Category Archives: Business

Place of Entrepreneurship Competence in Business Success and National Development

The pivotal position occupied by entrepreneurship as a sustainable tool for rapid economic growth and development of a country cannot be over emphasized. This is evident in several available literatures written by scholars on the subject matter but a closer examination of these literatures show tilted emphasis and concentrations on some common areas relating to entrepreneurship.

Increasing competitions, rapid and constant changes in internal and external environment of business activities, and the significant influence of Small and Medium Scale Enterprises (SMEs) on the economy generally have resulted in a growing interest in studying the role of factors stimulating successful entrepreneurship, business success and national development.

Though, entrepreneurship, have played and can play more of these positive roles, is not an easy vocation as it does not always guarantee a hundred per cent triumph. There are several critical areas of knowledge and factors that must be acquired and put in place to enable entrepreneurs achieve a measure of business success and consequently contributing to national development.

Several researches have been conducted in areas of entrepreneurship competency, entrepreneurship success and national development.

Most literatures relating to entrepreneurship and entrepreneurship success tend to unquestionably argue that most entrepreneurial fiascos are essentially due to inadequate financial resources (e.g. Adeyemo and Onikoyi, 2012). Such research outcomes have no doubt influenced government policy direction in many developed and developing countries of the world through the creation of financial agencies and provision of financial resources to business units for the sole purpose of boosting and sustaining entrepreneurial development for rapid national development.

The above, policy strategy unfortunately has led to the continuous negligence on the part of the government, scholars and business operators in these countries to considering other vital factors like entrepreneurial competency which equally contributes to successful entrepreneurship, business success and national development.

The current literatures on the subject do not provide sufficient explanations to the role general and/or specific competences play in successful entrepreneurship, business success and national development. This has thus, made the relationship between entrepreneurial competence and entrepreneurship success to be important topic within organizational literatures. The above fact is evident in several available studies done by scholars on the subject matter (e.g Crook, Todd, Combs, Woehr, and Ketchen, 2011; Mitchelmore and Rowley, 2010; Inyang and Enuoh, 2009; Laguna, Wiechetek, and Talik, 2013 e.t.c).

Many of these studies identified entrepreneurship competences like communication competence, financial competence, marketing competence, business ethics competence, social responsibility competence, decision-making competence and leadership competence as catalysts to entrepreneurship success and national development. We shall be duelling on our discussion more on these entrepreneurial competences to see how they individually contribute to successful entrepreneurship, business success and national development.

As said earlier at the beginning, entrepreneurship and entrepreneurship success play strategic roles in economic growth, economic transformation and development of the society. These roles are noticeable in the numbers of jobs created, the level of wealth generated and the rate of indigenous entrepreneurship promoted in several countries around the world.

There is no doubt that government of the world have put great efforts in promoting entrepreneurship development, business success and economic development through provision of financial resources directly or otherwise through various agencies and under different terms and conditions, this fact prompt one to ask a question of high concern.

Why are there still high rate of business failure around the world? Without much thinking, the failures are due mainly to entrepreneurial incompetency of those concerned with making the daily business decisions of these businesses. Many business failures can be said to be and are largely attributed to lack of entrepreneurial competence.

Most of the businesses failed unknowingly even before there are started because of lack of one of the required competence; project evaluation and management. This does not therefore; make it surprising while entrepreneurship competence has often been identified as the missing link for successful entrepreneurship, business failure and consequently crawling national development and in some instances stalled economy. What then is entrepreneurship competence?

Before we proceed to defining and explaining entrepreneurship competence and understand the contextual meaning in which it is employed in this writing with simplicity, it will be very imperative to first and foremost comprehend what entrepreneurship is.

Entrepreneurship may be defined as the process through which something new and valuable is created through the dedication and effort of someone who takes on financial, psychological, and social risks and seeks personal satisfaction and monetary rewards (Hisrich & Peters 1986).

European Commission, (2006) defined Entrepreneurship as a dynamic and social process where individuals, alone or in collaboration, identify opportunities for innovation and act upon these by transforming ideas into practical and targeted activities, whether in a social, cultural or economic context.

Critical assessment of the above two definitions summarized the concept of entrepreneurship by stressing creation processes and performance of targeted activities. Entrepreneurship as defined above is not necessarily limited to the roles and characters of entrepreneurship involving creativity, innovation and risk taking, and most importantly, the ability to plan, manage projects and to turn ideas into action in order to achieve set objectives for successful entrepreneurship. But, it requires tact, art and competency to achieve winning edge success.

Entrepreneurship success is a multidimensional phenomenon. It includes multiple criteria of financial characters like profit maximization, revenue maximization, dividend maximization as in the case of shareholders etc., and non-financial characters for example larger share of market, customer satisfaction, perpetual enterprise existence etc. To achieve success in any of the following sections, one must be competent in his/her chosen area of enterprise.

Entrepreneur competence can therefore be defined as the cluster of related knowledge, attitudes, and skills which an entrepreneur must acquire or possess to achieve an outstanding performance and optimize the business objective(s) amidst several constraints. Every job/role has a skill and competency requirement. Every career like entrepreneurship draws on the competence of an individual. For every entrepreneurial undertaking one needs certain competencies. Entrepreneurship competence is simply the skill which an individual needs to do an allotted entrepreneurial job successfully.

Entrepreneurship competence constitutes a cluster of related knowledge, attitudes, and skills, which an individual acquires and uses together, to produce outstanding performance in any given area of entrepreneurial responsibility. Some of these competences may be general and some peculiar to the chosen areas of enterprise. We may describe competences to mean abilities and skills, for a teacher or a performing artist, for example, it is the skill to communicate that plays a decisive role in their effectiveness besides, of course, their knowledge. For a craftsman or an artist, it is the creativity and skill in the chosen craft.

In like manner, entrepreneurial competences are critical success factors required for successful entrepreneurship, business success and of course national development. The subject thus, deserves solemn attention in entrepreneurial discourse and not to be neglected. There is no substitute for entrepreneurship competence for successful entrepreneurship, not even abundant financial resources can. There is no doubt as explained, entrepreneurial competence play important role in any successful entrepreneurial activities.

Cost Benefits Through Assessment in Technology of Business Organizations

Over the period of 10 years, a leading healthcare solution provider had been through merger and acquisition cycles integrating the offerings of the companies acquired into their line of business. Although, this garnered their business value offerings to the customers and broadened their market reach, it internally led to a disparate array of backend data sources ranging across: MS-Access, Oracle, SQL Server, etc. Similarly for the front end reporting needs, client uses multiple tools i.e. Power Builder, MS – Assess, Cognos and SAS.

Business Need

The key business challenges were:

• The current Data warehouse solution needs to be evaluated and re-architected, considering past and future business requirements.

• Currently, there are several resources that are focused in generating reports for various customers of client. Due to the current data warehouse design, disparate data sources and other unknown technical dependencies, time taken by these analysts is significant to generate the reports, thereby increasing the cost of conducting business.

• The usage of current BI/ DWH tools need to be evaluated and if required to be consolidated. The objective is to utilize those tools that are more pertinent to the business need, thereby reducing maintenance costs.

• Help to identify and automate overall ETL, OLAP and reporting process is a key element as this will help reduce manual dependencies, cause less human error and will be a good scalable option for similar or repetitive reporting needs from customers.

• Other challenge of providing timely delivery of reports to customers, due to complex internal environment set-up and dependencies on internal and external data feeds can be eliminated or minimized.

Solution

A Business Needs assessment includes an analysis of the underlying business drivers and objectives and overall context of business need that has been established for the client’s Data Warehouse. When business needs have been defined, the assessment process examines the approach to capturing business requirements, their completeness, the priorities of the requirements, and alignment of the data warehouse release strategy and deliverables to the needs.

The team conducted a high level assessment as follows:

• Interview with various Stakeholder i.e. Leadership team, Business subject matter experts, Technical subject matter experts, Infrastructure and IT, Business end users.

• Assessment of current technical architecture.

• Assessment of organizational and infrastructure readiness to support value transparency initiatives including key gaps.

• Assessment of cost/value improvement opportunities.

• Recommendation of high-level architecture and strategy to support defined information needs.

• Specific recommendations for short and long term improvements.

• Cost benefits analysis and ROI.

Organizational Assessment

An Organizational Assessment includes an examination of the existing organizational structure and identification of the roles and responsibilities of both IT and the business community that need to be addressed. Organizational readiness for warehousing is examined, including readiness to assume responsibility for ongoing technical and business support, business requirements definition, and front end applications enhancement.

Business Needs Assessment

A Business Needs Assessment includes an analysis of the underlying business drivers and objectives and overall context of business need that has been established for the data warehouse. When business needs have been defined, the assessment process examines the approach to capturing business requirements, their completeness and organization, the priorities of the requirements, and alignment of the data warehouse release strategy and deliverables to the needs.

Information Architecture Assessment

Information Architecture Assessment includes an analysis of logical data structures, their feasibility, completeness, documentation, and fit to business requirements. Information architecture assessment also includes analysis of data sourcing and transformation, the methods and assumptions applied, and validation of mappings to business requirements.

Technical Architecture Assessment

A Technical Architecture Assessment looks at current hardware, software and network infrastructure, and examines physical database designs. Technical architecture assessment seeks to identify any technical risks or constraints with regard to performance, maintenance, scalability, data distribution, disaster recovery, and sizing.

Architecture Approach

A high level technical approach that has been suggested is using SAS 9.2 to automate ETL, OLAP, Reporting, Dashboard and Data mining for client.

Benefits

Deploying SAS Business Intelligence will enable the client to put reporting tools directly into the hands of its end users, ensuring consistent access to information for better decision making. Key benefits from the solution include:

• Reduced daily presentation time – Presentations for the monthly executive meeting are automatically generated, eliminating the technician time so they can spend more time on higher-level tasks.

• Reduced report creation time – Business users can access the reports they need and make changes and updates as needed, reducing the amount of time spent developing reports and requesting data.

• Automation of processes – Proposed ETL and Reporting automation using SAS Data integrator and Reporting studio

• Enhanced visibility – Because standard reports are updated monthly in a dashboard, they can quickly identify trends or problems.

• Improved data accuracy – Because users can access the data directly and automatically update key reports, they can ensure they always have access to the most up-to-date and accurate data.

• Optimized human resources – Because users can develop and customize their own reports, client has been able to significantly grow its reporting capabilities without adding reporting programmers: since the deployment more new reports have been created without IT intervention.

Fulcrum is a Products, Consulting and IT Services company based in Reading, UK. Fulcrum has delivery centres in UK, USA, Brazil & APAC. Fulcrum has emerged as a trusted partner in UK HE Sector and has been working as a Strategic long term partner for business critical projects. Fulcrum’s focus is to solve business problems and bring innovative as well as creative solutions that could streamline operational challenges and increase efficiency. Today, Fulcrum is driving transformation and collaborating with global clients to help them become high-performance businesses.

6 Steps to Selling a Profitable Business

70 percent of all businesses listed for sale never see an exchange of hands. That means out of 10, only about three sell.

This can be a depressing statistic if you are thinking about selling your business. But crossing the bridge from those that fail to those that successfully make the sale, is not a matter of chance.

It is a result of careful thought and thorough preparation.

There are specific steps to selling a business that you should take, and how well you do at each stage determines the likelihood of making that sale.

Here are 7 steps to selling a business that you should take.

1. Preparation

When it comes to selling a business, the preparation starts even two years before the actual listing. You have to make sure all your records are in place and are actually attractive. This means dealing with any damaging tax and legal issues, settling all debts that may make your business look bad and all your books are in a healthy condition.

2. Fine Tune Your Business System

Before listing your business, make sure your business machine is well oiled and in the best working condition. Make sure all employees are in place and are the right fit. Ensure that all paths to your suppliers and buyers are well defined, and potential buyers can clearly see how the business runs.

3. Find a Business Broker

You can self-sell your business, or you can hire a professional, but, even in view of commissions, you are better off hiring one. Selling a business involves a lot of twists and bends which are best handled by someone qualified and experienced. You also risk injuring the value of your business should you take time off and focus on the sale.

4. Perform a Professional Valuation

Of course, you are selling your business, and that involves pricing. But, how are you going to set the price if you don’t know the value? One of the most important steps to selling a business is to hire a professional to determine the value of your business. There are different methods of business valuation and the right fit depends on the nature of your business and the expertise of your valuator.

5. Get Pre-Qualification for Financing

While this may fall under the buyer’s responsibilities, ensuring your business is healthy enough to be considered for funding by the banks is a huge plus, and it makes your business more attractive to potential buyers.

6. Organize Your Contacts and Information

Selling a business involves moving about, contacting this and that person, and gathering all sorts of bits of information. For a less chaotic time selling, make sure all your contacts are well organized, and all information is correctly filed for easy access. The less chaotic the process is, the clearer you think and the better your decisions.

5 Stage Process to Maximize Business Profits

Every business works with the aim of earning profits and this can be achieved by taking the right business decisions. Business leaders take innumerable decisions that influence the work in various ways. However, the ultimate goal is to make the decisions effective enough in order to carve the path of profit for the organizations. Hence, successful implementation of plans is the foremost need of every business and Business Intelligence proves helpful in this context. Let’s get an insight to Business Intelligence and its components:

Business Intelligence:

Business Intelligence plays a primary role while implementing strategies and the right planning procedures. BI technology assists its users in gathering, storing, accessing, and analyzing the data. The set of applications covered under Business Intelligence allows the companies in effective implementation of Decision Support System, applying Online Analytical Processing (OLAP) concepts, Statistical Analysis, Forecasting, and Data Mining.

Business Intelligence serves in sending the information to the right decision makers at the right time. BI is preferred by lot of users, as it leads them in reaching the facts based on conclusion or more commonly known as ‘single version of the truth’. This gives the best end product and leads an organization to convert the raw data into useful information; thus, bringing profits.

Characteristics of a Business Intelligence Solution:

  • It is a single point of access to information
  • It gives well-timed answers to business questions
  • It allows effective implementation of BI tools, applications, and systems in all departments of an organization

Stages of a Business Intelligence Process:

Business Intelligence process gathers raw data and converts it into useful information; and further transforms it into knowledge that must be used with intelligence. The BI process is based on five major stages mentioned below:

Data Sourcing: This stage works on gathering the data from different sources including, E-Mail messages, images, formatted tables, reports, sounds and other relevant sources. The major role of Data Sourcing is to gather the data in digital form; therefore, the sources for collecting data are computer files, digital cameras, scanners etc.

Data Analysis: The next stage is to arrange the data collected from Data Sourcing and estimating the data depending upon the current and future trends. Also known as Data Mining, this stage also predicts the information that will be needed in future.

Situation Awareness: This stage of the Business Intelligence process helps in filtering the relevant data and using it in relevance to the business environment. The users compile the data by keenly observing the market forces or Govt. policies, so that it becomes easier to take decisions. Combinations of different Algorithms are used to aptly identify the Situation Awareness.

Risk Assessment: Taking risks is part of every business; but, if one can take precautions, it turns extremely helpful. Risk Assessment stage helps in identifying the current and future risks, including cost benefits; choosing the best options; and comparison between two decisions to identify which one will turn beneficial. It summarizes the best choice amongst varied options.

Decision Support: This last stage in BI process aids in utilizing the information with intelligence. The aim of this stage is to warn the users about various crucial events like poor performance by staff, takeovers, changing trends in market, sales fluctuations and much more. It aids in taking better business decisions for improvising staff morale and customer satisfaction.

Significance of Business Intelligence:

Business Intelligence plays a significant role in the working of organizations and helps them to continue with progression. Following is the significance of Business Intelligence:

  • BI helps in studying the changing demands; therefore, a company can have accurate and updated information about customer preferences
  • It aids the Managers to remain informed about competitors’ behavior and their actions
  • It assists the analysts in knowing the adjustments that need to be done for maximizing profits
  • It helps organizations to make future plans based upon relevant data organized to give better results.

Business Intelligence Users:

  • IT Users: These users make use of BI tools for development purposes, including Data Integration, Data Modeling, Report Generation, Presentation, and Final Delivery. IT users also use it for supporting the individuals in the organization and provide reports to the outside customers.
  • Power Users: These types of users include ‘Professional Analysts’ who have been using the BI tools. These users study the pre-defined reports and provide support in taking the right decisions, but they are not obligated to take decisions.
  • Business Users: They review the analysis report presented by the Power Users. These users can apply their own queries on the data, and create reports based on those queries.
  • Casual Users: These users have the privilege of making changes in report information and may enter the data that can help to perform further high-level research.
  • Extra-Enterprise Users: These users are usually not a part of an organization and are external sources that help the companies in taking more tactical decisions. These may include External Partners, Customers, Business Analysts, Suppliers etc.

Hence, Business Intelligence solutions assist the organizations to take effective decisions and get a deeper insight of business data in order to meet the specified goals. By using all the tools, applications, and systems, organizations can speed up the delivery of product by achieving the targets.

Having a Home Based Business

Owning a home-based business can be a fun and exciting experience. It can also be a difficult and challenging type of business to find success in. It can be very lucrative or it can be very stressful in addition to a complete loss of money!

In this review we will look at the advantages and disadvantages of owning and operating a business like this as well as if it is a good idea to do or not. If you are interested in making a substantial amount of income working for yourself, it could be a terrific idea. However, if you are interested in making a steady paycheck working under someone else to make their dream come true, you may want to stay away from owning and building a Home-Based Business.

The Advantages

There are tons of advantages to starting, owning, and building your own business from home. Advantages include job security, financial freedom, being your own boss, less risk, more opportunities and much more!

    1. Job Security: The problem with a traditional job is there isn’t any job security. At any second, that job could end. Even if you work for a multi-million dollar company, there is always that chance that somebody in the corporate office could make a mistake leading to the loss of your job and many others or the entire business crumbling. They may have to lay you off due to loss of profits. Or, in some cases, your job could be entirely replaced by machines. If you start, own, and build your own home-business, you have absolute job security. In order to succeed with your business, you must have the education and understanding of how the business works in order for it to grow. Therefore, is something happens and your business crashes, you can simply open another one in the same 24 hours.
    1. Financial Freedom: Passive or residual incomes are types of income streams you will be able to create from owning your own home-business. Passive incomes, meaning you don’t have to work eight hours, five days a week, in order to earn a paycheck. Residual incomes, meaning you do the work once and correctly and you could be earning paycheck after paycheck even 5 years down the road. By achieving these two types of income streams you are able to then spend more time with your friends and family or go on vacation whenever you choose.
    1. Being Your Own Boss: If you own your own home-based business, nobody is going to tell you when you need to work; there is no type of deadline on a certain assignment. You’re not going to fire yourself due to not accomplishing a certain task. You set the hours, you set the deadlines, you set the workload, and the best part is there is absolutely no penalty for not completing these things.
    1. Less Risk: This mainly relates to a comparison level of owning a traditional business to a home-business. Generally speaking, a traditional business requires a large start-up cost while a home-business requires a much smaller one. However, all businesses have a start-up cost. A home-based business has much less risk because you’re not using that much money to get the business started and as mentioned before, if your business crumbles it will be much easier to start another one and try again.
  1. More Opportunities: When owning a home-based business, the sky’s the limit. You are the only deciding factor of your growth. If you decide you only want to work for two hours, two times a week, you probably won’t experience much growth. However, if you treat it like the legitimate business and income opportunity that it is, you will be able to experience significant growth and promotion. You could go from making an annual income of $36,000 a year to $76,000 the next year. If you stay on the same path of growth and stay consistent, depending on your business, you could experience a $150,000 annual income the next year.

Keep in mind, there are plenty more advantages to owning and operating your own home-based business but these are five that I found to be the most important rewards or benefits to in relation to making money for yourself.

The Disadvantages

    1. More Stress: You solely determine the success or failure of your business. You handle everything from top to bottom. When there is a problem, you are the one who has to fix that problem. However, when there is a success, you are the one who reaps the rewards. Hypothetically, if there are 12 problems in which occur in one year, you have to fix them all. Therefore, you have to accept all the headaches and stress of your own failures or problems in addition to accepting the headaches that come with scourging to find a solution.
    1. More Challenges and Difficulties: As mentioned before, generally when you are an employee of a traditional business you have an entire team to work with you and help out during almost any circumstance. However, when you own your own home-based business, you are the only employee. You are your OWN employee in addition to being your own BOSS. You have nobody else to blame but yourself for failures or not accomplishing a goal or deadline that you set for yourself. Get used to frustration. Frustration is sometimes needed in order to achieve personal growth.
    1. Working Alone: Sometimes a traditional job with a company is great because when a huge problem occurs, you have the ability to work with a team to find a solution and fix the problem. However, when owning your own home-based business, it’s you and you only! You must take the time out and accept all the headaches of finding a solution, which can be extremely difficult at times.
    1. Distractions: When owning a home-based business you could easily be generating $7,000 a month of pure profit. Even with that type of income, you will be working at home! Therefore, friends and family tend to think you do absolutely nothing! As silly as it may seem, it happens! So don’t be surprised if your friends or family stop by unexpectedly to “hang out”. They don’t see the work you do, so in their mind, they think you don’t work. It’s important to remind your friends or family that when it’s time for work, It Is Time For WORK!
  1. Procrastination: As mentioned before, nobody is going to tell you that you need to complete a certain assignment at a specific time. You are your own boss. You have to be self-disciplined and self-motivated to get things done! Generally, with a home-based business that’s the most important part. Education and information is, of course, very important. However, finalizing the work day in and day in is the absolute most important aspect of a home-based business. You have to wake up each and every morning ready to go with no delays!

To Conclude

Owning, starting, and building a business like this can be a very exciting and lucrative thing to do. However, it can come with many difficulties and challenges. You have to have the education and information in addition to being self-disciplined and self-motivated.

There are plenty of advantages but there are also plenty of disadvantages, it is up to you to decide if the advantages out-weigh the disadvantages. Owning a home-based business and being an entrepreneur from home can be one of the most difficult but rewarding things to do, but your success is solely up to you!

Connect with Dustin Hale on Tumblr for a Free Review over a different Network Marketing company or traditional company.

Also, be sure to learn about an opportunity that delivers real results, and fast! Starting out at $1,500 per week!

I am going to work with you one-on-one to achieve this goal and teach you how to grow your business even bigger to surpass $1,500 a week to any digit you desire!

5 Keys to Success in Living a Business

The Home Business industry is a multi-billion dollar industry, but unfortunately the vast majority of people (more than 95%) never achieve any level of success with it.

Why?

Because they don’t know the 6 keys to home business success, and they give up before they see results.

So many people get started in this industry with the vision of creating massive residual income by telling 5, who tell 5 who tell 5 and they all live happily ever after. Unfortunately, they tell 5, who tell them where to go, and for most people that’s enough rejection to make them throw in the towel and give up all together.

Very few people have the fortitude to hear no as next and keep persisting.

And even the few who do persist still won’t see the kind of results they want because the system they’ve plugged into is missing one or more of the 6 keys to home business success.

What Are The 6 Keys To Home Business Success?
I haven’t been in this industry for decades like many of my mentors have, although I’ve seen enough in a few short years to know what works well and what doesn’t.

My first exposure to the home business industry was at a seminar. A speaker at the front of the room was pitching his program on how to get grants and loans from the government. The program sounded great, but near the end he said “who here would like to learn how I really broke free from my job as a garbage man and became financially free?”

Of course most of the hands in the room shot up, and he proceeded to go into his home business presentation. After more than 30 minutes of hearing about how these revolutionary products would replace most of the everyday cleaning and self care products in your home a few people in the audience finally started muttering “oh, it’s ______”. I won’t mention the name of the company here, but suffice it to say it’s a very well known company in the network marketing industry.

He made an irresistible offer waiving the sign up fees and allowing anyone interested to get started for just $1. He even promised to work with anyone who was serious and to help build our teams for us. Seemed like a great opportunity so my wife and I signed up and bought our starter products. After a few months of paying nearly $100/mo to keep our distributor status and earning a big $2 cheque we bailed.

Now in fairness, we didn’t work on building the business either. What I do know is that the 2 people who’ve done very well in that business speak from the stage, and seem to build their business from the hundreds of people in the audience, not from doing milk and cookie parties like they encourage their team to do.

My next venture into the home business industry was even more eye opening. This was a program with a high ticket core product. It was a vacation travel package that cost over $3,000. The allure was that with just 12 people in your organization you’d earn 4 times that amount!

What should have been a clue though is we were trained to tell people that we invited to see the presentation that “I can’t tell you what it is, you just have to come and see.” if they asked what it was about. What’s interesting is that I saw people make thousands in that company in as little as a couple of weeks. They had people making 6 figures in their first year, but despite my best efforts, I still barely broke even on my initial investment.

Today, I’ve sworn off of doing business the old way, and that’s why I’m excited to share the 6 keys to home business success with you today, to hopefully save you some of the headaches and challenges I faced in the past.

Key #1 To Home Business Success
1) You need a product to sell that pays high commissions.

The first key to success in the home business industry is to find a product that pays high commissions. For the most part, the commissions paid out in the home business industry just aren’t high enough for someone to make a full time income from unless they’re able to recruit a small country into their downline. In fact, a few of my mentors had teams of 5,000-10,000 and were still only making a few thousand dollars a month, all while getting stuck on 3 way calls from dawn to the early morning every day.

Finding a product that pays 30-70% commissions will make a world of difference to your success in the home business industry. Better yet, is that the commissions will be paid out quickly, not weeks or months down the road. People want to see success early or they’ll end up quitting before they truly get started.

Key #2 To Home Business Success
2) Your product needs to be affordable to the masses.

The core product needs to be affordable to the masses. You will have far more success offering your products to people if they’re what my mentor calls “under the radar money”. This is a purchase that’s under about $200 that someone can make without causing a major fight over spending with their spouse. One of the big objections people get in the home business industry is “I have to speak to my wife/husband” which is really just an excuse. If your core product is only $25 to say $197 most people will be able to make that purchase themselves and not have to run it by their significant other.

Once someone makes that initial buying decision then your goal is to upgrade them to the highest level of products that makes sense to them. Notice I said makes sense to them. Your goal is not to sell the most products regardless of their circumstances. Your goal is to help them achieve their goals, and set them up with the level of products that will best help them achieve that.

Key #3 To Home Business Success
3) People need to be able to become profitable in 30 days or less.

One of the major reasons people fail in the home business industry is because they don’t see any wins in their first few weeks. To ensure longevity your home business system must enable people who plug in and apply the system to become profitable in 30 days or less. If people are able to become profitable quickly, they’ll become loyal customers for life. If not, they’ll quit and hop around from opportunity to opportunity looking for something that is.

Of course, not everyone will become profitable, because not everyone will even take the first step. It’s strange. People will sound all fired up and motivated, and then fall off the face of the planet and never even take the first step towards building a successful home business. It’s just human nature, and there’s nothing you can do about. Focus on helping the people who are in action.

Key #4 To Home Business Success
4) Your offering needs to include upsells and higher ticket items to enable someone to make the most amount of money in the least amount of time.

Having an affordable core product is great to enable people to get started, but earning $5 or $10 or even $50 isn’t life changing income. In order to create a truly successful home business you need to be able to earn higher ticket commissions.

Having the ability to sell $500, $1000, and even $3000 products is how you generate full time income with minimal effort. Making one or two sales of these types of products is how you go from making lunch money to making full time income doing part time work.

Key #5 To Home Business Success
5) The corporate videos need to convert on their own.

This is a big problem for much of the home business industry. People are drawn in by a compelling, charismatic presenter who has a way with words that just draws people in. The problem is, most people aren’t able to duplicate what their sponsor does or says, and gets rejected every time they try to “show the plan”.

Many companies have now produced DVD’s and video for their distributors to hand out, but even those don’t effectively convert viewers into buyers.

To be successful in the home business industry you need to have access to corporate videos that can do the telling and selling for you, so that anyone who gets started can just share the video with others and start seeing results. If the corporate videos aren’t effective in converting, then you won’t be successful either.

7 New Year’s Resolutions for your Online Business

At the beginning of a new year we tend to contemplate our lives and try to find a way to improve our situation. We set goals and make a promise to ourselves to achieve these goals.

The same should be done with our business. We need to take some time to look over the last year to see how we can improve our business performance. What goals can we set for our business that will result in growth and improved results?

Here are some New Year’s resolution ideas for your online business growth and success.

1. Refine Your Social Media – Social media is a very important marketing tactic for today’s online business but it can be very time-consuming. You need to set a schedule for your social media participation. Use tools like Hootsuite, Buffer and TweetDeck. They can help you free up time that is needed for other tasks. Allow so much time per day for your social media activity. These sites can become addictive and can cause us to neglect other areas of our marketing and business management.

2. Learn New Skills – The many areas and facets of owning and running an online business can be very overwhelming. The techniques, tools and formats are constantly evolving. We need to always be learning and never settle into a routine with our online business. There are tons of resources online that can help you keep up with the ever-changing internet business world. HubSpot Academy is a great place to start. You can also try Moz for search engine optimization, LearnVest to help you manage your business finds and countless quality blogs to help teach you the newest and most productive marketing trends.

3. Get a Grip on Your Finances – If you do your own money management and record keeping for your business, be sure to analyze and plan accordingly. There are some great software programs to help you keep meticulous records of your business funds. A good example would be Quickbooks or Quicken. You need to know where your funds are going and if you should keep them going in that direction. Go over your advertising budget. Are you getting the results needed? Should you go down other avenues with your advertising budget? What are your regular expenses and are all of these expenses necessary or productive to your business? You need to go over all these questions and more to see if you are delegating your funds for maximum results.

4. Analyze Your Marketing Tactics – As above with your finances, you need to analyze all aspects of your marketing plan. Are your methods yielding the results you expected or needed? What tactics are working and which ones are not? Some techniques might need to be upgraded or even terminated.

5. Revitalize Your Business Plan – With all the new trends and innovations you might need to update your business plan. Go over the plan in detail and reconnect with your goals and aspirations.

6. Commit to Superior Customer Service – Customers are the lifeblood of a business. You cannot survive without them so why would you neglect them. Make it a priority to streamline your customer service and give your customer’s the utmost attention and care. Focus on their needs and providing the solutions to their problems. It is a sad fact that customer service is dying. Let’s bring it back to life!

7. Diagnose and Resolve Website Problems – Go over your website from a visitor or customer’s point of view. Clean it up, tweak the landing pages or ordering process, or upgrade your call to action. Find any obstructions and take care of them. Make your website the best it can be.

Taking all the above steps will help you and your business become alive again. As with personal relationships, your relationship with your business can become old and stale. Don’ allow this to happen.

The business world as is our personal world is always changing and evolving. Keeping up with these changes takes determination and persistence. But you can set those goals and attain them. Make that resolution and commit to keeping it. You and your business will be better for it.

 

What Makes Your Business Successful?

As a business owner, you’re probably running into all sorts of issues when it comes to how to run and manage your business. These issues all have to do with ethics and what you know that you should do to insure that the business meets the wants and needs of your customers. However, sometimes, it isn’t as clear and concrete as we would like for it to be and if that’s the case, more often than not, we end up doing things without realizing that we’re actually hurting our businesses.

Many business owners get tricked into doing things that are for the better sake of the word, not too ethical. However, the lines between being honest and ethical are blurred and that’s when many misunderstandings happen and things can get out of hand very quickly if you’re not watchful and observant. That is why as a business owner, it is up to you to make sure that the practices that you have in your business are honest and ethical at all times.

Again, this is easier said than done because of the fact that if the business has many moving parts, then that also means that there are many different practices and such that you need to have a handle on to insure a successful business. Policies, regulations and rules are all a part of insuring that the business runs ethically. It is these guidelines, rules and regulations that will help to guide the business in such a way that it continues to provide the customer exactly what they want and need at all times.

Everything from human resources, customer support, product fulfillment and so on are all a part of the many moving parts of the business, and as such, each of these moving parts must have their own code of ethics in which to follow.

We have all heard the saying, “Honesty is the best policy.” Well this saying is so very true, and it is the first rule of business. If you apply this phrase to your business, then when you manage each of its moving parts, this principle will insure that the business runs smoothly. However, what ends up happening is that business owners learn of the most recent technique or strategy that is supposed to bring the business huge profits and then they begin to use that technique only to realize later on that it is dishonest and deceptive. This is where the lines really become blurred because even though the technique or strategy in question doesn’t seem to be deceptive, the truth comes out when you discover that either your customer base is getting smaller, or they’re simply not buying from you like they used to in the past.

That is why it is so vitally important that before you use any new technique or strategy in your business that you first study it well and go over it with a fine tooth comb to insure that everything about it is honest and ethical. This might mean doing some research on the technique to see how it is being applied in other business models, and even talk to other entrepreneurs who are using the technique or strategy to find out from them how it is working in their businesses firsthand. Then and only then will you have a clear picture and you can decide whether or not to use the technique or strategy.

No matter how appealing something might be and no matter how much money someone claims that they’re making from using one particular technique or strategy, you should investigate it first to insure that the claims that are made are actually true. The last thing that you want to do is to use something that will cause your business to become tainted with bad business practices in the hope of making more money. This is where greed steps in because all business owners do want to make more money, but the question is; is it really worth it to use a technique or strategy that is less than ethical?

This is a question that you must constantly ask yourself when confronted with a new way of doing things in your business. This is why running and managing a business is so difficult to do, and most people don’t realize it. They’re misled by people who teach them that Internet business is really easy to do. What should matter most is your customers because without customers, then you don’t have a business at all.

More often than not, ethics is thrown out the window and replaced with greed and deception in the hope of making more money for the ones at the top. Greed even trickles down through the different levels of the business affecting all of its employees and staff members. If it is bad enough, it can even cause the breakup of the business. This has happened to many businesses in the past, and it has even happened to huge corporations who have ended up on the news because of the issues facing them concerning greed and deception.

Sure you want to make as much money as humanly possible, but if ethics are thrown out in order to get that money, then is it really worth it? Is it really worth ruining your reputation just to make more money quickly? Is it really worth it even at the expense of your employees and your customer base? Are you willing to make that sacrifice? That is the question that you must ask yourself if you’re thinking about doing something that is less than ethical in your business.

The road to business success is a long and dangerous road that has many deceiving things along the way that you must be on the watch for. That is why you should remain smart and don’t get wound up in using techniques or strategies that are less than ethical. Remember, honesty is the best policy, and that is a statement that you can take straight to the bank!

If you would like to learn more on how to build a business that is both honest and ethical, then check out the brand new report entitled, The Truth Is Out.

Preventing Identity Theft as a Successful Business Owner

However, in a new twist of events, consumers are no longer the only people affected by identity thieves, as businesses have now become prone to the development in the criminal enterprise of business identity theft with quite a number of businesses losing a lot of revenue in the process. What usually happen is that, a criminal will hijack the identity of a particular business and use it to establish a string of credit with banks and other lenders.

This in turn leads to a damage that can be very devastating to the victim’s business. A business could risk having a spoilt credit history therefore raising the chances of being denied credit, a move that will definitely paralyze your operations. Anyone looking to protect their businesses from identity thieves should ensure they have good privacy protection system.

After a number of businesses reported huge losses due to this, many business owners have turned to seeking help on how to keep their businesses safe from the business identity thieves. Some effective guides have been put in place to ensure consumers and the businesses are thoroughly combating the menace to avoid and reduce the threats businesses face from identity theft. Below are ways which businesses use to prevent identity theft.

Protecting Business Records and Data.

As much as business identity theft is a high-tech crime that affects those shopping, communicating and doing business online, most business identity thefts takes place offline. Some of the common tactics used by these frauds includes stealing wallets and ladies’ purses, interrupting or rerouting mail and going through garbage so as to obtain sensitive information.

To counter this and ensure privacy protection, most businesses today maintain records that are important to run their operations and totally shredding all the unnecessary documents or records. However, while doing this it is advisable to put any document that you must keep in a very secure location. This guarantees businesses their privacy protection and ensures smooth running free from identity thieves.

Protecting Their Businesses Online.

Technology has eased life with the introduction of a couple of online services that makes our lives much easier and better. Many people do a lot of their transactions online today. However, caution is advised for businesses which strive to secure their identities. Most of them have resorted to not sharing their financial documents, sensitive personal information or account numbers via platforms like e-mails or any other web-based services.

This has proved to be helpful for many business owners as their financial privacy protection is sorted, therefore running smoothly without having to worry about business identity thieves.

Monitoring Activity.

Actually, this goes without saying, anything that you do not keep your eye on, will definitely face some external disturbance. Therefore, the best method to detect possible identity theft is to be aware and monitor activities around your business. Most businesses do this by monitoring their credit reports more often. Some businesses have gone a step further and registered, rather signed up for credit monitoring service. Among ways to ensure your privacy protection, this is among the most effective.

Protecting Customers.

When thinking about protecting yourself from identity theft, a business should also consider doing the same for the personal and sensitive information of its clients. By protecting their customers, businesses today have experienced less identity theft because, by protecting their customer’s privacy, it keeps them safe as there are no loopholes. Customers can at times be the targets of the identity theft putting both them and the business at risk.

Watching out For Phishing Scams.

Many people have fallen prey to scams and lost quite a lot of money to fraudsters who trick people into divulging their confidential personal and business account information e.g. account number, passwords and user names. Businesses have therefore become alert on such and are avoiding any persuasions to click or open up any attachment in emails as doing so could connect them to fraudulent websites or causing a spyware to be installed in their computer therefore putting their privacy protection at risk.

Subscription to Email Alerts.

There are many genuine online platforms that offer free email alert services that can notify one when business registration information has been changed or updated. Many businesses have embraced the idea and have enrolled for such services because it provides them with early warnings of potential fraud. Using email alert has improved business operations since business owners are notified of any fishy transactions on the go and can therefore quickly act on them, saving their business great deal of money and reputation.

Filling Annual Reports and Renewals on Time.

On top of the administrative risk of dissolution of a business for failure to file, business identity thieves are on the lookout for businesses that are classified as suspended, inactive or in default. These crooks believe that if a business fails to keep up with normal annual business filling, then they will not realize when information has been changed until it is too late. Businesses are countering this by ensuring they file their returns well in advance to ensure their privacy protection.

Many businesses have counted major losses following attacks by business identity thieves who give them sleepless nights. In a bit to recover from the losses, most of them hike prices so as to cover for the cost of ensuring smooth operations, in terms of both the business and consumer’s privacy protection. This has led to incessant cases of hiking that has instead turned consumers into victims of high product prices. The cost of business identity theft costs businesses across the world an estimated $221 billion in a year therefore becoming the newest threat to both small and big businesses around the globe. However, following the few ways we have listed above, business owners are able to dramatically reduce the chances of experiencing business identity theft.

Financial Mistakes to Avoid in Small Businesses, in order to Become a Big Business

All Entrepreneurs and individuals who have been running a small business know that it is a consuming affair. Sometimes they are so engrossed with a bigger vision that they fail to check their mistakes that they have committed in the course of time. Especially, when it comes to their financial options, most of the entrepreneurs fail to break their financial options. So here are some points that you should check to avoid financing mistake that can occur in the course of business.

Poor research or not conducting proper research

Most of the small business owners seek for startup loans to finance their business ideas. But while doing so, it has been seen that some of them do not conduct a research on all the loan options. Today, there are thousands of loan programs that are available in the market. To a person who is searching for a loan, procuring quick cash could be very luring and may cloud his ability to refine the options available to him. Regardless how tempting the option is you should avoid not looking into the detailed picture of the option. You should choose an option that offers you good interest rates and longer amortization periods. Sometimes you may not be qualified for loans owing to poor financials or limited collateral, then you must seek for options within the best lending space for you. Poor research might cost you huge money in the long run. Sometimes easy money can cost you to pay back more over the time. So, it is very important to spend some time in researching the options upfront. Moreover, some loan officers will use all their skills to make you take a decision that is not required at all. For instance, they might lure you to take a debt too early or you might tend to overlook the consequences for the long run. So it is always better to know the market and doing a research on alternative loan options would not harm you in either case.

Looking for too much money than actually required

It is very simple; only borrow the amount that you actually need. The business owners who focus more on future rather than focusing on their present needs are unable to calculate the amount of money they would really need to run the business. A business owner should not visualize a loan as a permanent solution. The amount of money you borrow should help you to carry your business to the next stage, not for the next 20 years. Borrowing huge amount of money may financially drain your business in the long run. Depending on the amount of money you borrow, a business loan might affect your business positively or negatively.

Choosing your partner

A business partnership is a very important relationship like other personal relationships. So it demands certain commitments to be fulfilled from both sides. A healthy business partnership demands open communication, sharing financial obligations and as well as responsibilities. Lack of any of these demands might likely negatively affect the relation between the partners. So before choosing a partner, you should know that the partner is right for you and your business. How do you know that a particular partner is good for you and your business? To check this you must look into his experience in the industry, you must know how his personal life is, you must look into his past employment and the level of commitment he can offer to pursue the goals of the company. If you feel that a partner would not meet the criteria you require, it is better to break the ties earlier before you are legally or financially bound. It applies the same when you look for investors or lenders. Not all the investors will be fit for your company, so you should know how their involvement would help your company.

Lack of emergency cash bundle

No one can guarantee the arrival of hard times in any business. So when your business is doing well and you have good cash flow, build an emergency cash reserve for future. Most of the business owners tend to neglect the need of cash reserve which might lead to no cash flow during the hard times. Lack of cash reserve would force you to borrow more loans during a crisis. In order to earn a larger chunk of profit, many businesses fall prey to unnecessary purchases and stocking of goods without building a cash reserve. One of the major goals of business should be staying out of debt and running a business smoothly, even during a crisis. So it is very critical for every business to create a cash reserve for future use. Cash reserve will help you stay away from debt during a crisis.

Disorganized financials

When it comes to financing, unorganized and outdated financials are major hurdles both for the lender and the borrower. Lack of current and accessible financials can disrupt your chances of receiving finance for your business. Outdated business financials may lead to faulty balance sheets or missing tax reports. So make sure that your financials are current and review them weekly. So whenever time demands you should have all your financials at handy.

Mixing Personal expense with business expense

It is one of the worst financing mistakes that the small business commit that can hamper their bookkeeping. Most of the small business owners tend to overlook the details and end up mixing personal and business expenses which can give them a hard time during the tax season. A good amount of time and money could be wasted later on when you try to separate your expenses. Moreover, when you mix up both personal and business expenses it will be tough for you track down the details of each account. So it is suggested that you manage separate accounts for both the expenses and avoid mixing them.

So, these are some important financing mistakes that every business owner must avoid. Overlooking such mistakes may hamper the business in the long run.

I am an IT analyst and CPA at Hitech-Cloud Hosting Solutions which is a leading Cloud Computing and Application Hosting company. I have been conducting research on various accounting and tax applications. I compile my findings in the company year book called “Glimpse of your financial framework”. I love to read on topics especially related to small business, start ups and technology. I have also written and published many articles on accounting software and their trends.