Businesses Archives - GUJRAT INDIA

Why 90 Percent of Entrepreneurs’ Businesses Fail

Entrepreneurship has become the general dream work for both the employed and unemployable. Business opportunities are springing up everywhere, enticing and calling you to make the leap of destiny into the wealth and affluence you’ve often dreamt about. It is also notable that 9 out of every 10 businesses collapse within 2 years of starting. Even the best of well-read gurus collapse in the face of numerous tests that would have heralded the enthronement of a celebrated business idea.

Despite the numerous complaints about the challenges of building businesses in Nigeria, some are still transforming themselves into formidable forces of repute. It is therefore important to know the necessary factors that affect the entrepreneur, his idea, and his growing business.

Not considering pests!

Pests are crazy little creatures that cause immense damage to food and materials in a house, shop or office. Ok, I am not talking about local pests, but in business parlance means Political, Economic, Socio-Cultural and Technological environment; factors which are not necessarily within your control. Some other standard business books give their own academic variations.

PESTLE/PESTEL: Political, Economic, Sociological, Technological, Legal, and Environmental.

PESTLIED: Political, Economic, Social, Technological, Legal, International, Environmental and Demographic.

STEEPLE: Social/Demographic, Technological, Economic, Environmental, Political, Legal, Ethical; and

SLEPT: Social, Legal, Economic, Political, and Technological.

This considers external factors, which if not well considered, can suck life out of any aspiring business. I remember Sokoa Chair Center (Nigeria)’s story for which they explained how the National Government’s ban on importation almost ran them out of business. Her ability to navigate her business out of the murky waters of challenges became the foundation for the world class enterprise she manages today.

Political: political stability, security, freedom of press, regulation and Tax policy, and trade and tariff controls

Economic: Stage of business cycle, economic growth, inflation and interest rates, unemployment and employee turn-over, impact of globalization (Global Financial Crises)

Socio-Cultural: education and social mobility, market demand, public opinion, social attitudes trends,

Technological Environment: Impact of emerging technologies, (automation, internet, e-commerce e.t.c.). Compaq recently launched a 24hr laptop battery, while DELL was busy putting finishing touches to launch their 16hr laptop battery, if DELL were a run off the mill company, they are grounded!

Eating your investment, and not profit

No sooner than a small business begins to level up in terms of income, our wonderful entrepreneur begins to think of changing levels and status. He buys a new car, wardrobe, changes office space, all from the proceeds of the business which is actually the capital and not profits. When spending, it pays to separate personal funds from the business. The business pays you your money, and you must learn to live within that means. Problems occur when initial deposit is given for business only for our aspiring business man goes to celebrate the huge success of his business.

An entrepreneur seeking to build a business must understand the separation and marriage between business and personal life.

Mismanaging reality

When entrepreneurs venture out, they are usually motivated by a deep passion-either for themselves, their idea, getting rich, an opportunity or some other object of enthusiasm. Armed with such passion, they take risks and set sail against unexpected signs of reality.

Yet passion tends to distort reality. The ability to succeed in business depends on the skill of adjusting the plans and dreams to the prevailing conditions. The idea that the challenges will bow to your plans and dreams will burn the drain the entrepreneur’s time, energy, and money pursuing an ill-defined endgame without a realistic path. And when the issues start pouring in… expenses not turning into expected results , potential customers are not that crazy about the product, missed deadlines, shortfalls in sales,- objectivity and reason become even further blurred by the mind-bending distractions of doubt, fear and disappointing replies to investors. Entrepreneurs are found to cave in under these kinds of pressures not knowing it is a bend towards the shining light of achievement.

When personal failures affect business

The personal faults, habits and failures of an entrepreneur are usually obvious especially when he has a lot of people under him. Inability to manage funds, not being detailed and bad people management skills are some indirect factors responsible for the high rate of business failures. Entrepreneurs, like any pioneer, have their own lapses, but must be able to manage them extensively. I know an entrepreneur who does not negotiate price but leaves it to his financial manager because he never succeeds in negotiating a beneficial deal. Many entrepreneurs are successful in spite of themselves. The key is in working well, and enjoying, full understanding of their weaknesses and mitigating the likely risks.

Good at starting business, bad at running them.

This is very true of many entrepreneurs, since most of them are powerful initiators, but terrible managers. Most are more interested in making money than it is to build a business. Most technicians think because they understand their product or skill, they will automatically transform those ideas into business. Most of them have this great obligation to run their businesses and become a great manager. Working on a business and working in a business are two different worlds. While the entrepreneur works on his business, the technician works in the business. He feels if he gave in more, worked harder, profit will come. How untrue!

These are some of the factors I have considered and will love if you ponder on them while thinking, planning, starting and managing your business. Don’t forget also, out of the first 20 richest men in America, only 4 are employees.

Resilient Businesses Move Their People To The Cloud

Every year, as the Atlantic hurricane season approaches many businesses have a nagging realization that they are at risk due to a catastrophic “Black Swan ” event. Black Swan events are a constant source of risk in states like Florida where many communities are subject to disruption due to coastal storms. This risk is particularly acute for businesses that depend on the storage of on-line data if there is a chance their critical data could become lost or corrupted. But the threat from Black Swan events isn’t limited to Florida, nor is it limited to large scale disruptive events like hurricanes.The black swan theory or theory of black swan events describes a disruptive event that comes as a surprise, has a major effect, and is often inappropriately rationalized after the fact with the benefit of hindsight. The term is based on an ancient saying which presumed black swans did not exist, but the saying was rewritten after black swans were discovered in the wild. Consider the following scenario…

“We tend to think of disasters in terms of the attacks on the World Trade Center, Hurricane Katrina, or other mega events. Sometimes, however, less notable events occur that can have a catastrophic effect on a business. In February 1981, an electrical fire in the basement of the State Office Building in Binghamton, New York, spread throughout the basement of the building setting fire to a transformer containing over a thousand gallons of toxin-laden oil. Originally thought to be PCBs, the toxins were soon determined to contain dioxin and dibenzofuran, two of the most dangerous chemicals ever created. The fire was smoky and quickly filled the 18-story building with smoke. As the transformer burned, the soot entered the buildings ventilation shafts and quickly spread toxic soot throughout the building. The building was so badly contaminated that it took 13 years and over $47 million to clean before the building could be reentered or used. Because of the nature of the fire, the building and its contents, including all paper records, computers, and personal effects of the people who worked there, were not recoverable. This type of event would be irrecoverable for many businesses.” – Operations Due Diligence, Published by McGraw Hill

What affect would a catastrophic hurricane that affected an entire region or a localized disruptive event like a fire have on the operation of your business? Could you survive that kind of interruption or loss? As the dependence on on-line data has grown in virtually every type of business, so has the risk that loss of their data could disrupt the operation of the business and even result in its complete failure. In response to these threats, there has been an evolution in the approaches used to mitigate these risks as the volume of on-line data has continued to grow. Originally, the concept of Disaster Recovery (DR) emerged as a mitigation strategy that focused on the recovery of critical data after a disruptive event by giving the business the ability to restore disrupted IT operations.

Disaster Recovery (DR) involves a set of policies and procedures that enable the restoration of critical business data and allows the IT infrastructure to be restored to a prior state. DR was originally seen as the domain of the IT department who were given responsibility for mitigating the risk. To minimize the risk, system backups were scheduled frequently and aggressive DR plans that included server cold start procedures and data backups were implemented.

The goal was to restore the infrastructure to the last point where the data had been backed up (at the time, typically on tape). The acceptable DR practices at the time allowed the IT system to be rebooted when the facility power was finally restored… Unless it was in a flood zone or the off-site backup storage facility had also been impacted. In either case, the operation of the facility could potentially be disrupted for some period of time and the data restoration was also potentially at risk depending on where backups were stored.

Now let’s roll the calendar ahead… As technology evolved so did the Disaster Recovery strategies, which lead to new concepts that evolved to the requirements for a Business Continuity solution as a means of mitigating risk. Still seen as the domain of IT, as technology moved towards solutions like shadow servers, distributed data locations and high speed bulk data transmission with hyper connectivity. Data no longer had to be “recovered”, it just had to be connected in distributed locations where it could be remotely accessed. Business Continuity mitigated the risk of data loss and allowed a business to recover much more quickly and efficiently from a Black Swan event because its servers never went completely down.

Business Continuity originally encompassed planning and preparation to ensure that an organization’s IT infrastructure remained intact enabling the business to efficiently recover to an operational state within a reasonably short period following a Black Swan event. Technology today has evolved towards cloud solutions that put both the data and the applications into remote “cloud” locations so it would seem the IT responsibility for mitigating the risk of on-line data loss or corruption has been solved. With highly connected, fully distributed solutions, some people feel the need for business continuity may be fading in criticality. Nothing could be further from the truth…

The fact is the risk was never solely in the loss of the data but the loss of the businesses ability to operate. There are businesses that cannot tolerate any disruption to their operations. These include healthcare, insurance, and communications companies, critical logistic suppliers, transportation providers and local governments. It is during Black Swan events that the services and products these businesses provide may be most needed. The requirements of other, less critical businesses, whose operations could be interrupted for days or even weeks, but who might face a significant financial risk, may also make their continued operation a matter of corporate survival.

Today’s technology has completely abstracted business processing and data from the user by moving critical IT infrastructures into the cloud. Cloud technology enables users to work from remote locations, but use of the cloud doesn’t fully mitigate operational risk. It means people have now replaced computers as the critical path to continued operations. The operation of the business is more likely to be interrupted because key personnel aren’t prepared to sustain operations during a Black Swan event. They don’t have a facility that has been proactively planned to support operations during disruptive events that could last for hours, days or weeks. Particularly in areas like Florida, where large natural disasters such as hurricanes can disrupt services to entire communities, resilient businesses need to prepare in advance for sustained operations during a disruptive event. The ability of a business to continue its operations during times of distress are a measure of the businesses resiliency.

Business Resiliency: takes business continuity to another level because it makes it the domain of operations management rather than leaving it solely as the domain of the IT Department. When planning for disaster recovery or business continuity the critical link is now the people who are needed to operate critical systems remotely. Yes, there are occasions where staff can work from home or from remote facilities the business may operate, however, this is not always a satisfactory answer and even when it is, businesses often find themselves scrambling to play catch up, trying to figure out who does what and “how can we get it done under these circumstances” situations. During Black Swan events including regional disruptions like hurricanes or local disruptions such as fires, many of the people the business relies on may not have power, internet or even a phone needed to enable them to work from home. Because you can’t put people in the cloud, Business Resiliency requires planning, training and practice so that your staff knows how and when to mobilize.

Resilient businesses integrate Black Swan response into their continuing operations so that, when they are needed, at a time when the business and the people are under stress, everyone knows how to respond efficiently and effectively and where to go to provide that response. Business resiliency requires a dedicated facility that has been hardened to withstand Black Swan events and has been designed to provide the support services the people and the IT infrastructure will both need. Business resiliency requires proactive planning and the integration of operating procedures into the businesses standard operating plans to include remote operations by trained critical staff who have been mobilized to respond during disruptive events and it requires proactive practice to ensure that, when remote operations are needed, the people are ready.

Project Outsourcing: Why ALL Businesses Should Consider Outsourcing An Integral Part of Business

OUTSOURCING: AN OVERVIEW

Businesses of all kinds can and do benefit from the tool of outsourcing every day. Businesses large and small have been outsourcing every day projects for many years. The businesses that use outsourcing as a tool to enhance and grow their business already know the value that outsourcing brings to their organization. Outsourcing is a business process term for what has literally become known as hiring a consultant, independent contractor, or freelancer to do a specific task or tasks for an organization in which the organization either does not have the time or the expertise to do on their own. The organizations that have used outsourcing for many years know that with the positives it brings to the organization that it is also important to have a well managed plan of action for hiring a consultant or contractor for a business task. This includes deciding which projects or tasks to outsource, whom to hire for these tasks, how to manage the project, how to agree on payment terms, and how to achieve the desired results. There are many forms of outsourcing ranging from outsourcing payroll to outsourcing package handling, to everything in between. Small businesses hiring a self-employed accountant to handle the corporate tax returns are in essence hiring a tax consultant. Large corporations that hire outside customer service firms to handle their customer support are outsourcing that function of their business to focus more on their core business functions. It is entirely possible to outsource practically every business process within an organization.

OUTSOURCING TOOLS

There are a wealth of tools available for the organization looking to outsource business processes. Companies such as SmartyLance.com, enable a business to post a project to a project marketplace and receive bids from experts in the field. These type of freelance sites match companies with freelance professionals, consultants, and independent contractors. There are many advantages for a business to use services such as SmartyLance. First, the marketplace enables businesses to use a centralized location to post their project, receive bids on that project, communicate with potential providers, choose a winning bid (either based on lowest cost or based on the credentials, expertise, or prior feedback of a particular provider), manage the project specifications, receive the delivered project and make final payment based on the terms of the auction. This centralized marketplace provided by SmartyLance greatly streamlines the entire outsourcing process and enables the business owner or manager to have greater control over the entire outsourcing process.

INCREASING COMPETITION

Competition is a complicated subject for many people. Ultimately, competition is good for the consumer, whether the consumer is an individual or a business, competition enables products and services to maintain high quality and low cost. Although many people dislike competition because it forces action to improve quality, the benefits to the overall economy even result in improved products and services for the very people that dismiss competition and the headaches it sometimes brings. Freelance marketplaces such as SmartyLance are no exception in that competition improves the overall quality and value for the project buyer and causes the freelance provider to adjust to market conditions in a practical, intelligent manner to win new business. The benefits to the company looking to hire freelancers are obvious. For example, Company A can compile a list of consultants to work on the design of their new company logo. This list may include a multitude of design firms from the same geographical area. Company A would be required to submit an RFP by contacting each design firm individually, stating the requirements of their project and requesting a quote based on the requirements. Many factors come into play in deciding which design firm Company A will choose. Chances are, that using this approach, Company A will end up paying too much for the project and will only have a handful of providers to choose from. Company B also must outsource the design of their new company logo. Rather than compile lists of design firms, which can result in overpriced quotes, Company B decides to post their logo design project to the SmartyLance marketplace. Doing so enables Company B to get competitive bids that help ensure that Company B gets the most competitive price for their project. By posting the logo design project to SmartyLance, Company B not only reduced costs associated with the project, they had access to specialists and skilled professional designers from around the world that were competing to give Company B the best cost and highest quality design for their money. The entire process was managed easily through Company B’s SmartyLance account enabling them to keep in contact, manage project specifications, manage competing bids, and send payment easily and securely through one of several different payment methods. An escrow account enabled Company B to ensure that payment wasn’t released to the provider until all project requirements were met. Company B successfully outsourced the logo design project and was able to save several hundred dollars. They also received the project several days quicker than Company A. In this example of Company A and Company B, we see that Company A had limited its ability to find a skilled professional and limited its ability to save money on the project. Company B took full advantage of all the resources and benefits of the SmartyLance marketplace and was able to save time and money. By outsourcing critical business functions that are not core business functions, the organization greatly benefits through a savings of time and money which in turn benefits us all through decreasing costs that are passed down to the consumer.

TO OUTSOURCE OR NOT TO OUTSOURCE?

That is the question many small business owners and large corporations alike are asking themselves each and every day. Risks are inherent in any new business strategy or thought process. However, like any business decision, risk can be managed. By intelligently choosing a provider that matches your intended skill requirements, carefully detailing and outlining your project requirements, and ensuring that you maintain the requirements within budget, the benefits can far outweigh the risks.

One of the more common fears among some larger organizations that may be reluctant to outsource projects is a fear of the unknown. This fear stems from the inherent inability to oversee each and every aspect of the project from start to finish and to evaluate each step along the way. Internal employees devoted to a project are more easily evaluated and can be guided through performance and work appraisals. Managers may feel that outsourced projects are more difficult to oversee and manage with an eagle eye. The fact of the matter is that so long as there are well-defined contractual obligations and project reporting requirements, an outsourced project can in fact result in a more manageable outcome than actually thought. Also, the talent pool and skills obtained that may be completely unavailable to the organization allow the organization to reach milestones and achieve success that may never have been possible with their current employees.

OUTSOURCING CONTROVERSY

The outsourcing controversy that is making headlines today is the public opinion of outsourcing jobs to other countries. This includes manufacturing of products, such as those that are “Made In China” as well as service outsourcing such as computer programming that is outsourced to skilled workers in India. One can argue that outsourcing projects overseas is taking opportunity away from workers in their native country. Others may contend that outsourcing projects, whether it’s overseas or in the same country is a great opportunity that will improve business processes, improve productivity, reduce costs and have an overall positive effect on the economy, thus creating more new jobs and specialized jobs in specific skill areas. All businesses are consistently looking for ways to increase productivity and lower costs. From an economic standpoint, increasing productivity and lowering costs are essential elements for business success. Business success, in turn leads to more growth, which leads to new job creation, be it in a more specialized skill area or through the development in new types of jobs in new specialized areas.

OUTSOURCED BUSINESS PROCESSES

As mentioned previously, practically any business process not related to the core business activity can be outsourced. Some examples of commonly outsourced business processes include:

Accounting and Finance

Graphic Design & Multimedia

Sales and Telemarketing

Web Design and Development

Administrative Support and Data Entry

Business Strategy, Advertising, Business Plans, Consulting

Legal, Contracts, Copyright, Corporate, Incorporation

Software and Technology, Database Development

Writing and Translation, Copy Writing, Creative Writing

Press Releases

A REWARDING CAREER

Having a specialty or skill in a particular business area can enable you to begin a career as a consultant or freelancer. Freelancing enables you to have the flexibility to work on your own and on your own schedule. You can choose which projects match your skill set and decide which types of freelance projects that you would be interested in working on. There are numerous sources available to find freelance work. Some sources include browsing freelance directories, job boards, and registering with talent auction sites such as SmartyLance. All of these resources are filled with potential jobs. In comparison, it seems that talent auctions are the most comprehensive resources offering the most flexibility to both the freelancer and the company hiring a freelancer. They offer the breadth and depth of listings and the simplicity to bid on numerous projects as well as services enabling the handling of the entire payment process through a service provider account with the talent auction site. Bidding on projects requires much discipline and planning. Before placing a bid or giving a quote on a project, the freelancer must take into account many factors including the length of time required for the project completion, the budget the service buyer can afford, and whether or not they can actually meet the requirements to complete the project. It is also important to keep in mind that developing relationships with service buyers can lead to more work in the future. Developing a relationship with service buyers and meeting or exceeding their project expectations will enable you to develop a client base that allows you to practically always have new projects to work on.

COMPETITION FOR PROJECTS

There will always be competition in all forms of business. Competition for freelance projects is fierce. One of the major ways to compete and win is to make yourself stand out from the rest of the crowd. You can start by fine tuning your resume. This will force you to think about your accomplishments as well as your exact skills and abilities. There are numerous services that can help you with your resume, including ResumeEdge. Using a service to help you with your resume will enable you to better explain your accomplishments and present them in a manner that will captivate and impress the reader. Especially if you are an independent freelancer, having your resume retooled by ResumeEdge will allow you to stand out in a crowded marketplace. Many freelance service buyers will wish to see a list of your accomplishments and your skills. If you register as a service provider with a freelance marketplace such as SmartyLance, they offer several different options that enable you to stand out above the crowd. First, there are different subscription levels when registering. There is a Limited subscription, a Novice subscription or a Professional subscription. Each higher level subscription offers more options to the service provider. Every service provider does have the ability to post a profile, detailing various information about their abilities. Limited subscriptions limit the cost range in which a service provider can bid. For example, a Limited service provider can only bid on projects with a price range less than one thousand dollars. Novice subscription service providers can bid on projects less than five thousand dollars, and Professional subscription service providers can bid on any service level project. Several added bonuses with the Novice and Professional subscription levels include the ability to purchase credential verification services as well as the ability to post “Buy Now” projects. Credential verification services enable you to post information related to your references, certifications, licenses, education and previous employment. Simply adding these options to your account gives you a special designation stating that your information has been checked and verified as being true and accurate by the freelance marketplace. This designation gives you an added level of credibility making you stand out from the rest of the service providers and enabling you to showcase your achievements and abilities, giving a service buyer confidence in choosing you to complete their project. This will undoubtedly lead to more work and more projects coming your way. In addition to verifying your credentials, you have the ability to showcase a portfolio of your previous work. This allows you to show the service buyers your achievements and your successes with previous clients. Showcasing your portfolio is another important aspect that gives the service buyer confidence in your ability. Finally, the higher level subscriptions enable you as a service provider to offer “Buy Now” solutions. Similar to purchasing products immediately without bidding as on major product auctions such as Ebay, “Buy Now” solutions enable freelance service providers and consultants to make a solution available to all service buyers for a specific set price. For example, a freelance graphic design firm may create a “Corporate Identity Package”, enabling a service buyer to purchase this package that may include the graphic design of a logo, along with designs for letterhead, business cards, and banner ads. Another example could be from a lawyer or legal consultant who creates an incorporation package that includes corporate setup and incorporation services for all fifty states, creation of shareholder agreements, employment agreements, and registered agent services all for a set price. These simple examples of “Buy Now” services enable freelance consultants and independent contractors to create easy options for service buyers who are looking for simple solutions and quick turnaround time. Service providers also enjoy creating these type of services because it enables them to focus on their core interests and abilities. Only higher level subscriptions such as the Novice or Limited subscriptions enable freelance service providers to post “Buy Now” projects. The beauty of these additional options as a freelance service provider is that you can focus on one specific aspect of your business. If you are a consultant for a graphic design firm and you simply enjoy creating and designing corporate logos and identities, then you can find work specifically in this area by posting your own “Buy Now” solution. If you are a lawyer working for your own legal firm and your passion is new business setups and incorporation services, then you can steer projects your way with a “Buy Now” solution posted on a freelance marketplace like SmartyLance.

CONCLUSION

These are only a few examples of the many opportunities that exist as a freelancer. Whether you are a small business, an individual, or a large corporation, this article simply serves as a guide to help you in your quest to use outsourcing to your advantage to help your business grow and flourish. Outsourcing, when done correctly, can benefit your business in so many different ways. The two most obvious benefits are a savings of time and money. From the freelancer’s standpoint, this article has been developed to help educate and guide you with the many options available to find work as well as to delve into the minds of freelance service buyers. Knowing their concerns and understanding the reasons for choosing one service provider over another will greatly benefit you by enabling you to increase your odds for getting new business. Understanding the concerns and needs of service buyers will lead to your gains as a service provider. If you are able to provide enough people with services that they wish to have, then you will always be in demand.

Importance of Having Mobile Apps for Small Businesses

The world has gone Mobile. The number of smart phone users globally has grown exponentially over the past 5 years. The number of Android & iOS devices sold globally has crossed a billion mark each. Hence, it is no longer sufficient to have only a website for your business. Any business, small or large must have a mobile app. Let us look at some of the most important reasons why you should opt for a mobile app for your business:

1. Branding – A mobile application is the best way to create brand awareness for your business. You can use your logo, your business’s tag line or a message that you would like your customers to connect with your business to create a brand recall. Every time a customer who has downloaded your mobile apps sees your logo in the form of the mobile app icon on their screen, they will recall you.

2. Increased Reach – Because of the sheer penetration of mobile phones and other mobile devices like tablets and the improved Internet connectivity in most parts of the world, the number of people you can reach through a app has increased tremendously. It is easier for your existing as well as potential customers to find out the right information about your products or services through your mobile app.

3. Create Customer Database & Profile – It is easier to collect customer data in terms of phone number and email id through a mobile apps. You can also allow your app users to login via their social media accounts like Facebook or Google. This will give you access to other valuable data like their areas of interest, their lifestyle choice, their shopping preferences, etc. This data can then be used by your marketing team to send out the right communication.

4. Increased Engagement – By building the right features in your app you can utilize it as a powerful way to increase engagement with your existing and potential customers. You can include features like social sharing and a help desk (for sales and service queries) in the app to improve direct communication with your customers. This will in turn help your business to connect closely with your customers.

5. Push Notifications – This is one of the biggest advantages of having a mobile apps. You can ask your Mobile App Development Solution provider to integrate a push notification feature in your app which will help you with your on-the-go marketing. Through this feature, you can send bulk messages to all the app users or specific messages to a sub-set of your app users based on the message. You can also communicate about the latest offers or discounts you are offering to your customers regularly through push notifications. Best of all, it doesn’t cost you a penny to send out these messages, unlike SMS or Email marketing.

With the above advantages of having a for your business in mind, it is imperative to identify the right Mobile App Development Solutions provider for your business app. Solution Analysts has been helping small businesses globally with their Mobile App Development Services to create great which will add value to their businesses. To get a free quote for your Mobile Application or to know more about us, please visit our website today.

Accounting, CAD and CNC Software Among Top 25 For Businesses

In this age of technology it is almost impossible to run a business with out tools like word programs, computer hardware, accounting and CNC software, and various other technical equipments and programs. Though many times business owners find that the best way to know what you need to run your business is to jump-in head first and learn through trial-and-error what works for you, there are a few typical “must-have”s to consider.

Many publications surveyed thousands of companies from small businesses to major corporations and found similar results when compared. Remarkably, numerous surveys showed and astounding amount of varied programs, hardware, and software in particular, were being used by businesses across the board. Much more than market research experts had anticipated. PC World Magazine published a list of 25 and there is a highly trafficked website called “Software Top 100” dedicated to the topic itself.

Five Of The Most Popularly Used Software For Businesses

* Microsoft Office – Microsoft Office is a phenomenal collection of clerical software programs that are becoming household names. It’s not un-common for individuals to use these programs for domestic organization and businesses rely on them. Microsoft Office includes programs such as Word, Power Point, Excel and Outlook Express.

* Quicken – Quicken is known to be one of the most efficient and widely used accounting programs by small businesses and domestic heads of households. The extended and more complex version, Quicken Books, is commonly used by larger corporations of all fields and proportions.

* CAD & CNC Software – CAD software is an essential part of hundreds of fields of work such as web development, film making, video game creation, engineering and architecture. CNC software, nesting software and CNC machines essential in numerous businesses for maintaining and increasing throughput, labor and material efficiency. CNC programs also help enhance quality control, reduce overhead expenses and the machines and software are eligible tax deductions.

* Adobe Programs – Adobe software programs are a fairly standard and frequently used tool of business professionals of all occupations. It’s not un-usual to have to open files and web pages on public websites using an Adobe reader. Adobe is also the preferred method of creating and sharing PDF files.

* Photoshop – Hundreds of businesses are saving a fortune on graphic designers for web development and marketing graphics for print by downloading Photoshop and similar photo manipulation software. Most fairly tech savvy people with a little creativity can learn these programs in a short period of time and are able to create custom advertising material, logos and graphic web content.

It just goes to show you that the more we advance in business, the more we depend on advanced technology. The more advanced technology we acquire, the more our businesses grow. It’s a not-so-vicious circle leading us ultimately to success. With innovative solutions like CNC software, photo manipulation programs and desktop publishing capabilities there is little reason for failure in business today.

Welcome back economy!

Office Tasks to Outsource For Small and Large Businesses

Many people make the mistake of thinking that they can only outsource complicated office tasks such as information technology. There are several other office tasks that can be outsourced and trust me, it is not going to cost you an arm or leg.

Outsource Secretarial Duties

Do you presently run a small one-person office? You will need to outsource secretarial tasks so that you can have the chance to concentrate on the money making aspect of your business. You need not worry yourself silly over carrying out secretarial tasks such as confirmation of appointments, appointment scheduling and travel arrangements. You can simply outsource these duties so that someone else can take care of all the aforementioned duties (and more). Thanks to modern technology, you can hire employees from any part of the world.

Every kind of business sure has very unique functions, and the good news is that these unique functions can be outsourced. For instance, you will find a company that can help you effectively handle your back office operations for your type of business.

Outsource Typing / Transcription Duties

Okay, you are very good at typing, but do you really want to spend precious time converting written words in a particular format when you should be doing other things that will make your business grow? All clerical work that has to be converted into written form in a particular format should be outsourced to an outsourcing firm that specializes in that area of service. For instance, legal notes that need to be converted into written texts need to be sent to experts in that field.

Financial Outsourcing

The field of accounting and finances is a pretty delicate area and not everyone s blessed with the ability to handle their own business finances. There many accounting outsourcing firms that are more than ready to help you handle your financial statement preparation and the following:

• General billing functions

• Pay roll processing

• Legal and medical billing special services

HR Outsourcing

This will also include all the necessary paperwork that is needed to employ and fire a staff. Outsourcing this area is particularly great for small businesses that actually have low hiring rate or turnover rate. You can also outsource the administration of staff benefits as well.

There are so many office tasks that can be outsourced so that business owners can concentrate on their company’s core business. As mentioned earlier, outsourcing these services will not cost you an arm and leg.

Home Based Affiliate Business – 5 Secrets Of Mega Profitable Affiliate Businesses

The success or failure of your home based affiliate business depends on what you do with your time and resources (namely money, knowledge, skills, will power etc). What separates the successes and the failures, in any area in life, is down to that. What you do with your time and resources will determine whether your home based affiliate business is a success.

To give you a leg up, here are 5 secrets of mega profitable affiliate businesses that you ought to keep in mind:

Secret #1: Treat It As A Business, Not Just An Opportunity

The most successful entrepreneurs treat their ventures seriously, rather than treating it as just a game or a play thing. Sure, being opportunistic is helpful, but once you have found one opportunity that is proven and that you are confident in, stick with it rather than jumping from opportunity to opportunity trying to find the ‘perfect’ one. Focus on one business, treat it seriously, and the fruits will come.

Secret #2: Build Your Own Database Of Subscribers

The top super affiliates all have their own email lists of subscribers that they can mail out to and promote affiliate products. Having your own list is more reliable than relying on Google or some advertising service that many change its policies overnight and put you out of business. With your own list, your business is secure and you will have product merchants approaching you to promote their products.

Secret #3: Create Your Own Products

Another thing that most super affiliates have in common is they have their own products too. Having your own products in the marketplace increases your brand presence and makes you an expert in your own right. Your subscribers are more likely to purchase affiliate products from you if they trust that you are an expert. And the best thing of all is with your own products, the tables are turned and you can recruit your own affiliates to promote your products.

Secret #4: Network With Other Affiliates

Just like in any other business, networking can give you a real boost in terms of your progress in the industry. Network with other affiliates, form a mastermind group, or do cross-promotions with your list, where you promote their products and they promote yours. Expanding your network of contacts helps to keep you in the loop on the latest happenings and strategies and gives you marketing opportunities as well.

Secret #5: Keep Learning New Techniques

In the fast-changing online business world, you need to keep up with the latest techniques to stay ahead of the curve. Last month’s hot technique can become this month’s marketing dud. Keep learning new techniques and seeking out new information from courses, forums and your networking buddies to stay in touch and get a leg up in your business.

Starting a successful home based affiliate business is like any other business – make sound, considered decisions, never give up and never stop learning. I hope to see you in the winners’ circle sometime!

Is SEO for E-Commerce Different Than Regular Online Businesses?

E-commerce is one of the most competitive markets across the globe today. With online retail biggies ruling this realm, it is difficult for the new players to survive the cut-throat competition. Well, there are some fronts through which they establish themselves digitally. One such area that is somewhat easy to conquer is that of search engine optimization. But, you need not forget that the professional support is necessary to improve your search engine ranking. This is because search engine optimization of an e-commerce website is completely different from that of a regular online portal. An experienced and credible S.E.O company in Chicago can tell you about the differentiating factors.

The factors we discuss below also help you understand how search engine optimization strategies of online retail portals are different.

There are myriad of pages:

A regular website that informs about the services of a company has very limited pages, which makes the search engine optimization somewhat easier. Talking about the e-commerce sites, there is a product page for every product the portal sells. Therefore, the company needs to optimize each page so that the product available on the portal could be found by the potential buyers.

There is always addition of new products:

E-commerce is a domain where the company will be adding new products regularly to expand their sales or to modify the business strategies. And, it is vital that the product pages of these new products are optimized efficiently. Otherwise, you won’t get the expected results.

Speed has to be fast:

Talk to any experienced digital marketer, and he/she will tell you how important the loading time of a website is. Slow websites not only offer a bad experience to your customers but also upsets the search engines like Google. In case of online retail websites, the speed gets slower due to the presence of unnecessary plugins, heavy images, third-party widgets, and inefficient coding. To avoid these issues, you need to connect with a social media marketing Chicago that offers specialized services for e-commerce websites.

There are also category pages:

The category pages are considered the most powerful areas of an e-commerce portal. They need to be efficiently optimized to help you get the best results. The URLs have to be search-engine friendly and content has to be unique and user-friendly. Also deep-links related to product categories have to be built for better results.

All these factors show you can’t use the regular search engine optimization strategies for your online retail or wholesale business. A specialized strategy has to be planned and implemented to get desired results and avoid getting penalized.

The team can help you raise your e-commerce business-related marketing efforts through an efficient S.E.O plan. Several companies from Chicago that seek affordable S.E.O services connect with this agency for the results.

Small Business Secret #3 – Seven Documents All Small Businesses Must Have To Be Successful

When many small business owners start out thinking about building a small business, they are often mislead into believing that the only document that they need to succeed is a Business Plan. In fact this plan is only one of seven documents every small business should have if they ever expect to survive let alone succeed.

Let me explain …

Doc 1. Business Plan

The Business plan, which is what most accountants, lawyers and business coaches will say is the only document that you need is the first document you must complete. I certainly do disagree totally that this is the only document you need, because the actual roll of this document is to summarize the other six mandatory documents that you must have.

The size of your Business Plan document will vary depending on the size of your business that you are either buying or building. Your business plan should contain details on how your business will be run, how you will finance the business, what sort of profit you will make, how you will advertise and market your business, what your exit strategy will be from your business, what form you business will take, where it will be located etc.

If you are going to be buying a Business rather than starting up a new one from scratch, always ask the previous owner to see their business plan. This will give you a good insight into the inner workings of the business and how it got to where it is. One thing to note though, always make sure that regardless of whether you are buying an existing business or building your own, that you create your own business plan so you have a clear understanding of where you are going with this business.

Doc 2. Business Model

A Business Model is usually built using tools like Microsoft Excel or Microsoft Access. The model allows you to apply various scenarios to your business model to see what sort of outcome will occur. This is a fantastic tool for running scenarios and seeing what the outcome would be if certain conditions might occur, like your truck broke down or what would happen to your profit if a certain piece of machinery broke down for a period of time.

The Business Model is also very useful when dealing with organizations like banks or finance institutions. If your business model can show what impacts various factors might have on your business and that you can still survive, then the banks and finance institutions are more likely to give you the money you need.

Doc 3. Marketing Plan

The Marketing Plan document sets out how you are going to market your business. It includes information on the brochures you are going to use, the types of adverts you may use, the frequency of the campaign, the medium you will be using and so forth. The marketing plan provides an in depth look at how you will be marketing your business. Your marketing plan should represent 12 months of operations, that is, you should have developed all of your marketing strategies so that they flow on and build on each previous marketing campaign over a 12 month period.

Doc 4. Operations Plan

Your operations plan is designed to define exactly how your business is to be run. The operations plan should include how to do every task in your organization, checklists on what needs to be done every day, week, month and year. Essentially the Operations Plan defines how your business actually works.

The key advantage of your operations plan is that if at any time you lose a staff member, you can use the operations plan to teach your new staff members the tasks that they need to complete each day.

Doc 5. Sales Plan

The Sales Plan outlines how sales will be undertaken on a day to day basis. How you will be selling your products and services, who your target markets are, your approach techniques to new clients, any clients that you need to contact on a day-to-day basis and what your contact processes are. More so it should define what step-by-step process you follow to convert a prospect into a customer.

The Sales Plan should use flow charts and should also include any letters or marketing material that should be used for a particular sales process.

Doc 6. HR Plan

The HR Plan, sets out the Human Resource structure of your organization. It should include information such as position descriptions, who each person reports to, who they are responsible for, what tasks they are responsible for and any special duties they might have to do during the year.

The HR Plan should also have information in it such as Job Advertisement Templates, approved Position Descriptions and templates, Hourly Rates, Acceptable Work Practices and so forth. The HR Plan sets down how your staff must engage at work and what you define as being acceptable workplace behaviors in your workplace.

Doc 7. Style Manual

The Organizations Style manual sets out how you are going to present yourself to your customers. The style manual includes information on your logos, your business cards, the colors your business will use for its logos, banner layouts, how to place newspaper adverts and what colors must be used, what fonts must be used in Letters or Faxes. The style manual will also set out what information will go onto your business cards, where the logo will sit and what information must be contained.

The Organizations Style manual sets out how you are going to present yourself to the public and what standards you will use. If you have never seen a Style Manual before simply go to any large corporation’s website and type in ‘Style Manual’ and you will generally find one available for review.

After 10 years in small business and a number of small businesses under my belt, the one thing I have learned is that if you do not have these 7 Plans and Documents done prior to creating or building your business, then they will never get done. The simple fact is that small business is incredibly demanding on the small business owner and once the business is up and going, it is highly unusual the owner will ever get the time to go back and create them. Without each and every one of these documents your business will lack focus on what you want to achieve and that is why 70% of all small businesses around the world fail in the first 12 months.

To finish off, I would like to take a moment to summarize the seven documents all small business owners should have before contemplating a small business…

1. Business Plan

2. Business Model

3. Marketing Plan

4. Operations Plan

5. Sales Plan

6. HR Plan

7. Style Manual

Small Business Loan Update – Stimulus Bill Helps Bailout Businesses If They Cannot Pay Loans

As we continue to sift dutifully through the over 1,000 pages of the stimulus bill (American Recovery and Reinvestment Act of 2009), there is one provision that is not getting much attention, but could be very helpful to small businesses. If you are a small business and have received an SBA loan from your local banker, but are having trouble making payments, you can get a “stabilization loan”. That’s right; finally some bailout money goes into the hands of the small business owner, instead of going down the proverbial deep hole of the stock market or large banks. But don’t get too excited. It is limited to very specific instances and is not available for vast majority of business owners.

There are some news articles that boldly claim the SBA will now provide relief if you have an existing business loan and are having trouble making the payments. This is not a true statement and needs to be clarified. As seen in more detail in this article, this is wrong because it applies to troubled loans made in the future, not existing ones.

Here is how it works. Assume you were one of the lucky few that find a bank to make a SBA loan. You proceed on your merry way but run into tough economic times and find it hard to repay. Remember these are not conventional loans but loans from an SBA licensed lender that are guaranteed for default by the U.S. government through the SBA (depending upon the loan, between 50% and 90%). Under the new stimulus bill, the SBA might come to your rescue. You will be able to get a new loan which will pay-off the existing balance on extremely favorable terms, buying more time to revitalize your business and get back in the saddle. Sound too good to be true? Well, you be the judge. Here are some of the features:

1. Does not apply to SBA loans taken out before the stimulus bill. As to non-SBA loans, they can be before or after the bill’s enactment.

2. Does it apply to SBA guaranteed loans or non-SBA conventional loans as well? We don’t know for sure. This statute simply says it applies to a “small business concern that meets the eligibility standards and section 7(a) of the Small Business Act” (Section 506 (c) of the new Act). That contains pages and pages of requirements which could apply to both types of loans. Based on some of the preliminary reports from the SBA, it appears it applies to both SBA and non-SBA loans.

3. These monies are subject to availability in the funding of Congress. Some think the way we are going with our Federal bailout, we are going be out of money before the economy we are trying to save.

4. You don’t get these monies unless you are a viable business. Boy, you can drive a truck through that phrase. Our friends at the SBA will determine if you are “viable” (imagine how inferior you will be when you have to tell your friends your business was determined by the Federal government to be “non-viable” and on life support).

5. You have to be suffering “immediate financial hardship”. So much for holding out making payments because you’d rather use the money for other expansion needs. How many months you have to be delinquent, or how close your foot is to the banana peel of complete business failure, is anyone’s guess.

6. It is not certain, and commentators disagree, as to whether the Federal government through the SBA will make the loan from taxpayers’ dollars or by private SBA licensed banks. In my opinion it is the latter. It carries a 100% SBA guarantee and I would make no sense if the government itself was making the loan.

7. The loan cannot exceed $35,000. Presumably the new loan will be “taking out” or refinancing the entire balance on the old one. So if you had a $100,000 loan that you have been paying on time for several years but now have a balance of $35,000 and are in trouble, boy do we have a program for you. Or you might have a smaller $15,000 loan and after a short time need help. The law does not say you have to wait any particular period of time so I guess you could be in default after the first couple of months.

8. You can use it to make up no more than six months of monthly delinquencies.

9. The loan will be for a maximum term of five years.

10. The borrower will pay absolutely no interest for the duration of the loan. Interest can be charged, but it will be subsidized by the Federal government.

11. Here’s the great part. If you get one of these loans, you don’t have to make any payments for the first year.

12. There are absolutely no upfront fees allowed. Getting such a loan is 100% free (of course you have to pay principal and interest after the one year moratorium).

13. The SBA will decide whether or not collateral is required. In other words, if you have to put liens on your property or residence. My guess is they will lax as to this requirement.

14. You can get these loans until September 30, 2010.

15. Because this is emergency legislation, within 15 days after signing the bill, the SBA has to come up with regulations.

Here is a summary of the actual legislative language if you are having trouble getting to sleep:

SEC. 506. BUSINESS STABILIZATION PROGRAM. (a) IN GENERAL- Subject to the availability of appropriations, the Administrator of the Small Business Administration shall carry out a program to provide loans on a deferred basis to viable (as such term is determined pursuant to regulation by the Administrator of the Small Business Administration) small business concerns that have a qualifying small business loan and are experiencing immediate financial hardship.

(b) ELIGIBLE BORROWER- A small business concern as defined under section 3 of the Small Business Act (15 U.S.C. 632).

(c) QUALIFYING SMALL BUSINESS LOAN- A loan made to a small business concern that meets the eligibility standards in section 7(a) of the Small Business Act (15 U.S.C. 636(a)) but shall not include loans guarantees (or loan guarantee commitments made) by the Administrator prior to the date of enactment of this Act.

(d) LOAN SIZE- Loans guaranteed under this section may not exceed $35,000.

(e) PURPOSE- Loans guaranteed under this program shall be used to make periodic payment of principal and interest, either in full or in part, on an existing qualifying small business loan for a period of time not to exceed 6 months.

(f) LOAN TERMS- Loans made under this section shall:

(1) carry a 100 percent guaranty; and

(2) have interest fully subsidized for the period of repayment.

(g) REPAYMENT- Repayment for loans made under this section shall–

(1) be amortized over a period of time not to exceed 5 years; and

(2) not begin until 12 months after the final disbursement of funds is made.

(h) COLLATERAL- The Administrator of the Small Business Administration may accept any available collateral, including subordinated liens, to secure loans made under this section.

(i) FEES- The Administrator of the Small Business Administration is prohibited from charging any processing fees, origination fees, application fees, points, brokerage fees, bonus points, prepayment penalties, and other fees that could be charged to a loan applicant for loans under this section.

(j) SUNSET- The Administrator of the Small Business Administration shall not issue loan guarantees under this section after September 30, 2010.

(k) EMERGENCY RULEMAKING AUTHORITY- The Administrator of the Small Business Administration shall issue regulations under this section within 15 days after the date of enactment of this section. The notice requirements of section 553(b) of title 5, United States Code shall not apply to the promulgation of such regulations.

The real question is whether a private bank will loan under this program. Unfortunately, few will do so because the statute very clearly states that no fees whatsoever can be charged, and how can a bank make any money if they loan under those circumstances. Sure, they might make money in the secondary market, but that is dried up, so they basically are asked to make a loan out of the goodness of their heart. On a other hand, it carries a first ever 100% government guarantee so the bank’s know they will be receiving interest and will have no possibility of losing a single dime. Maybe this will work after all.

But there is something else that would be of interest to a bank. In a way, this is a form of Federal bailout going directly to small community banks. They have on their books loans that are in default and they could easily jump at the chance of being able to bail them out with this program. Especially if they had not been the recipients of the first TARP monies. Contrary to public sentiment, most of them did not receive any money. But again, this might not apply to that community bank. Since they typically package and sell their loans within three to six months, it probably wouldn’t even be in default at that point. It would be in the hands of the secondary market investor.

So is this good or bad for small businesses? Frankly, it’s good to see that some bailout money is working its way toward small businesses, but most of them would rather have a loan in the first place, as opposed help when in default. Unfortunately, this will have a limited application.

Wouldn’t it be better if we simply expanded our small business programs so more businesses could get loans? How about the SBA creating a secondary market for small business loans? I have a novel idea: for the moment forget about defaults, and concentrate on making business loans available to start-ups or existing businesses wanting to expand.

How about having a program that can pay off high interest credit card balances? There is hardly a business out there that has not been financing themselves lately through credit cards, simply because banks are not making loans. It is not unusual for people to have $50,000 plus on their credit cards, just to stay afloat. Talk about saving high interest. You can imagine how much cash flow this would give a small business.

We should applaud Congress for doing their best under short notice to come up with this plan. Sure this is a form of welcome bailout for small businesses, but I believe it misses the mark as to the majority of the 27 million business owners that are simply looking for a loan they can repay, as opposed to a handout.