It is a sad fact that many new businesses go to the wall within a few years of starting up. Sometimes it is because of burnout; the owners simply didn’t realise how much time and effort it would take. Other times it is because they were not properly prepared to run a business. Here are 10 tips to make sure that you get a strong start to your new business so that the momentum will carry you through. Following these tips will help your business to succeed.
- Make sure your business offers what people want. You may be vitally interested in decorated horse shoes, but are horse-owners? It would be far better to offer a basic horse shoe, then offer decorative ones as a side. At least you could be sure of selling the basic ones, since all horses that are ridden should be properly shod to protect their feet. By ensuring your stock is popular you can almost guarantee sales.
- Make sure your cash flow Amazingly, many people who start out in business accept that debt is normal. Of course you will have to pay quite a bit to start a business, but you also need to have cash coming in as soon as possible. It is essential to keep the cash flow positive; don’t spend more than you make over a year. You may have to ask for a deposit up front for services, but at least you will have enough to pay your bills.
Many people decide to start a business simply because they don’t like working in a 9-5 job. They think with their own business they can choose hours that suit them or take time off whenever they like. This could not be further than the truth. Starting your own business is time-consuming and the buck stops with you.
If you are not there to see that everything is done on time or properly, your business will head very quickly to failure. That said, there is something about running a business that gets into the blood. The challenges and the frustrations are all part of the fun. Here is a checklist for starting up a business that can help smooth the way.
- Make sure you have a great idea that you are passionate about. If you don’t care greatly for your business idea you are likely to abandon it more easily when the going gets tough. And you won’t give it your all in a way that makes success surer.
- Analyse the sector your business idea is in to see if it is in a growth period or stagnant.
- Assess likely risks and work out a plan for minimising them.
The year 2016 brings forth a fresh set of commandments for small businesses. It is essential to look out for these new changes, which when not implemented can prove to go against the business.
A run down on the 2016 issues that need to be handled without delay which when done can result in huge turn-over for small businesses-
- Extra working hour rules: An increase in the overtime pay is the highlight this year. As soon as the details are out an urgent action is expected from the employers.
- Staff Salary: Around the globe, new laws are being formulated for a raise in the minimum salary of employees, stressing on equal wages and paid sick leaves. These laws have already taken an effect since the 1st of January 2016 in New York City based fast food employees. Equal pay for men and women is being implemented and 5 paid sick leaves are to be allotted by owners having a minimum of 10 staff members.
- Confidentiality Issues: Laws of Security and Privacy has gone up a notch this year. The data-security measures that have been functioning in various businesses up till now will require a boost.
When you are in business the whole idea is to make a profit. However, with the necessity of suppliers, infrastructure, payroll and even tax, there always seems to be a payment that needs to be made, thus reducing your profit levels. Rather than watch your business sink into the red, you can find ways to increase your profits and ensure your bottom line is healthy.
There is more to increasing profits in a business than just cutting costs. Some costs cannot be cut, but that doesn’t mean you should not keep a tight rein on spending. Unnecessary expense is a waste, but essential spending can cut down on time and increase your profits. For instance, purchasing the right software to do the accounting can certainly benefit your business; buying the latest and most expensive office furniture will not.
Five simple keys to increasing profits in your business are:
- Leads – these are your customers or potential customers, people who have contacted your business or who have been contacted by your business. There are two ways to increase profits with leads and that is to get more of them and to increase the spend of each one. It is imperative to give people who come to your store a great experience without being pushy.
Every business organisation needs to have good governance in place, but what exactly does it mean? Corporate governance is the system of rules, processes and policies put into place in order to monitor and control an organisation. Just like a good family has certain rules to establish responsibility, leadership and who does what, so a business has to have the same kind of thing. Only because a business has so many parts to it, the governance is rather more comprehensive than a family would need.
Even small businesses have to have some kind of governance in order to progress smoothly. People within the company from the janitor to the CEO have to know who is responsible for what and who is to make what decisions. It also encompasses certain rules and regulations set out by the government that businesses must adhere to, to be legal.
Input for a governance framework can come from an individual director, company counsel, outside commercial lawyers, a board of directors and officers in the company. It takes into account the kind of business it is and whether there are stakeholders or other shareholders who must be considered. It delineates duties and responsibilities appropriately and where delegation of duties is carried out ensures there is clear and proper understanding of what is to be done and by whom. Effective governance will ensure that the business runs smoothly and safely right from the start, as each person’s skill set will be used to carry out the work they are best suited for.
We often hear people complaining about the cost of insurance, but when it comes to your business, the cost of not having it can be devastating. Just imagine what would happen to all your work and dreams if your business was suddenly wiped out by flood or fire, or some other act of nature. What about if an employee was injured or worse while at work? Or what if your revenue suddenly dropped due to road or street repairs in front of your business that prevented your customers from coming in? Perhaps vandals threw rocks at your shop front and smashed it or stole your goods.
The loss that you would suffer from with all these and many other risks would be so high that your business may never be able to recover. When compared with the cost of insurance premiums it is easy to see which is best. Another problem that often occurs is businesses trying to keep down their insurance costs by insuring for much less than they need. Then when they finally get their payout, it is not enough to repair and start up their business again. Insurance is not the place to try and save on costs.
Every second person wishes to become a business tycoon and has a luxurious life. But is becoming a successful businessman easy? Just having a fund is not enough. Proper planning and execution of plans play a vital role in running a business. With high rates of inflation and deflation affecting the economies of the world no business whether small scale and large scale can remain unaffected by it and run business in adverse conditions is also a challenge.
Numerous factors which play a crucial role in the long life of business but at the time of commencement of an undertaking few elements too should be emphasized. Following are some of the factors to be analyzed and surveyed before putting the business plan on the floor.
- It is advisable that you breathe and live for the proposal you are thinking of. You cannot give a thorough devotion without putting all your funds and assets at stake for the venture. It is not only perilous but also like burning your hands intentionally.
- It is wise to invest before your money to understand the trait of the business and scope of growth so as to relinquish the business plan if the market prospect is not conducive for business.
An individual can think for business for many reasons. Before starting any business, it is wise to understand its pros and cons, whatever the size of an individual’s business is whether it is small or big, virtual or live, it should be secured one. There can be various ways to secure any business. These are almost same for every business without considering its type.
For Firm and Established Business
There are certain ways to secure one’s business. Insuring business is one of them. It is a mandatory and a secured way. Insurance is a need as well as it is beneficial for business authorities. Insurance is a need because it covers a business and in the case of ups and downs it proves to be quite favorable as well.
How to Select Insurance Plan for Your Online Business?
It is mandatory to select an insurance company with a reputation in the market and after going through rule and regulation legitimately. While doing any insurance, an individual needs to understand the reason behind it. If he goes for insurance just because it is necessary, then it can be problematic later on. Before selecting any insurance, an individual must assure about assets it covers. Since in the case of loss, he will be able to get an amount from insurance company according to that only.
In business terms, taking your business around the globe is something that is targeted by every business person. There are many advantages associated with taking your business overseas. In order to stay in competition and to avoid the costs of import and export, the best solution is to globalize your business and make your base in other countries. It benefits all the associated countries and the business owner himself. There are a number of factors that can be considered as the reason for moving your business overseas; most important of them are discussed here. Globalization of business reduces trade barriers; it is quite obvious that the purpose of business is to earn profit. Reducing the trade barriers reduces the cost and in turn increases the profit to a nice extent.
Reducing trade barriers:
Reduction in trade barriers means stopping the export of goods and manufacturing the goods in that other country. There are huge custom duties which a trader has to bear if he wishes to target a market outside the boundaries of his country. If you want to target the market without the hassle of import and export, you can globalize your business; this will benefit your business, your country and the other country as well.
Letting a business grow enormously:
Competition is ever growing and we have to cope with it if we want to keep ourselves in the market. If your own country’s market is saturated and your business is giving you less profit, you can target a market overseas where competition is low or even zero. This is how signature brands come into existence.
Running a business is thought to be an easy task in comparison to other ways of earning money. It is not as easy as it is thought to be and have various difficulties. One of the utmost troubles is winning customers trust while running any kind of business. There are many others troubles as well.
Need of Customer’s Trust
It is a big question for business owners that what is need of gaining customer’s trust. If an individual is the one who thinks like that, then he needs to brush up his business knowledge. Maybe a business owner thinks like when I am giving perfect product or service with on time delivery etc. then what is the need of building faith as well. It is required because there is a need for making a frequent customer buyer.
Need of Frequency
Next question that arises is why is there a need of a one-time customer to be a frequent buyer? For any kind of business whether it is related with product or else service, it is beneficial that a customer should keep on purchasing and giving regular business. It is possible only after flawless satisfaction of a customer and faith in business is one of them.
What is an online business?
Defining online business in the most simplistic manner is the e-business which is referred as the hue of business bustle that takes place over the Internet. There are various numbers of things that have to be considered while starting any sort of online business and especially if you are not some computer expert or haven’t started a business before. Some of the tips which prove to be beneficial while starting an online business are listed below:
What are the main tips required?
Some of the most advantageous tips for the business owners who are planning to start an online business are as listed below:
- Keeping the cash flow positive:
The owners of the e-commerce sites or any sort of online site should make sure that they run their business in a way that it starts rendering the cash as soon as possible. The owners can simply achieve the positive cash flow by increasing their profit rates and decreasing their disbursements.
- Testing and tracking everything:
The owners of the online business should keep a note of everything. When the owners start a new online business, they should especially track and test the advertisers, mainly. If the owners don’t keep a track of everything, there are chances that they might incur losses.
Getting onto the digital media just because everyone is on it doesn’t guarantee success for your business. You need to work on different strategies and keep in mind certain factors to be successful. One such factor that holds the key to success of businesses on the internet is ranking. Your website’s search engine ranking is what defines its success. If you want to get found by your customers, you need to focus on your Google ranking.
Let’s find out how Google ranking can change the fate of your business online.
Before we head into more details, you should understand how Google works and why your page rank matters. Google has a way of deciding ranking for different pages. It works on an algorithm to rank pages based on organic results. If a company wants to get a good Google rank, then it needs to follow its algorithm which has certain rules that are described briefly below:
- Relevance – A website or webpage that is relevant to the search term used.
- Inbound Links – Google rewards those websites that have several links to other source pages.
- Content – The content needs to be valuable for the users.
- User Experience – The web page should provide a good user experience.
- Mobile-Friendly – The website should be responsive to make it compatible with different mobile devices.
By following Google’s algorithm, any business can be rewarded with a good rank.
Most states and territories have “declared war” on drug driving in the last couple of years. New South Wales is presently leading the charge by announcing that by 2017 they will increase the number of roadside tests to 200,000.
Our alcohol driving laws have been around for many years and there are now enormous amounts of data regarding its effect on driving, blood concentration levels that give rise to impairment and the likelihood of being involved in an accident.
This pervasive concept inherently coaxes us to evaluate the drug driving laws by similar standards. Unfortunately, the policy behind these laws and the manner in which they are being enforced is not at all like alcohol driving laws and consequently we must assess them from other perspectives or consult experienced criminal lawyers for legal advice.
Each state and territory has now enacted some form of roadside drug testing legislation. However, the incidence of that legislation and the now increased focus on enforcing it has not been complimented with any educational material or even a consistent approach. Some commentators say the reason for this is that it’s merely a campaign against drugs cloaked as a road safety campaign.
That is an interesting conundrum because users who are prosecuted for drug driving do not ordinarily face criminal charges for possession or use of illegal drugs; and yet the possession and use of the drugs that are tested for is itself a crime.