Find Business Support With These Ideas
Every business has basic needs like accounting, marketing and business strategizing. No business can run without these aspects, but not all businesses can afford to have all of these businesses outsourced to other companies. So, how does a company look for business support services without worrying about pricing themselves out of business?
The Local Options
Many colleges offer work options to juniors and seniors based on their major. You can contact the local college career planning office and let them know that you have either paid or unpaid internship opportunities at your business. They’ll list your company in their career planning catalogue or verbally tell students about the availability when they locate a match. You’ll be assisting the students with their curriculum credits and obtaining inexpensive or even free assistance for your business support needs.
You can also contact your local unemployment offices and inform them that you have an opening for a skilled professional in your office.
Posting your position with your local city or county employment offices will also get the word out to the local community for your needs.
Virtual Opportunities
With so many businesses being virtual these days, it’s easy to see how the virtual business support field has exploded. There are dozens of websites dedicated to providing virtual candidates to clients looking for business assistance all over the web. These sites house candidates that are their own boss and run their own company as well as individuals that are looking for supplemental income outside of their forty hour a week jobs.
iFreelance – This paid service allows business owners to post their positions on the site to be searched by business type by thousands of qualified service providers. You have the option of setting a bid amount for your position to keep all costs within your own budget or to allow the applicants set the bid amount, if you’re not sure of the going market rates for your business support needs.
Elance – Also a paid site, elance allows for online chatting with potential candidates who apply to your position so you can get a sense of their personality as well as their expertise.
Find It Local 411 is a web based online community resource for the Michiana region of the United States (Northwest Indiana & Southwest Michigan). Finditlocal411.com serves the area by providing local business listings, classifieds, events and business advice and consults on their blog. Article Source:http://www.articlesbase.com/strategic-planning-articles/find-business-support-with-these-ideas-1438365.html
Originally posted 2009-11-10 13:15:52. Republished by Blog Post Promoter
How to Overcome Your Business Rivals
The business world is tough and for this reason it calls for an entrepreneur to be aggressive, innovative and focused in order to make money. The economic recession has not made things any better. Big and small businesses are reeling from the effects of the economic slump with some even closing shop. It therefore becomes imperative for a business owner to implement business strategies that will ensure survival.
Identifying the weakness of your business competition, then going ahead to exploit these limitations will help you stay ahead of your business opponents. In addition, note the strengths of your competitors and avoid them. In business, it is a matter of perception especially when it comes to marketing. The opinions of your customers are the ones that determine and map your business success.
As a business owner always be paranoid about your competitors. By this I mean; have a mindset that your business competitors are constantly up to something. This will help to come up with new business ideas and strategies and hence have an edge over your business rivals.
Find every opportunity to gather information about your business contenders. This can be achieved by reading magazines that feature your business rivals or inquiring from customers about the products and services been offered by your competitors.
Anytime something happens to threaten business operations, for example, realize of a new product by a rival company or the current economic crisis, business people tend to get disoriented and some may take irrational actions. This is why I started this article by stating that in business there is need to be focused and determined despite the challenges that come with running a company.
Stephen is an Business Organizing Expert . He researches and studies on big and small business strategies . Website: Business Management Solutions for efficient business operations. Article Source:http://www.articlesbase.com/strategic-planning-articles/how-to-overcome-your-business-rivals-1401704.html
Originally posted 2009-11-01 06:21:54. Republished by Blog Post Promoter
Lead On Friday To Be Happy On Monday
“In fact, we often joke about “having a case of the Mondays” because nobody ever does.”
I have mentioned in previous articles that I approach leadership from the “servant leadership” mindset. This means that I put the interest of my team before my own (of course, with the interest of my company’s overall welfare as the focus). If your team is like most then you probably expect the typical Friday to be relaxed, light and less productive than other days, right? That’s not exactly my expectation or what happens on Fridays at my company.
Servant leadership has lead me to give my team freedom to determine how, when and where they work as long as they live up to their responsibilities and deadlines. That has resulted in Friday being like most other days of the week – productive, relaxed yet focused and usually just as fun as a Monday. In fact, we often joke about “having a case of the Mondays” because nobody ever does.
Creating this type of work environment takes more than just telling everyone they can do as they please. It requires the company leaders to constantly reinforce the expectation of fulfilling roles, nurture clear communications to keep everyone engaged and to recognize the right times to deliver good and bad news. Having a case of the “Mondays” is directly related to how much you dread working on Monday so don’t give your team something to dread. There’s no point to having someone stress out all weekend over a problem that can, or even must, wait until Monday to address. As a leader I do my best keep the stress to myself until the time is right to focus on the issue. The result is everyone gets to work on Monday ready for action with a positive attitude.
Thanks for reading,
Richard Walker
(Blog: www.EfficientCEO.com)
(Website: www.Quikforms.com)
I became an entrepreneur when I started my first business at age twelve. My dream was simple: become a great leader and change the world. Today, as the President and CEO of Efficient Technology Inc, my vision is constantly being exercised and my goal is still the same. These articles are about the many facets of my passion for business: leadership, management, people, processes and technology. While I enjoy other passions like snowboarding and surfing, my focus is to share what I learn daily with everyone around me, and readers like you. I welcome your feedback and insight! Article Source:http://www.articlesbase.com/strategic-planning-articles/lead-on-friday-to-be-happy-on-monday-1393941.html
Originally posted 2009-10-30 12:06:50. Republished by Blog Post Promoter
Why Some M&A Fail To Succeed
To read part 1 and understand what a merger and acquisition is, please go to: https://ivoireconsultancy.org/blogs/ivoire_article_view.php?id=54
Limitations of M&A
One should know that M&A as a strategy for rapid growth can be risky and uncertain. Shareholders of acquired firms are likely to earn above-average returns, while shareholders of acquiring firms’ shares fall as soon as an intention to acquire is announced. This is indicative that investors do not see M&A as a vehicle for achieving any added value to the acquiring firm.
Over the years we have experienced the failure of major M&A. Some manages are rather concerned with empire-building strategies rather than maximising shareholder value; the bigger the firm, the bigger the bonus and salary.
AOL Time Warner is an example of a US multimedia giant created in 2000 by the merger of AOL and Time Warner, new and old media industries. The merger was intended to exploit cross-promotional opportunities following the decline of AOL after the dot.com crash. However, the marriage failed to produce any intended synergy.
Some of the reasons link with M&A failures:
1. Integration difficulties
When two large organisations try to integrate their activities, this can be time-consuming and difficult- The existing organisational culture within each firm is a major barrier to merger. Companies really never integrate their activities some decades later.
However, some organisations like Cisco have managed to achieve effective post-merger integration. Cisco, an American company has developed strong capabilities in this area. The firm always allocate substantial resources to its M&A activities and make great effort in integrating financial, technical and human resources.
2. Inadequate evaluation of Target Company
Acquiring firms do not take sufficient time to evaluating the target company. Lack of a strong due diligence has been cited as the reason of the poor choice of take-over target.
3. Large or extraordinary debt
The revenue-generating activity of the acquired company can be over-estimated, pushing the acquiring firm to take on too much debt to pay for it. In the end, there is not sufficient revenue to service the debt.
4. Inability to achieve synergy
Lack of synergy could be cause for concern. Many companies have failed to achieve the intended outcomes because managers are too focus on their own interests and fail to identify problems within target firm operations during due diligence. Balance sheets of acquired firms could show bad debts that are not mentioned prior to the bid.
5. Too much diversification and too large
Successful managers are too often distracted by M&A and end up destroying what they have already achieved organically, by, losing sight of the core business activities and, investing in activities that fail to maximise shareholders value. In the end the organisation become so large that managers struggle to control.
Ivoireconsultancy.org is an online outsourcing site where businesses and consultants meet to work on projects. Article Source:http://www.articlesbase.com/strategic-planning-articles/why-some-ma-fail-to-succeed-1391980.html
Originally posted 2009-10-28 20:40:28. Republished by Blog Post Promoter
Business Solutions – What Every Company Need to Implement to Gain Market Share
When you start a business, your hope is that eventually it grows and becomes a major player in the market. This then calls for sound and prudent business management tactics that have been proven to produce positive results. The best way to achieve this is by applying modern business operating systems.
In order to stay ahead of competition, a business owner needs to use recent technology such as e-commerce to increase sales. The internet is rich with systems that have completely revolutionized the mode of business operations. Business activities are now done much faster and with great efficiency.
To increase market share and beat competition organizations need to embrace modern technologies to serve their customers. With technology like just-in-time a company can increase speed and quality of production thus have an advantage over its competition.
Technology has gone a long way in reducing operating cost of business. The use of e-mail and systems like the intranet among other media of communications, have greatly reduced the amount of money used to send documents hence resources are utilized effectively.
Recent technology has gone a long way to improve service delivery. Customers opt to get services from a company that offers fast and efficient services. It is also possible to get immediate feed-back from customers on products, thanks to the internet.
From the comfort of their homes, customers can now purchase and get goods delivered at their door step hence it goes to show how you as a business owner needs to implement modern business technology to increase your market share.
Stephen is an Business Organizing Expert . He researches and studies on big and small business strategies . Website: Business Management Solutions for efficient business operations.
Originally posted 2009-10-10 18:12:00. Republished by Blog Post Promoter
What Financial Statements Are Necessary for a Business Plan
A business plan contains a great deal of prose, but funders know that the numbers in the plan can make it or break it. These numbers are presented in three basic financial statements. For a startup business these documents are all “pro forma” meaning that they are projections of the future since no financial history exists for the company. If the business is already in operation, the financial statements can include past actual numbers, the present numbers as well as projected targets.
The three key financial statements for a business plan are the income statement, the balance sheet, and the cash flow statement.
Income Statement
The income statement, or profit and loss statement, shows the sales revenues, costs of doing business, other expenses, taxes, and profit (or net income) for given periods of time. For recently past periods and the next 1 to three years, the income statement generally shows quarterly numbers to give greater detail. Annual data is shown for up to five years in the future. The income statement shows the profitability of the firm, and ratios such as the profit margin (net income divided by revenues) can be easily derived from this statement.
Funders look to the income statement to see indicators like growth in the absolute level of sales, absolute level of net income, and profit margin (representing the company achieving greater efficiency at converting sales to profits).
Balance Sheet
The balance sheet, unlike the other two statements, shows snapshots of the financial situation of the company at given moments in time. At year’s end, for example, the balance sheet will show the value of assets, liabilities and owner’s equity (sometimes called shareholder’s or stockholder’s equity), drilling deeper into each of these categories as necessary. The word “balance” refers to the fact that the value of assets is always equal to the combined value of liabilities and owner’s equity, creating balance in the equation (A = L + SE).
Funders use the balance sheet in conjunction with the income statement to derive ratios such as return on assets, return on equity, and return on invested capital. These numbers show how well the assets of and investment in the company are being employed to create profits.
Cash Flow Statement
The cash flow statement, also called the statement of cash flows, shows the cash inflows and outflows of the business for given periods of time, much like the income statement. Unlike the income statement, all numbers are in cash terms and are generally divided into three sections, operating, financing, and investing, covering some transactions not recognized on the income statement. Operating cash flows represent cash brought in through sales and cash paid out for operating expenses and inventory. Financing cash flows represents cash brought in from lenders and investors and paid out to those funders when principal is repaid or dividends are paid back, for example. Investing cash flows show investment in additional assets for the company, such as the purchase of equipment or leasehold improvements on a rented facility.
Eric Powers is associated with Growthink, a business plan consulting firm. Since 1999, Growthink business plan writers have developed more than 2,000 business plans. Call 800-506-5728 today for a free consultation. If you’re writing your own business plan, you can access a proven template, here: http://www.growthink.com/products/business-plan-template.
Article Source:http://www.articlesbase.com/strategic-planning-articles/what-financial-statements-are-necessary-for-a-business-plan-1292821.html
Originally posted 2009-10-03 09:04:49. Republished by Blog Post Promoter
Making Your Business Fiscally Fit in Tough Times
There’s not one employee in your business, from the CEO down to the lowest level worker, who intentionally tries to create waste or fail in their assigned work assignments. Everyone wants to do a good job. But it’s just human nature, plain and simple; to strive for and attain success in all endeavors we are tasked with accomplishing. Sadly, many of us unwittingly follow the path of least resistance – even when we’re pushing toward our goals.
There are times when shortcuts start to become standard business practice over time as we attempt to avoid the less desirable jobs, and in doing so, we make mistakes, generate waste and experience risk that, not only depletes the bottom-line, but also hurts productivity, customer satisfaction and loyalty. Ultimately the future of your organization is at the very center of your risk factor. Today it is important to identify, quantify and begin to eliminate wasted efforts in your company which will ultimately save dollars; the fuel that puts everything in motion in today’s business setting.
Because we find ourselves in a powerful and destructive global recession; there has never been a better time to get rid of the waste in our organizations as we push toward the financial and emotional fitness of our businesses. Some tough decisions will have to be made; unpleasant decisions that no one wants to make. But in order to truly succeed you need to act on these issues, get a commitment from your management team to plan for action and motivate the team, and make sure that you empower your workforce to get the job done – from the top down.
In order to, at least, stay in the game, one of the first issues you’re going to have to deal with is cash flow. If it is possible, lower the cost of doing business and do it fast. For most companies, the decision is almost made for them; we’ve seen throughout the recession all over the world. Just cut the employee roster. But before you watch valuable employees walk out the door and perhaps into the hands of competitors, you might consider cutting salaries by a percentage before cutting them altogether. You might also want to forego a planned program or two that was on the drawing board; maybe put it on hold for a quarter or two. Or dip into dormant lines of credit. Frequently business owners set up lines of credit they don’t use. The CEO may have it on hand for a “rainy day” and that day has finally arrived. If you get creative you just might find a lot of methods that might help you loosen up the cash flow, at least long enough to get to the next hurdle.
Another step in the process is to become as unique and innovative as possible. Whether you are thinking “inside” or “outside” some imaginary box, your business must generate an excess of interest in your product or service. Normally that means doing something completely different. Find better ways to use the technology that exists in your company to make more profit. Being innovative will require you and your staff to try things that a year ago would have sounded bizarre. The management team must be prepared to offer unusual suggestions; but maybe even more difficult, they must also be prepared to carry out those same outlandish suggestions. It’s always the thing you never considered that will be the original idea to ultimately guide the company out of its doldrums.
There are a numerous “tried and true” methods of doing business that can be used and will help you survive even in the toughest of times. Then, when things start to pick up, you will have a business that is ready to make more profit than it ever did before.
www.whoisJamesDicks.com -For more than a decade, James Dicks has been one of the nation’s leading educators on the subject of Real Estate, Stocks, Options, the Foreign Exchange Market and empowering investors to handle their own investments. James is living his dream by helping investors and businesses overcome the hurdles of reaching their financial goals. Millions of people have heard James’ message of diversification, money management and financial freedom and thousands have attended one of his many free workshops. Increasing investment knowledge is James’ goal and he strives to reach this goal by using a common sense approach that investors of all types can utilize on their road to financial freedom. Article Source:http://www.articlesbase.com/strategic-planning-articles/making-your-business-fiscally-fit-in-tough-times-1283268.html
Originally posted 2009-09-29 19:33:24. Republished by Blog Post Promoter
Are Bad Credit Business Loans Hard To Get?
Trying to run your own business enterprise, calls for numerous fiscal challenges. High leverage, fiscal losses, low net worth, bad credit record, or no credit record in the least could impact your ability to qualify for a commercial loan. Whether you are facing a leveraged buyout, restructuring, or a turnaround position, there’s a poor credit business loan out there for you that guarantees the viability of your business enterprise.
Even if you’re a budding Bill Gates, your business concern battles to make ends meet, within the 1st 2 years of inception. Tenured businesses may likewise battle just every bit easily when the times are hard. A business enterprise relies strongly on the economic system and additional outside factors. When those factors are experiencing a depression, it filters down to the business; thereby impacting or challenging the business’s credit. Read more
Originally posted 2009-06-01 00:23:50. Republished by Blog Post Promoter
Market Yourself As An Expert In Your Field
One of the best ways to separate yourself and your company from the competition is to market yourself as an expert within your industry. It is a proven fact that people will purchase products and services from people they trust. In order to build this trust you have to be a credible and reliable source as well as provide services as promised If the product or service is not dependable or as promised your word has no value and customers will go elsewhere for their needs. Providing you know what you are talking about and offer services that provide solutions for customer needs, you can now begin marketing yourself as as expert in your field.
In order to be considered an expert you have to get your name and expertise out to the public. You can do this in the following ways:
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Put it in writing- Consider writing a book, articles, newsletter, report or blog. This will provide a place for readers to view your work and learn more about you, your experience and knowledge. Share information and offer advice within the scope of your expertise.
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Public speaking- Whether you teach a class or host a webinar you can reach customers on a personal level as they can associate a face or voice with your name. If you open the discussion for comments and questions you will also be able to interact with your audience in a way builds trust and confidence in your abilities.
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Endorsements- Third party endorsements are a great way to show you have support within the industry. This shows that there are others who have worked with you in the past and are happy with the results to the point they will publicly support your work.
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Social media- Do not be left behind the pack because you are not up to speed with current trends. Social media networks are the place to be today and those who are not taking advantage of this tool are missing an opportunity to reach a broader audience.
Your writing and speaking abilities will play an important role in how successful you are in marketing yourself. The last thing you want to do is alienate your audience or present your information in a way that is less than flattering. You only get one chance to make a first impression and engage your audience. Once you have established yourself as an expert in your industry more customers will feel confident in trusting you to help them manage their business.
is a freelance writer providing articles for Trace Media – a New York seo company specializing in getting websites up, and making sure they perform to their full potential. Article Source:http://www.articlesbase.com/strategic-planning-articles/market-yourself-as-an-expert-in-your-field-1783997.html
Seven Topics You Should Discuss with Your Accountant Every Year
Small business owners often use the New Year as a time to plan annual budgets and focus on sales growth and new business opportunities. But it’s also a great time to make resolutions to review accounting practices and financial controls on the business. This is especially true in 2010, as businesses are likely to face another economically challenging year.
“I find it helpful to set up an annual business review with my accountant,” says Steven Hastert, president of AccountingAisle.com. “That way we can review everything from cash flow planning, to tax updates to how another person views my business. I find it useful to get another perspective.”
Hastert says he prepares for this meeting in advance, with a targeted list of items to discuss with he company’s CPA. “Like most small business owners, I’m acutely aware that I’m paying for this time by the hour. I need to make the most of their time and my money.”
Here are the seven steps you should take to prepare for your annual accounting review:
- Review year end financial statements and compare 2009’s results to company’s previous performance. What has changed? Examine financials each month, but it’s important to look at trends over the year. Ask your accountant to review the information as well. Get a second opinion on the financial health of the business.
- Project cash flow for the upcoming months. This provides a road map for you to plan for upcoming business expenses, and helps you forecast sales and revenue. Forwards a copy of your cash flow report to your accountant for review prior to the meeting.
- Review pricing strategies. One way to improve profit is to increase prices for your goods or services. However, in our current economic environment, it could also cause significant loss of customers. An accountant might provide valuable insight into your current strategies and other factors to improve the company’s profitability.
- Inquire about changes in state, local and federal Tax Laws that will affect the business.
- Review accounting software packages. During this meeting, take the time to inquire about your accounting software. Is it time to upgrade to a new version of the software? Has your company outgrown its current marketing practices? Without asking this question, you’ll never know.
- Consider applying for a line of credit or changing merchant accounts. As a business owner you must prepare for emergencies, especially in uncertain times. While your company might not need access to a line of credit right now, it could in the future. It is easiest to establish credit when the business is not under duress, and your accountant might have a personal relationship with a banker that you should take advantage of.
- Is there anything else? Ask this open-ended question of your accountant. They might be able to get an insight you would miss otherwise.
The Accounting Aisle can help you find the right accountant for your business. They specialize in helping businesses maximize profits with accurate reporting and professional advice.
Article Source:http://www.articlesbase.com/strategic-planning-articles/seven-topics-you-should-discuss-with-your-accountant-every-year-1730326.html
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