9 things successful small business owner are doing that you can do too…
1) Forget about the state of the economy.
Pay attention to how it changes your prospect's buying behavior, but don't let the gloom and doom get you down. If you sell products or services that are truly helpful or useful there will always be people willing to buy.
2) Offer something new.
If people aren't buying what you're currently selling, but they used to, that's a sign something needs to change. The knee jerk reaction is to simply cut prices. But that devalues what you offer.
Instead try adding value by creating new packages out of products and services you already have. Or updating a current offering. Even better, bring something completely new to the table… Hold a workshop, write an ebook, sell a new product or product bundle, offer training programs, delve deeper into a specific aspect of what you already offer.
3) Stop guessing.
Find out what your prospects, clients and customers want then give it to them. Do this by surveying your people in person, by using a short, written evaluation, or via email using a no-cost service like surveymonkey.com.
4) Embrace technology.
The World Wide Web is no longer the Wild, Wild West, but there's still plenty of room to make your mark. And all the social networking tools make it super cheap to market your business
effectively. So get out there and give it a go. You'll expand your reach, get your wisdom further out into the world, and maybe even discover it's fun.
5) Build your list.
Even before the Internet, business gurus said "The money is in the list". In other words, you need a list of past and current customers, as well as a list of prospects, that you keep in touch with. That way get to know, like, trust and remember you.
You can do this the old fashion way by collecting contact info over the phone or in your office or store, then sending out print materials. Or, you can do it the modern way by having an awesome offer and sign up system on your Website, then staying in touch via email. Or use a hybrid of the two.
6) Provide value.
The days of the pushy salesperson are going…going…gone. Nowadays people don't have extra cash burning a hole in their pocket. So they expect good value for their time AND money.
Focus less on selling your products and services and more on how you can be a helpful problem solver in all your marketing and you'll get better results.
7) Embrace mixed media marketing.
Silver bullets don't exist when it comes to marketing. Instead of focusing on one media or tactic, create a strategy and plan that uses as many as you can to reach your people.
For example, I send postcards, letters and gifts, write a weekly e-newsletter, host monthly teleseminars, post articles, audios and video online, write a blog, go to live networking events and more.
8) Keep learning.
Times and technology are changing fast. It's up to you to stay on top of what's new and what's working now. But you can't do that if you're always buried in your business.
So read a new book, attend teleseminars (I host a free one each month, for example), and get yourself out to at least one non-industry specific conference each year. I attended two this year and they were so valuable I plan to go to at least that many—if not more—next year.
9) Stop doing it all yourself.
This is a biggie. The people I know who have successful, growing businesses and fulfilling lives have figured this out. And it's even truer in the Internet age.
Face it, you don't have time to become skilled at doing everything it takes to market, grow and run your business—especially online. Eventually you'll hit a wall, business growth will stop, and you'll be exhausted and burned out.
The solution? Even if you don't have the money to hire an employee you CAN afford a Virtual Assistant. Get one now and have them help you revamp your Website, set up and manage your blog or email newsletter, handle your social networking, automate your marketing and much more.
Sumber : http://www.businessknowhow.com/marketing/different.htm
Jumat, 23 April 2010
Ten Essentials Your Business Blog Should Include
You already know that having a business blog is an excellent marketing opportunity. Blogs allow you to establish yourself as an expert, increase your business’s visibility on search engines and give your business a marketing boost. But to make your blog as effective as possible, be sure to include these essential elements.
1. Descriptive Titles
It’s important to come up with a distinct and memorable name for your blog as well as descriptive titles for each of your blog posts. When you’re coming up with titles for your blog or article, try to think like your potential readers. Chances are they are going to begin their search for information by typing keywords into a search engine. Make sure your blog and posts come up in their search results by being as descriptive and direct as possible.
If you have a catchy pun that you just have to use for your blog’s title, include a descriptive tagline that includes keywords with it as well.
2. About Section
Give your readers the opportunity to learn more about you and your business by including an About section on your blog. Your blog posts should be informative and useful to readers, which means they probably won’t be direct advertisements for your business. Including an About section gives you the opportunity to describe your business in detail and establish your credentials as a blogger.
3. Contact Information
Start conversing directly with your readers by allowing responses to your blog posts. If you’re worried about the time commitment it might take to monitor comments, you can include your email address instead. Be sure to also include a link to your Web site and list your physical address and phone number. This will not only give your readers multiple ways to contact you, it will also provide legitimacy to your blog.
4. Links to Your Social Media Pages
Use your blog as a vehicle for building your fans on Facebook, connections on LinkedIn and followers on Twitter by including direct links to your social media pages on every page of your blog.
5. RSS Feed and/or Email Subscription
Including an RSS feed and/or email
subscription form enables your readers to effortlessly know when you add new blog posts.
Compiling an email list of your readers can also be a great tool for future marketing efforts, such as a newsletter or special offers. Make sure you disclose how you intend on using any email addresses you collect so that your readers feel comfortable giving you their addresses.
6. Social News and Bookmarking Resources
Empower your readers to quickly and easily spread your blog posts around the Internet and increase your blog’s popularity by including popular icons to social news, bookmarking and ranking sites such as Digg, Reddit, del.icio.us, Twitter and others.
7. Search Function
As you continue to post and increase the amount of your content, you’ll want to make sure you give readers a chance to quickly find posts on specific topics by including a search function.
8. Categories and Subcategories
Another way to help your readers quickly scan your blog is to use categories and subcategories. This will help readers identify all your posts that pertain to specific topics.
9. Relevant Links
Include links to other blogs or Web sites that you think your readers will find useful—especially your own Web site. You can also use the relevant links section of your blog as a tool for link building with other blogs or businesses.
10.Copyright/Disclaimer
Protect your content and your personal opinions by including a copyright notice on your blog. This will signal to readers that your posts are not only original, they also aren’t free to reproduce.
Sumber : http://www.businessknowhow.com/internet/blogbasics.htm
1. Descriptive Titles
It’s important to come up with a distinct and memorable name for your blog as well as descriptive titles for each of your blog posts. When you’re coming up with titles for your blog or article, try to think like your potential readers. Chances are they are going to begin their search for information by typing keywords into a search engine. Make sure your blog and posts come up in their search results by being as descriptive and direct as possible.
If you have a catchy pun that you just have to use for your blog’s title, include a descriptive tagline that includes keywords with it as well.
2. About Section
Give your readers the opportunity to learn more about you and your business by including an About section on your blog. Your blog posts should be informative and useful to readers, which means they probably won’t be direct advertisements for your business. Including an About section gives you the opportunity to describe your business in detail and establish your credentials as a blogger.
3. Contact Information
Start conversing directly with your readers by allowing responses to your blog posts. If you’re worried about the time commitment it might take to monitor comments, you can include your email address instead. Be sure to also include a link to your Web site and list your physical address and phone number. This will not only give your readers multiple ways to contact you, it will also provide legitimacy to your blog.
4. Links to Your Social Media Pages
Use your blog as a vehicle for building your fans on Facebook, connections on LinkedIn and followers on Twitter by including direct links to your social media pages on every page of your blog.
5. RSS Feed and/or Email Subscription
Including an RSS feed and/or email
subscription form enables your readers to effortlessly know when you add new blog posts.
Compiling an email list of your readers can also be a great tool for future marketing efforts, such as a newsletter or special offers. Make sure you disclose how you intend on using any email addresses you collect so that your readers feel comfortable giving you their addresses.
6. Social News and Bookmarking Resources
Empower your readers to quickly and easily spread your blog posts around the Internet and increase your blog’s popularity by including popular icons to social news, bookmarking and ranking sites such as Digg, Reddit, del.icio.us, Twitter and others.
7. Search Function
As you continue to post and increase the amount of your content, you’ll want to make sure you give readers a chance to quickly find posts on specific topics by including a search function.
8. Categories and Subcategories
Another way to help your readers quickly scan your blog is to use categories and subcategories. This will help readers identify all your posts that pertain to specific topics.
9. Relevant Links
Include links to other blogs or Web sites that you think your readers will find useful—especially your own Web site. You can also use the relevant links section of your blog as a tool for link building with other blogs or businesses.
10.Copyright/Disclaimer
Protect your content and your personal opinions by including a copyright notice on your blog. This will signal to readers that your posts are not only original, they also aren’t free to reproduce.
Sumber : http://www.businessknowhow.com/internet/blogbasics.htm
The 7 Keys to Business Success
The 7 keys to unlock your business success. Discover how to break through the growth barriers and develop a business that provides unlimited potential, wealth and freedom from day to day pressures. You should not go back to work until you discover the 7 keys for yourself.
Do you run a business that seems to run you? It does not have to be this way. There are 7 keys that can improve your business results and help you achieve success with much less stress.
1 Take Charge
The first key is to realize that success will not just happen, it is up to you to make it happen. Successful people claim to be in control. They refuse to be victims. They accept responsibility for the results their business achieves and take the blame themselves if things go wrong. When we are in control we can choose what to do. We can’t always control the situation but there are two things we can control – our attitude and our skills. We can get stronger, we can get smarter, we can get better at all the skills we need to run our business. We can take charge of ourselves and our business and change the results we are achieving.
2 Know Where You Are Going
Without having specific goals, business owners often find working in the business becomes an endless drudgery. If being in business is not exciting, enjoyable and rewarding, then why be in it? It is exciting and rewarding for the few who are really successful. The difference is that they have a clear idea of where they are going and each day they can see their business making progress towards their clearly defined goals.
If our goals are not clearly defined it is easy to become like the mouse on the treadmill. We can expend a lot of effort going nowhere. All we can do is react to the pressures the business creates. The second key is to decide where you are going. When you know where you want your business to go, you can determine what needs to be done to get there. Doing these things creates excitement and enjoyment. Instead of struggling on with meager rewards, we can make progress towards success in a steadily growing and entirely planned way.
3 Spread The Word
You will never succeed by keeping your business a secret. You need to spread the word to let people know about your unique products or services. With many small businesses, there is a tendency to be reactive. If sales slow down, you decide to advertise to address the situation. When work picks up, advertising is stopped. The result of this approach is haphazard advertising which produces haphazard results. Rather than haphazard advertising, a planned advertising and promotion strategy can be applied to address specific goals.
Instead of one broad objective of "getting more sales", strategies can be developed in three areas. Firstly strategies should be developed to actively encourage word of mouth and a system for generating referred leads. Secondly, planned advertising approaches are needed to generate a steady flow of new enquiries. Thirdly, strategies can be developed to increase the value and frequency of purchases from existing customers. Marketing must not be left to chance. The third key is to spread the word, by developing planned, consistent and effective advertising and promotional systems and strategies.
4 Do What You Do So Well They’ll Come Back And Bring Their Friends
The difference between the truly successful business and the average business is that successful business’ leaders live, breathe and preach quality, where the average business’ leader only pays lip service to it. There are many companies that have built their reputation on the quality of the service they provide as much as the product they sell. Even if we haven’t been, I’m sure we all know the reputation Disneyland has for the quality of the experience of a visit there. The title of this key is a quote (paraphrased) from Walt Disney. This man lived and breathed this attitude and accepted nothing less from his employees. The outworking is that standards and procedures are established so that employees know what is expected of them in every situation, particularly in an interaction with a customer. Delighted customers come back with their friends.
5 Train Your People To Do It Better Than You
When we start a business based on our own unique skills, we have a difficult choice when we get too busy to cope with all the work our expertise has created. We need to spread the load by employing others to do some of the work. This is the critical point in the business’ development. If the business owner gets this right, the future of the business is assured, but if it goes wrong, the business is doomed.
Many business owners wish they could clone themselves. They are unable to find anyone who can work as well as they do. Usually there has been some resistance to this move, but eventually the need becomes obvious. Business growth is always stifled by the owner hanging on to the work they enjoy. Having made the choice to grow, the key to unlocking this potential is to train the new people to be better than yourself.
6 Keep The Score
The greatest danger in a growing business is for the owner to lose control. This fear causes many to choose to stay small because they do not want the worries of growing too big.
WHAT YOU MEASURE YOU CAN IMPROVE!
A business’ performance needs to be managed and controlled. So many business owners worry about getting the work done, but they don’t measure results, they don’t keep score. Keeping the score indicates how well the business is going towards achieving its goals. If performance is behind expectations, steps can be taken to improve. If the score was not kept, no one would ever know that performance was substandard, and the goals would quite likely never be reached.
7 Celebrate Your Victories
Regeneration of our physical and emotional resources comes when we celebrate victories. One of the problems we have in small business is that we think we are too busy to take time off to celebrate. Even if we just get away from the business and relax, we come back rejuvenated and are usually able to tackle our work with a renewed vigor. Imagine how inefficient it becomes, using a battery powered machine, if we keep on working harder and harder to get the work done and never stop to recharge the batteries. If we don’t stop at times to recharge our batteries we keep working hard but become totally ineffective.
When we plan our future and set goals it is easy to determine when to celebrate. Without goals to achieve, we can keep on working until it becomes a drudgery. Celebrations put excitement into what we do.
Sumber : http://www.buzzle.com/editorials/4-25-2005-69063.asp
Do you run a business that seems to run you? It does not have to be this way. There are 7 keys that can improve your business results and help you achieve success with much less stress.
1 Take Charge
The first key is to realize that success will not just happen, it is up to you to make it happen. Successful people claim to be in control. They refuse to be victims. They accept responsibility for the results their business achieves and take the blame themselves if things go wrong. When we are in control we can choose what to do. We can’t always control the situation but there are two things we can control – our attitude and our skills. We can get stronger, we can get smarter, we can get better at all the skills we need to run our business. We can take charge of ourselves and our business and change the results we are achieving.
2 Know Where You Are Going
Without having specific goals, business owners often find working in the business becomes an endless drudgery. If being in business is not exciting, enjoyable and rewarding, then why be in it? It is exciting and rewarding for the few who are really successful. The difference is that they have a clear idea of where they are going and each day they can see their business making progress towards their clearly defined goals.
If our goals are not clearly defined it is easy to become like the mouse on the treadmill. We can expend a lot of effort going nowhere. All we can do is react to the pressures the business creates. The second key is to decide where you are going. When you know where you want your business to go, you can determine what needs to be done to get there. Doing these things creates excitement and enjoyment. Instead of struggling on with meager rewards, we can make progress towards success in a steadily growing and entirely planned way.
3 Spread The Word
You will never succeed by keeping your business a secret. You need to spread the word to let people know about your unique products or services. With many small businesses, there is a tendency to be reactive. If sales slow down, you decide to advertise to address the situation. When work picks up, advertising is stopped. The result of this approach is haphazard advertising which produces haphazard results. Rather than haphazard advertising, a planned advertising and promotion strategy can be applied to address specific goals.
Instead of one broad objective of "getting more sales", strategies can be developed in three areas. Firstly strategies should be developed to actively encourage word of mouth and a system for generating referred leads. Secondly, planned advertising approaches are needed to generate a steady flow of new enquiries. Thirdly, strategies can be developed to increase the value and frequency of purchases from existing customers. Marketing must not be left to chance. The third key is to spread the word, by developing planned, consistent and effective advertising and promotional systems and strategies.
4 Do What You Do So Well They’ll Come Back And Bring Their Friends
The difference between the truly successful business and the average business is that successful business’ leaders live, breathe and preach quality, where the average business’ leader only pays lip service to it. There are many companies that have built their reputation on the quality of the service they provide as much as the product they sell. Even if we haven’t been, I’m sure we all know the reputation Disneyland has for the quality of the experience of a visit there. The title of this key is a quote (paraphrased) from Walt Disney. This man lived and breathed this attitude and accepted nothing less from his employees. The outworking is that standards and procedures are established so that employees know what is expected of them in every situation, particularly in an interaction with a customer. Delighted customers come back with their friends.
5 Train Your People To Do It Better Than You
When we start a business based on our own unique skills, we have a difficult choice when we get too busy to cope with all the work our expertise has created. We need to spread the load by employing others to do some of the work. This is the critical point in the business’ development. If the business owner gets this right, the future of the business is assured, but if it goes wrong, the business is doomed.
Many business owners wish they could clone themselves. They are unable to find anyone who can work as well as they do. Usually there has been some resistance to this move, but eventually the need becomes obvious. Business growth is always stifled by the owner hanging on to the work they enjoy. Having made the choice to grow, the key to unlocking this potential is to train the new people to be better than yourself.
6 Keep The Score
The greatest danger in a growing business is for the owner to lose control. This fear causes many to choose to stay small because they do not want the worries of growing too big.
WHAT YOU MEASURE YOU CAN IMPROVE!
A business’ performance needs to be managed and controlled. So many business owners worry about getting the work done, but they don’t measure results, they don’t keep score. Keeping the score indicates how well the business is going towards achieving its goals. If performance is behind expectations, steps can be taken to improve. If the score was not kept, no one would ever know that performance was substandard, and the goals would quite likely never be reached.
7 Celebrate Your Victories
Regeneration of our physical and emotional resources comes when we celebrate victories. One of the problems we have in small business is that we think we are too busy to take time off to celebrate. Even if we just get away from the business and relax, we come back rejuvenated and are usually able to tackle our work with a renewed vigor. Imagine how inefficient it becomes, using a battery powered machine, if we keep on working harder and harder to get the work done and never stop to recharge the batteries. If we don’t stop at times to recharge our batteries we keep working hard but become totally ineffective.
When we plan our future and set goals it is easy to determine when to celebrate. Without goals to achieve, we can keep on working until it becomes a drudgery. Celebrations put excitement into what we do.
Sumber : http://www.buzzle.com/editorials/4-25-2005-69063.asp
How to Become a Successful Entrepreneur for 2010
Raise money through sales or conventional financing: As an entrepreneur it will be both more difficult and more costly in terms of equity to secure funding from investors so look for other options. The best strategy is always to try and raise money through sales. Go out and get customers and then, if necessary, get conventional financing (such as bank loans or equipment leases) to manage cash flow. During a slow economy it is possible that interest rates will be lower and the cost of such conventional financing less.
Offer customers innovative ways to reduce risks and costs: Often, customers are under financial pressure, and are seeking cheaper, more value driven alternatives than they get them from current product or service providers. Keep in mind that customers are seeking for immediate benefits, not just higher overall return on investment.
Look for customers that bring you immediate income: Just as customers are looking for immediate benefits, you should target customers who bring you immediate income, rather than just long term benefits, name recognition, and so on. Cash is critical and should be your first priority when choosing a target market.
Choose “counter-cyclical” industries: Some industries have historically performed particularly well during economic downturns. These include personal care and products & services such as beauty salons, repair services, bill collection services, inexpensive entertainment, and small personal indulgences. Look for those industries that are either counter-cyclical or minimally affected by the economy.
Seek outsourcing opportunities: As big companies reduce their permanent in-house workforce, they look for outside contractors to pick up the slack. Hiring outside contractors is not only cheaper for them, but easier to justify to their management. Look for opportunities to be an outside contractor to bigger companies.
Lock in lower costs and favorable terms: A weak economy is a good time to secure low rates and favorable terms on items such as rent, equipment leases, raw materials, and inventory. Having lower fixed costs and flexible terms, will enable you to be more competitive when the economy recovers.
Integrate social entrepreneurship. I have a lot to say about this one because this is a new rising positive trend. The definition of social entrepreneurship is – the work of an entrepreneur who assesses success in terms of the impact he/she has on society. Essentially, a social entrepreneur uses business methods to solve social problems.
For successful social entrepreneurs, untapped markets are people or communities in need, who haven’t been reached by other initiatives. Social entrepreneurs apply business practices to solve societal problems, such as pollution, poor nutrition, and poverty.
The idea of blending a social mission with business is not new. One of the founding forces behind the movement is the Ashoka Foundation. Since its inception in 1981, it has granted multi-year living stipends to support more than 2,000 fellows dedicated to finding answers to a host of social ills through business ventures.
Indeed, the concept of building a profitable business model in which doing good is an intrinsic part of the business and not just a philanthropic sideline has been gaining ground in recent years.
Furthermore, as the economy picks up, both the government and the private sector are looking for inventive ways to bring back prosperity, and many are counting on these entrepreneurs as a powerful tool for change.
Social entrepreneurship correlates to this growing realization that entrepreneurs are the key to a vibrant economy and to solutions that are badly needed. Many social entrepreneurs have shown they can accomplish their mission and have been able to deliver social good and report a cash flow.
There are many books written about it and here are two of which I recommend as reading materials: one is titled “Successfully Launching New Ventures” by Bruce Barringer and Duane Ireland. Another is “How to Change the World” by David Bornstein. The later has become the Bible for social entrepreneurship.
Use social networking. I saved this one for last because as an emerging successful entrepreneur, this is as a key strategy to promote your business. We have all heard of Facebook, Myspace and Twitter. However, there are many other check out these top social networking sites for business. As an entrepreneur it is important to utilize these online networking tools to develop relationships and potential customers.
Sumber : http://sharingsuccess.tv/successful-entrepreneur/
Offer customers innovative ways to reduce risks and costs: Often, customers are under financial pressure, and are seeking cheaper, more value driven alternatives than they get them from current product or service providers. Keep in mind that customers are seeking for immediate benefits, not just higher overall return on investment.
Look for customers that bring you immediate income: Just as customers are looking for immediate benefits, you should target customers who bring you immediate income, rather than just long term benefits, name recognition, and so on. Cash is critical and should be your first priority when choosing a target market.
Choose “counter-cyclical” industries: Some industries have historically performed particularly well during economic downturns. These include personal care and products & services such as beauty salons, repair services, bill collection services, inexpensive entertainment, and small personal indulgences. Look for those industries that are either counter-cyclical or minimally affected by the economy.
Seek outsourcing opportunities: As big companies reduce their permanent in-house workforce, they look for outside contractors to pick up the slack. Hiring outside contractors is not only cheaper for them, but easier to justify to their management. Look for opportunities to be an outside contractor to bigger companies.
Lock in lower costs and favorable terms: A weak economy is a good time to secure low rates and favorable terms on items such as rent, equipment leases, raw materials, and inventory. Having lower fixed costs and flexible terms, will enable you to be more competitive when the economy recovers.
Integrate social entrepreneurship. I have a lot to say about this one because this is a new rising positive trend. The definition of social entrepreneurship is – the work of an entrepreneur who assesses success in terms of the impact he/she has on society. Essentially, a social entrepreneur uses business methods to solve social problems.
For successful social entrepreneurs, untapped markets are people or communities in need, who haven’t been reached by other initiatives. Social entrepreneurs apply business practices to solve societal problems, such as pollution, poor nutrition, and poverty.
The idea of blending a social mission with business is not new. One of the founding forces behind the movement is the Ashoka Foundation. Since its inception in 1981, it has granted multi-year living stipends to support more than 2,000 fellows dedicated to finding answers to a host of social ills through business ventures.
Indeed, the concept of building a profitable business model in which doing good is an intrinsic part of the business and not just a philanthropic sideline has been gaining ground in recent years.
Furthermore, as the economy picks up, both the government and the private sector are looking for inventive ways to bring back prosperity, and many are counting on these entrepreneurs as a powerful tool for change.
Social entrepreneurship correlates to this growing realization that entrepreneurs are the key to a vibrant economy and to solutions that are badly needed. Many social entrepreneurs have shown they can accomplish their mission and have been able to deliver social good and report a cash flow.
There are many books written about it and here are two of which I recommend as reading materials: one is titled “Successfully Launching New Ventures” by Bruce Barringer and Duane Ireland. Another is “How to Change the World” by David Bornstein. The later has become the Bible for social entrepreneurship.
Use social networking. I saved this one for last because as an emerging successful entrepreneur, this is as a key strategy to promote your business. We have all heard of Facebook, Myspace and Twitter. However, there are many other check out these top social networking sites for business. As an entrepreneur it is important to utilize these online networking tools to develop relationships and potential customers.
Sumber : http://sharingsuccess.tv/successful-entrepreneur/
Selasa, 20 April 2010
8 Top Tips for Young Entrepreneurs
Online start-up businesses run by young adults are an increasingly common phenomenon. A commonly overlooked demographic, however, are the real youth -- those under 18 years of age. With online businesspeople facing very low barriers to market entry, many tech-savvy kids are getting in on the act and taking advantage of the opportunities that abound. While these entrepreneurs are more the exception than the rule, some of their successes are highly notable -- myyearbook.com was initially founded by two high-school students, yet at one stage was the third-most popular social networking site in the United States, behind MySpace and Facebook. Of course, Facebook's Mark Zuckerberg was still in college when he established one of the most popular social networking sites in the world.
Sadly, these successes aren't as common as they could be. While the world has countless enthusiastic young people with ideas and technical skills, there are many challenges facing these youthful entrepreneurs. These range from the natural -- Venture Capitalists (VC) disputing their expertise, for example -- to artificial (such as the age restrictions placed on credit card services that might otherwise be used to pay for start-up resources). Here are some tips for the technically-minded young entrepreneur -- both the aspirant service provider and the ambitious salesman -- to help them overcome these challenges and succeed in their ventures.
1. Be ready to handle the challenges of a business.
Running a business isn't easy. With customers to deal with, clients contacting you at any hour of the day, products to maintain and possibly even staff to manage, operating a business is very intensive. Before you begin anything, consider whether or not you really want to be in business. Running a business isn't for everyone -- you may be technically minded, but running a profitable business is a different thing altogether. Look at the market leaders -- Google, for example, is managed by three people: two technically minded founders, plus an experienced professional in the business-oriented role of CEO. Still, if you have an idea, and you really want to go into business with it, don't give up now. You just might it make it big!
Another important issue you will have to deal with is time, or a lack thereof! With school, work, and everything in between, you could soon find yourself trying to get through 30 hours of work every day. Running a business is more often than not a full time job, and at some point, something's got to give. Think about where you want to go in life, and make your decisions accordingly. For example, you could be part of a sporting team, or you could go into business, but you probably can't do both. Often co-curricular and non-school (where applicable) involvements are the first to go; to maintain your social involvement, consider attending user groups, where you can also network and create opportunities for your business.
2. Plan your idea on paper and be ready to explain it to others.
When you're running a small business, opportunities can come up at the most unexpected times. You may run into a potential client at a party, a conference, or even a bus stop. You can't let everyone know about your new product or service but the more people who do know, the more opportunities you're likely to get, and therefore the better your chances of making it through your first few months in business. Get the word out -- you might just chance on a recommendation to a potential client!
Work out your business model and the most useful, concise description you can come up with for your goods or services. Let me take this opportunity to recommend my ingenious patent-pending project management system -- I call it Pen and Paper. Working out a plan with pen and paper is often far more effective than typing it up, and gives you more time to think it out while you write. Be ready to explain your business to anyone at any time; with this plan in hand, you shouldn't have any problems. Without a plan, your explanations can end up being inconsistent, sounding unconfident, and achieving little or no effect.
Get business cards printed and carry them around. I've been handing out cards since I was 13, and they're very effective client-winners. At the very least, they give you something on which to scribble the contact details of potential clients. If you bump into anyone who might be in the market for your goods or services, let them know what you do; briefly explain your business using the plan you prepared earlier and give them a card. When you meet in person, some people simply won't take you seriously; a business card demonstrates that you're serious about what you do.
3. Make good use of all the resources available to you.
Often, young entrepreneurs don't have a lot of capital, but there are still many resources available to you. For example, if you're building a web application for the financial services industry, do you (or more likely, your parents) know any accountants of economists? If you need to quickly undertake a photo shoot for an advertising campaign that a friend has offered to help out with, could you set something up in your parents' garage? For some, imposing on friends and family to help get things moving can be awkward, but learning to take advantage of the available resources is going to give you a huge advantage as a young entrepreneur.
Lack of access to capital can often become a challenge for young entrepreneurs -- basic business development resources such as ad campaigns can become a problem if you don't have a budget. With a bit of thinking, however, many of these problems can be alleviated by taking advantage of the resources at hand.
4. Build your product to be as complete as possible before seeking financial assistance.
So, you're developing your whiz-bang product, and suddenly you realise that the Flash charting library you've been using in your application actually costs $1200 for commercial use. You pick up the phone, call Uncle Rob and ask if he can lend you the cash. He politely declines. A series of calls to your other relatives end in a similar fashion.
As an entrepreneur, you have ideas with a lot of potential. Just as you will eventually sell your product to potential customers, selling your product to potential financial backers is even more important, and this makes explaining and clarifying those ideas a priority. Develop your product as much as you can before seeking financial support; if possible, put together a demonstration video. The more you can demonstrate your idea, the more convincing you'll be. Building on the advice that we discussed in point 2 above, potential financial backers -- especially venture capitalists -- are very important to the success of your business, and deserve an appropriate amount of your attention.
5. Maintain a professional communication channel.
When dealing with clients, you may find yourself working with mature professionals who are high up in their respective corporate hierarchies. Getting them to take you seriously is the tricky part.
If at all possible, live locally, but work globally. Run your life in your local neighbourhood, but until you're older and feel confident to deal with clients in person or over the phone, you might consider restricting your customer base to offshore clients (although for US-based entrepreneurs this isn't always an option). Assume the role of a mature industry professional, and you'll be treated like one. When you go professional, age won't matter unless you make it matter. Preparing stunning introductions and speeches always helps for the times when you have to work locally; keep a standard speech in mind and make sure you can deliver it confidently as needed.
When you're working globally, keep communication to email -- definitely don't offer instant messaging as a method of communication. With email, you have a chance to gather your thoughts, and to work out how to respond to clients. As a young entrepreneur, you often have to tread carefully and make sure you don't lose anyone from your limited customer base. With email, you can take the time to prepare a professional response that conveys your intended image. Instant messaging should be avoided at all costs, especially if you plan to contact clients using the same instant messaging profile you use to contact friends -- this creates all sorts of opportunities for revealing your lack of experience.
6. Monitor progress and keep track of tasks.
The last thing clients want is for you to miss a deadline because you were out on a date or partying with friends. Keep a reasonable separation between your professional and social lives -- the so-called work/life balance -- but keep track of your progress in your life as an entrepreneur, and maintain a close eye on your daily operations.
Often a dedicated calendar and marker pen are sufficient, but develop a system that works for you and allows you to keep track of deadlines, pending tasks, and goals. Importantly, establish many goals, and give each a definite deadline; then make sure you achieve these goals within the time frame you have given yourself. Of course, this is easier said than done, and requires a lot of self-discipline.
Make sure you keep an eye on the big picture, of course. Work out when you expect to start generating revenues, when you want your products and services to be ready, when you aim to secure your first customer, and so on. If you see progress in general sliding, consider putting in a few extra hours here and there, or (if possible) hiring some help -- reliable offshore freelancers are plentiful, and the kid next door might not mind helping you out here and there in return for a bit of pocket money (although again, this might be a bit too close to home).
7. Be prepared to fail.
Let's be honest -- most start-ups just don't take off. However, this eventuality shouldn't be confused with "failure." Every time you start a business, you gain a new raft of experiences, extend your skill set, and learn valuable lessons for your future enterprising.
In the event that your business doesn't make it big, and you end up pulling out of it, look back on what you've learned and consider what you plan to do next time. Chances are that you intend to start another business in your lifetime; when you do, you'll be one business the wiser, and ready to deal with new challenges. There's always another opportunity; dust yourself off and keep on going! You haven't failed; you've progressed.
8. Have fun!
You might have built a fantastic product and sold it to half of your target market. Perhaps it even made you rich and famous and put you on the cover of TIME magazine at 16! But at the end of the day, the question is: did you have fun?
It may be the case that your product doesn't take off, you can't find any suitable buyers, or the world simply isn't ready for your product or service. In any case, always keep an eye on the big picture, and make sure you enjoy what you're doing. Entrepreneurialism requires a lot of enthusiasm -- you can face some serious challenges if you don't take pleasure in your daily business activities.
Sumber : http://articles.sitepoint.com/article/top-tips-young-entrepreneurs
Sadly, these successes aren't as common as they could be. While the world has countless enthusiastic young people with ideas and technical skills, there are many challenges facing these youthful entrepreneurs. These range from the natural -- Venture Capitalists (VC) disputing their expertise, for example -- to artificial (such as the age restrictions placed on credit card services that might otherwise be used to pay for start-up resources). Here are some tips for the technically-minded young entrepreneur -- both the aspirant service provider and the ambitious salesman -- to help them overcome these challenges and succeed in their ventures.
1. Be ready to handle the challenges of a business.
Running a business isn't easy. With customers to deal with, clients contacting you at any hour of the day, products to maintain and possibly even staff to manage, operating a business is very intensive. Before you begin anything, consider whether or not you really want to be in business. Running a business isn't for everyone -- you may be technically minded, but running a profitable business is a different thing altogether. Look at the market leaders -- Google, for example, is managed by three people: two technically minded founders, plus an experienced professional in the business-oriented role of CEO. Still, if you have an idea, and you really want to go into business with it, don't give up now. You just might it make it big!
Another important issue you will have to deal with is time, or a lack thereof! With school, work, and everything in between, you could soon find yourself trying to get through 30 hours of work every day. Running a business is more often than not a full time job, and at some point, something's got to give. Think about where you want to go in life, and make your decisions accordingly. For example, you could be part of a sporting team, or you could go into business, but you probably can't do both. Often co-curricular and non-school (where applicable) involvements are the first to go; to maintain your social involvement, consider attending user groups, where you can also network and create opportunities for your business.
2. Plan your idea on paper and be ready to explain it to others.
When you're running a small business, opportunities can come up at the most unexpected times. You may run into a potential client at a party, a conference, or even a bus stop. You can't let everyone know about your new product or service but the more people who do know, the more opportunities you're likely to get, and therefore the better your chances of making it through your first few months in business. Get the word out -- you might just chance on a recommendation to a potential client!
Work out your business model and the most useful, concise description you can come up with for your goods or services. Let me take this opportunity to recommend my ingenious patent-pending project management system -- I call it Pen and Paper. Working out a plan with pen and paper is often far more effective than typing it up, and gives you more time to think it out while you write. Be ready to explain your business to anyone at any time; with this plan in hand, you shouldn't have any problems. Without a plan, your explanations can end up being inconsistent, sounding unconfident, and achieving little or no effect.
Get business cards printed and carry them around. I've been handing out cards since I was 13, and they're very effective client-winners. At the very least, they give you something on which to scribble the contact details of potential clients. If you bump into anyone who might be in the market for your goods or services, let them know what you do; briefly explain your business using the plan you prepared earlier and give them a card. When you meet in person, some people simply won't take you seriously; a business card demonstrates that you're serious about what you do.
3. Make good use of all the resources available to you.
Often, young entrepreneurs don't have a lot of capital, but there are still many resources available to you. For example, if you're building a web application for the financial services industry, do you (or more likely, your parents) know any accountants of economists? If you need to quickly undertake a photo shoot for an advertising campaign that a friend has offered to help out with, could you set something up in your parents' garage? For some, imposing on friends and family to help get things moving can be awkward, but learning to take advantage of the available resources is going to give you a huge advantage as a young entrepreneur.
Lack of access to capital can often become a challenge for young entrepreneurs -- basic business development resources such as ad campaigns can become a problem if you don't have a budget. With a bit of thinking, however, many of these problems can be alleviated by taking advantage of the resources at hand.
4. Build your product to be as complete as possible before seeking financial assistance.
So, you're developing your whiz-bang product, and suddenly you realise that the Flash charting library you've been using in your application actually costs $1200 for commercial use. You pick up the phone, call Uncle Rob and ask if he can lend you the cash. He politely declines. A series of calls to your other relatives end in a similar fashion.
As an entrepreneur, you have ideas with a lot of potential. Just as you will eventually sell your product to potential customers, selling your product to potential financial backers is even more important, and this makes explaining and clarifying those ideas a priority. Develop your product as much as you can before seeking financial support; if possible, put together a demonstration video. The more you can demonstrate your idea, the more convincing you'll be. Building on the advice that we discussed in point 2 above, potential financial backers -- especially venture capitalists -- are very important to the success of your business, and deserve an appropriate amount of your attention.
5. Maintain a professional communication channel.
When dealing with clients, you may find yourself working with mature professionals who are high up in their respective corporate hierarchies. Getting them to take you seriously is the tricky part.
If at all possible, live locally, but work globally. Run your life in your local neighbourhood, but until you're older and feel confident to deal with clients in person or over the phone, you might consider restricting your customer base to offshore clients (although for US-based entrepreneurs this isn't always an option). Assume the role of a mature industry professional, and you'll be treated like one. When you go professional, age won't matter unless you make it matter. Preparing stunning introductions and speeches always helps for the times when you have to work locally; keep a standard speech in mind and make sure you can deliver it confidently as needed.
When you're working globally, keep communication to email -- definitely don't offer instant messaging as a method of communication. With email, you have a chance to gather your thoughts, and to work out how to respond to clients. As a young entrepreneur, you often have to tread carefully and make sure you don't lose anyone from your limited customer base. With email, you can take the time to prepare a professional response that conveys your intended image. Instant messaging should be avoided at all costs, especially if you plan to contact clients using the same instant messaging profile you use to contact friends -- this creates all sorts of opportunities for revealing your lack of experience.
6. Monitor progress and keep track of tasks.
The last thing clients want is for you to miss a deadline because you were out on a date or partying with friends. Keep a reasonable separation between your professional and social lives -- the so-called work/life balance -- but keep track of your progress in your life as an entrepreneur, and maintain a close eye on your daily operations.
Often a dedicated calendar and marker pen are sufficient, but develop a system that works for you and allows you to keep track of deadlines, pending tasks, and goals. Importantly, establish many goals, and give each a definite deadline; then make sure you achieve these goals within the time frame you have given yourself. Of course, this is easier said than done, and requires a lot of self-discipline.
Make sure you keep an eye on the big picture, of course. Work out when you expect to start generating revenues, when you want your products and services to be ready, when you aim to secure your first customer, and so on. If you see progress in general sliding, consider putting in a few extra hours here and there, or (if possible) hiring some help -- reliable offshore freelancers are plentiful, and the kid next door might not mind helping you out here and there in return for a bit of pocket money (although again, this might be a bit too close to home).
7. Be prepared to fail.
Let's be honest -- most start-ups just don't take off. However, this eventuality shouldn't be confused with "failure." Every time you start a business, you gain a new raft of experiences, extend your skill set, and learn valuable lessons for your future enterprising.
In the event that your business doesn't make it big, and you end up pulling out of it, look back on what you've learned and consider what you plan to do next time. Chances are that you intend to start another business in your lifetime; when you do, you'll be one business the wiser, and ready to deal with new challenges. There's always another opportunity; dust yourself off and keep on going! You haven't failed; you've progressed.
8. Have fun!
You might have built a fantastic product and sold it to half of your target market. Perhaps it even made you rich and famous and put you on the cover of TIME magazine at 16! But at the end of the day, the question is: did you have fun?
It may be the case that your product doesn't take off, you can't find any suitable buyers, or the world simply isn't ready for your product or service. In any case, always keep an eye on the big picture, and make sure you enjoy what you're doing. Entrepreneurialism requires a lot of enthusiasm -- you can face some serious challenges if you don't take pleasure in your daily business activities.
Sumber : http://articles.sitepoint.com/article/top-tips-young-entrepreneurs
10 Secrets of Successful Entrepreneurs
How do you know whether you can be a successful entrepreneur, or if you are better off as a salaried employee? While there is no surefire formula for success, studies have shown that successful entrepreneurs share these ten characteristics. Check if you possess any one of them.
Running a one-person business is a creative, flexible and challenging way to become your own boss and chart your own future. It is about creating a life, as it is about making a living. It takes courage, determination and foresight to decide to become an entrepreneur. From the relatively safe cocoon of the corporate world, where paychecks arrive regularly, you will be venturing into the unchartered territories of business.
Is there a way to determine whether you can be a successful entrepreneur, or you are better off to work for somebody else? Alas, there is no formula for success. However, most successful entrepreneurs share these ten characteristics. Check if you possess any one of them :
1. Think success.
To attain the kind of success that you want, you need to dream big. Every success story starts with big dreams. You need to have big dreams for yourself - which you want to be somebody rich, famous or fulfilled. You need to have a clear vision of what you want to achieve. But it doesn't stop in dreaming alone. You should actively visualize success in your mind that you can almost feel it, touch it or it is within your reach. Play this image back at every opportunity. What does it feel to triple your current income? How will your life change? What will your business look like if you achieved the million-dollar mark?
Successful entrepreneurs possess an attitude of openness and faith that you can have what you want if you can simply envision it as the first step on the path of action to acquiring it. Management gurus have taught us the power of visualization - seeing yourself in your mind as having accomplished your dreams. If you want to be a successful writer, envision yourself signing books for a throng of people who have lined up to have your autograph. If you want to be rich, picture yourself in luxurious surroundings holding a fat bank account. And the process of envisioning success for you should be a constant activity! You need to think that you are successful (or will be one) every single waking hour. A personal development coach shared me her secret to help her continuously visualize her goals for the moment: when climbing stairs, recite your goal with every step you take. So if you want more money, say "I will have money" in every step of the stairs. This technique will reinforce your goal and keep it fresh in your consciousness.
2. Be passionate with what you do.
You start a business to change any or all part of your life. To attain this change, you need to develop or uncover an intense, personal passion to change the way things are and to live life to the fullest. Success comes easily if you love what you do. Why? Because we are more relentless in our pursuit of goals about things that we love. If you hate your job right now, do you think you will ever be successful at it? Not in a million years! You may plod along, even become competent at the tasks, but you will never be a great success at it. You will achieve peak performance and do what you have to do to succeed only if you are doing something that interests you or something that you care about. Entrepreneurs who succeed do not mind the fact that they are putting in 15 or 18 hours a day to their business because they absolutely love what they do. Success in business is all about patience and hard work, which can only be attained if you are passionate and crazy with your tasks and activities.
3. Focus on your strengths.
Let's face it; you cannot be everything to everybody. Each of us has our own strengths and weaknesses. To be effective, you need to identify your strengths and concentrate on it. You will become more successful if you are able to channel your efforts to areas that you do best. In business, for example, if you know you have good marketing instincts, then harness this strength and make full use of it. Seek help or assistance in areas that you may be poor at, such as accounting or bookkeeping. To transform your weakness to strength, consider taking hands-on learning or formal training.
4. Never consider the possibility of failure.
Ayn Rand, in her novel The Fountainhead, wrote, "It is not in the nature of man - nor of any living entity, to start out by giving up." As an entrepreneur, you need to fully believe in your goals, and that you can do it. Think that what you are doing will contribute to the betterment of your environment and your personal self. You should have a strong faith in your idea, your capabilities and yourself. You must believe beyond a shadow of a doubt that you have the ability to recognize and fulfill them. The more you can develop faith in your ability to achieve your goals, the more rapidly you can attain it. However, your confidence should be balanced with calculated risks that you need to take to achieve greater rewards. Successful entrepreneurs are those who analyze and minimize risk in the pursuit of profit. As they always say, "no guts, no glory."
5. Plan accordingly.
You have a vision, and you have enough faith in yourself to believe that you can achieve your vision. But do you know how to get to your vision? To achieve your vision, you need to have concrete goals that will provide the stepping-stone towards your ultimate vision. Put your goals in writing; not doing so just makes them as intangible fantasies. You need to plan each day in such a way that your every action contributes to the attainment of your vision. Do you foresee yourself as the next Martha Stewart of hand-made home furnishings? Perhaps today, you need to see an artist to help you conceptualize the new line of hand-made linens that you hope to launch. Intense goal orientation is the characteristic of every successful entrepreneur. They have a vision, and they know how to get there. Your ability to set goals and make plans for your accomplishment is the skill required to succeed. Plan, plan and plan - because without which failure is guaranteed.
6. Work hard!
Every successful entrepreneur works hard, hard and hard. No one achieves success just by sitting and staring at the wall every single day. Brian Tracy puts it out this way, "You work eight hours per day for survival; everything over eight hours per day is for success." Ask any successful businessperson and they will tell you immediately that they had to work more than 60 hours per week at the start of their businesses. Be prepared to say goodbye to after-office drinks every day, or a regular weekend get-away trip. If you are in a start-up phase, you will have to breathe, eat and drink your business until it can stand on its own. Working hard will be easy if you have a vision, clear goals, and are passionate with what you do.
7. Constantly Look for Ways to Network.
In business, you are judged by the company you keep - from your management team, board of directors, and strategic partners. Businesses always need assistance, more so small businesses. Maybe the lady you met in a trade association meeting can help you secure funding, or the gentleman at a conference can provide you with management advise. It is important to form alliances with people who can help you, and whom you can help in return. To succeed in business, you need to possess good networking skills and always be alert to opportunities to expand your contacts.
8. Willingness to Learn.
You do not need to be a MBA degree holder or PhD graduate to succeed in your own business. In fact, there are a lot of entrepreneurs who did not even finish secondary education. Studies show that most self-made millionaires have average intelligence. Nonetheless, these people reached their full potentials achieved their financial and personal goals in business because they are willing to learn. To succeed, you must be willing to ask questions, remain curious, interested and open to new knowledge. This willingness to learn becomes more crucial given the rapid changes in technologies and ways of doing business.
9. Persevere and have faith.
No one said that the road to success is easy. Despite your good intentions and hard work, sometimes you will fail. Some successful entrepreneurs suffered setbacks and resounding defeats, even bankruptcy, yet managed to quickly stand up to make it big in their fields. Your courage to persist in the face of adversity and ability to bounce back after a temporary disappointment will assure your success. You must learn to pick yourself up and start all over again. Your persistence is the measure of the belief in yourself. Remember, if you persevere, nothing can stop you.
10. Discipline yourself.
Thomas Huxley once said, "Do what you should do, when you should do it, whether you like it or not." Self-discipline is the key to success. The strength of will to force yourself to pay the price of success - doing what others don't like to do, going the extra mile, fighting and winning the lonely battle with yourself.
Sumber : http://www.powerhomebiz.com/vol19/secrets.htm
Running a one-person business is a creative, flexible and challenging way to become your own boss and chart your own future. It is about creating a life, as it is about making a living. It takes courage, determination and foresight to decide to become an entrepreneur. From the relatively safe cocoon of the corporate world, where paychecks arrive regularly, you will be venturing into the unchartered territories of business.
Is there a way to determine whether you can be a successful entrepreneur, or you are better off to work for somebody else? Alas, there is no formula for success. However, most successful entrepreneurs share these ten characteristics. Check if you possess any one of them :
1. Think success.
To attain the kind of success that you want, you need to dream big. Every success story starts with big dreams. You need to have big dreams for yourself - which you want to be somebody rich, famous or fulfilled. You need to have a clear vision of what you want to achieve. But it doesn't stop in dreaming alone. You should actively visualize success in your mind that you can almost feel it, touch it or it is within your reach. Play this image back at every opportunity. What does it feel to triple your current income? How will your life change? What will your business look like if you achieved the million-dollar mark?
Successful entrepreneurs possess an attitude of openness and faith that you can have what you want if you can simply envision it as the first step on the path of action to acquiring it. Management gurus have taught us the power of visualization - seeing yourself in your mind as having accomplished your dreams. If you want to be a successful writer, envision yourself signing books for a throng of people who have lined up to have your autograph. If you want to be rich, picture yourself in luxurious surroundings holding a fat bank account. And the process of envisioning success for you should be a constant activity! You need to think that you are successful (or will be one) every single waking hour. A personal development coach shared me her secret to help her continuously visualize her goals for the moment: when climbing stairs, recite your goal with every step you take. So if you want more money, say "I will have money" in every step of the stairs. This technique will reinforce your goal and keep it fresh in your consciousness.
2. Be passionate with what you do.
You start a business to change any or all part of your life. To attain this change, you need to develop or uncover an intense, personal passion to change the way things are and to live life to the fullest. Success comes easily if you love what you do. Why? Because we are more relentless in our pursuit of goals about things that we love. If you hate your job right now, do you think you will ever be successful at it? Not in a million years! You may plod along, even become competent at the tasks, but you will never be a great success at it. You will achieve peak performance and do what you have to do to succeed only if you are doing something that interests you or something that you care about. Entrepreneurs who succeed do not mind the fact that they are putting in 15 or 18 hours a day to their business because they absolutely love what they do. Success in business is all about patience and hard work, which can only be attained if you are passionate and crazy with your tasks and activities.
3. Focus on your strengths.
Let's face it; you cannot be everything to everybody. Each of us has our own strengths and weaknesses. To be effective, you need to identify your strengths and concentrate on it. You will become more successful if you are able to channel your efforts to areas that you do best. In business, for example, if you know you have good marketing instincts, then harness this strength and make full use of it. Seek help or assistance in areas that you may be poor at, such as accounting or bookkeeping. To transform your weakness to strength, consider taking hands-on learning or formal training.
4. Never consider the possibility of failure.
Ayn Rand, in her novel The Fountainhead, wrote, "It is not in the nature of man - nor of any living entity, to start out by giving up." As an entrepreneur, you need to fully believe in your goals, and that you can do it. Think that what you are doing will contribute to the betterment of your environment and your personal self. You should have a strong faith in your idea, your capabilities and yourself. You must believe beyond a shadow of a doubt that you have the ability to recognize and fulfill them. The more you can develop faith in your ability to achieve your goals, the more rapidly you can attain it. However, your confidence should be balanced with calculated risks that you need to take to achieve greater rewards. Successful entrepreneurs are those who analyze and minimize risk in the pursuit of profit. As they always say, "no guts, no glory."
5. Plan accordingly.
You have a vision, and you have enough faith in yourself to believe that you can achieve your vision. But do you know how to get to your vision? To achieve your vision, you need to have concrete goals that will provide the stepping-stone towards your ultimate vision. Put your goals in writing; not doing so just makes them as intangible fantasies. You need to plan each day in such a way that your every action contributes to the attainment of your vision. Do you foresee yourself as the next Martha Stewart of hand-made home furnishings? Perhaps today, you need to see an artist to help you conceptualize the new line of hand-made linens that you hope to launch. Intense goal orientation is the characteristic of every successful entrepreneur. They have a vision, and they know how to get there. Your ability to set goals and make plans for your accomplishment is the skill required to succeed. Plan, plan and plan - because without which failure is guaranteed.
6. Work hard!
Every successful entrepreneur works hard, hard and hard. No one achieves success just by sitting and staring at the wall every single day. Brian Tracy puts it out this way, "You work eight hours per day for survival; everything over eight hours per day is for success." Ask any successful businessperson and they will tell you immediately that they had to work more than 60 hours per week at the start of their businesses. Be prepared to say goodbye to after-office drinks every day, or a regular weekend get-away trip. If you are in a start-up phase, you will have to breathe, eat and drink your business until it can stand on its own. Working hard will be easy if you have a vision, clear goals, and are passionate with what you do.
7. Constantly Look for Ways to Network.
In business, you are judged by the company you keep - from your management team, board of directors, and strategic partners. Businesses always need assistance, more so small businesses. Maybe the lady you met in a trade association meeting can help you secure funding, or the gentleman at a conference can provide you with management advise. It is important to form alliances with people who can help you, and whom you can help in return. To succeed in business, you need to possess good networking skills and always be alert to opportunities to expand your contacts.
8. Willingness to Learn.
You do not need to be a MBA degree holder or PhD graduate to succeed in your own business. In fact, there are a lot of entrepreneurs who did not even finish secondary education. Studies show that most self-made millionaires have average intelligence. Nonetheless, these people reached their full potentials achieved their financial and personal goals in business because they are willing to learn. To succeed, you must be willing to ask questions, remain curious, interested and open to new knowledge. This willingness to learn becomes more crucial given the rapid changes in technologies and ways of doing business.
9. Persevere and have faith.
No one said that the road to success is easy. Despite your good intentions and hard work, sometimes you will fail. Some successful entrepreneurs suffered setbacks and resounding defeats, even bankruptcy, yet managed to quickly stand up to make it big in their fields. Your courage to persist in the face of adversity and ability to bounce back after a temporary disappointment will assure your success. You must learn to pick yourself up and start all over again. Your persistence is the measure of the belief in yourself. Remember, if you persevere, nothing can stop you.
10. Discipline yourself.
Thomas Huxley once said, "Do what you should do, when you should do it, whether you like it or not." Self-discipline is the key to success. The strength of will to force yourself to pay the price of success - doing what others don't like to do, going the extra mile, fighting and winning the lonely battle with yourself.
Sumber : http://www.powerhomebiz.com/vol19/secrets.htm
How to Start a Small Business With No Capital
Do you want to start a small business but you have no start-up capital and you want to avoid loans? Though many small-business guidebooks will tell you that this is not possible, it certainly is. Read this article to learn how!
Start Small
The main key to starting your small business without capital is to start small. You can make plans to grow larger at a later date, but if you want to start with no outlay of capital, you need to start small.
Start With What You Have
The second key is to start with what you have. If, for example, you want to start a lawn care business, start with the lawn mower you already own. You can purchase a larger mower later, once you’ve gotten started and have some cash flow. But for the time being, start with what you own.
You will find that this may limit the types of businesses you can start. Very few people own, for example, a printing press, so if you want to start a printing business, you may need to look into obtaining financing.
If you haven’t yet decided what type of business you want to open, try looking around at what you have and what you know how to do. The most successful small businesses start with the owner’s hobby and develop from there. Most people who enjoy sewing already own all the materials needed to start a small sewing business. Most people who enjoy programming computers already own the necessary equipment for this business. Take a look at what you already own and go from there.
Start In Your Own Home
With no capital, you will not be able to open a physical storefront or an office outside of your home. Instead, you will need to use space already available to you in your own home. Some people are lucky enough to have an entire room available for their use in operating a small business. Perhaps a child has just moved into his or her own home, or maybe you have a den that doesn’t get much use. Put that space to work!
But what if your house is already bursting at the seams? Many businesses require no more than a desk and some storage space. A small desk and a file cabinet can occupy a small section of any available room - a corner of the bedroom, perhaps, or even the living room or dining room! Many people successfully convert an unused closet into their home office, which provides a handy way to hide the mess when expecting company.
Start With Low- Budget Advertising
Many companies find that their best marketing is free! Word of mouth is usually cited as the best way to obtain new clients or customers. Ask every customer to refer you to at least one or two friends.
Joining local business groups is another great way to market your business - these groups provide plenty of opportunity to network and get the word out about your business.
Most importantly, mention your business at every opportunity - when chatting with friends, when meeting new people, when visiting family. Don’t be shy! If possible, bring an example of your work with you everywhere you go. You never know when you will meet an interested potential customer.
Use Your Money Wisely
Use what money you do have wisely. Before every purchase, ask yourself if the item you’re about to purchase will really help you grow your business and if you can really afford it at this point. Don’t be afraid to put off any purchases until you’ve been able to consider it for a week or more.
Sumber : http://www.essortment.com/career/howtostartsma_sbwy.htm
Start Small
The main key to starting your small business without capital is to start small. You can make plans to grow larger at a later date, but if you want to start with no outlay of capital, you need to start small.
Start With What You Have
The second key is to start with what you have. If, for example, you want to start a lawn care business, start with the lawn mower you already own. You can purchase a larger mower later, once you’ve gotten started and have some cash flow. But for the time being, start with what you own.
You will find that this may limit the types of businesses you can start. Very few people own, for example, a printing press, so if you want to start a printing business, you may need to look into obtaining financing.
If you haven’t yet decided what type of business you want to open, try looking around at what you have and what you know how to do. The most successful small businesses start with the owner’s hobby and develop from there. Most people who enjoy sewing already own all the materials needed to start a small sewing business. Most people who enjoy programming computers already own the necessary equipment for this business. Take a look at what you already own and go from there.
Start In Your Own Home
With no capital, you will not be able to open a physical storefront or an office outside of your home. Instead, you will need to use space already available to you in your own home. Some people are lucky enough to have an entire room available for their use in operating a small business. Perhaps a child has just moved into his or her own home, or maybe you have a den that doesn’t get much use. Put that space to work!
But what if your house is already bursting at the seams? Many businesses require no more than a desk and some storage space. A small desk and a file cabinet can occupy a small section of any available room - a corner of the bedroom, perhaps, or even the living room or dining room! Many people successfully convert an unused closet into their home office, which provides a handy way to hide the mess when expecting company.
Start With Low- Budget Advertising
Many companies find that their best marketing is free! Word of mouth is usually cited as the best way to obtain new clients or customers. Ask every customer to refer you to at least one or two friends.
Joining local business groups is another great way to market your business - these groups provide plenty of opportunity to network and get the word out about your business.
Most importantly, mention your business at every opportunity - when chatting with friends, when meeting new people, when visiting family. Don’t be shy! If possible, bring an example of your work with you everywhere you go. You never know when you will meet an interested potential customer.
Use Your Money Wisely
Use what money you do have wisely. Before every purchase, ask yourself if the item you’re about to purchase will really help you grow your business and if you can really afford it at this point. Don’t be afraid to put off any purchases until you’ve been able to consider it for a week or more.
Sumber : http://www.essortment.com/career/howtostartsma_sbwy.htm
How to Manage Risk in Your Business
Planning for the risks that will occur in your business is critical to your success. Here are some basic steps to help you make certain you have an adequate risk program in place.
To manage risk in your business:
1. Write your business plan.
2. Go through your business plan critically looking at every area that could involve risk, making a list of what areas you need to consider.
3. Take time, preferably with others who know your business, to brainstorm all the possible catastrophes that might occur.
4. From your lists developed in steps 2 and 3, decide what action or coverage is needed to handle that possibility.
5. For those risks that can be handled by insurance coverage, determine how much and what type of insurance is needed.
6. Choose a reasonable amount of insurance to cover those risks.
7. Contact more than one insurance agent to get quotes on the insurance that is needed.
8. Arrange for insurance coverage to begin before the doors open on your business, if possible.
9. For those risks not covered by insurance, put together a contingency plan for handling each of the risks identified.
10. Train all employees in what to do in any if any of these (or other) emergencies arise.
11. Put your plan in a place where it can be located quickly, if needed. Have an extra copy in a safe location.
12. Review your plan annually, including input from all employees.
Tips:
1. Common risks to consider are employee/client safety, theft/fraud, disasters,
2. What is a "reasonable" amount of insurance varies from individual to individual depending upon how risk averse you are.
3. You can lower insurance rates by taking high deductible levels.
4. Even ecommerce websites need insurance.
Sumber : http://www.smallbusinessnotes.com/operating/finmgmt/htrisk.html
To manage risk in your business:
1. Write your business plan.
2. Go through your business plan critically looking at every area that could involve risk, making a list of what areas you need to consider.
3. Take time, preferably with others who know your business, to brainstorm all the possible catastrophes that might occur.
4. From your lists developed in steps 2 and 3, decide what action or coverage is needed to handle that possibility.
5. For those risks that can be handled by insurance coverage, determine how much and what type of insurance is needed.
6. Choose a reasonable amount of insurance to cover those risks.
7. Contact more than one insurance agent to get quotes on the insurance that is needed.
8. Arrange for insurance coverage to begin before the doors open on your business, if possible.
9. For those risks not covered by insurance, put together a contingency plan for handling each of the risks identified.
10. Train all employees in what to do in any if any of these (or other) emergencies arise.
11. Put your plan in a place where it can be located quickly, if needed. Have an extra copy in a safe location.
12. Review your plan annually, including input from all employees.
Tips:
1. Common risks to consider are employee/client safety, theft/fraud, disasters,
2. What is a "reasonable" amount of insurance varies from individual to individual depending upon how risk averse you are.
3. You can lower insurance rates by taking high deductible levels.
4. Even ecommerce websites need insurance.
Sumber : http://www.smallbusinessnotes.com/operating/finmgmt/htrisk.html
How to Manage Home Business Cash Flow Effectively
There's something you can never afford to forget when you are running a business out of your home -- cash is king!
Whether it is a multi-billion dollar empire, such as Bill Gates' , or the tiny mom-and-pop convenience store on the street corner, cash is the lifeblood of the business.
In today's uncertain economy with ever rising interest rates, many small businesses with limited financial training are having problems staying alive, let alone prospering. In fact, 63% of new businesses don't survive six years -- and most work-at-home people fail within 6 months!
The primary reason is bad cash management. Too many self-employed people neglect their cash flow until it is too late to recover. Suddenly, presto! it 's back to your office job! We don't want that to happen.
So the big question is: How will you manage your cash flow effectively? If you are not sure, then you are on shaky ground.
Les Masonson, author of Cash, Cash, Cash: The Three Principles of Business Survival and Success, says cash flow is all about, "getting the money from customers sooner, paying bills at the last possible moment, concentrating money to a single bank account, managing accounts payable, accounts receivable and inventory more effectively, and squeezing every penny out of your daily business."
Let's break down Masonson's tips one at a time.
Fast Collection
In your business, you should collect money as fast as you can. To do so, try these four things:
• Try to speed up customer orders by having them fax their orders to you
• Send out your invoices the same day goods are shipped, not a week or two later.
• Indicate on your invoice when payment is due, and specify the penalty interest for late payment.
• Consider using a bank lock box (post office box strategically located near customers to reduce mail time) to collect your mailed checks from customers across the country. You lockbox bank picks up mail around the clock including weekends, processes the checks and credits your account. (Note: this last step is probably more appropriate for businesses grossing more than $25 million annually. You may not be there yet, but keep it in mind for when you get there)!
Deposit Checks Fast!
This seems only obvious, but it's extremely important. In fact, here are Masonson's six sure-fire suggestions for getting the fastest availability on deposited checks.
• Always deposit checks the same day they are received. Don’t hold checks until the next day because you lose one day's float. Key point: you can lose three days of float by not depositing Friday's checks until Monday.
• Obtain availability of 0 to 2 days on deposited checks. Don't let your bank give you the customer availability of 1 to 5 days. Be persistent. Ask the bank for its "availability schedule" and scan it to be sure you're receiving fast availability of two days or less.
• Each bank has its own availability schedule. This is used to assign check availability to consumers, business (commercial accounts), and large corporate accounts. Availability is the number of days until you can use the money deposited by check as cash. For example, a $1,000 check deposited today and assigned a one-day availability can be withdrawn as cash tomorrow.
• Don't deposit checks in a bank's Automated Teller Machine or use the Night Depository since you have no evidence that you actually deposited the checks you said you did. Remember, you only receive a receipt that shows the time and dollar amount on the deposit at the ATM, and you get no receipt at the Night Depositor.
• MICR encode your customer's checks (using a machine that prints magnetic ink on the bottom of the check) with the dollar amount before depositing them in the bank if you deposit more than 500 checks per month. Banks charge 3 to 5 cents less for each encoded check. Used encoded machines cost about $1,500. (Check your Yellow Pages under bank equipment for dealers). Besides saving money, you may get another benefit: faster check availability.
• Ask you bank about its deadline for receiving availability on deposited checks. Some banks may require a deposit of an encoded check by 2 p.m., even though the bank is open to 5 p.m. Make sure you make this deadline, otherwise you lose one day's float.
• Before using a bank's ATM for check deposits, find out the bank's availability deadline. Some banks have a 12 noon cut-off time which means that any checks deposited later are considered to be deposited the next day! In that case, you lose an entire day's float, even though you did your bit to get the checks cashed.
Have a Super Tight Accounts Receivable Policy
Many people think it is no big deal to neglect accounts receivable until bills are collectible. This is bad cash flow policy. Here are seven excellent tips for handling accounts receivable:
• Check the financial health of a new customer before offering them credit. One way of doing this is by using a rating service, such as Dun & Bradstreet (1-800-234-3867).
• Ask a new customer for five business references and don't neglect to call them.
• Don't offer too generous discounts, such as 3% for payment in 10 days. A better rate is 1.5% cash discount. It costs you less.
• Charge a "late fee" of 2% per month to customers who pay late and charge back customers who take discounts after the discount periods.
• Follow up on late payers with phone calls and letters. These may seem a bit extreme, but the first letter should go out the very day the amount is one day late! After 30 days late, start this sequence:
o send out a letter from your attorney
o turn over the account to a collection agency
o use a collection attorney
• Don't send out new merchandise if bills remain unpaid. Remember that bad debts hurt your bottom line! Be vigilant and try to get at least periodic payments from slow payers.
• Instruct your bank to automatically deposit "returned checks." Ask your bank if they offer Return Item box service. If they do, then use it to redeposit your check and charge back the bank return item free to your customer.
These seven steps are tough and unrelenting, but they may make the difference between a positive cash flow month and a sluggish month for your business. It may seem a bit hypocritical to demand swift and exacting payment, and then do what we suggest next. But just remind yourself, all (almost) is fair in love and war and business.
Disburse Your Money Slowly
Just the opposite of collecting at the earliest possible moment, you should never pay a day sooner than you have to, unless you get a discount for doing so. A lot of people believe in staying ahead of bills and paying them as early as possible, but that's just poor cash management. You want to keep your money in your hands as long as you can. Here are five suggestions to slow down your disbursements:
• Pay your invoices on the last day they're due, not before.
• Try to mail your payment on Thursday or Friday to pick up a few extra days mail float over the weekend.
• Use business credit cards for travel, lodging, meals, and small expenses for yourself and your employees. With credit cards you typically don't have to make payment until 25 days after receiving the statement. Use this float by investing the money. In total, you can typically keep your money invested for 45 days from date of purchase.
• Don't issue advances to employees. Have them use their personal credit cards or business cards, if you provide them
• Consider setting up a remote disbursement checking account in another state to extend the check clearing float by at least a day. This practice is used very successfully by 17% of large companies. The downside of this practice is that some vendors may complain about their delayed availability on their bank deposit. But this can be overcome by mailing them their checks one day earlier.
Now, many small businesses neglect to reconcile their monthly bank statements or assume that the bank never makes a mistake. Banks do make mistakes, and you must stay on top of your disbursement to control your cash flow. If you are one of those people who simply can't stand to balance you check book, you can use a bank's standard account reconcilement services for a low monthly price -- $30 to $70 base charge and 5 to 7 cents a check. When is it best to use a bank's reconcilement service?
Here are six suggestions:
• When you have a monthly check volume of at least 500 checks.
• When you need specialized reports.
• When you are currently performing your own reconcilement.
• You can find software at a reasonable price that meets your needs.
• When you don't have your own PC or any other kind of computer system. (We already warned you about that).
• When you have no staff to do it, or time to do it yourself.
No Extra Money in Your Bank Account
Many businesses make the mistake of keeping too much money in their bank accounts to pay for bank services. This money could be used more effectively elsewhere -- such as to pay off a loan or to invest at a more competitive rate. Many businesses have no idea how much money to leave in the bank or what alternatives they have to compensate the bank. Take some time to find out what your minimum balance needs to be.
Get an Account Analysis Statement
How do you know how much money (bankers
refer to this as "balances") to leave in your checking account to pay for bank's services? That's a question that more business owners should be asking themselves.
• First, get a price list which shows how much your bank charges for services like account maintenance, checks deposited, checks paid, stop payments and wire transfers.
• Ask the bank to send you a monthly "Account Analysis Statement." The analysis statement contains the average balance levels for the month -- both the ledger and the available balance -- as well as a listing of services used, their transaction volumes and cost. This statement should be obtained in addition to the regular monthly bank statement.
• Look at the account analysis to see whether you are overcompensating the bank. Then pull out any excess funds and invest them in a high-yielding money market mutual fund, for example.
A word of advice: Smaller banks may not know what you are talking about when you ask for an account analysis. Larger banks often offer such a statement, but you have to ask for it. And don't let them charge you for this kind of statement since it is only an invoice.
Inventory is Not Cash
Every item you have sitting on your shelf should eventually be transformed into cash in your bank account, and the sooner the better. As long as it's inventory, it's basically dead weight. If it is not moving, you're not having cash flow.
Here are six recommendations to minimize the cost of your inventory:
• Attempt to forecast as accurately as you can the day, week and month what you expect to sell.
• If you are dealing in more than one item, determine which item accounts for 80% of your sales. Then minimize ordering other items that are selling poorly or infrequently.
• Determine how fast you can get inventory, once you order it. Try to order as late as you can. Some firms can use "just-in-time" inventory which enables them to receive their order the day they need it.
• Determine your economic order quantity and don't order too much inventory just to save a few pennies.
• Shop around and make sure you are getting competitive prices.
• Develop a policy for determining what is obsolete inventory, and how you can get rid of it. The best way to get rid of dead inventory is to sell it whatever you can get for it, even if that's only 10 percent of what you paid for it. At least it will generate cash flow.
Don't Forget Continuity Sales
Once of the most exceptional ways of controlling and improving cash flow well into the future is by employing something called continuity of sales or services.
Continuity sales are simply a contract to purchase products or services on an installment basis for a fixed period of time.
That may sound complicated, but in practice, it actually is not. The best example of a continuity sale is a magazine subscription. 12, 24, or 36 issues delivered each month for X amount of dollars. The bigger the subscription, they better deal you get. The publisher gets more money up front, and the customer gets a better deal in the long run.
Continuity can apply to anything.
Let's say you own a dry cleaning business. How about an annual deal to clean 5 shirts or blouses per week for set amount of money? Get people to pay your for the entire week up front for a lot of fast cash flow. You'll trade a discount for getting business, but you'll ensure a steady cash flow for months to come.
Continuity works with just about any kind of product or service you are offering, from dry cleaning to to your personal consulting service.
You can structure payments for continuity sales on almost any basis, but it's best by far to go for complete payment up front. After all, the discount is based on a customer's commitment, and they'll be a lot more committed with their money on the line.
Licensing Agreements
After all is said and done, if you were to list the assets of the company you have created, you'd probably include your inventory, equipment, accounts receivable, equity, and so on.
But by this time, especially if you have been reading carefully, you have something more -- something that is not necessarily a physical "thing" such as cash or inventory.
If you've been a clever business person, you have come up with certain ads that have out pulled your competitors. You have developed policies and procedures that have kept your returns and refunds the lowest of any around. Or you may have come up with a money-making technique that is completely unique. If so, you are potentially sitting on fast source of cash.
You can license the rights to use any of your specialized techniques or assets to other non-competitive businesses. You can do it for a flat fee, a percentage of profits, on a royalty basis, or any other way that makes sense to you. You can also conduct seminars to teach your techniques to other would-be work-at-home entrepreneurs and charge whatever the market will bear. It's easy to generate an extra $5,000 a month and much more on the lecture circuit. While you are getting paid to spread your knowledge, you will be drumming up more business.
The knowledge you have in your head right now could very well be worth a lot of money. It's only a matter of you looking within yourself and at your successes to see how you can transform it all into real, hard cash.
Sumber : http://www.powerhomebiz.com/vol17/cashflow.htm
Whether it is a multi-billion dollar empire, such as Bill Gates' , or the tiny mom-and-pop convenience store on the street corner, cash is the lifeblood of the business.
In today's uncertain economy with ever rising interest rates, many small businesses with limited financial training are having problems staying alive, let alone prospering. In fact, 63% of new businesses don't survive six years -- and most work-at-home people fail within 6 months!
The primary reason is bad cash management. Too many self-employed people neglect their cash flow until it is too late to recover. Suddenly, presto! it 's back to your office job! We don't want that to happen.
So the big question is: How will you manage your cash flow effectively? If you are not sure, then you are on shaky ground.
Les Masonson, author of Cash, Cash, Cash: The Three Principles of Business Survival and Success, says cash flow is all about, "getting the money from customers sooner, paying bills at the last possible moment, concentrating money to a single bank account, managing accounts payable, accounts receivable and inventory more effectively, and squeezing every penny out of your daily business."
Let's break down Masonson's tips one at a time.
Fast Collection
In your business, you should collect money as fast as you can. To do so, try these four things:
• Try to speed up customer orders by having them fax their orders to you
• Send out your invoices the same day goods are shipped, not a week or two later.
• Indicate on your invoice when payment is due, and specify the penalty interest for late payment.
• Consider using a bank lock box (post office box strategically located near customers to reduce mail time) to collect your mailed checks from customers across the country. You lockbox bank picks up mail around the clock including weekends, processes the checks and credits your account. (Note: this last step is probably more appropriate for businesses grossing more than $25 million annually. You may not be there yet, but keep it in mind for when you get there)!
Deposit Checks Fast!
This seems only obvious, but it's extremely important. In fact, here are Masonson's six sure-fire suggestions for getting the fastest availability on deposited checks.
• Always deposit checks the same day they are received. Don’t hold checks until the next day because you lose one day's float. Key point: you can lose three days of float by not depositing Friday's checks until Monday.
• Obtain availability of 0 to 2 days on deposited checks. Don't let your bank give you the customer availability of 1 to 5 days. Be persistent. Ask the bank for its "availability schedule" and scan it to be sure you're receiving fast availability of two days or less.
• Each bank has its own availability schedule. This is used to assign check availability to consumers, business (commercial accounts), and large corporate accounts. Availability is the number of days until you can use the money deposited by check as cash. For example, a $1,000 check deposited today and assigned a one-day availability can be withdrawn as cash tomorrow.
• Don't deposit checks in a bank's Automated Teller Machine or use the Night Depository since you have no evidence that you actually deposited the checks you said you did. Remember, you only receive a receipt that shows the time and dollar amount on the deposit at the ATM, and you get no receipt at the Night Depositor.
• MICR encode your customer's checks (using a machine that prints magnetic ink on the bottom of the check) with the dollar amount before depositing them in the bank if you deposit more than 500 checks per month. Banks charge 3 to 5 cents less for each encoded check. Used encoded machines cost about $1,500. (Check your Yellow Pages under bank equipment for dealers). Besides saving money, you may get another benefit: faster check availability.
• Ask you bank about its deadline for receiving availability on deposited checks. Some banks may require a deposit of an encoded check by 2 p.m., even though the bank is open to 5 p.m. Make sure you make this deadline, otherwise you lose one day's float.
• Before using a bank's ATM for check deposits, find out the bank's availability deadline. Some banks have a 12 noon cut-off time which means that any checks deposited later are considered to be deposited the next day! In that case, you lose an entire day's float, even though you did your bit to get the checks cashed.
Have a Super Tight Accounts Receivable Policy
Many people think it is no big deal to neglect accounts receivable until bills are collectible. This is bad cash flow policy. Here are seven excellent tips for handling accounts receivable:
• Check the financial health of a new customer before offering them credit. One way of doing this is by using a rating service, such as Dun & Bradstreet (1-800-234-3867).
• Ask a new customer for five business references and don't neglect to call them.
• Don't offer too generous discounts, such as 3% for payment in 10 days. A better rate is 1.5% cash discount. It costs you less.
• Charge a "late fee" of 2% per month to customers who pay late and charge back customers who take discounts after the discount periods.
• Follow up on late payers with phone calls and letters. These may seem a bit extreme, but the first letter should go out the very day the amount is one day late! After 30 days late, start this sequence:
o send out a letter from your attorney
o turn over the account to a collection agency
o use a collection attorney
• Don't send out new merchandise if bills remain unpaid. Remember that bad debts hurt your bottom line! Be vigilant and try to get at least periodic payments from slow payers.
• Instruct your bank to automatically deposit "returned checks." Ask your bank if they offer Return Item box service. If they do, then use it to redeposit your check and charge back the bank return item free to your customer.
These seven steps are tough and unrelenting, but they may make the difference between a positive cash flow month and a sluggish month for your business. It may seem a bit hypocritical to demand swift and exacting payment, and then do what we suggest next. But just remind yourself, all (almost) is fair in love and war and business.
Disburse Your Money Slowly
Just the opposite of collecting at the earliest possible moment, you should never pay a day sooner than you have to, unless you get a discount for doing so. A lot of people believe in staying ahead of bills and paying them as early as possible, but that's just poor cash management. You want to keep your money in your hands as long as you can. Here are five suggestions to slow down your disbursements:
• Pay your invoices on the last day they're due, not before.
• Try to mail your payment on Thursday or Friday to pick up a few extra days mail float over the weekend.
• Use business credit cards for travel, lodging, meals, and small expenses for yourself and your employees. With credit cards you typically don't have to make payment until 25 days after receiving the statement. Use this float by investing the money. In total, you can typically keep your money invested for 45 days from date of purchase.
• Don't issue advances to employees. Have them use their personal credit cards or business cards, if you provide them
• Consider setting up a remote disbursement checking account in another state to extend the check clearing float by at least a day. This practice is used very successfully by 17% of large companies. The downside of this practice is that some vendors may complain about their delayed availability on their bank deposit. But this can be overcome by mailing them their checks one day earlier.
Now, many small businesses neglect to reconcile their monthly bank statements or assume that the bank never makes a mistake. Banks do make mistakes, and you must stay on top of your disbursement to control your cash flow. If you are one of those people who simply can't stand to balance you check book, you can use a bank's standard account reconcilement services for a low monthly price -- $30 to $70 base charge and 5 to 7 cents a check. When is it best to use a bank's reconcilement service?
Here are six suggestions:
• When you have a monthly check volume of at least 500 checks.
• When you need specialized reports.
• When you are currently performing your own reconcilement.
• You can find software at a reasonable price that meets your needs.
• When you don't have your own PC or any other kind of computer system. (We already warned you about that).
• When you have no staff to do it, or time to do it yourself.
No Extra Money in Your Bank Account
Many businesses make the mistake of keeping too much money in their bank accounts to pay for bank services. This money could be used more effectively elsewhere -- such as to pay off a loan or to invest at a more competitive rate. Many businesses have no idea how much money to leave in the bank or what alternatives they have to compensate the bank. Take some time to find out what your minimum balance needs to be.
Get an Account Analysis Statement
How do you know how much money (bankers
refer to this as "balances") to leave in your checking account to pay for bank's services? That's a question that more business owners should be asking themselves.
• First, get a price list which shows how much your bank charges for services like account maintenance, checks deposited, checks paid, stop payments and wire transfers.
• Ask the bank to send you a monthly "Account Analysis Statement." The analysis statement contains the average balance levels for the month -- both the ledger and the available balance -- as well as a listing of services used, their transaction volumes and cost. This statement should be obtained in addition to the regular monthly bank statement.
• Look at the account analysis to see whether you are overcompensating the bank. Then pull out any excess funds and invest them in a high-yielding money market mutual fund, for example.
A word of advice: Smaller banks may not know what you are talking about when you ask for an account analysis. Larger banks often offer such a statement, but you have to ask for it. And don't let them charge you for this kind of statement since it is only an invoice.
Inventory is Not Cash
Every item you have sitting on your shelf should eventually be transformed into cash in your bank account, and the sooner the better. As long as it's inventory, it's basically dead weight. If it is not moving, you're not having cash flow.
Here are six recommendations to minimize the cost of your inventory:
• Attempt to forecast as accurately as you can the day, week and month what you expect to sell.
• If you are dealing in more than one item, determine which item accounts for 80% of your sales. Then minimize ordering other items that are selling poorly or infrequently.
• Determine how fast you can get inventory, once you order it. Try to order as late as you can. Some firms can use "just-in-time" inventory which enables them to receive their order the day they need it.
• Determine your economic order quantity and don't order too much inventory just to save a few pennies.
• Shop around and make sure you are getting competitive prices.
• Develop a policy for determining what is obsolete inventory, and how you can get rid of it. The best way to get rid of dead inventory is to sell it whatever you can get for it, even if that's only 10 percent of what you paid for it. At least it will generate cash flow.
Don't Forget Continuity Sales
Once of the most exceptional ways of controlling and improving cash flow well into the future is by employing something called continuity of sales or services.
Continuity sales are simply a contract to purchase products or services on an installment basis for a fixed period of time.
That may sound complicated, but in practice, it actually is not. The best example of a continuity sale is a magazine subscription. 12, 24, or 36 issues delivered each month for X amount of dollars. The bigger the subscription, they better deal you get. The publisher gets more money up front, and the customer gets a better deal in the long run.
Continuity can apply to anything.
Let's say you own a dry cleaning business. How about an annual deal to clean 5 shirts or blouses per week for set amount of money? Get people to pay your for the entire week up front for a lot of fast cash flow. You'll trade a discount for getting business, but you'll ensure a steady cash flow for months to come.
Continuity works with just about any kind of product or service you are offering, from dry cleaning to to your personal consulting service.
You can structure payments for continuity sales on almost any basis, but it's best by far to go for complete payment up front. After all, the discount is based on a customer's commitment, and they'll be a lot more committed with their money on the line.
Licensing Agreements
After all is said and done, if you were to list the assets of the company you have created, you'd probably include your inventory, equipment, accounts receivable, equity, and so on.
But by this time, especially if you have been reading carefully, you have something more -- something that is not necessarily a physical "thing" such as cash or inventory.
If you've been a clever business person, you have come up with certain ads that have out pulled your competitors. You have developed policies and procedures that have kept your returns and refunds the lowest of any around. Or you may have come up with a money-making technique that is completely unique. If so, you are potentially sitting on fast source of cash.
You can license the rights to use any of your specialized techniques or assets to other non-competitive businesses. You can do it for a flat fee, a percentage of profits, on a royalty basis, or any other way that makes sense to you. You can also conduct seminars to teach your techniques to other would-be work-at-home entrepreneurs and charge whatever the market will bear. It's easy to generate an extra $5,000 a month and much more on the lecture circuit. While you are getting paid to spread your knowledge, you will be drumming up more business.
The knowledge you have in your head right now could very well be worth a lot of money. It's only a matter of you looking within yourself and at your successes to see how you can transform it all into real, hard cash.
Sumber : http://www.powerhomebiz.com/vol17/cashflow.htm
8 Tips for Finding the Best Business Broker
Selling your small business for the highest price is the result of years of dedication and persistence. Finding buyers for your business sale can be difficult if you aren't in a hot industry or lack unsolicited offers. An option to gain access to a larger pool of buyers is to consider a business broker.
What is a Business Broker?
A business broker is similar to a real estate agent. Business brokers provide the match making service of bringing together buyers and sellers of businesses. The right business broker can help your small business to achieve the maximum dollar value. Consider the following tips to find the best business broker:
Finding a Business Broker
• Get Referrals: One best practice is to always get a referral from a trusted source. Ask your accountant, lawyer, peers, and industry association for names of good business brokers.
• Check IBBA: The International Business Brokers Association® (IBBA) is a non-profit "trade association of business brokers providing education, conferences, professional designations and networking opportunities." IBBA has over 1300 members and provides a professional certification process.
• Practice Due Diligence: Just as a prospective buyer of your company will exercise due diligence so should you. Examine your broker's background, experience, and credentials. Are there any lawsuits or complaints against them? Check the Better Business Bureau. Investigate their references. Have they handled sales of your type of business before?
• Find a Specialist: A business broker who spends all their time selling businesses will add more value to your sales transaction than a part-time agent. A full-time business broker can not only bring in a network of contacts but has an understanding of the principles of business valuation. Find someone who is dedicated to the profession. If your company value may be worth millions, consider merger and acquisition intermediaries.
• Keep a Secret: Avoid losing key staff and suppliers by keeping your business sale a secret. The selling of your small business is a highly confidential matter. Your business broker should ensure all safeguards are in place to protect your company. One word to your suppliers, employees, or customers that you are selling the company can have repercussions on your business operations.
• Deliver a Marketing Plan: Selling your business is all about marketing. Properly positioning the sale of your company to attract and motivate as many buyers as possible should be your goal. Ensure your business broker has a marketing plan including details of advertising strategies to attract a wide range of potential buyer leads.
• No Heavy Front Fee: A business broker fee ranges from 10 to 15% commission of the sale price of your company. Avoid any broker asking you for a large, upfront fee to assess your business value or start an application process.
• Avoid the Pressure: Never allow your business broker to put you in a pressure situation. Do not make a rush decision. The selling of your company is a complex transaction. Take the time to learn and clarify all uncertainties.
The right business broker can help your small business find a source of potential buyers and aid in the sale of your company. Selling your business is a complex matter. Work with your team of professional advisors for the best results.
Sumber : http://sbinformation.about.com/od/buyingorselling/a/businessbroker.htm
What is a Business Broker?
A business broker is similar to a real estate agent. Business brokers provide the match making service of bringing together buyers and sellers of businesses. The right business broker can help your small business to achieve the maximum dollar value. Consider the following tips to find the best business broker:
Finding a Business Broker
• Get Referrals: One best practice is to always get a referral from a trusted source. Ask your accountant, lawyer, peers, and industry association for names of good business brokers.
• Check IBBA: The International Business Brokers Association® (IBBA) is a non-profit "trade association of business brokers providing education, conferences, professional designations and networking opportunities." IBBA has over 1300 members and provides a professional certification process.
• Practice Due Diligence: Just as a prospective buyer of your company will exercise due diligence so should you. Examine your broker's background, experience, and credentials. Are there any lawsuits or complaints against them? Check the Better Business Bureau. Investigate their references. Have they handled sales of your type of business before?
• Find a Specialist: A business broker who spends all their time selling businesses will add more value to your sales transaction than a part-time agent. A full-time business broker can not only bring in a network of contacts but has an understanding of the principles of business valuation. Find someone who is dedicated to the profession. If your company value may be worth millions, consider merger and acquisition intermediaries.
• Keep a Secret: Avoid losing key staff and suppliers by keeping your business sale a secret. The selling of your small business is a highly confidential matter. Your business broker should ensure all safeguards are in place to protect your company. One word to your suppliers, employees, or customers that you are selling the company can have repercussions on your business operations.
• Deliver a Marketing Plan: Selling your business is all about marketing. Properly positioning the sale of your company to attract and motivate as many buyers as possible should be your goal. Ensure your business broker has a marketing plan including details of advertising strategies to attract a wide range of potential buyer leads.
• No Heavy Front Fee: A business broker fee ranges from 10 to 15% commission of the sale price of your company. Avoid any broker asking you for a large, upfront fee to assess your business value or start an application process.
• Avoid the Pressure: Never allow your business broker to put you in a pressure situation. Do not make a rush decision. The selling of your company is a complex transaction. Take the time to learn and clarify all uncertainties.
The right business broker can help your small business find a source of potential buyers and aid in the sale of your company. Selling your business is a complex matter. Work with your team of professional advisors for the best results.
Sumber : http://sbinformation.about.com/od/buyingorselling/a/businessbroker.htm
Senin, 19 April 2010
The 7 Habits of Business Success
The elusive dream of business success captures the imagination of aspiring and existing business owners everywhere. A vision of flowing profits, industry respect, thrilled customers, and a balanced life. This vision is only possible by developing habits that drive business success. Take the time to learn the 7 habits of business success.
The 7 Habits of Business Success
Habit 1. Cultivate Inner Networks: Entrepreneurs practicing the art of business success know the power of networks. They take the time to identify and build relationships with key peers, mentors, and advisors. This inner network provides support, direction, and an increased number of people to assist. Having an inner network of five people who have a network of five more, grows the network exponentially.
Habit 2. Customer Centric: Business success requires an unwavering commitment to the customer. This commitment encompasses a mindset of understanding the customers' world. Understanding the customers wants and needs provides the business with a greater opportunity to earn a loyal customer base. Focus away from business and profits, and toward what you can do to improve the life of your customers.
Habit 3. Humble Honesty: Business success requires the ability to know your strengths and weaknesses. Being open and honest about yourself and your business creates growth as an individual and as a company. Don't spend time developing weaknesses. Find help for weak areas, enabling you to focus on strengths. In the book, "Now, Discover Your Strengths", Gallup Organization reveals that building our strengths instead of fixing our weakness is the path to mastery and success. Take the time to know yourself and business.
Habit 4. Adaptability: Business success requires the ability to adapt to changing situations. Nothing ever goes as planned. The world of business is full of surprises and unforeseen events. Using the habit of adaptability allows business owners to respond to circumstances with the ability to change course and act without complete information. Being flexible allows us to respond to changes without being paralyzed with fear and uncertainty.
Habit 5. Opportunity Focused: Problems are a regular part of business life. Staff issues, customer misunderstandings, cash crunches- the list is endless. To achieve business success, look at both sides of the coin. Every problem has an opportunity. Being opportunity focused makes the game of business fun and energizing.
Habit 6. Finding A Better Way: Productivity is the cornerstone of business success. Formulate the habit of finding a better way to make your business more productive. This will create more time to focus on the critical issues that drive sales and profit. Productivity can be enhanced by technology, automation, outsourcing, and improving business processes.
Habit 7. Balanced Lifestyle Management: A business can consume an owner's time and energy. It's easy to allow the business to take control of your life. Business success requires the habit of balancing all aspects of your life. Separating time for daily business tasks, profit driven tasks, and free time is a habit that will make your business and life more enjoyable. Take the time to plan each week.
Learning and instilling new habits in your daily business life can have a dramatic effect on your level of success. Review each of the 7 habits. Choose one habit to focus on for a month or until you achieve mastery. Gradually incorporate each of the 7 habits of business success into your life and attain your business dreams.
Sumber : http://sbinformation.about.com/cs/development/a/032303.htm
The 7 Habits of Business Success
Habit 1. Cultivate Inner Networks: Entrepreneurs practicing the art of business success know the power of networks. They take the time to identify and build relationships with key peers, mentors, and advisors. This inner network provides support, direction, and an increased number of people to assist. Having an inner network of five people who have a network of five more, grows the network exponentially.
Habit 2. Customer Centric: Business success requires an unwavering commitment to the customer. This commitment encompasses a mindset of understanding the customers' world. Understanding the customers wants and needs provides the business with a greater opportunity to earn a loyal customer base. Focus away from business and profits, and toward what you can do to improve the life of your customers.
Habit 3. Humble Honesty: Business success requires the ability to know your strengths and weaknesses. Being open and honest about yourself and your business creates growth as an individual and as a company. Don't spend time developing weaknesses. Find help for weak areas, enabling you to focus on strengths. In the book, "Now, Discover Your Strengths", Gallup Organization reveals that building our strengths instead of fixing our weakness is the path to mastery and success. Take the time to know yourself and business.
Habit 4. Adaptability: Business success requires the ability to adapt to changing situations. Nothing ever goes as planned. The world of business is full of surprises and unforeseen events. Using the habit of adaptability allows business owners to respond to circumstances with the ability to change course and act without complete information. Being flexible allows us to respond to changes without being paralyzed with fear and uncertainty.
Habit 5. Opportunity Focused: Problems are a regular part of business life. Staff issues, customer misunderstandings, cash crunches- the list is endless. To achieve business success, look at both sides of the coin. Every problem has an opportunity. Being opportunity focused makes the game of business fun and energizing.
Habit 6. Finding A Better Way: Productivity is the cornerstone of business success. Formulate the habit of finding a better way to make your business more productive. This will create more time to focus on the critical issues that drive sales and profit. Productivity can be enhanced by technology, automation, outsourcing, and improving business processes.
Habit 7. Balanced Lifestyle Management: A business can consume an owner's time and energy. It's easy to allow the business to take control of your life. Business success requires the habit of balancing all aspects of your life. Separating time for daily business tasks, profit driven tasks, and free time is a habit that will make your business and life more enjoyable. Take the time to plan each week.
Learning and instilling new habits in your daily business life can have a dramatic effect on your level of success. Review each of the 7 habits. Choose one habit to focus on for a month or until you achieve mastery. Gradually incorporate each of the 7 habits of business success into your life and attain your business dreams.
Sumber : http://sbinformation.about.com/cs/development/a/032303.htm
5 Keys to Leadership for Small Business
Are you a leader just because you run a small business? No. But you need to be. Without leadership, the ship that is your small business will aimlessly circle and eventually run out of power or run aground.
It’s not having followers that defines leadership. Cool-headed, farseeing, visionary, courageous – whichever adjectives you choose, leadership is a winning combination of personal traits and the ability to think and act as a leader, a person who directs the activities of others for the good of all. Anyone can be a leader, even if the only person they’re leading is themselves.
But you can’t become a leader just by saying you are. Leadership needs to be worked at. Transform yourself into a leader with these five keys of leadership.
1. A leader plans.
The core of leadership is being proactive rather than reactive. Sure, leaders are good in crises – but that doesn’t mean they sit around letting crises develop. Leadership involves identifying potential problems and solving them before they reach crisis proportions – and the ability to identify and reap potential windfalls. So good leaders analyze and plan and adapt their plans to new circumstances and opportunities.
2. A leader has a vision.
Vision is essential to good leadership. Vision provides direction and without direction, there’s not much point to all that planning; your small business will still flail about. So if you don’t have one already, take your first step towards leadership by creating a Vision Statement for your business. Because it embodies your dreams and your passions, a vision statement will also serve as a leadership vision.
3. A leader shares her vision.
Sharing your leadership vision helps your vision grow and your leadership develop. As you tell your leadership vision to others, you will strengthen your own belief in your vision and strengthen your determination to make your leadership vision become reality. And other people will start to see you as a person who’s “going places”. Your leadership skills will grow as you and other people recognize you as a person with leadership potential.
4. A leader takes charge.
At this stage of leadership, you put together your planning and your leadership vision and take action. Whether it’s implementing a specific plan to improve your business’s bottom line or responding to a crisis, you, as the leader, are the one who makes the decisions and sees that the appropriate actions are carried out. You can’t just “talk a good game” to be a leader; you need to act and to be seen as taking effective action for the good of your small business.
5. A leader inspires through example.
If I asked you, you could easily name three people whose leadership qualities inspire you. If I asked you why, you’d tell me about the things these inspiring people did or are doing. Leadership is defined through action. Therefore, in developing your own leadership skills, you have to act in ways that are fitting to your leadership vision and your self – all the time. We can all name many actions of other people whom we admire, but what inspires us is the integrity that gives these actions meaning.
Becoming a leader isn’t easy because it takes a conscious commitment and consistent effort to develop one’s leadership skills. But on the positive side, anyone who is willing to make the effort can become a good leader.
And as good leadership is critical to business success, your efforts to improve your leadership skills will be amply rewarded. By working on these five keys of leadership, you can become the leader your small business needs.
Sumber : http://sbinfocanada.about.com/od/smallbusinesslearning/a/leadership1.htm
It’s not having followers that defines leadership. Cool-headed, farseeing, visionary, courageous – whichever adjectives you choose, leadership is a winning combination of personal traits and the ability to think and act as a leader, a person who directs the activities of others for the good of all. Anyone can be a leader, even if the only person they’re leading is themselves.
But you can’t become a leader just by saying you are. Leadership needs to be worked at. Transform yourself into a leader with these five keys of leadership.
1. A leader plans.
The core of leadership is being proactive rather than reactive. Sure, leaders are good in crises – but that doesn’t mean they sit around letting crises develop. Leadership involves identifying potential problems and solving them before they reach crisis proportions – and the ability to identify and reap potential windfalls. So good leaders analyze and plan and adapt their plans to new circumstances and opportunities.
2. A leader has a vision.
Vision is essential to good leadership. Vision provides direction and without direction, there’s not much point to all that planning; your small business will still flail about. So if you don’t have one already, take your first step towards leadership by creating a Vision Statement for your business. Because it embodies your dreams and your passions, a vision statement will also serve as a leadership vision.
3. A leader shares her vision.
Sharing your leadership vision helps your vision grow and your leadership develop. As you tell your leadership vision to others, you will strengthen your own belief in your vision and strengthen your determination to make your leadership vision become reality. And other people will start to see you as a person who’s “going places”. Your leadership skills will grow as you and other people recognize you as a person with leadership potential.
4. A leader takes charge.
At this stage of leadership, you put together your planning and your leadership vision and take action. Whether it’s implementing a specific plan to improve your business’s bottom line or responding to a crisis, you, as the leader, are the one who makes the decisions and sees that the appropriate actions are carried out. You can’t just “talk a good game” to be a leader; you need to act and to be seen as taking effective action for the good of your small business.
5. A leader inspires through example.
If I asked you, you could easily name three people whose leadership qualities inspire you. If I asked you why, you’d tell me about the things these inspiring people did or are doing. Leadership is defined through action. Therefore, in developing your own leadership skills, you have to act in ways that are fitting to your leadership vision and your self – all the time. We can all name many actions of other people whom we admire, but what inspires us is the integrity that gives these actions meaning.
Becoming a leader isn’t easy because it takes a conscious commitment and consistent effort to develop one’s leadership skills. But on the positive side, anyone who is willing to make the effort can become a good leader.
And as good leadership is critical to business success, your efforts to improve your leadership skills will be amply rewarded. By working on these five keys of leadership, you can become the leader your small business needs.
Sumber : http://sbinfocanada.about.com/od/smallbusinesslearning/a/leadership1.htm
Sample Complaint Letter
PT. Blessing Goods
Jl. Rawa Kepa Ujung
Jakarta
20 April 2010
Mr. Mapug
Sales Manager
Motorcycle spare parts
Jakarta
Dear Mr. Mapug ,
I am writing to inform you that the goods we ordered from your company have not been supplied correctly.
On 13 April 2010 we placed an order with your firm for 500 motorcycle spare parts. The consignment arrived yesterday but contained only 480 motorcycle spare parts.
This error put our firm in a difficult position, as we had to make some emergency purchases to fulfil our commitments to all our customers. This caused us considerable inconvenience.
I am writing to ask you to please make up the shortfall immediately and to ensure that such errors do not happen again. Otherwise, we may have to look elsewhere for our supplies.
I look forward to hearing from you by return.
Yours sincerely,
M. Arief. P
Muhamad Arief Pratama
Purchasing Officer Manager
Jl. Rawa Kepa Ujung
Jakarta
20 April 2010
Mr. Mapug
Sales Manager
Motorcycle spare parts
Jakarta
Dear Mr. Mapug ,
I am writing to inform you that the goods we ordered from your company have not been supplied correctly.
On 13 April 2010 we placed an order with your firm for 500 motorcycle spare parts. The consignment arrived yesterday but contained only 480 motorcycle spare parts.
This error put our firm in a difficult position, as we had to make some emergency purchases to fulfil our commitments to all our customers. This caused us considerable inconvenience.
I am writing to ask you to please make up the shortfall immediately and to ensure that such errors do not happen again. Otherwise, we may have to look elsewhere for our supplies.
I look forward to hearing from you by return.
Yours sincerely,
M. Arief. P
Muhamad Arief Pratama
Purchasing Officer Manager
How to Handle Customer Complaints
No matter how hard you try, things are bound to go wrong once in a while. Food gets burned, orders get forgotten in the middle of a dinner rush, or new servers simply forget all their training. No matter the reason for the complaint, the important thing is to try and please the customer and send them home knowing that, yes there was a problem, but it is not typical of your establishment. Let them know that you, the owner, value their comments and their business.
How you handle customer complaints will determine if the customer comes back to your restaurant. Here are some tips to help you field your next complaint and send your customer home with a smile.
Listen- Listen to what the customer has to say. Even if you can’t solve the problem, you still need to listen. For example, perhaps a customer is displeased because there is waiting line. Well, there isn’t much you can do about it, except let them vent.
Body Language- The way you stand and look at a customer can speak more than words. Maintain eye contact and don’t cross your arms over your chest, if you are feeling defensive. Avoid the urge to roll your eyes, if you are feeling exasperated. Instead, nod and smile, no matter how irritated you may feel. This shows you value their opinion and their business.
Apologize- Remember that customer who was so upset over the long waiting line? Offer an apology. “I understand that you are not happy about the wait, sir, but we are working as fast as we can to get you a table. We really appreciate your patience and willingness to wait. Perhaps you would like to have a drink at the bar until your table is ready.” You demonstrate that you completely understand their frustration and are working diligently on a solution.
Freebies- If a customer has problem that could have been prevented, such as an overcooked steak or a snippy server, then the best route to take is to apologize and an offer them some sort of compensation. Here are some quick freebies that you can give customers that won’t cost you much money, but will go a long way to assure future business:
• Free round of drinks
• Free dessert
• Gift certificate for a future visit
• Merchandise, such as a beer glass or tee-shirt
• Take a certain percent off their meal
Occasionally you will have a truly angry customer (perhaps justified, perhaps not) who declares “I’m never coming back!” Well, if that is the case there probably isn’t any freebies you can offer to change their mind. Calmly assure the customer you understand their frustration, and offer an apology (again) and let them know if they change their mind you would love to see them again. By sending them off on a courteous note, there is a very good chance, once their anger has cooled, they will try your restaurant again.
Sumber : http://restaurants.about.com/od/customerservice/a/customers.htm
How you handle customer complaints will determine if the customer comes back to your restaurant. Here are some tips to help you field your next complaint and send your customer home with a smile.
Listen- Listen to what the customer has to say. Even if you can’t solve the problem, you still need to listen. For example, perhaps a customer is displeased because there is waiting line. Well, there isn’t much you can do about it, except let them vent.
Body Language- The way you stand and look at a customer can speak more than words. Maintain eye contact and don’t cross your arms over your chest, if you are feeling defensive. Avoid the urge to roll your eyes, if you are feeling exasperated. Instead, nod and smile, no matter how irritated you may feel. This shows you value their opinion and their business.
Apologize- Remember that customer who was so upset over the long waiting line? Offer an apology. “I understand that you are not happy about the wait, sir, but we are working as fast as we can to get you a table. We really appreciate your patience and willingness to wait. Perhaps you would like to have a drink at the bar until your table is ready.” You demonstrate that you completely understand their frustration and are working diligently on a solution.
Freebies- If a customer has problem that could have been prevented, such as an overcooked steak or a snippy server, then the best route to take is to apologize and an offer them some sort of compensation. Here are some quick freebies that you can give customers that won’t cost you much money, but will go a long way to assure future business:
• Free round of drinks
• Free dessert
• Gift certificate for a future visit
• Merchandise, such as a beer glass or tee-shirt
• Take a certain percent off their meal
Occasionally you will have a truly angry customer (perhaps justified, perhaps not) who declares “I’m never coming back!” Well, if that is the case there probably isn’t any freebies you can offer to change their mind. Calmly assure the customer you understand their frustration, and offer an apology (again) and let them know if they change their mind you would love to see them again. By sending them off on a courteous note, there is a very good chance, once their anger has cooled, they will try your restaurant again.
Sumber : http://restaurants.about.com/od/customerservice/a/customers.htm
Minggu, 04 April 2010
How to save our mother earth from global warming
The biggest challenge that mankind is facing in this century is "global warming" and there is a "global warning" given by scientist to save our earth.It has become a big cry from every corner of the world "How to save our mother earth from global warming", every nation, every forums, every where and in every thing they discuss about this global warming and how to save our earth from this biggest threat. Scientists had laid down the root cause for this situation as the increase in the amount of carbon DI oxide let out on the atmosphere by our industries and automobiles. If this is going to continue we may loose our land to oceans and the indifferent climate conditions may also lead to new unknown diseases, which may challenge the medical world. Now it self we have started to feel the impact of this global warming. It is not an issue with the scientists alone, every individual can join hands in this global mission on "How to save our mother earth from global warming", and i have listed something below.
1.Automobiles stay ahead of everything in the emission of carbon, so as for as possible try to avoid using your automobile for short distances.
2.Instead of everybody using their own vehicle if some of you are working in the same area and living in the same area you can share one vehicle.
3.Now everything can be done through net instead of going to the banks, stations, markets and etc you can do the same by sitting at your home in front of your system.
4. You can reduce the usage of your refrigerator, If you think that how much my refrigerator is going stand as a cause, don't see as one refrigerator of your home count the no of refrigerators around the world in each home and shops, Hotels etc,.
5.Start using the recycle base articles, change from plastic to paper.
6.We can change ourselves to use cotton cloths than silk rayon cloths.
7.As much as possible use cotton bags or paper bags than plastic bags.
8.Instead of searching for a solution how to destroy the used batteries, start using rechargeable batteries.
9.The waste water that is been let out in the process of leather tanning process spoils the soil and its fertility either we should reuse the water through water treatment plants or we should avoid using leather articles.
10.Let us avoid use and throw articles in our daily uses because almost 90 percent of these kind of articles are being made of plastics.
11.Let us grow at least a tree in every house.
12.To stop the forests getting destroyed, the heart of mother nature you can simply avoid using wooden articles.
13. Attend all your vehicles schedule check ups without fail, to Keep your vehicles in good condition and intact .
14.Give special attention to the carburetor, and silencer of your vehicle.
15.Scientists say even the chemicals used for domestic cleaning also destroys the atmosphere since use soda, lemon and vinegar instead of the chemicals.
We can teach our children how to love nature and how important it is to safeguard the world.Instead of keeping them a big asset it is very important for us to keep a wonderful natural and healthy world for them to enjoy their life. It is-true improvements is unavoidable but we can avoid destroying the earth for it is not our permanent property for us to enjoy on our own as we wish. we are only sharing and it should handed over to the following generation with the same way how we got it from our predecessor.
I also welcome more ideas that we can share to join hands in this mission.
When the whole world is searching for new ways and means to fight global warming, an Indian agricultural scientist, Dr. N. Bharathi, said bamboo was a practical atmospheric carbon absorbing plant. He added, " It is the fastest and least expensive way to solve the problems of carbon-dioxide emission and water pollution."
Bamboo absorbs carbon-dioxide and releases oxygen into the atmosphere three to four times higher than many other trees. Bamboo also enriches the soil naturally and prevents soil erosion and effectively cleans the water pollution of of the septic tank discharge and factory effluent by its natural affinity for nitrogen, phosphorus and heavy metals. One mature Bheema Bamboo (Bambusa Balocava) would absorb above 500 kgs of carbon-dioxide.
A few more:
With the number of natural disasters growing high everyday, it is almost as if the earth is crying out loud for our help. Statistics have put an eight year timer on the time - bomb that is now our planet.
Become a part of your school, college, office, or your residential area's environment clubs. Participate in activities to clean up the city you live in.
Garbage lying around begins to ro6t and plays a huge role in polluting the soil, air and water the very basic essentials that we require to live. Picking up garbage and throwing it in dustbins is a great way to start living clean. Try to composite kitchen waste and other organic wastes. This composite is also a great fertilizer and it helps reduce the amount of trash that you send to your local garbage dump.
Follow this three important three green rules:
1. Reduce 2. Reuse and 3. Recycle
Follow this three rules strictly so that you can reduce the amount of waste by knowing which items are recyclable. For example, cardboard, paper and glass are all recyclable materials, and once they have been recycled, they can be reused.
Use cloth bags or jute bags to carry groceries or other items. Stop immediately using paper or plastic bags or materials that cannot be recycled. If you are made to use paper or plastic bags, ensure that you get them recycled so that they can be reused.
When on market, look for the three arrows that make a circle denoting recyclable material. That way you know the products which you are buying can be recycled and will help protect the environment.
Climate change is mainly brought about by the release of toxic green house gases like carbon dioxide into the air. The best way to reduce this greenhouse gases is to grow more trees which use these gases for their food making process. Plant fresh saplings in your park, office, school, college, or your garden and if possible make a community planting by joining hands with your friends, family and your neighbours. Help the earth, breathe.
Vehicular pollution is the most major cause of air pollution in big cities. While no one is saying stop driving cars, but you can be smart about it.
Walk or use public transport whenever you are going to a nearby place or to office. Carpooling, or even riding a bicycle is a great way to cut down both fuel costs and usage and pollution and also help you keep fit.
If you aren't using electrical appliances switch them off. Leaving them on only contributes to the loss of more and more precious fuel resources.
Don't use more water than you need, and now that the rainy season on the corner adopt rain water harvesting to help raise ground water levels.
Sumber : http://hubpages.com/hub/How-to-save-our-mother-earth-from-global-warming
1.Automobiles stay ahead of everything in the emission of carbon, so as for as possible try to avoid using your automobile for short distances.
2.Instead of everybody using their own vehicle if some of you are working in the same area and living in the same area you can share one vehicle.
3.Now everything can be done through net instead of going to the banks, stations, markets and etc you can do the same by sitting at your home in front of your system.
4. You can reduce the usage of your refrigerator, If you think that how much my refrigerator is going stand as a cause, don't see as one refrigerator of your home count the no of refrigerators around the world in each home and shops, Hotels etc,.
5.Start using the recycle base articles, change from plastic to paper.
6.We can change ourselves to use cotton cloths than silk rayon cloths.
7.As much as possible use cotton bags or paper bags than plastic bags.
8.Instead of searching for a solution how to destroy the used batteries, start using rechargeable batteries.
9.The waste water that is been let out in the process of leather tanning process spoils the soil and its fertility either we should reuse the water through water treatment plants or we should avoid using leather articles.
10.Let us avoid use and throw articles in our daily uses because almost 90 percent of these kind of articles are being made of plastics.
11.Let us grow at least a tree in every house.
12.To stop the forests getting destroyed, the heart of mother nature you can simply avoid using wooden articles.
13. Attend all your vehicles schedule check ups without fail, to Keep your vehicles in good condition and intact .
14.Give special attention to the carburetor, and silencer of your vehicle.
15.Scientists say even the chemicals used for domestic cleaning also destroys the atmosphere since use soda, lemon and vinegar instead of the chemicals.
We can teach our children how to love nature and how important it is to safeguard the world.Instead of keeping them a big asset it is very important for us to keep a wonderful natural and healthy world for them to enjoy their life. It is-true improvements is unavoidable but we can avoid destroying the earth for it is not our permanent property for us to enjoy on our own as we wish. we are only sharing and it should handed over to the following generation with the same way how we got it from our predecessor.
I also welcome more ideas that we can share to join hands in this mission.
When the whole world is searching for new ways and means to fight global warming, an Indian agricultural scientist, Dr. N. Bharathi, said bamboo was a practical atmospheric carbon absorbing plant. He added, " It is the fastest and least expensive way to solve the problems of carbon-dioxide emission and water pollution."
Bamboo absorbs carbon-dioxide and releases oxygen into the atmosphere three to four times higher than many other trees. Bamboo also enriches the soil naturally and prevents soil erosion and effectively cleans the water pollution of of the septic tank discharge and factory effluent by its natural affinity for nitrogen, phosphorus and heavy metals. One mature Bheema Bamboo (Bambusa Balocava) would absorb above 500 kgs of carbon-dioxide.
A few more:
With the number of natural disasters growing high everyday, it is almost as if the earth is crying out loud for our help. Statistics have put an eight year timer on the time - bomb that is now our planet.
Become a part of your school, college, office, or your residential area's environment clubs. Participate in activities to clean up the city you live in.
Garbage lying around begins to ro6t and plays a huge role in polluting the soil, air and water the very basic essentials that we require to live. Picking up garbage and throwing it in dustbins is a great way to start living clean. Try to composite kitchen waste and other organic wastes. This composite is also a great fertilizer and it helps reduce the amount of trash that you send to your local garbage dump.
Follow this three important three green rules:
1. Reduce 2. Reuse and 3. Recycle
Follow this three rules strictly so that you can reduce the amount of waste by knowing which items are recyclable. For example, cardboard, paper and glass are all recyclable materials, and once they have been recycled, they can be reused.
Use cloth bags or jute bags to carry groceries or other items. Stop immediately using paper or plastic bags or materials that cannot be recycled. If you are made to use paper or plastic bags, ensure that you get them recycled so that they can be reused.
When on market, look for the three arrows that make a circle denoting recyclable material. That way you know the products which you are buying can be recycled and will help protect the environment.
Climate change is mainly brought about by the release of toxic green house gases like carbon dioxide into the air. The best way to reduce this greenhouse gases is to grow more trees which use these gases for their food making process. Plant fresh saplings in your park, office, school, college, or your garden and if possible make a community planting by joining hands with your friends, family and your neighbours. Help the earth, breathe.
Vehicular pollution is the most major cause of air pollution in big cities. While no one is saying stop driving cars, but you can be smart about it.
Walk or use public transport whenever you are going to a nearby place or to office. Carpooling, or even riding a bicycle is a great way to cut down both fuel costs and usage and pollution and also help you keep fit.
If you aren't using electrical appliances switch them off. Leaving them on only contributes to the loss of more and more precious fuel resources.
Don't use more water than you need, and now that the rainy season on the corner adopt rain water harvesting to help raise ground water levels.
Sumber : http://hubpages.com/hub/How-to-save-our-mother-earth-from-global-warming
Jumat, 02 April 2010
Offering Congratulations
to all my friends at the University Gunadarma force in 2006,
I would like to congratulate all the friends who get an automatic decision letter theses and theses via a proposal letter, I hope in this final task we provided easiness by Allah SWT, and get the best result for us .. Amen
And for friends who do not obtain a letter of theses decisions do not get discouraged, keep the spirit, optimistic and working hard for the best result for us .. Amen
Regards,
M.Arief.P
I would like to congratulate all the friends who get an automatic decision letter theses and theses via a proposal letter, I hope in this final task we provided easiness by Allah SWT, and get the best result for us .. Amen
And for friends who do not obtain a letter of theses decisions do not get discouraged, keep the spirit, optimistic and working hard for the best result for us .. Amen
Regards,
M.Arief.P
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