a quality product at all. For instance, there is currently a need in the marketplace for a cheap cell phone that only makes phone calls. Some people do not want the ability to make texts, check their email, take pictures, etc. They just want a stripped down, cheap and dirty version of a cell phone without all the bells and whistles. So don't automatically assume your customers or clients want the next best and biggest thing. You need to find out exactly what they are looking for and at what price they would like to pay. This is one of the biggest mistakes most people make, because most people assume that the public wants the best this or that. Sometimes, a shovel is just a shovel and any one will do, for the right price of course.
Generally speaking, if you can figure out this first question, pretty much everything will fall into place. Advertising for your product will be a lot cheaper, less risky, and more likely to produce instant revenue to gain needed financing for equipment, employees, websites, and the like. On the other hand, if you do not figure out this question, you will likely throw tens of thousands of dollars away on awful advertising, unusable inventory, worthless retail space, etc. You may also destroy your credit which will make it a lot harder for you to attract additional capital for you in the event that you need some big ticket capital expenses in the future.
How to Manage Small Business to Get the Best From Your Staff
Managing a small business is a challenge at the best of times. As a manager you need skills and knowledge in so many different diverse disciplines. You need to be a leader, an accountant, a marketer, a salesperson, a trainer and the coach. Unfortunately, not many people have this knowledge and these skills when they take up a job. Often, the gaps are filled by making mistakes. One of the hardest areas to become competent in a short space of time is that of leadership. This is where you get that test first and get the lesson afterward. Your staff and their performance make the difference in profitability of a small business. Stable staff equals stable customers. Stable customers equals high profits.
Discussions with staff is one of the key initiatives that the small business manager should develop to the full. There are many messages you need to give to your staff on a regular basis. These may be about operational issues, such as inventory, equipment, safety, quality or future changes. Successful managers use a technique of team talks to pass these messages on, and most importantly, answer any questions to clarify issues that may be concerning staff members.
By talking to your staff in groups, you will find that you get a better response than if you send messages or post notices. Your people will work better together as a team and research shows that they make fewer mistakes. Furthermore, they enjoy their job a lot more when they feel they are part of the team. One of the quickest ways to De-motivate your staff is to keep them un-informed about their workplace and the future. When small business managers keep their people informed, they are sending an important message, "I think you are a vital member of my team."
When small business managers don't talk to their teams then low performance, rework, poor quality and safety incidents will happen again and again. High performing small businesses use frequent team talks to promote a co-operative working environment and give the staff members the opportunity to ask the boss questions.
Even if you don't like talking in front of people, it is worth gritting your teeth and learning this simple skill. Ultimately, you will be able to present information to a group of your customers to promote a new product or service. There is plenty of information available on the Internet so that you can teach yourself how to get your point across effectively.
Always Google for more Information.Because there is more to learn.
Discussions with staff is one of the key initiatives that the small business manager should develop to the full. There are many messages you need to give to your staff on a regular basis. These may be about operational issues, such as inventory, equipment, safety, quality or future changes. Successful managers use a technique of team talks to pass these messages on, and most importantly, answer any questions to clarify issues that may be concerning staff members.
By talking to your staff in groups, you will find that you get a better response than if you send messages or post notices. Your people will work better together as a team and research shows that they make fewer mistakes. Furthermore, they enjoy their job a lot more when they feel they are part of the team. One of the quickest ways to De-motivate your staff is to keep them un-informed about their workplace and the future. When small business managers keep their people informed, they are sending an important message, "I think you are a vital member of my team."
When small business managers don't talk to their teams then low performance, rework, poor quality and safety incidents will happen again and again. High performing small businesses use frequent team talks to promote a co-operative working environment and give the staff members the opportunity to ask the boss questions.
Even if you don't like talking in front of people, it is worth gritting your teeth and learning this simple skill. Ultimately, you will be able to present information to a group of your customers to promote a new product or service. There is plenty of information available on the Internet so that you can teach yourself how to get your point across effectively.
Always Google for more Information.Because there is more to learn.
Business Process Management?
Business process management can help small businesses in two ways:
(1) Identifying repeatable processes
(2) Automating them.
Automating repeatable processes (straightforward ways of doing things that you do over and over again the same way) saves time and money by removing guesswork, making training easier, and allowing you to take a break from running your business without the whole thing falling apart!
Business process management takes into account the things you do every day to make your business run and lays them out visually, so you can see just how your business looks when drawn out in a diagram. This is a great way to discover your repeatable processes. When you work with a small business process consultant, you talk through your business processes, where you can trim activity and where you can ramp up activity, so that your business can run more smoothly and be more profitable.
For example, if you own a small cafe or flower shop and every Monday you take inventory and order supplies, it would be ideal to find a way to automate at least part of that process. Or, if you run a small organization of 50 employees or contractors, it would be ideal to automate the help desk system or supply ordering process. If you are a solo entrepreneur, you can automate billing, setting up accounts, tasks you send to your virtual assistant, article writing or blogging, responding to basic questions or concerns, or even your social networking!
Small Business Process Automation in Action
You probably will recognize some or all of these things, but you may not have learned to implement them in your own business. This is where a business process consultant can help. Which of these is right for your business? All of them? None of them?
* Automated or semi-automated supply ordering (e.g., food, office supplies, etc.)
* Automated new account creation
* Frequently Asked Questions booklets or page on your website
* Help desk system for internal employees or outside clients
* Project management software
* Time tracking systems for yourself, employees or contractors
* Billing management systems
* Online postage/printing shipping labels...etc
(1) Identifying repeatable processes
(2) Automating them.
Automating repeatable processes (straightforward ways of doing things that you do over and over again the same way) saves time and money by removing guesswork, making training easier, and allowing you to take a break from running your business without the whole thing falling apart!
Business process management takes into account the things you do every day to make your business run and lays them out visually, so you can see just how your business looks when drawn out in a diagram. This is a great way to discover your repeatable processes. When you work with a small business process consultant, you talk through your business processes, where you can trim activity and where you can ramp up activity, so that your business can run more smoothly and be more profitable.
For example, if you own a small cafe or flower shop and every Monday you take inventory and order supplies, it would be ideal to find a way to automate at least part of that process. Or, if you run a small organization of 50 employees or contractors, it would be ideal to automate the help desk system or supply ordering process. If you are a solo entrepreneur, you can automate billing, setting up accounts, tasks you send to your virtual assistant, article writing or blogging, responding to basic questions or concerns, or even your social networking!
Small Business Process Automation in Action
You probably will recognize some or all of these things, but you may not have learned to implement them in your own business. This is where a business process consultant can help. Which of these is right for your business? All of them? None of them?
* Automated or semi-automated supply ordering (e.g., food, office supplies, etc.)
* Automated new account creation
* Frequently Asked Questions booklets or page on your website
* Help desk system for internal employees or outside clients
* Project management software
* Time tracking systems for yourself, employees or contractors
* Billing management systems
* Online postage/printing shipping labels...etc
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