Monthly Archives: May 2018

Three Myths About Business

Planning your business is a key step to having successful business operation. Yet a majority of women in small business rarely stop to write how they intend to grow a successful business. The fact that 3 of 5 small businesses fail in the first three to five years should raise warning signals that planning is necessary to make operations a success.

So a question that lingers is, “Why is a business plan so difficult for some entrepreneurs to create?”

This is a question a professional business consultant must know how to answer. Here are three myths that are common among entrepreneurs and often give them the impression that writing their operations document is unnecessary.

1. Just for Start Ups

You can write your business plan at any stage in your operations. In fact, one of the factors that lead to failure is a lack of planning. Like anything else; “Fail to plan and plan to fail.” A simple document that you develop over a short period of time can be the key to doing business in a successful manner.

The beginning of a business is the most common time when a business plan is written. This is when a plan can help put a business on a solid foundation. However, a properly prepared business plan should function as a living document. That means it must grow and change with the business.

Therefore, a business plan can be changed, upgraded or developed at any stage of the business operation. In fact, many people do start without a written document in hand. They just get their business license and start working their business. Later, they stop to write a plan to analyze the business operations. The plan helps to determine future growth patterns, see what’s bringing in the most money and where adjustments should be made.

2. Must be Huge

The myth that writing a business plan means having to stop everything in your life for months keeps many entrepreneurs from even starting a business plan. It is true that a business plan can certainly be extensive. In fact, some can be hundreds of pages with multiple extensive and complex financial projections. But that is for specific purposes such as for investor financing or finding joint venture partners.

Most of these documents can range from one to 20 pages. The point is to make it a document that makes sense for the business you are operating. If you can write what you want to do in one page, that’s all you need. You can whip that up in a few hours. The main thing is considering the various aspects of what you need to do so you know what direction to take in each area.

Write what fits your business, goals, needs, and marketing direction. It can start off small and grow as your business grows.

3. Essentially Useless

The purpose of the writing is to create an operational roadmap for your business. If it’s not usable, the plan hasn’t been well prepared. In fact, it should be pulled out on a daily basis to chart your business operations.

Some reasons why the document may not be usable could include using a template that doesn’t make sense for your business. Instead of being specifically for your operations a template made for another industry of business might be used that creates information or sections that are irrelevant to your business. Trying to fill these in can be so tedious that the writer just puts the plan away and moves on.

Another reason for rendering a plan useless are unrealistic financial projections. By giving false financial numbers it can be frustrating to see that the reality doesn’t produce the expected outcomes. As a result the plan is deemed useless.

The key to this is to work with conservative information in the business plan and be totally realistic about your business and its potential situation.

Facts About Business Loans

When starting a business all you think of in business financing and all possibilities should be taking into consideration upon planning for its productivity. Everything you want is to see an inclination in the diagram of your sales at the end of the months. These could be achieved if you have effective strategies that will make a good profit and the abilities in encouraging many to patronize your products. Financial sources are never been a problem as many banks offers services that even small business can avail of.

Start your business well and give your best effort in managing it and you will see how great your profit will be. Everything should be done in a systematic manner and strategic plans for all possible circumstances should be considered to be very much prepared and have the assurance that your business will be staying tough no matter what may happen. You can get the help of loans to make your business be more credible and well known as you can pay for it once you get your target number of customers.

Some people are afraid to have business loans because it can be a reason that your business will fail but the fact is the success of your business depends on how you handle it and not in the loans alone. Some was discouraged to get the help of loans because of what they have heard from others who have failed in making their business boom. If you have business loans you can expand your business and invest more to promote it in the whole wide world. Interests have been made low so that it will not be a burden especially to those with small business. Have loans and try to manage the business in systematic way and you can achieve the success.

President Obama of the United States is now on his way is making a convenient solution in the small business as he proposes a fund for business loans. This is a great answer as poverty and unemployment increases. It is also not difficult to start a new business as business experts’ share their thoughts about business in blogs like what are the effective business that booms at present. These are great help in making a new progressive business especially that economy is suffering from crisis.

All I Need to Know About Business

All I need to know about business… I learned from Chuck Blakeman! Or maybe that’s better phrased if I were to say, “All I need to know, I learned from taking the time and space to come up with my own answers, after I heard Chuck Blakeman speak at a recent workshop that we are apart of, OnTrak. I found the 3 hours I spent in this workshop to be an amazing investment of my time and I intend to spend the next 16 weeks giving the same amount of time investment to these classes because my business and my life depends on it. My intention during these next 16 weeks is to pay it forward by simply bulleting some of the complex, yet so very simple, business tactics and concepts that are transforming the way business owners are doing business.

I hope this turns your business model up-side-down and all around as it has mine. It’s the good to great theory… it’s the average to extraordinary way of living. Which kind of life and business are you after?

Questions to ask yourself:
-Are you using your business to build your Ideal Lifestyle?
-Do you even know what your Ideal Lifestyle is?
-Every business should have a maturity date (a date within 3-5 years of creating your business that enables you to go on vacation, make money, and not come back to find it’s in shambles)… do you have one?
-Are you building a business for yourself or creating just another job? (HINT: one makes you feel like you are on the treadmill, the other one graciously helps you get off the treadmill)

Points to ponder:
-You were made to be and to do something significant… and that includes more then just the idea of creating a business, making a good living, and buying toys for you and your family to enjoy.
-When you have the clarity to know where you’re going and why you’re going there, you will find that you will then have the hope to get you into crazy motion, and then you will have the stamina to take a few more risks. Nothing worth having is created by “playing it safe”, you’ve got to take risks and the only way you will take those risks is by having complete and total clarity.
-Your business should be giving you Time, Money, and Significance.

What You Need to Know About Business

Business factoring companies have quickly managed to carve a fairly credible and universal reputation for themselves and a major reason for their ultimate success has been due to the fact that they are willing and prepared to be flexible and take risks… where traditional lenders are unwilling to do so. As a direct consequence of this then, the business factoring companies have managed to establish a de facto monopoly of sorts on the business financing community, and so by making themselves indispensable to the entrepreneurs, they have secured their own fortune as well.

One of the most appealing things about business factoring companies is irrespective of the size of your business, irrespective of the amount of capital your business has to its name, any business owner will be able to take full advantage of the services provided by these companies. The reason that these factoring companies can afford to be generous and open with who they do business with is due to the fact that they are providing money against the value of an account that is lawfully owed.

Therefore, rather than Company A collecting the money owed to them from their customers, Company A will provide the invoices/accounts to the factoring agency which will then oversee the collection process. This means that they become the legal owners of that debt which in turn, provides them with the opportunity to actually pursue legal action to achieve effective remedies if and when so required.

Because of this then, this means that a business will be able to use all of their invoices as leverage to raise capital, and plenty of it, in a short space of time indeed.

Unlike conventional financial providers such as banks, who will require that the business secures assets of the company as collateral in the unfortunate event of default, this means that by using factoring agencies the company can have an infinite amount of credit.

One of the reasons that relying on banks is such a fruitless and ultimately risky venture for the business is due to the fact that the business will be required to secure its assets as collateral, and if they do not have enough assets to hand, then the bank will simply refuse to help. Promises of future profits and long term expansion plans will typically fail to impress the bank to a sufficient degree that they will then deem the company worthy of acquiring additional loans.

On the other hand, by virtue of the fact that factoring companies, and more specifically, the amount of money that they provide the business that hires them, will be determined by the volume of sales that the business enjoys this means that the business will not force themselves into a point of no return.

All About Business Credit

If you are into business and own a small or big business you perhaps already have an idea about business credit. However if you are a novice and are yet to be acquainted with this term here you go. The description of business credit is actually very simple. It refers to the capability of obtaining services and goods for your organization to meet its requirements.

Now you will know that this ability is nothing more than your credit standing in the market. The promises you make to pay for the services or goods you purchase is not the only guarantee the seller has though. So the better you’re standing in the market the better your ability to get your job done. There of course business folks who do not clear their debts on time and hence earn a bad business credit score. This goes against them the next time they set out to avail services.

Small business loans are usually granted against company assets but then again your credit score is very important here. It is very essential that you stay clear on all the declarations you make before taking any goods or services from any organization on credit. The evolution of business credit cards these days has made getting credit much easier than it once used to be. If used judiciously these cards can prove to be huge assets to your business. However you will need to maintain a very good credit score right from the beginning to get hold of one of these.

Different banks today offer various types of credit cards for small and big business. Get hold of one of these and you are sure to derive immense benefit from it. Except for the private financial firms which offer cards and loans there are also a few government firms which give you small loans on decent interest rates. Credit score again plays a very important role again though. You cannot get one of these loans if your credit score is not up to the specified limit.

Getting a business line of credit is again very essential to be successful in any business today. So get ready with a business plan for your company and explain to all the potential investors and stakeholders how your company can benefit from this business plan.

Business credit no personal guarantee is again a boon of the financial industry today. This ensures that you do not lose your personal property even if you fail to clear your dues. This is indeed bliss for the upcoming businessmen who have just started from scratch. This scheme requires the highest credit scores as t treats the credit score as your guarantee rather than your property.