Entrepreneurs | How To Avoid Information Overload
In an earlier article I wrote that, as a Home Based Entrepreneur, the ability to manage your time and to be as productive as possible throughout the working day is absolutely vital.
The arch nemesis of high productivity and overall success in the home based business arena is without doubt information overload. How do I know? Because I suffered from the effects of severe information overload for a very long period of time when I first started to explore the endless possibilities associated with being a successful Home Based Entrepreneur.
In my opinion this is the number one reason why so many people are failing or simply giving up on their dreams of becoming successful home based entrepreneurs.
We now live in an information age, where we can literally tap into the greatest repository of information ever assembled on how to be successful in just about any area of life, just by doing a simple search on Google.
Unfortunately this is a double edged sword because ……
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Entrepreneurs | Plan For Success
Remember when all you needed to stir something deep within you was your business idea? Remember in the early stages of being your own boss when you bounced out of bed, eager to get going? I remember the romance of doing what I love, what I was born to do. As soon as I was awake, I would taste it, feel it, breathe it. It exuded from every pore in my body. Now after a couple of years, the passion is almost non-existent because I’m deluged with the details of running a business. I’m no longer doing what I love and I’ve learned why. I didn’t plan for success. If fact, I didn’t plan at all.
Here are my revelations:
1. Don’t be so blinded by the passion that you don’t envision growth
2 If you have a business idea and the passion, you must have a plan to grow the business.
3 Have processes in place
4 Have personnel to make the processes work
5 You can’t plan for prosperity alone
Business Advice On How To Guarantee Your Small Business Success
When seeking Business Advice, people are always asking about the perfect formula to guarantee their business success for ages.
This is because there is such a high amount of people that fail in business, it’s really scary when you look at the numbers. Yet there is one principle that the most successful business people have consistently applied – and because of it they continue to have success year after year.
…It is the principle of cause and effect.
The principle of cause and effect just means that in this world there are consistent causes or patterns that create desired effects. For successful business people, these successful habits generate consistent success in revenue, profit and growth. And the idea is that if you were to imitate these successful patterns or people- then you will get the same results.
How do we go about getting the results that successful business people get?
Here are 3 things that will help you put the principle of cause and effect in your life – and get the results that you want for your business.
1. Identify the causes that give you the desired effect that you want.
As simple as this sounds – very few people do it. The idea is that no matter what industry you are in – someone has already built a very successful business before you started. You need to find these individuals – research everything that they did to build their successful business – then do exactly what they did. Read books, do online research, call them on the phone – even meet with them in person. You need to find out everything that they did well, so that you can do it – as well as everything that they did wrong, so that you can avoid it.
Why Small Businesses Fail (Or Fail To Thrive)
Tammy, a skilled and gifted horticulturist, called me to discuss what she needed to know to start her own florist and landscaping business. She had been in the horticulture industry for 10 years and was incredibly skilled at working with flowers and plants – one of the best. She also had great design skills, as well as good customer service skills. But she had little business management experience and less self-employment experience.
Discovering why small businesses fail was a smart research project for her, as it helped her uncover her own weaknesses and begin to build up some strengths before she invested in becoming self-employed. It’s no secret that a large majority of small businesses fail in the first five years. The question is: Why do they fail and what can I do to prevent problems in my own business?
As we talked, we reviewed some of the common reasons why small businesses fail. Here are 14 top reasons, which might help you to determine why your business isn’t growing and thriving. Some of them are related to learnable business skills; others relate to personal attitudes, habits, or self-sabotaging belief, which are not so easy to change, except through coaching or other self-development work.
1. Mistaking a business for a hobby: Just because you love something doesn’t mean you should convert it into a business. Too often businesses fail because the owner feels their passion is shared by others. Research your business idea and make sure it’s viable.
2. Poor planning: Yes, you must have a business plan. It can be a simple three-page plan or a huge 40-page plan. The point is that you’ve looked at all the aspects of your business and are prepared to handle problems when they arise. Your business plan helps you to focus on your goals and your vision, as well as setting out plans to accomplishing them. And don’t get mellow – revisit and revise your business plan annually.
3. Entrepreneurial excitement: Entrepreneurs often get excited about new ideas, but are unable to determine if they’re “true opportunities” and/or put them into practice. Test every new idea against your business plan and mission statement before deciding whether to undertake it or not, and ask yourself, Do I have the time and skill to implement this?
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Three Stresses Most Home Business Owners Fall Prey To (& How To Avoid Them)
Owning your own home-based business is by and large a very rewarding, exciting endeavor. You can set your own schedule, and be where you want, when you want. You can oftentimes forego the commute to a “regular job” and save money on gas and other “niceties” that are expensive in the work-a-day world, such as lunches, parking fees, etc.
There are unexpected pitfalls and disadvantages, though, in the owning and operating of a home-based business. Some are psychological, some are emotional, and others are purely physical. The unexpected stresses of a home-based business are really one of the major obstacles that need to be overcome by business owners. Many new business owners are unprepared for just how much stress is involved, actually.
Home-based business stresses usually fall into three overall categories:
1. Psychological : Employees, Finances, Legal, and Operations
2. Emotional: Family, Friends, Change of Personal Routines, Personal Disruptions, Isolation
3. Physical: Sedentary Lifestyle, Poor Eating Habits, Overwork
Many business owners, in order to prevent the psychological stress will have plans in place for dealing with these particular stress factors, prior to their occurrence. This is a proactive approach that is infinitely better than having a reactive approach to these occurrences.
Each business owner should have a financial plan in place for the times when orders or clients are few and far between (slow times), as well as a good accountant to call when necessary. Each business owner should also have a lawyer who they trust and can turn to for advice if necessary (we do live in a very litigious society). And each business owner should have a plan for sickness among employees and hiring and firing protocols firmly in place. Machinery and replacement of business supplies should also be well planned in advance, and purchased according to well laid out plans for expenditures.
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Popular Business Information Costs You Money!
Faulty information costs you money! Which of these popular business misconceptions do you believe?
Popular Misconception #1: “We Only Need Our Books Done Once A Year For Tax Purposes.” Are Your Accounting Records Adequate To Run Your Business?
Although it is important to keep records for tax purposes, it is not the only reason (or even the primary reason) good accounting records should be kept. Another frequent reason clients request financial statement preparation is to obtain bank financing. Although important, this also is not the primary purpose of keeping good records for your business.
Good recordkeeping will enable you to extract meaningful financial information for your business that will help you to manage it properly. If you can`t access this information, you will not be able to manage your business properly. Bad management leads to business failure.
Yes, the primary reason good accounting records should be kept is to produce periodic (at least on a monthly basis) financial statements for management information purposes. Only with this current financial information can you properly manage your business. This information can alert you to declining sales, excessive expenses, tax opportunities, cashflow problems, and many other vital concerns for your business.
To be of value, this accounting system should be set up with meaningful account categories and departments. It may be cost-effective to have an outside accounting service do the monthly bookkeeping. However, with accounting software that is readily available, you don`t have to be an expert bookkeeper to do your own books and extract meaningful financial information.
If you do your monthly statements yourself, it would still be prudent to have your accountant or business advisor help you set up your system and, as well review such information with you to discuss problems and opportunities.
Popular Misconception #2: “Writing My Hobby Off As A Business Loss Saves Me A Lot Of Income Tax!” Is Your Hobby A Tax Write-Off?
If your business has no reasonable expectation of profit, if it is a hobby and not really a business, you will ultimately fail in your tax objective. Since your losses are being incurred for a hobby and not a true profit generating business, the tax authorities will take the position that you aren`t entitled to any deductions. This is a double blow. First, you`re losing money. Second, you`re denied tax deductions.
It is true, however, that if you enjoy what you`re doing, you`ll do better at it. You`ll be willing to work longer hours and you`ll be willing to put up with more hardships in order to make your business a success.
Rather than attempting to have the tax system subsidize your hobby, why not turn that favorite pasttime into a real, profit generating business? This is a doubly rewarding. First, you make money at something you love doing. Secondly, the tax authorities legally have to allow your reasonable expenses to earn your now substantial business income.
Prove that you`re running a business by running a business. Prepare and follow a proper business plan. Keep good accounting records with at least monthly financial statements to give you the information you need to manage your business. Above all, make money from what you do.
Popular Misconception #3: “I Don`t Make Enough Money to Incorporate!” Will Incorporating Really Benefit You?
Some persons resist the idea of incorporating themselves because the tax savings may not justify the added costs of incorporation, annual minutes, and extra tax returns. However, incorporation gives advantages that go far beyond tax savings.
Insurance may give you some protection against loss. However, you may suffer business losses and lawsuits that may not be covered. For extra protection, consider incorporating yourself. The limited liability of your own corporation alone may justify the additional cost and complexity.
Corporations may also be used for income-splitting with your family, as well as estate planning and retirement planning objectives. Additionally, corporations lend some credibility to smaller businesses and may enhance your image and prestige in the eyes of clients or suppliers.
Lower corporate tax rates will generally apply on small business income. Even in loss years, wages can be paid by the corporation to you so that you may utilize personal tax credits available. If unincorporated, these credits might be lost forever. The now larger corporate losses can be carried forward to future (hopefully more profitable) years.
A full analysis of the advantages and disadvantages of incorporation is beyond the scope of this report. However, being incorporated may give you more flexibility and advantages than you originally anticipated. Certainly, it is not prudent to reject it as an option simply because it is more complicated and costly. In fact, it may be one of the best investments you ever made.
Popular Misconception #4: “I really need an office out. Being home-based makes me look amateur!” Is A Home Office REALLY Professional?
Many times small business persons make the mistake of generating unnecessary overhead in order to impress clients and prospects. Often this attitude leads to escalating debt and business failure. One such example is getting an impressive, but expensive, commercial office space.
Customers aren`t stupid. They can see when such outside space is necessary or advantageous for them. They can also see when it is a waste of money and designed to fuel your ego. What matters most to clients is whether they are getting cost-effective results or not. If your product or service delivers such excellent value, your customers will be impressed and come back. In contrast, if one allows his ego to get in the way of satisfying the customers` needs, they will go elsewhere.
With the move to telecommuting, downsizing, networked communications, and home-based businesses, operating from your home office is actually smart and trendy. Can you think of a more appropriate location for a consulting firm specializing in home-based businesses? They of all businesses should set the example in cutting unnecessary expenses and operating efficiently.
This is not to say that there aren`t any disadvantages to being home-based. One certainly must be well organized, disciplined, and willing to follow good time management principles. This alone could mark you as more professional than other businesses, home-based or not.
Expensive office space is not the answer to reflecting a professional image. If you are truly concerned about your image, offer quality service. Make sure that all your corporate communications (telephone, websites, printed materials, et cetera) reflect the professional nature of your business.
Popular Misconception #5: “Since we`re not seeking financing, we don`t need a business plan.” Do You REALLY Need a Business Plan?
To obtain financing, many persons will prepare a business plan. Although entrepreneurs will go to great lengths to get their loan or capital, these same business persons will not bother to plan ahead very far or analyse their business. Even if you required no additional money, preparing a business plan can help you to succeed in your business.
Running a business without a plan is like going on a trip without a map,sufficient gas, money, or even a destination. Just as you wouldn`t go on a vacation without some planning, no business can be successful without it. Putting that plan in writing helps you to think out a strategy for successfully operating and growing your business.
Where is your business today? Where will it be tomorrow? What is your mission statement? What product lines are profitable? Which ones aren`t? What business do you think you are in? What business do your clients think you are in? Should you be in a different business? Is your product or service less attractive to your clients? How are competition, global commerce, technological and social changes affecting your company? What is your competitive strength? What are your weaknesses? Who are your biggest competitors? What are their weaknesses and strengths? What is your marketing strategy?
What are your projected income and expenses and cashflow for the next year? How about the next five years? Do you have a capital budget? What determines whether you buy an asset or not? Do you have an exit strategy? How will you manage growth? Do you have a financial plan? Do you have an operations plan? What definite sales and net profit targets have you set for this year and the next five years? What factors could interfere with the attaining of these goals? What contingency plans have you made to deal with such problems?
The purpose of these questions is to get you thinking and planning. If you fail to plan, you plan to fail. Although your accountant or business advisor can help you prepare your business plan, only you can set the appropriate goals and follow through on them. Yes, you definitely need a business plan, not just for obtaining capital, but as a roadmap for your business.
Popular Misconception #6: “I like bartering with clients because it saves paperwork and taxes.” Are You Reporting Barter Transactions?
Bartering is an excellent way of doing business. However, contrary to popular belief, some barter transactions are taxable, both for income and sales tax purposes.
Legally, you must maintain adequate financial records for your business. Barter transactions made by your business must be reported to the appropriate taxation authorities and taxes paid. However, transactions between friends not engaging in business with each other may not be taxable.
If you are an auto mechanic and I am an accountant and I swap accounting services for your car repair services, the transaction in this case is most likely taxable, even if we are friends. However, your accounting fees should be deductible as a business expense and so should the business portion of my car expenses. Note also that sales and similar taxes may apply on this transaction.
On the other hand, if I trade accounting services for a vacation for my family, I should really declare the value of such services as income. The firm supplying the vacation would be able to deduct that value as accounting fees. Any sales or similar taxes would have to be paid on such transaction.
Many persons don`t record such transactions. For some, it may be a matter of wanting to believe that you don`t need to be bothered with the extra paperwork or taxes. Remember, though, that ignorance of the law is no excuse. Legally, you must keep proper records and pay all taxes due.
Popular Misconception #7: “All My Workers Are Self-Employed, So I Don`t Need To Bother With Payroll Or Workers` Compensation.” Do You Need To Pay Payroll Taxes?
To save on payroll taxes and workers` compensation premiums, many employers arrange their affairs in such a way that those working for them are self-employed, independent contractors. This is good tax planning.
On the other hand, some employers take the position that all those working for them are self-employed, whether they are or not. Although it is tempting to eliminate payroll taxes and workers` compensation premiums, care should be taken to do so legally.
Whether those working for you are employed or self-employed is a question of fact (which can be determined by the Courts). Do you supply the tools and vehicles? Do you determine the working hours? Do you have the right to control how the job will be done? Do you pay a flat-rate or by-the-hour or a salary? Does your worker have other clients?
By asking several such questions, a pattern will emerge as to whether your worker is employed or self-employed. If it turns out that your worker fits all the criteria of an employee, don`t say he`s self-employed. On audit, you would still be responsible for the payroll taxes (and penalties and interest as well).
Even if your workers are considered independent contractors by the Income Tax Department, it is still possible that they will be considered to be “workers” for purposes of Workers` Compensation legislation. Thus, it is the responsibility of the employer to determine whether such coverage is necessary or not. Failure to obtain proper coverage could subject you to substantial (and unnecessary) costs.
In review, calling someone self-employed, doesn`t necessarily make them self-employed. If you have a dog, call it a dog. Your position that your dog is really a cat will not be successful. Likewise, make sure that your position regarding your workers is legally correct.
Popular Misconception #8: “My Accountant Charges Too Much. I Can`t Afford It Anymore.” Is Your Accountant Worth His Fee?
Many business persons view bookkeeping, accounting, and tax preparation as necessary evils. In their view, accounting fees are an expense to be reduced, deferred or even completely eliminated.
A good accountant, however, can give you benefits far in excess of the fees charged. Well-designed accounting systems will enable you to extract meaningful financial information for your business that will help you to manage it properly, avoid business failure, and alert you to declining sales, excessive expenses, tax opportunities, cashflow problems, and many other vital concerns for your business.
Your accountant can save you lots of money with the advice you receive on tax and other business matters. As well, a competent accountant can be a valuable resource in discussing business problems and opportunities with you.
Popular Misconception #9: “Nobody Makes Money On The Internet.” Can You REALLY Profit From The Internet?
Many people feel that the Internet is all hype. Many others feel that it is overrated. Still others are of the opinion that it may be good for some types of business, but not theirs.
Typical comments heard include: “I`ve lost money on the Internet…Major corporations have lost millions…Do you personally know anyone who has made money from the Internet?”
However, if you check out the list of recent billionaires, a high proportion of these are Internet-related, and many of them under forty years of age. As well as the very rich, you can find many cases of more modest financial prosperity resulting from Internet commerce.
It is true that many are losing money on the Internet. It is also true that many don`t know what they`re doing. However, with the proper assistance, you, too, could profit from the net.
J. Stephen Pope, President of Pope Consulting Inc., http://www.popeconsultinginc.com/ has been helping clients to earn maximum business profits for over twenty-five years.
For valuable Work at Home Small Business Ideas, visit http://www.yenommarketinginc.com/
Article Source: http://EzineArticles.com/?expert=J._Stephen_Pope
Taking An Exhibition Stand At A Trade Fair?
If you are soon to be taking an exhibition stand at a trade fair, such as the forthcoming Brighton & Hove Business Fair, you are making a significant investment in time and money.
When it comes to exhibition stands, you may be wondering just how you can bring attention to yours. After all, there can be a lot of competition, and standing out can be difficult. However, there is no need to panic. By browsing through the below tips you can achieve something much more successful.
1. One way to attract the attention of anybody nearby is by putting together a prize drawing. The prize could be just about anything you believe would be appropriate, such as a free dinner for two at your restaurant, should this be what your exhibition stand is about. Use the drawing to your advantage by having people provide a card with their name and address in order to be entered. This can help you figure out where your potential customers are located, and you can advertise accordingly. The longer people are at your stand, the more interested they will become in anything else you have displayed.
2. To really get people involved in what you are trying to sell, consider setting up an area where the product can be demonstrated. This can give off the sense that you are proud of what you have created, and are confident enough to have it tested in public, even if doing so makes it vulnerable to scrutiny. When you invite anybody walking by to participate, an anxious and excited crowd is bound to gather. They will want to know what is going on; after all, because there are so many people around, it must be interesting and worthy of sticking around for to learn more about.
3. If a prize drawing is not something you would want to do, many stands choose to give away free items. Few people would not find themselves attracted to receiving a free gift, and this will bring you the traffic that you want. Have promotional items with your company logo and contact information printed on them, leaving them at the stand for people to take. This can be just about anything you like, from pencils to tote bags and even USB drives. To garner the most success, however, make sure it is clear that these items are being given away, and choose a promotional item that people will want to keep for the long run.
4. Another way to make your work stand out from the other exhibition stands is the use of visual media. Even when an potential customer is far away from the stand, they will still be able to see that something there is worth checking out. Some companies achieve this through the use of televisions and even music. Although these methods are less traditional, aiming for something different and creative should be a goal.
5. Use a portable display. Not only does a portable display make cleaning up significantly easier, but they can also be transferred from event to event with little problems.
| Article Source: http://EzineArticles.com/?expert=Jamie_Simpson |
The Responsibilities Of The Entrepreneur
People do not go into business for themselves and become entrepreneurs because they seek security. Initially, there is very little security when you build your business. However, there is a way to achieve a measure of security in your entrepreneurial endeavors. It focuses on the core ways in which you deal with the responsibilities of being an entrepreneur and create value for your customers.
How do you create value for your customers and stand out as unique? A mental shift is required from simply providing products and services to addressing your clients’ broader needs, goals, and ability to express themselves. Inspired by Dan Sullivan’s model on state-of-the-art business development, I believe these three core competencies are the new responsibility of the entrepreneur to provide to their customers:
- Leadership
- Relationship
- Creativity
Leadership is the first competency. Customers may come to you because they are confused, disconnected, and don’t know how to solve or resolve some of their issues. Focus on providing leadership to those customers. Teach them how to solve their problems and provide guidance. Provide reassurance that they will make it through the darkest of nights because your expertise will help make them successful.
The second core competency is building relationships. Social networking sites like MySpace, Facebook, and LinkedIn have skyrocketed in recent years because they provide a way for people to connect and foster ongoing relationships. You have the ability to do that in your business, too. Many customers feel disconnected and are looking for someone to understand them. Be rewarded for being that provider. Create relationships with your customers and make them feel connected to you and each other. You will reap the benefits of improved customer communication, satisfaction, and loyalty.
The third competency is creativity. Give your customer the ability to think about their future, look at their problems, or create new perspectives in a brand-new way. Remember that you are not looking just to make a sale or to provide a good or service; you are building your skills and talents into your customer’s future. You have the ability to transform their fear and inspire confidence. You are selling, not a service, but a solution. Master this competency and you will be far ahead of your competitors.
How are you going to make the shift from providing products and services to providing the core competencies of leadership, relationship, and creativity to your customers?
Read more from Hugh Stewart on his blog and learn about his unique business coaching process. http://www.ConfidentSolutionscoach.com/Blog
Interested in learning how to effectively delegate outsource your business process? Free workbook to help you communicate effectively with strategic vendors and employees. http://forms.aweber.com/form/47/757781647.htm
Article Source: http://EzineArticles.com/?expert=Hugh_O._Stewart
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