For me, having my own business is a freedom and a privilege that I was unable to experience in the corporate world. As a business owner, I feel entitled to make my own decisions about how my business should be run. After all, I’m the boss!
Your business should be run the way you see fit. If you have employees, you can of course (if you wish) take their needs into consideration as well. If, on the other hand, you are a sole proprietor like me, having strong standards can go a long way towards keeping you happy and satisfied in your career.
What is important to you? If you haven’t already done so, think hard about this. Make a list of the important things in your life, and base your business standards around them. If maintaining a good balance between your business and personal life is important, create a standard that allows you to stop working at a reasonable hour each day in order to spend time with your family. If going grocery shopping on Wednesday mornings is what you prefer to do, work that into your schedule.
I think you get the gist of what I’m trying to say. Create a solid set of business standards today. Then stick to them. Remember, you’re in control of your business and your life.
Any forward thinking commercial enterprise that is determined to be in the market for a long period will have to employ good moral practices when dealing with clients. This will entail putting in mind the rights of the consumers, employees, and the best interests regarding the society at large. Consumers nowadays are familiar with their rights and the laws that govern the enterprises in regard to their protection; hence, a good relationship with customers will keep them coming back.
Good practices bring forth goodwill from the customers and the public in general. This goodwill earned over a certain period of time can translate into profitability for the company. People will tend to do business with firms that value and are concerned about them. Profitability of an investment translates into the sustainability of that particular investment in the market.
Some of the principles of admirable practices in a commercial environment are trust, respect, open mindedness, community involvement, and maintaining an accounting control. Customers will always want to do dealings with a company they trust for both the quality of services and goods they offer. The trust of the organization will be reflected within its ability to deliver and in what manner it delivers.
Participating in community based issues will give the enterprise a good view from the society. It is deemed as a way of giving back to the society and the customers will definitely see that they are perceived as valuable people by the company. Advertisements, brochures, magazines, and communications sent to the public should be crafted in a professional and precise manner in order to avoid issues with other competitors in the market.
Maintaining better moral practices in a company prevents the firm from far too many lawsuits. The customers and employees are nowadays amply educated on their rights and most of them may opt to go to court when they realize their rights are infringed. Realizing the importance of business ethics as a tool for achieving the set goals and aims of the company is the beginning of the success story for any enterprise. All the dealings and branches of an organization must adhere to moral practices in order to have a successful balanced business.
A business merchant account is the best way to expand your company’s operations and conduct e-commerce without risking too much of an investment. Simply apply for a merchant account the way an individual would apply for a personal credit card. As with individual applicants, a company needs to show a positive credit history and the ability to make payments on a merchant account at present. In addition, it cannot be involved in shady dealings with which the underwriters might not agree. Many lenders will let you apply online, although some charge a fee for this. Often you will get a decision on your application within a day or two. If approved, you can begin making arrangements to accept credit payments in a variety of ways. Pay attention to fees and payment terms. For example, you may be asked to pay 15 to 25 cents per transaction. Or you could have the choice of paying a low overall percentage rate. Some lenders impose minimums, though, meaning you will have to pay a “bottom line” fee no matter how many transactions you make.
Your business merchant account will let you purchase or lease a credit card processor that can be plugged into your store. Or you can take a wireless version with you when collecting payments from other locations. Many business owners prefer to use a telephone ordering and payment system. This can be automated, reducing the need for staffing except for questions or glitches. Customers can speak or touch-dial their credit card numbers into the phone to process orders at their convenience. You will need to make sure your system is fully operational at all times and that it is customer-friendly to keep from annoying or even driving away current or new clients.
When you utilize a business merchant account, you can receive a printed monthly statement, discounts for other services, and occasional other benefits as well. Being able to accept credit card payments suggests that customers will look at you a little differently, knowing that you have earned an underwriter’s trust for this important role. Posting signs for accepting credit card payments places your company in the ranks of the elite, since many smaller or newer companies do not yet enjoy this privilege. When you begin accepting credit card processing, you can move away from cash-only payments or checks that can bounce. The time saved from managing cash flow can be channeled into more meaningful tasks.
Getting a merchant account means that you’re ready to upgrade your business, and that you are taking extra steps to accommodate your customers. Be proud to receive a merchant account, knowing that not everyone is approved. Handle it responsibly, since you have much to be thankful for with your new business merchant account.
Connectivity is an important part of the modern workplace for many businesses and can mean the difference between a slick well oiled workplace and one where problems abound and upload speed and reliability can leave businesses struggling to fulfil their potential.
Good business connectivity can make all the difference to businesses allowing for day to day tasks to be dealt with quickly and efficiently by staff whilst causing the least amount of stress. The importance of good business connectivity is vital in allowing a good upload speed which can be critical if your business often sends important documents to existing and potential clients as well as colleagues as most businesses invariably do. If uploading takes a long time on your servers and your business is impeded by this you could do no worse than to look online for alternative options that could provide you with the upload speeds that you require and deserve.
Business connectivity plays a part in many aspects of a company and a good server can mean that online webinars or business meetings can be used with ease by your business allowing for a company to make the most of the Internet and the opportunities and platforms that it provides for businesses to network and share information without the need to leave the office.
If your business needs to share regular information over the Internet a poor network and service provider could make what could be a simple task a very hard one. Making sure that the business connectivity you have suits your company and allows you to be the best you possibly can be in a competitive marketplace can really give you one up on your competitors and place you in the perfect position to succeed.
Your business should consider contention ratios when looking for business connectivity as this can be a crucial factor in connection speeds. The less amount of people using a line results in a higher bandwidth for your business. If connectivity is important to your business operations, you should consider a Leased Line. A Leased Line offers a contention ratio of 1:1. In short this means that if your business uses a 2Mb Leased Line you will receive a 2Mb connection. Compare that to a 10Mb connection with a contention ratio of 50:1 where you will only receive 200Kb bandwidth with a much lower security level.
Reliability has become a key word for the modern business. Services that have regular problems and hinder the work of the company cost time and money and could ultimately lead to slowing of work processes leaving workers at their desk but unable to complete even the simplest of tasks. It could also lead to the loss of important files or data that are stored on the network, something that could be easily avoidable with a good service provider and secure and reliable servers.
- If it is easy, it won’t work. If you love what you do, you are more likely to be able to do the work that a small business requires, but it is still work. You have to learn about your business, set it up, and promote it, no matter what it is. You even have to do that with a distributorship or business package. If it is not work, it does not pay.
- There are no secrets, only skills, strategies and techniques. Anyone promising to tell you Secrets, or teach you Tricks is on the shady side of integrity. There are no secrets, and there are no tricks. There is knowledge, time saving strategies, key bits of information that can transform your understanding from unworkable to workable, and techniques that make the job either simpler or more successful. You need knowledge, tools, and experience. So look for that instead of looking for something that does not exist.
- If you want to make money you have to work every day. OK, so you don’t have to work EVERY day, but you have to work every day that you reasonably can. That means you have to FIT IT IN! It has to be your priority. If you are a weekend warrior, then you have to work the majority of the weekends. If you are a work at home mom, then you need to find time each day around your family and get in at least a few minutes of work. If you are committed to replacing a full time income with working at home, then you’ll have to put in 4-8 hours a day more days than you take off. You have to give it the same dedication that you would a standard job. You cannot just let the days drift by, and not schedule in time when you HAVE to work. Just DO it… and stop making excuses.
Working at home is very doable. It is often chaotic, frequently frustrating, and always hard work. But I do it every day. It has become part of who I am. I learn and grow in it, and I gain more understanding all the time.
Mowing and landscaping are good business ideas when you want to make some extra money. Of course, there are a few things to take into account.
Our economy is not good. But, there are people who still do not enjoy the chores of spring and summer. If you are going to mow, it is essential to have a good running mower. You will need to make accommodations for the upkeep and gas and oil prices.
You will need to find work by either placing fliers around town or going door to door and speak with people. Mind you though, people truly do not like having their privacy bothered. So, it is probably better to put fliers on store fronts around town. You can make some colorful fliers with your capabilities and phone number. Do not quote prices until you have seen the job and have it in writing.
Your landscaping talents do not need to be extensive. When it comes to mowing, many people will hire professional ground keepers. But, you may be asked to remove or plant rosebushes, or trees. In this case, always remember to have everything in a contract so, that no misunderstandings occur. You do not want to do work for which you will not receive payment.
Remember to keep your blades sharpened. It is imperative to keep your tools in perfect working order. Always clean your mower, and any other tools as soon as you get home. Keep the oil chamber filled and the gas in an approved container. If you use a trailer to haul your equipment, take care of it, too.
Do not stretch yourself thin. Try to keep all jobs in a certain area on the same day. Keep a list of the times you are required to be at your destinations. If you are running late because of some misfortune, call your customers to let them know. If you notice anything askew on the grounds, report them immediately to your customer.
How does factoring work? It is easy and yet complicated all at the same time. The factor will generally manage your sales ledger for you while also providing you with colletion services for all outstanding invoices. Typically you will be loaned 80% to 90% of the total amount of the invoice. You will generally receive the money within 24 hours of agreeing to the services of the factor.
Factoring for a small business does cost money, though. Usually there are a couple of different costs you have to consider. A service chare will usually cover the management of your sales and collections. The other charge is a percentage of sales factored as well as an interest charge of some sort on the cash advance the factor is giving you. The interest rates, obviously, will depend on your company’s credit, the credit of the invoiced companies, and the institution you factor through.
No guide to small business factoring would be complete without telling you want to look for in a factoring company. Obviously you should look for a stable financial institution that will be able to support the business. You should also look for good terms and a company you are comfortable working with since there will be plenty of interaction. Finally, you may want to consider a company that will give you internet access to your accounts. You can easily track the ledger, sales, collections, and your factored amounts that way.
It is also important to understand that no two factoring companies are completely alike. While much of what this guide to small business factoring has explained is typical, there are exceptions to most every situation. The best thing you can do for your business with regards to factoring is research the companies you are considering. Think about what you need and what you want and what everyone is offering you.
A guide to small business factoring can never be complete. There are too many ins and outs when it comes to almost any financial transaction. There are also a number of variables involved like current interest rates, your credit rating, reliability of your invoiced companies, and many other things as well. Before you ever agree to a factoring relationship, make sure you understand all terms as well as how long the contract is for and what renewal terms are. Protect yourself and do your homework and you can use factoring as a way to keep your cash flowing.
There is truth in statement that many businesses are good at their profession but not at business. It could be for this reason that a huge chunk of businesses will fail in their first year. What may be true as well is that businessmen or women who have studied business but do not have a profession are more likely to be successful by hiring the right staff for the skill base, while they do what they know, running a business. Did Richard Branson know how to fly a plane when he went into the airline business? He decide what he wanted, then hired the right people to do the job that he couldn’t do.
Hopefully you are getting the message here in that if you want to be successful with your business and survive the first few years of ownership you need to know about certain business subjects before you go into business. If you don’t then you need to get help from those who do know and have actually run successful businesses. When choosing a business advisor make sure he or she has been in business before and hasn’t just read the right books and knows all the latest phrases.
Ask them personally rather than looking at their CV. CVs can be made to look more impressive than the actual experience they have. However getting the right person to work with you can make the difference from success or failure. The actual cost is less of a factor than receiving more back than your costs in savings and or extra sales. The last thing to look for is commitment to your cause and someone who cares about their reputation. Most business advisors get their business from referrals, if you fail they fail. If you are about to go into business then good luck and if you already are, take time out to review if you are where you though you would be. If you are, fantastic but if you are not then maybe its time for some hands on experience and advice.