When I mention business systems to you, what comes to mind? Do you think of an IBM mainframe computer sitting in a big room in the middle of your building? Do you think of expensive, highly specialized software? That’s what many small business owners imagine. And they think it’s not for them. If that’s what you think, you’re only half right.
Half right because expensive, highly specialized software is probably not for you. Half wrong because good business systems most definitely are. A business system isn’t hardware or software. It’s the way that you do any part of your business. It’s how you do things. You are using systems all the time, you just may not be using them efficiently.
I regularly urge business owners to get everything they know about their business out of their head and onto paper. I’m urging you now to do the same with your systems. Start writing out how you do things in your business. At a minimum, write out how you treat your customers or clients, how your paperwork for each sale flows, how your production systems work, how you market to clients, and how you do your bookkeeping.
Do this in detail. For each area, make a very detailed description of every step in the process. Include what you do and why you do it. Include the subtle parts that make your company uniquely you. Include the parts that you are proud of. Include the tricks that make it efficient. Include what you tried that didn’t work and explain why. Each system should become a very rich, highly detailed system. Why so much detail?
Because this is the beginning of being able to consistently deliver results. And the beginning of being able to consistently deliver results even when you aren’t around. Documented (written) systems make delegating much more manageable. Delegating is one of the keys to success in growing your business while still having a life.
Maybe you don’t want a bigger business. Maybe you want to keep yours small. Still, wouldn’t it be nice to be able to go on a long vacation and turn the keys over to someone else to run and make money for you while you are gone? Without systems, that wouldn’t be remotely possible. With systems almost anything is. Now, does that sound like something that should only be for big business? I think not.
Saturday, April 3, 2010
Ten Sure Fire Ways to Fail as a Manager
In an effort to be less than constructive as a manager, here are ten sure-fire ways to alienate and demotivate your team on your change journey. Hit-or-miss approaches don’t go far enough; this is your chance to use the best methods of corporate torture and humiliation developed by dictators, steamrollers and other “tough guy” bosses.
1. Never give in to selling any change when you can exercise your power by demanding it. Demands keep staff in their place--down there somewhere. Tact and frequent communication does to authority what sugar does to teeth. You wouldn’t want to rot your teeth; you wouldn’t want to spoil your team. After all, if any of your people had any ideas worth listening to, one of them would be the boss.
2. Develop a varied arsenal of “looks” to master the subtle put-down. A well-placed sigh and a “that was dumb” stare can work wonders in silencing your people. Add the verbal clinchers: “Are you kidding?” or “Do you really think I’d do that ” Try well-placed sarcasm: “Yeah, I knew I’d have this problem when they made me put you in this position ” When they react, just say, “Can’t you take a joke without overreacting like most women do?”
3. When providing performance feedback, don’t let them find their own solution when you can reinforce your position of authority by telling them what they “obviously should have done ” Take them to the stone tablets enshrined on your office wall to show them the error of their ways. Be ready to use the Harvard Business Review, your MBA notes, or Dilbert cartoons to identify how defective they really are.
4. Never deal with issues when you can attack the person. When they criticize your ideas, question their attitude and commitment to the team. When they miss a deadline, question their ability to handle responsibility. If they persist in making their point, keep them in their place by saying, “If I wanted your opinion, I’d give it to you ”
5. Keep harping on the phrase, “More with Less” to explain your downsizing, reorganizations and cost-containment initiatives. Busy people are happy people whether they want to admit it or not. Don’t let your need to hold the line on wages to impress stockholders stop you from taking the wage increases and bonuses you deserve for leading your team through such perilous times.
6. Never give information or strategic direction until you have to. Once you do, never change your position. Now, if their ideas are really better, just wait a few weeks, make some slight adjustments, and then claim them as your own. They will squawk in the restrooms and lounges, but they will know what it is to respect authority.
7. When things go wrong, you know who to sacrifice. When you’re given a bunch of turkeys, how do they expect a leader to get them to fly? Never tarnish your reputation as a change agent when you have inexperienced, marginal team members to blame. If by chance your team does succeed on its own, take the credit. After all, with effective leadership even turkeys can fly in unison for 50 feet.
8. Build your own corporate torture chamber adapted to the needs of your trouble-making staff. Know how to schedule hours to produce maximum aggravation. Keep the pressure on by making them work with team members they hate and projects they have no skills to draw on. When they are in the “dog house,” let them know it is not supposed to be fun.
9. Never give recognition; it sets the stage for complacency. After all, they are lucky they have a job. If you thank them, all they do is ask for more money. In this century of never-ending change, there is no place for a “good guy” on your corporate juggernaut
10. Bark is only as good as a bite. Fear is a great motivator. Don’t waste your time with petty, lengthy documentation with your tough employees; make a scene by threatening their job on-the-spot. Sure, you’ll lose a few, and don’t worry about lawsuits. If you abuse them privately, there will be no witnesses and it’s your word against theirs.
With these helpful hints, as a boss bent on failure, you can be sure to arrive there. You’ll know if it is working. On the surface, people will appear to work. You will get compliance when you are in sight. You may find they work slow, make many errors, and have no concern for quality or customer service, but at least you know you will get the minimum. You will be butchered at the drinking fountains and in the lounges, but don’t let petty gossip get in your way. You will feel lonely, but that goes with creating the illusion of power. They will have a going away party when you leave. Unfortunately, you will not be invited to the party. By the way, the Surgeon General warns that using these hints may be hazardous to your management career and a disaster to the team and organization you serve.
1. Never give in to selling any change when you can exercise your power by demanding it. Demands keep staff in their place--down there somewhere. Tact and frequent communication does to authority what sugar does to teeth. You wouldn’t want to rot your teeth; you wouldn’t want to spoil your team. After all, if any of your people had any ideas worth listening to, one of them would be the boss.
2. Develop a varied arsenal of “looks” to master the subtle put-down. A well-placed sigh and a “that was dumb” stare can work wonders in silencing your people. Add the verbal clinchers: “Are you kidding?” or “Do you really think I’d do that ” Try well-placed sarcasm: “Yeah, I knew I’d have this problem when they made me put you in this position ” When they react, just say, “Can’t you take a joke without overreacting like most women do?”
3. When providing performance feedback, don’t let them find their own solution when you can reinforce your position of authority by telling them what they “obviously should have done ” Take them to the stone tablets enshrined on your office wall to show them the error of their ways. Be ready to use the Harvard Business Review, your MBA notes, or Dilbert cartoons to identify how defective they really are.
4. Never deal with issues when you can attack the person. When they criticize your ideas, question their attitude and commitment to the team. When they miss a deadline, question their ability to handle responsibility. If they persist in making their point, keep them in their place by saying, “If I wanted your opinion, I’d give it to you ”
5. Keep harping on the phrase, “More with Less” to explain your downsizing, reorganizations and cost-containment initiatives. Busy people are happy people whether they want to admit it or not. Don’t let your need to hold the line on wages to impress stockholders stop you from taking the wage increases and bonuses you deserve for leading your team through such perilous times.
6. Never give information or strategic direction until you have to. Once you do, never change your position. Now, if their ideas are really better, just wait a few weeks, make some slight adjustments, and then claim them as your own. They will squawk in the restrooms and lounges, but they will know what it is to respect authority.
7. When things go wrong, you know who to sacrifice. When you’re given a bunch of turkeys, how do they expect a leader to get them to fly? Never tarnish your reputation as a change agent when you have inexperienced, marginal team members to blame. If by chance your team does succeed on its own, take the credit. After all, with effective leadership even turkeys can fly in unison for 50 feet.
8. Build your own corporate torture chamber adapted to the needs of your trouble-making staff. Know how to schedule hours to produce maximum aggravation. Keep the pressure on by making them work with team members they hate and projects they have no skills to draw on. When they are in the “dog house,” let them know it is not supposed to be fun.
9. Never give recognition; it sets the stage for complacency. After all, they are lucky they have a job. If you thank them, all they do is ask for more money. In this century of never-ending change, there is no place for a “good guy” on your corporate juggernaut
10. Bark is only as good as a bite. Fear is a great motivator. Don’t waste your time with petty, lengthy documentation with your tough employees; make a scene by threatening their job on-the-spot. Sure, you’ll lose a few, and don’t worry about lawsuits. If you abuse them privately, there will be no witnesses and it’s your word against theirs.
With these helpful hints, as a boss bent on failure, you can be sure to arrive there. You’ll know if it is working. On the surface, people will appear to work. You will get compliance when you are in sight. You may find they work slow, make many errors, and have no concern for quality or customer service, but at least you know you will get the minimum. You will be butchered at the drinking fountains and in the lounges, but don’t let petty gossip get in your way. You will feel lonely, but that goes with creating the illusion of power. They will have a going away party when you leave. Unfortunately, you will not be invited to the party. By the way, the Surgeon General warns that using these hints may be hazardous to your management career and a disaster to the team and organization you serve.
The Interim Management Lifestyle
Interim management isn’t the career for you if you don’t like challenge and change. But for those of us who love both, it brings a rich variety of enhancing and intensive experiences: exposure to different industries, products and processes, and a variety of organisational structures, and cultural styles and the opportunity to establish an outstanding “track record for delivery”, added to which interim managers love not having to go through rounds of appraisals only to be told that: “unfortunately budgets for salary increases are limited”.
Show Me The Money
In fact, performance can probably never be more directly linked to pay. Interim managers can raise their fees for the next assignment as much as they like - providing the market thinks theyre worth it. Enough said you might think, but operating through a limited company also reduces tax costs if more remuneration is taken through shareholder dividends. And don’t forget that the cost of IT, office furniture, consumables, some utilities, vehicle running costs, and indeed VAT, can be borne by the business.
No Such Thing As Job Security Even in a “Permanent” Role
Whilst even the best executive interim managers can be hit hard by an economic downturn, arguably theres no such thing as a permanent” line management role any more. Anyway, even in downturns can’t interim managers just drop their fees to become more saleable? Well the truth is, it doesn’t always work that way. Nevertheless, many interims feel more (not less) secure, in the knowledge that their career has more longevity than the corporate alternative.
Interim Management Lifestyle – More Choice
It’s true that an interim management lifestyle means greater choice: flexibility between part-time or full-time work, working at home or on site, the frequency and duration of holidays. It also means that because of the objectivity that comes with not being a permanent employee, during assignments organisational politics are less of a grind.
Interim management also means that a great career doesnt have to come at the expense of unsettling the family by relocating every three years or so. But it sometimes means working away from home perhaps for four or five nights over a long period, which isn’t easy for young families. And don’t forget to start pulling your weight around the home and talking to your spouse over dinner after spending nine months on your own in a hotel
Yes executive interim managers have more flexibility to spend quality time and extended holidays with the family between assignments, but realistically it isn’t always spent on a beach somewhere. Between interim management assignments the role morphs into “Sales Director” and interims become relentless networkers. So if you’re not good at self-promotion or not keen to become good at it fast – give it some thought. And then there’s the tedious administration: paying bills, filling in VAT returns.
Show Me The Money
In fact, performance can probably never be more directly linked to pay. Interim managers can raise their fees for the next assignment as much as they like - providing the market thinks theyre worth it. Enough said you might think, but operating through a limited company also reduces tax costs if more remuneration is taken through shareholder dividends. And don’t forget that the cost of IT, office furniture, consumables, some utilities, vehicle running costs, and indeed VAT, can be borne by the business.
No Such Thing As Job Security Even in a “Permanent” Role
Whilst even the best executive interim managers can be hit hard by an economic downturn, arguably theres no such thing as a permanent” line management role any more. Anyway, even in downturns can’t interim managers just drop their fees to become more saleable? Well the truth is, it doesn’t always work that way. Nevertheless, many interims feel more (not less) secure, in the knowledge that their career has more longevity than the corporate alternative.
Interim Management Lifestyle – More Choice
It’s true that an interim management lifestyle means greater choice: flexibility between part-time or full-time work, working at home or on site, the frequency and duration of holidays. It also means that because of the objectivity that comes with not being a permanent employee, during assignments organisational politics are less of a grind.
Interim management also means that a great career doesnt have to come at the expense of unsettling the family by relocating every three years or so. But it sometimes means working away from home perhaps for four or five nights over a long period, which isn’t easy for young families. And don’t forget to start pulling your weight around the home and talking to your spouse over dinner after spending nine months on your own in a hotel
Yes executive interim managers have more flexibility to spend quality time and extended holidays with the family between assignments, but realistically it isn’t always spent on a beach somewhere. Between interim management assignments the role morphs into “Sales Director” and interims become relentless networkers. So if you’re not good at self-promotion or not keen to become good at it fast – give it some thought. And then there’s the tedious administration: paying bills, filling in VAT returns.
Dealing with Your Difficult People
For leaders managing constant change, conflict is built into the very fabric of their organizations. When conflict is not dealt with well, it can create strained relationships and grow to sap the time, energy, and productivity of even the best teams. Dealt with positively, conflict can also be a catalyst that sets the stage for needed changes. You will never deal with conflict perfectly, but here are a few tips worth using in dealing with your most difficult people:
1. Talk to people instead of about them. Dealing with conflict directly may be uncomfortable and lead to some disappointment, but it cuts down the mindreading and the resentment that can occur when problems are not dealt with directly. Timing, tact, and taking distance will always have their place, but make sure you still keep conflict eyeball to eyeball.
2. We are taught from childhood to avoid conflict and often vacillate between the pain of dealing with unresolved problems and the guilt over not dealing with them. Such vacillation saps energy and time; it can affect morale and turnover. Be a problem solver not a problem evader. Problem solvers avoid avoidance; they learn to deal with conflict as soon as it even begins to get in the way.
3. Develop a communication style that focuses on future problem solving rather than getting stuck in proving a conviction for past mistakes. You want change, not just an admission of guilt. Winners of arguments never always win, because consistent losers never forget. You want results, not enemies seeking revenge. By focusing on future problem solving, both can save face.
4. Problem solvers deal with issues, not personalities. It’s all too easy to abuse the other party instead of dealing with issues. Be assertive but affirm the rights of others to have different positions, values and priorities. When you personalize disagreements and attack back, you invite escalation. Keep the focus on mutual problem solving not name-calling.
5. Honor, surface and use resistance. Attempts at threatening, silencing or otherwise avoiding criticism of change will only force resistance underground and increase the sabotaging of even necessary changes. Explored resistance helps build clarity of focus and action. Push for specific suggestions. If criticism is extensive and continues even after facing it, it may not be resistance—know when to admit that you are wrong
6. Redefine caring to include caring enough to confront on a timely and consistent basis. Avoid labels that give you or others excuses for not confronting a problem—They are too sensitive or too nice, scene makers or people who have contacts, too old or too young, or the wrong race or gender. If you believe people cannot change or benefit from feedback, you will tend not to confront them. Instead, treat all equally by caring enough to be firm, fair, and consistent.
7. Avoid forming “enemy” relationships. The subtle art of influence is often lost in the heat of organizational battle. When interaction becomes strained or bias exists, the negative interaction coupled with the distance that often results invites selective scanning and projection. We see what we want to see to keep our enemies “the enemy.” If a relationship is limited to polite indifference and significant negative interaction, expect polarization and an “enemy” relationship. In such relationships everyone loses. Take seriously the words of Confucius, “Before you embark on a journey of revenge, dig two graves.” Even your most difficult people usually have some people they work well with. Make one of those people you. Don’t look for the worst; learn to look for the best in even difficult people.
8. Invest time building positive bridges to your difficult people. Abraham Lincoln reportedly said, “I dont like that man. I must get to know him better.” Dont be insincere; look for ways to be sincere. It takes a history of positive contact to build trust. Try building a four-to-one positive to negative contact history. Give specific recognition and ask for assistance in the areas you respect their opinions. Work together on a common cause and search for areas of common ground. By being a positive bridge builder, you build a reputation all will see and come to respect even if a few difficult people never respond.
Finally, don’t forget to spend some time looking in a mirror. Ron Zemke put it well when he said, “If you find that everywhere you go youre always surrounded by jerks and youre constantly being forced to strike back at them or correct their behavior, guess what? Youre a jerk.” Influencing others starts by making sure that you’re not being difficult yourself.
1. Talk to people instead of about them. Dealing with conflict directly may be uncomfortable and lead to some disappointment, but it cuts down the mindreading and the resentment that can occur when problems are not dealt with directly. Timing, tact, and taking distance will always have their place, but make sure you still keep conflict eyeball to eyeball.
2. We are taught from childhood to avoid conflict and often vacillate between the pain of dealing with unresolved problems and the guilt over not dealing with them. Such vacillation saps energy and time; it can affect morale and turnover. Be a problem solver not a problem evader. Problem solvers avoid avoidance; they learn to deal with conflict as soon as it even begins to get in the way.
3. Develop a communication style that focuses on future problem solving rather than getting stuck in proving a conviction for past mistakes. You want change, not just an admission of guilt. Winners of arguments never always win, because consistent losers never forget. You want results, not enemies seeking revenge. By focusing on future problem solving, both can save face.
4. Problem solvers deal with issues, not personalities. It’s all too easy to abuse the other party instead of dealing with issues. Be assertive but affirm the rights of others to have different positions, values and priorities. When you personalize disagreements and attack back, you invite escalation. Keep the focus on mutual problem solving not name-calling.
5. Honor, surface and use resistance. Attempts at threatening, silencing or otherwise avoiding criticism of change will only force resistance underground and increase the sabotaging of even necessary changes. Explored resistance helps build clarity of focus and action. Push for specific suggestions. If criticism is extensive and continues even after facing it, it may not be resistance—know when to admit that you are wrong
6. Redefine caring to include caring enough to confront on a timely and consistent basis. Avoid labels that give you or others excuses for not confronting a problem—They are too sensitive or too nice, scene makers or people who have contacts, too old or too young, or the wrong race or gender. If you believe people cannot change or benefit from feedback, you will tend not to confront them. Instead, treat all equally by caring enough to be firm, fair, and consistent.
7. Avoid forming “enemy” relationships. The subtle art of influence is often lost in the heat of organizational battle. When interaction becomes strained or bias exists, the negative interaction coupled with the distance that often results invites selective scanning and projection. We see what we want to see to keep our enemies “the enemy.” If a relationship is limited to polite indifference and significant negative interaction, expect polarization and an “enemy” relationship. In such relationships everyone loses. Take seriously the words of Confucius, “Before you embark on a journey of revenge, dig two graves.” Even your most difficult people usually have some people they work well with. Make one of those people you. Don’t look for the worst; learn to look for the best in even difficult people.
8. Invest time building positive bridges to your difficult people. Abraham Lincoln reportedly said, “I dont like that man. I must get to know him better.” Dont be insincere; look for ways to be sincere. It takes a history of positive contact to build trust. Try building a four-to-one positive to negative contact history. Give specific recognition and ask for assistance in the areas you respect their opinions. Work together on a common cause and search for areas of common ground. By being a positive bridge builder, you build a reputation all will see and come to respect even if a few difficult people never respond.
Finally, don’t forget to spend some time looking in a mirror. Ron Zemke put it well when he said, “If you find that everywhere you go youre always surrounded by jerks and youre constantly being forced to strike back at them or correct their behavior, guess what? Youre a jerk.” Influencing others starts by making sure that you’re not being difficult yourself.
Promoting Relationships With the Public
Public Relations or PR is one of the most important factors in how you are perceived by the public at large. It is the relationship between your business and your customers, past customers, community and potential customers.
There are two ways of obtaining PR. One way is through press releases, in which you share news about events or accomplishments within your company or organization. This form of PR gives you full control over how your company looks to the public. Your public, is anyone who has an interest of one type or another in your business such as your employees, customers, suppliers, competition and the press. How you are percieved by the public has a huge impact on the future of your business.
When issuing a press release make sure that the information provided is of interest to the readers or viewers of that particular publication. The heading of the press release should grab the readers attention and prompt them to continue reading. Make sure you are targeting publications which would be interested in your information. You wont have much success submitting a press release about christmas ornaments to a publication which targets outdoor life.
Testimonials and case histories are useful when overcoming objections, building credibility, and demonstrating customer satisfaction with your company and products. Generally, testimonials do not make up the bulk of a press release. Although it helps to add in a positive quote from a satisfied customer, make sure the comment is in direct relation to the focus of your press release.
Good PR from satisfied customers can bring you a whopping customer base, yet at the same time one shred of negative PR from an unhappy customer can cause your business considerable damage. When in a one-on-one meeting your customer should do most of the talking. Your customers are worth listening to and their feedback is valuable information Take the time to listen to their questions and comments as it will help you to understand their needs and make sure they are satisfied with your service. If you are doing most of the talking, chances are, your customers are going to feel pressured or turned off and you run the risk of losing a sale as well as a customer.
Building a relationship with the public is an important aspect of promoting your business and building a solid customer base. Staying in touch with your customers will not only improve your customer relations, but will keep your name foremost in the minds of your customers and prospects and keep them coming back.
There are two ways of obtaining PR. One way is through press releases, in which you share news about events or accomplishments within your company or organization. This form of PR gives you full control over how your company looks to the public. Your public, is anyone who has an interest of one type or another in your business such as your employees, customers, suppliers, competition and the press. How you are percieved by the public has a huge impact on the future of your business.
When issuing a press release make sure that the information provided is of interest to the readers or viewers of that particular publication. The heading of the press release should grab the readers attention and prompt them to continue reading. Make sure you are targeting publications which would be interested in your information. You wont have much success submitting a press release about christmas ornaments to a publication which targets outdoor life.
Testimonials and case histories are useful when overcoming objections, building credibility, and demonstrating customer satisfaction with your company and products. Generally, testimonials do not make up the bulk of a press release. Although it helps to add in a positive quote from a satisfied customer, make sure the comment is in direct relation to the focus of your press release.
Good PR from satisfied customers can bring you a whopping customer base, yet at the same time one shred of negative PR from an unhappy customer can cause your business considerable damage. When in a one-on-one meeting your customer should do most of the talking. Your customers are worth listening to and their feedback is valuable information Take the time to listen to their questions and comments as it will help you to understand their needs and make sure they are satisfied with your service. If you are doing most of the talking, chances are, your customers are going to feel pressured or turned off and you run the risk of losing a sale as well as a customer.
Building a relationship with the public is an important aspect of promoting your business and building a solid customer base. Staying in touch with your customers will not only improve your customer relations, but will keep your name foremost in the minds of your customers and prospects and keep them coming back.
Simple Steps To Plan Your Business For Success
Planning your business is the critical starting point. You need to map out your business. Where do you plan on going with your business? What steps are you going to take to get there? How are you going to market your business. All of these questions should be answered in your business plan.
Some people are excellent at planning. Others are not. The problem is, we were never taught how to plan in school. So how do you begin planning? Its an acquired skill, it wont appear over night.
The first step to becoming a successful planner in learning your personality type. Once you learn who you are, you can learn to plan according to you personality type. Personality Plus: How to Understand your Personaltiy
by Florence Littauer, is an excellent book on learning about your personality type. It is easy to read and comes with a personality profile test.
Dont worry if you feel like youre not making any progress. Learning a new skill, especially planning, takes time to learn. Be patience and persistent. Start your in planning in baby steps.
Lets begin by learning to plan out sales calls.
First, how many sales appointments do you want or need for the month? Lets say, you need 10 appointments each month.
If the an appointment is about 2 hours long, you will need 20 hours total for the entire month. Take out your monthly calendar and mark of 20 hours.
Now lets take a step back. What did you do to get those appointments? You made phone calls. You need about 20 phone calls before you got those 10 appointments. How long were you on the phone, about 15 minutes. Now block off that time on your calendar.
Before you start making phone calls. Put a list of your contacts together. Have there name, address, phone number, even secretaries names if needed. To help you make those calls, write a sales script. Use the script as a reminder.
This is the beginning steps of planning your business. You can use this formula for almost every project.
Some people are excellent at planning. Others are not. The problem is, we were never taught how to plan in school. So how do you begin planning? Its an acquired skill, it wont appear over night.
The first step to becoming a successful planner in learning your personality type. Once you learn who you are, you can learn to plan according to you personality type. Personality Plus: How to Understand your Personaltiy
by Florence Littauer, is an excellent book on learning about your personality type. It is easy to read and comes with a personality profile test.
Dont worry if you feel like youre not making any progress. Learning a new skill, especially planning, takes time to learn. Be patience and persistent. Start your in planning in baby steps.
Lets begin by learning to plan out sales calls.
First, how many sales appointments do you want or need for the month? Lets say, you need 10 appointments each month.
If the an appointment is about 2 hours long, you will need 20 hours total for the entire month. Take out your monthly calendar and mark of 20 hours.
Now lets take a step back. What did you do to get those appointments? You made phone calls. You need about 20 phone calls before you got those 10 appointments. How long were you on the phone, about 15 minutes. Now block off that time on your calendar.
Before you start making phone calls. Put a list of your contacts together. Have there name, address, phone number, even secretaries names if needed. To help you make those calls, write a sales script. Use the script as a reminder.
This is the beginning steps of planning your business. You can use this formula for almost every project.
Doing Proper Due Diligence On A Potential Product
There really arent many rules where conducting business research is concerned. Patience and persistence are necessary to research every angle of a potential product.
Often, a little logic is all you need but there are others where you may have to make a few calls and conduct a little research online before reaching a conclusion on a new product.
A thorough investigation of the product is definitely advised before making a commitment. Without sound research, a faulty product can cause a nightmare that could literally devour your business in the process. Of course, it is likewise true that the right product can launch your company to an unprecedented level.
The library and Internet are good resources to use. It is usually easier to find information on good products with a solid reputation. Most companies are only too happy to brag about a great product.
Evaluation of a Product in 3 Steps
Rely on your experience. All great success stories begin with a person that has knowledge or a great interest in the product theyre selling. Is the product interesting to you?
Will you use it on a continuing basis? What is the life expectancy of the product? Do you know people that are familiar with the product?
Lets examine scrapbook supplies. Everyone is talking about them. Over the years, scrapbook stores and scrapbook courses have been growing in popularity. More and more magazines are listing articles on how to create a scrap- book and where to find materials. If you can think of several people who would purchase scrapbook supplies, its a safe bet you can proceed to the next step in the product research process.
Listen to your friends and family opinion of a product.
Request product brochures from your supplier and pass them onto your family and friends. Ask them to give you an honest opinion on the price, quality, or warranty of the product. Is this something they would use?
Its important that youre not asking your family and friends to buy from you. They must have a clear understand- ing of what youre requesting from them, so they can provide you with an honest answer. The key here is to find out what potential customers are looking for. And by developing a small questionnaire, you can aid your family and friends in properly evaluating a product.
The company making the product will know how well their item does in the market so work with them to find out all they know. It is impossible to believe that they would not conduct their own market research so do not be afraid to ask to see some of it, especially that from current owners.
Look for demographic data of the target audience so you know who exactly you are going to be selling to.
Once youve gathered the basic information on a product, you can then make an educated evaluation of its performance and value in the market. Of course, any good business profess- ional knows that there must be a need for your product in the marketplace for it to be profitable. Take your time to do the research and use all of the tools available.
Often, a little logic is all you need but there are others where you may have to make a few calls and conduct a little research online before reaching a conclusion on a new product.
A thorough investigation of the product is definitely advised before making a commitment. Without sound research, a faulty product can cause a nightmare that could literally devour your business in the process. Of course, it is likewise true that the right product can launch your company to an unprecedented level.
The library and Internet are good resources to use. It is usually easier to find information on good products with a solid reputation. Most companies are only too happy to brag about a great product.
Evaluation of a Product in 3 Steps
Rely on your experience. All great success stories begin with a person that has knowledge or a great interest in the product theyre selling. Is the product interesting to you?
Will you use it on a continuing basis? What is the life expectancy of the product? Do you know people that are familiar with the product?
Lets examine scrapbook supplies. Everyone is talking about them. Over the years, scrapbook stores and scrapbook courses have been growing in popularity. More and more magazines are listing articles on how to create a scrap- book and where to find materials. If you can think of several people who would purchase scrapbook supplies, its a safe bet you can proceed to the next step in the product research process.
Listen to your friends and family opinion of a product.
Request product brochures from your supplier and pass them onto your family and friends. Ask them to give you an honest opinion on the price, quality, or warranty of the product. Is this something they would use?
Its important that youre not asking your family and friends to buy from you. They must have a clear understand- ing of what youre requesting from them, so they can provide you with an honest answer. The key here is to find out what potential customers are looking for. And by developing a small questionnaire, you can aid your family and friends in properly evaluating a product.
The company making the product will know how well their item does in the market so work with them to find out all they know. It is impossible to believe that they would not conduct their own market research so do not be afraid to ask to see some of it, especially that from current owners.
Look for demographic data of the target audience so you know who exactly you are going to be selling to.
Once youve gathered the basic information on a product, you can then make an educated evaluation of its performance and value in the market. Of course, any good business profess- ional knows that there must be a need for your product in the marketplace for it to be profitable. Take your time to do the research and use all of the tools available.
How To Effectively Organize Your Office Space
While many offices are trying to go paperless, the fact remains that some paperwork is necessary.
Many business transactions require the proper paperwork and the IRS is just one organization that may require hard copies rather than electronic copies. If you have a small office you may find yourself running out of space to put all your paperwork. Organizing and properly filing your papers is essential should you ever need to find anything specific.
When faced with the dilemma of what to toss out and what to keep, business owners panic and keep it all. Years pass, until one day the storage room has overflowed. Documents are now lost in the massive piles around the office.
Management has the dilemma of organizing paperwork to prevent low productivity and direct failure of the business.
Barbara Hemphill, an expert on office efficiency, says that most small businesses dont deal with their papers until its too late. If there is one important piece of paper you need to find amongst hundreds if not thousands of other papers it could take you days to locate its whereabouts.
Management needs to take steps now to prevent this type of situation from happening.
Step One Towards Office Organization
Start by declaring an office cleanup day. All employees should pitch in and help organize any and all paperwork in the office. If at all possible schedule this on a day that youre normally closed to avoid any distractions. Paying your staff overtime for one day will be well worth it once you see the results.
It is possible to organize the office by yourself and even some true blue entrepreneurs have been known to set aside a day for the task.
The paperwork atop your desk needs to be first priority.
Organize by subject and then date. After sorting is out of the way, it is time to put everything in its proper place.
If file folders do not exist for some of the paperwork, then create some so there is a place for them.
Next, locate income statements, expense receipts, and sort them accordingly. Your accounting should be a priority.
Record transactions into an accounting system or ledger until youre current. If youre like me, you could spend the majority of your day just entering transactions.
Instead, end at a time that you can easily pickup from.
Once youve organized paperwork into file folders, youll need to assemble boxes or purchase crates to keep documents in. Your filing system will depend on the type of business you operate. Some businesses organize their files by the clients name, while others use job numbers. No matter what type of business you operate, you will always file your accounts receivable and accounts payable the same. All that matters is that you have a system to your filing.
Organizing your Computer Documents
Fire or water can wreak havoc on a business if either of these two hazards reach critical documents. Businesses have coped with these dangers by investing in scanners so that they can digitize their physical documents.
It is simple to file and access information stored on a cd, floppy, or even an external hard drive for the true techies. Whatever you choose to utilize, make sure to keep the storage devices in a fireproof safe or even off site if that is a viable option.
Online automated backup services are also available. For a small fee, you can backup computer documents to an offsite system. This is excellent for financial records. No financial business should be without a backup system.
Many business transactions require the proper paperwork and the IRS is just one organization that may require hard copies rather than electronic copies. If you have a small office you may find yourself running out of space to put all your paperwork. Organizing and properly filing your papers is essential should you ever need to find anything specific.
When faced with the dilemma of what to toss out and what to keep, business owners panic and keep it all. Years pass, until one day the storage room has overflowed. Documents are now lost in the massive piles around the office.
Management has the dilemma of organizing paperwork to prevent low productivity and direct failure of the business.
Barbara Hemphill, an expert on office efficiency, says that most small businesses dont deal with their papers until its too late. If there is one important piece of paper you need to find amongst hundreds if not thousands of other papers it could take you days to locate its whereabouts.
Management needs to take steps now to prevent this type of situation from happening.
Step One Towards Office Organization
Start by declaring an office cleanup day. All employees should pitch in and help organize any and all paperwork in the office. If at all possible schedule this on a day that youre normally closed to avoid any distractions. Paying your staff overtime for one day will be well worth it once you see the results.
It is possible to organize the office by yourself and even some true blue entrepreneurs have been known to set aside a day for the task.
The paperwork atop your desk needs to be first priority.
Organize by subject and then date. After sorting is out of the way, it is time to put everything in its proper place.
If file folders do not exist for some of the paperwork, then create some so there is a place for them.
Next, locate income statements, expense receipts, and sort them accordingly. Your accounting should be a priority.
Record transactions into an accounting system or ledger until youre current. If youre like me, you could spend the majority of your day just entering transactions.
Instead, end at a time that you can easily pickup from.
Once youve organized paperwork into file folders, youll need to assemble boxes or purchase crates to keep documents in. Your filing system will depend on the type of business you operate. Some businesses organize their files by the clients name, while others use job numbers. No matter what type of business you operate, you will always file your accounts receivable and accounts payable the same. All that matters is that you have a system to your filing.
Organizing your Computer Documents
Fire or water can wreak havoc on a business if either of these two hazards reach critical documents. Businesses have coped with these dangers by investing in scanners so that they can digitize their physical documents.
It is simple to file and access information stored on a cd, floppy, or even an external hard drive for the true techies. Whatever you choose to utilize, make sure to keep the storage devices in a fireproof safe or even off site if that is a viable option.
Online automated backup services are also available. For a small fee, you can backup computer documents to an offsite system. This is excellent for financial records. No financial business should be without a backup system.
Record Your Assets
Assets constitute of two major components - cash and physical assets. While asset management is a fairly easy task, most of us - especially those who own small businesses
- do not pay much heed to this essential task. The necessity of good practice dawns on us only when the tax season is round the corner.
The main thing you need to remember when dealing with your cash accounts and assets is that good book keeping and accounting practices will save you time and money in the long run. You need to keep exact track of income and spending, no matter how small or insignificant the dollar value may be. A few cents here and there can add up to hundreds of dollars in no time.
Following of a good accounting practice and asset management is extremely important, especially when you are required to submit tax to the government. There are numerous cases where small issues that appear insignificant come under the eye of scrutiny and can haunt you for years with the IRS on your back.
Exact and detailed accounting books will also help you should you need to apply for a loan or a small business grant. They will need to know all of your assets and if you have all the proper documentation, and books with accurate records, you will be able to easily prove you are a reliable member of the business community.
As for physical assets some small businesses may not realize just how many assets they actually have. Anything that holds some sort of monetary value, or can be sold, is considered an asset. For example, you probably know that any computer equipment is an asset. However, many people overlook the chair theyre sitting in, and desk their computer is on, as an asset as well. You should be looking around to see how many more assets you have than you had originally thought.
Managing and properly reporting your physical assets needs to take several things into account. One of these is depreciation. When we talk about cars, the concept of depreciation becomes very clear. When you buy a car brand new at $15,000 you cant expect to sell it five years later for the exact same price. As soon as car is driven off the lot it deprecates in value. Mileage, wear and tear, and any accidents also play a role in the depreciation of the car.
The same goes for almost anything else you may be considering an asset. Property is an exception to this rule and in many areas goes up in value.
Office equipment and most other equipment purchased for a small business does follow the deprecation rule and must be taken into account when you are recording your assets. You may be feeling confused and overwhelmed at this point, but asset management can be fairly easy, given the proper tools.
The mature business market offers numerous software programs that can assist you with your asset management and book keeping. While most of these are heavily documented and are very user friendly, some assistance from a software expert can get you customized solutions too. However, when choosing to seek external assistance for your asset management and accounting, then the right choice would be a qualified CPA.
The main point to remember that asset management in small businesses is just as important as it is in large ones. Be sure to take this into consideration and document everything. You may end up paying a high price if you dont.
- do not pay much heed to this essential task. The necessity of good practice dawns on us only when the tax season is round the corner.
The main thing you need to remember when dealing with your cash accounts and assets is that good book keeping and accounting practices will save you time and money in the long run. You need to keep exact track of income and spending, no matter how small or insignificant the dollar value may be. A few cents here and there can add up to hundreds of dollars in no time.
Following of a good accounting practice and asset management is extremely important, especially when you are required to submit tax to the government. There are numerous cases where small issues that appear insignificant come under the eye of scrutiny and can haunt you for years with the IRS on your back.
Exact and detailed accounting books will also help you should you need to apply for a loan or a small business grant. They will need to know all of your assets and if you have all the proper documentation, and books with accurate records, you will be able to easily prove you are a reliable member of the business community.
As for physical assets some small businesses may not realize just how many assets they actually have. Anything that holds some sort of monetary value, or can be sold, is considered an asset. For example, you probably know that any computer equipment is an asset. However, many people overlook the chair theyre sitting in, and desk their computer is on, as an asset as well. You should be looking around to see how many more assets you have than you had originally thought.
Managing and properly reporting your physical assets needs to take several things into account. One of these is depreciation. When we talk about cars, the concept of depreciation becomes very clear. When you buy a car brand new at $15,000 you cant expect to sell it five years later for the exact same price. As soon as car is driven off the lot it deprecates in value. Mileage, wear and tear, and any accidents also play a role in the depreciation of the car.
The same goes for almost anything else you may be considering an asset. Property is an exception to this rule and in many areas goes up in value.
Office equipment and most other equipment purchased for a small business does follow the deprecation rule and must be taken into account when you are recording your assets. You may be feeling confused and overwhelmed at this point, but asset management can be fairly easy, given the proper tools.
The mature business market offers numerous software programs that can assist you with your asset management and book keeping. While most of these are heavily documented and are very user friendly, some assistance from a software expert can get you customized solutions too. However, when choosing to seek external assistance for your asset management and accounting, then the right choice would be a qualified CPA.
The main point to remember that asset management in small businesses is just as important as it is in large ones. Be sure to take this into consideration and document everything. You may end up paying a high price if you dont.
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