Building a Sellable Business

Standardization

The first thing I will like to mention is standardizing services or products. In the onset of a business, an entrepreneur figures things out as he/she develops. As time elapses, the entrepreneur figures out what works and settles into a way of doing business. This usually happens at the $100,000 mark. The problem with this is the knowledge is embedded in the head of the owner. The owner often fails to communicate this knowledge to new hires. There is kind of an “unspoken standard” or “way of doing things”. People learn “the unspoken way” haphazardly. By not standardizing, the owner’s loses 50% of the value of the business when it is time to sell. Nobody wants to buy a business when all the knowledge is in the owners’ head and if they do there are usually lots of contingencies tied to the Nsouly.

Delegation

Most entrepreneurs have this false belief that they are the best: No one can do anything as well as they do and without them the business will fail. This false belief enslaves them into believing they have to work harder than anyone to achieve success. They have a hard time even getting away from their work for one hour. The biggest problem with this, is you limit your business growth. They are people smarter than you and people who can do the job better than you if you just let them. If you have standardized your systems, delegation becomes easier: All the new person has to do is follow the systems you have created.

Knowledge Management

Knowledge management is not an issue that can be ignored in the information age. How we share information with staff, customers and vendors should be very well defined and preserved for consistency. Whether you use an intranet for communication with your staff and external stake holders or simply a cloud database, is irrelevant. What is relevant is that the method you use is efficient in capturing and transferring relevant information.

Innovation

Innovation is the development of a new idea or developing a more effective design or process. Innovation could be in the form of redesigning your workforce, upgrading your technology, restructuring your offerings to match customers taste, etc.

Every product has a life circle. A product goes from growth, to mature phase and finally hits a decline. Innovation is required to stay competitive, if not your product life cycle becomes your business life cycle. Keeping tap of the external environment lets the entrepreneur see what processes, products or services need to be developed. As an entrepreneur, you should be a member of a trade association in your industry, read their magazines, and keep track of new developments. Keeping track of industry trends is important to your future existence. The external environment is consistently changing and the only way to build a sustainable business is to innovate.

Financial Systems

The financial plan of most business owners goes as far as purchasing QuickBooks and once a year completing their tax return. If they are more prudent they might look at the financial reports developed in QuickBooks monthly. While this is better than nothing, business owners can do a lot more in improving their financial position by investing in better financial systems. For instance what controls do you have in place to ensure the information in QuickBooks is accurate? Just like anything else, if you put garbage in, you get garbage out. Moreover what about the structure of your financial accounts, are they capturing the information you need. When you look at your financial reports, do you have answers to the most critical factors affecting your business? All of these questions are addressed in the way your financial system is designed. Investing in having a professional design the system is worth the headache you will save down the road. Moreover, be careful not to commingle funds and keep your financial records as clean as possible. Good financial records are worth a lot when selling your business.

Planning and Budgeting

Planning and budgeting is the process of telling your business where you want it to go rather than it telling you where to go. Small business owner fall into the trap of thinking that they cannot control what direction their business will take so they do not plan. Planning and budgeting go hand in hand. A budget is simply the numbers behind the plan. Having a plan and delegating the responsibilities of certain aspects of the plan is crucial. With a plan and a budget you can plan and execute on your business goal. Also business buyers like to see a history of business planning and budgeting. This increases the amount they are willing to pay as they are less anxious about being handed down a sham.

Developing key metrics

Once you have a plan and budget in place, you need a way to determine if you are on track. Metrics are used to measure how things are going. Usually metrics are measured against a budget developed using a strategic plan. Monitoring metrics on a regular basis can point you to where your business is failing before it actually happens. Some metrics you may want to track are: productivity rate, net margins, customer retention rate, customer acquisition rate, etc.

Tax Planning

Taxes have a big impact on what percentage of your net profits you keep. Tax Planning should be done before you sell. By structuring transactions differently you might be able to save more money on taxes. Do not wait until after selling to decide what you will do for taxes: When you get your cash after sale, you will be rest assured you have taken the best possible steps to minimize your taxes.

Set Up A Profitable Landing Page

  • Know what its purpose is
    Is the idea to generate new leads or to generate new sales? OR maybe, you just want to get an idea of what people want from you and your business? Before you set up the landing page, have a very clear idea of what you want to make happen.

  • Keep it very simple
    This is not a blog page where you have lots of words that draw people in but do not actually get them to take an action. This also should not have too many options on it for things that your visitors can do on the page. When they come the page, the goal should be very obvious from the get-go. Having clarified the purpose, make sure visitors are also clear what you want them to do. Keep the purpose of each landing page limited to ONE thing.
  • Have a Clear Call to action
    Assume nothing! You may think it is clear what you want prospects to do but they may not share your clarity. As mentioned in the last point, you need to ensure the page lends itself to clarity but also, have a clear opt-in box somewhere they can see clearly, the moment they come on the Wealthface. This means that it is likely that an above-the-fold opt in box is more likely to work better than one that is tucked in deep down the bottom. Of course, it does depend on the purpose of the page. It may be a sales page and you may need to sell them on sticking around before shoving a ‘buy now’ button at them. Think this through and decide where your call to action will be as well as clear wording around it so that the right people sign up for or buy your product or service.
  • Ask For Vital Information
    And only vital information. On the first page, you may find it best to only ask for their email address and first name and once they take that step, you can lead them to the next page where you ask for more information, depending on your campaign, of course.
  • Use a winning Headline
    Do not forget to make sure that the first thing that captures the attention of your prospect is suitably attractive and hits the spot for them. The headline is critically important in getting people to stay on the page.

Strategic Partnerships

No matter the individual, there will always be some aspect to a business where they could use additional assistance. Trying to figure out this the aspect of the business on an individual basis is possible, but can be costly by costing them valuable time, resources and money. Whether it is accounting, technology, marketing, legal, etc… there are outside resources and individuals that can assist an entrepreneur in building the business. Strategically partnering with someone who compliments your own given skill sets will help a business grow that much faster and can be a great determining factor on whether or not the business is a success.

There are disadvantages to bringing in a partner or additional help. When bringing in an additional partner you may not retain as much equity in your company as you originally had wished. A lot of entrepreneurs struggle with this notion because they feel they it is their idea and they deserve to own all of it. What entrepreneurs need to understand is that a strategic partner can be the difference between succeeding and failing. It is better to own part of a successful business, than all of a failing one. Even if not giving up any equity, bringing someone on board will at least be an expense in the manner of paying an additional salary. It is extremely important to bring in someone based on his or her skill sets and knowledge that will most benefit the company. Make these decisions based on skill sets and knowledge, not emotions.

A lot of times when Dailyhawker or aspiring entrepreneurs do partner with someone, they often will partner with someone who they are connected with on an emotional basis, someone like a family member, friend or former colleague. Aside from the personal issues that can arise in any business setting from hiring someone on an emotional level, this person may not always be the most knowledgeable person in the aspects that are needed most of all, or that compliment your own skill set as much. It is important to partner with and hire the best candidates possible. To be the best of the best in your business’ industry, you need to work with the best of the best.

Don’t try to be a one-man hero when it comes to your business. It is OK, and wise to bring in additional help to make your business a success. The knowledge, skill sets, capital, and social capital that can be brought to the table by bringing in additional partners or employees can be an immense help to building any business. You have to be strategic in everything you do when building a company; it is no different when it comes to partnering and hiring people for your business.

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Becoming An Online Entrepreneur

Have Clear Goals For Your Business

When you start a business online, you need to have clear, specific goals. Being clear on what it is you want to accomplish is an important first step.It’s more than just coming up with an idea. You have to write down your objectives and know how you will achieve them.

Produce A Plan

Once you have set your goals, you have to develop a plan for success. To do this you need a product or service that people will buy from you. You have to know what you are going to sell, who you are going to sell it to, how you are going to sell it to them and how much you are going to sell it for.

Take Action

Next, it’s time to take action Action steps require more than just thinking about them. Announce to everyone you can what your action steps are and that will make you answerable to your word.

Use Outsourcing And Automation

Every successful online entrepreneur does not do everything themselves. You will need to outsource certain tasks and use software that can automate operations for you. Outsourcing helps you to avoid tasks that drain time from your day. Top freelancers with a variety of skills can be found on websites like Fiverr, Elance and UpWork.

Manage Your Time Carefully

Sometimes, to develop something new, we need to let go of something old. A lot of people like the idea of being an online entrepreneur but they don’t think they have the time. The answer isn’t about finding more time, it’s managing the time available and making it work more efficiently. As you build your business, you may have to watch a less Television, work at weekends or do less of your favorite sport or pastime for a while.

About Brainstorming Unique Business Ideas

According to Wikipedia “brainstorming is a group creativity technique that was designed to generate a large number of ideas for the solution of a problem.” Brainstorming business ideas should be uncensored. No idea is dumb or impossible and each person’s contribution is equally valuable. The mail clerk’s ideas are as valued as the President’s.

In order to step outside of the existing business or industry framework, participants must “erase” their memories and pretend they know nothing about what is (or is not) possible. Consider each idea with equal thoughtfulness, no matter how outlandish. The task at hand when brainstorming truly unique business ideas is to free-associate, generating as many ideas as you can.

Brainstorming via the Five Senses

There’s nothing more boring than a sterile conference room. Yet this is where many new business idea / concept development sessions take place, in a room with four blank walls and no stimuli (far from the best atmosphere for brainstorming new ideas). Brainstorming sessions need “springboards” to get the creative juices flowing.

One technique for breaking out and generating innovative business, product, or service ideas is to get all of the external senses involved. Try filling colorful gift bags with small items of different textures, tastes, appearances, ingredients, sounds, and smells. In the brainstorming session, break into small groups of three or four people and give each group a bag. Have each group sort through the bag, imagining how the sensory aspects could be incorporated into a new product or other new idea. After about 20 minutes of digging through the bags, discussing, and writing down ideas, allow each group to present their ideas. You will find yourself with many more great ideas than you can execute.

Brainstorming via Trends

Another approach to brainstorming business ideas is to study trends. Business and general interest publications; the Internet; and trade journals can be effective brainstorming tools for several reasons:

  • The general publications contain articles across several industries — and society in general — which is good for brainstorming new ideas that can apply to your own industry.
  • Business publications often include a mix of short articles (good for brainstorming ideas based on what others outside your industry are doing) and in-depth reports (good for new product concept development based on trends).
  • The Internet reflects trends on a real-time basis. Social bookmarking sites and blog directories (such as del.icio.us and Technorati), track and report the hottest topics. Wordtracker monitors online searches, reporting the top 100 daily.
  • By skimming a variety of business related articles (news articles, features, human interest, and analytical pieces) you broaden your idea base, which results in more new product ideas.

Business Process Consulting

A Small Business Cannot Run on Passion Alone

Passion is critical in small business, but it must be channeled and directed. Single-minded focus is gained only by going through a deep thinking, soul-searching process that delivers a clear sense of Mission, Vision and Values.

This process must occur at the personal level and then be reflected in the business itself, through words that spell out the Mission, Vision and Values in easily understood language.

These words become the primary essence of the business. For the small business person, these statements spell out their beliefs and assumptions about their business and inform everything that they think, say and do.

Every morning, when the successful small business person gets out of bed, it is with a real sense of purpose, namely, to fulfill his or her Mission.

Their Mission, Vision and Values are well understood within their business, and they are the critical clauses of the employment contract that everyone in the business signs up for.

Mission, Vision and Values inform and shape all business policy development and the processes and measures that are put in place to ensure disciplined execution.

Making Good Strategic Decisions

Once the value base of the business is defined, it must be aligned with good strategic decisions.

Strategy Formulation is critical for success in small business. It is the thinking that this exercise generates that delivers high performing action, sustainable outcomes and lasting results.

The effective small business consultant takes the small business owner through a process of thinking that ensures that the nature and the direction of the business are fully understood. The critical issues for action are identified and priorities are set.

Agreed actions must then be written down, so that they cascade from the strategic level to all the operational streams of the business. Everyone in the business must know what part they play in achieving the strategic goals.

Remember, small business people are energized by the demands put on them in the moment. This is because they are people of action. However, this can be a problem when they are under too much pressure. They can become overwhelmed by the clamor of present demands, and they often fail to have a planned approach.

Working to a well constructed small business plan, based in good strategic thought and decision making, relieves the pain of the frenetic pace and worries of the day to day.

By paying attention to the important things that further their strategic goals, the successful small business person gains the right perspective on immediate and urgent sounding distractions. Business development and risk management are all addressed, when the small business owner works to a plan.

One of the important things that the small business person must have clear in their minds is everything to do with their customers. They must know who they are. They must know what they need. They must know where they are and how they are going to be reached. They must know their own capabilities in being able to deliver what their customers want.

They must know the gaps in their own business that must be addressed to achieve high yielding results.

When all their capabilities are analyzed at depth, the small business owner has the information he or she needs to make the decisions that will secure the future of the business. The small business consultant must ensure this is the case.

A Successful Small Business Person Works Hard

When the small business owner is clear about his or her Mission and Vision, and is behaving in keeping with a well defined set of values, hard work is not an issue. Working to a well conceived plan generates sufficient enthusiasm that even small gains become immensely gratifying.

Quality of thinking, combined with good decisions and focused action, evoke the work ethic that creates momentum and delivers outstanding results. Small business owners are energized and become even more motivated when they are in touch with their own value base.

They feel in control when they have a good plan in place that they can work to. This is because they are paying attention to the right things, in the right way, and they can see that they are making progress.

Passion, aligned with good decision making at the strategic level, puts them in control of their business and makes them feel alive. It puts them on the path of never-ending improvement, both personally and in their business.

Intellectual Property

True success is found when you win awards over and over again. Wealth goes up and down, but winning awards means you are solidified in history. There are cases where you might want to take advantage of building money values to get into the books, but you ought to think twice. Entertainment usually serves as the perfect catalyst to intellectual property. When you work in entertainment almost nobody cares about your success unless its worthwhile. Entertainment is one of the most crowded fields in the business. If you pay close attention you can design your winning ways by winning awards. Awards help carve out excellence. Let me explain.

When you submit your body of works for award eligibility you craft your work for excellence. Anyone can make a project, but those who exclusively chase awards quickly find success. There is no limit to the amount of success you want to achieve. If you believe you can be the best you will be the best with superb work ethic. Never shy away from success it isn’t dangerous. The biggest names in the business will tell you over and over about their failures. The main topic when rising again is to learn from your mistakes.

Can true success be truly redefined, well sure! There are many ways you can redefine success by entering into another category. Most of the most successful entrepreneurs, entertainers, etc are multi-faceted. Think to yourself who your favorite entertainers are and how many found great success crossing over. Real Estate tycoons talk about diversification and so do entertainers. Redefining success helps develop you as a person.

When redefining success remember you are your own worst enemy. If you take on too much you lose, if you take on too little you lose. Success is a repeat cycle, but inventive the next time around. Is is possible to make the most of life maybe, but those who are successful are never satisfied. Love what you do and you will be successful.

About Successful Business Campaign

When you are looking for a way to advertise or promote your brand, posters are some of the cheapest tools that can be used as a form of marketing. These are especially handy for smaller businesses that are operating in a small country wherein every money making opportunity is very important. Aside from purchasing a cheap promotional material for your advertising campaign, you can further reduce your costs by finding a printing service provider that offers discounts to their clients.

There are many small businesses that place their posters in places wherein people can pass by and see them all the time. This kind of successful business campaign strategy arouses the interest of many individuals and is a good way to convince them to do something. These posters are flexible tools that can also be customized for large or small initiatives. They can act as teasers for an upcoming campaign or even that is run by your brand, getting existing and potential customers excited on what is about to come. You can also design your posters to give the public a full campaign instead and show your target market what the latest trends are.

Sophisticated software applications today allow a person to customize the design of a poster whichever way they want it to look like. Popular tools such as Adobe Photoshop, Corel Draw and MS Publisher can enhance or create a graphical content in a poster to attract the attention of the target market. And once these designs have been completed, it is important to place them where you can have the largest amount of returns from potential customers. Putting them in an area wherein people purchase a similar product or service can attract them towards your brand because they are more likely to notice advertisements in this place than anywhere else.

Running a small business is not an easy task as every resource that you acquire cannot be wasted. You must apply them in the right manner and make sure that you are using a successful business campaign for your company in order to succeed. Once you have become familiar with the idea of poster marketing campaigns, you can make a lot more money because you are already doing a cost effective venture. It is important to have these posters printed in high quality in order to have an effective poster campaign.

Business Plan Is So Important

There are so many types of people in this world. A farmer may be need a truck rather than sports car. A single person may not need a van. There many car and trucks available in the markets. They fulfill all their costumer needs. But they have the same mission. Their mission is the get from Point A to Point B. It will take you where you want to be.

Same with business plan, your just want to get to Point B. There many different type of business that can get you to point B. So must you must improve your business to get you goal. Business plan will determine you progress. Without a plan, your business just like a blind person who didn’t know where to go and where are you at.

Focus on where you want to be rather that what should be your business vehicle. But you must consider to most efficient business that available. The choice is yours, you can have a cheap business vehicle that took you years to arrive at you goal or you may want to use a bit amount of money to guarantee your goal in a much shorter time.

Write your business plan now do not delay more time. Write it specifically, how much money you want, when you want it, who you need to help you, what you need to help you. Write everything that comes through your mind then make a decision what is important to do right away. Place you plan where you can read it everyday

Sharing Office Space

Earn Some Extra Money

Renting office space can be very expensive, especially if you are doing so in a prime location. Therefore if you have some desks going spare you might find that renting them out to another person or company can help earn some extra money for you to put towards your own rent.
Having extra money coming each month can help with your cashflow and even help to expand your businesses by potentially increasing the amount that you feel able to spend on wooing new clients.

Reduce Overheads

When you are running your own business one of the main things to think about is how to keep your overheads down. This is a key contributor to good cashflow management which is at the heart of business success.

Sharing office space helps you reduce the amount you spend on rent each month. As such it is an excellent way to reduce your overheads and manage your cashflow.

Expand Your Business

As well as saving and even making you money, sharing office space can be provide a great opportunity to expand your business.
After all, if you share an office with people in synergistic businesses (in other words whose area of expertise compliments yours) you might have the chance to generate leads. Of course creating referrals for others also helps ensure that they will provide them for you in return.

Mix with People

Working from home can certainly make life easy but it can also be fairly lonely. Unlike in an office environment you don’t have the chance to chat to colleagues over the water cooler or grab lunch with someone who works by you.

Sharing office space however gives you an in-built network of people with whom to socialise and share any frustrations that crop up during the day.