Dun & Bradstreet and INC. magazine report that, 33 per cent of all new businesses fail within the first six months. With fifty per cent of new businesses failing within their first two years of operation and 75 per cent within the first three years you can see that in order to survive you need to take every possible precaution against becoming just another statistic. There is plenty of information out there, some worthwhile, some confusing, but get the basics right from the start and give your new venture every chance of success.
Here are three top tips that will help you on your way. None of them absolutely guarantees the financial freedom you dream about when starting your own business, but nonetheless they will at least point you in the right direction.
Firstly, make a business plan, no matter how sketchy, no matter how short. A business plan allows you to work out your projected start-up costs and how much money you'll need to save or borrow. After all even things like envelopes, computer paper or labels cost money. It will also inform your marketing strategies and how you will reach target audience to make sales. It's important that you are able to make the numbers work out on paper before committing hard cash
to your ideas in reality. In this respect, for most new small companies, the most important aspects of a business plan are the break-even analysis, a profit-and-loss forecast, and a cash flow projection - projecting your cash flow with accuracy could make or break your company. Despite being stacked up with work, if customers aren't paying you before you need to pay your suppliers you will end up in trouble. You need to plan. Your business plan is the perfect way to consider what ifs scenarios and work to them and around them. Forewarned is forearmed and will give you the ability to survive in a testing financial climate.
Secondly, keep it lean and light and take things one step at a time. Don't think big to start with and dont lay out any cash unless you really need to. Think small and perfectly formed. Keep your overheads down and your profits a healthy as possible. If you are able to work from home to start with then do so. If you can manage on your own to start with then manage on your own. Outsource if needs be, but consider carefully the commitments of employing staff. Thinking big burdens start ups with unnecessary expense, eventually crippling them if they aren't careful. Ambition is a fine thing, but ambition tempered with perspective and a realistic time frame on accruing overheads. Make your mistakes inexpensively. Learn from them as you go along. If you are running your company with the minimum of fat your initial errors won't burden you with debt. Live, learn and prepare for success.
Safeguard your personal assets. If you don't take the necessary precautions a creditor can go after your personal assets, for example your house or your car to pay for these debts. When you set up your own business, you are usually personally liable for all debts that the business incurs. These might include business loans, taxes, money owed to your suppliers and landlords plus any judgements made against the business as a result of legal action. While you can buy business liability insurance to help protect yourself against lawsuits, this won't be of any help when it comes to business debts. If you think that your new business will be running up big debts, then seriously consider forming a corporation or limited liability company
Tuesday, October 20, 2009
Monday, October 5, 2009
The Importance of Charity
For those in the United States and around the world who think of Americans are selfish and stingy, the latest donation statistics prove otherwise.
Americans donated nearly $300 billion last year to charity, setting a record that was inspired by aid to victims of the Asian tsunami and three major hurricanes in the U.S. According to the annual report from the Giving USA Foundation at Indiana University’s Center on Philanthropy, Americans donated $295.02 billion in 2006, eclipsing the total of $283.05 billion in the previous year.
The American may get a bad reputation abroad in some places, but the bottom line is that we are a very giving people. We produce some of the greatest wealth on the planet, and, in turn, our wealthiest individuals like Bill Gates and Warren Buffet are known for their success as well as their philanthropic efforts.
I save the most important chapter for last in my latest release, “How Come That Idiot’s Rich and I’m Not.”
The first 11 chapters of this new book discloses my proven theories on attaining wealth, but in the final few pages, it outlines what is truly important in life – health, family, friends and philanthropy.
I hope my latest book helps people become successful, but if just one area has an impact on them, I hope it’s that last chapter. People certainly have financial stress in their life, but sometimes they need to take a step back and understand that billions, yes billions, of people in the world don’t have the things we take for granted. I think a lot of Americans understand that.
The results from the Giving USA report bear that out. Roughly 65 percent of charitable contributions come from households with incomes less than $100,000. The largest amount of money – $96.82 billion – goes to religious organizations, followed by $29.65 billion going to education.
The most important aspect of being wealthy is recognizing that you are wealthy and appreciate what money and financial success can do. For those who make a sincere effort to examine what they have in life compared to most in the world, it will help manage daily stress and anxiety.
Source: Free Articles
Americans donated nearly $300 billion last year to charity, setting a record that was inspired by aid to victims of the Asian tsunami and three major hurricanes in the U.S. According to the annual report from the Giving USA Foundation at Indiana University’s Center on Philanthropy, Americans donated $295.02 billion in 2006, eclipsing the total of $283.05 billion in the previous year.
The American may get a bad reputation abroad in some places, but the bottom line is that we are a very giving people. We produce some of the greatest wealth on the planet, and, in turn, our wealthiest individuals like Bill Gates and Warren Buffet are known for their success as well as their philanthropic efforts.
I save the most important chapter for last in my latest release, “How Come That Idiot’s Rich and I’m Not.”
The first 11 chapters of this new book discloses my proven theories on attaining wealth, but in the final few pages, it outlines what is truly important in life – health, family, friends and philanthropy.
I hope my latest book helps people become successful, but if just one area has an impact on them, I hope it’s that last chapter. People certainly have financial stress in their life, but sometimes they need to take a step back and understand that billions, yes billions, of people in the world don’t have the things we take for granted. I think a lot of Americans understand that.
The results from the Giving USA report bear that out. Roughly 65 percent of charitable contributions come from households with incomes less than $100,000. The largest amount of money – $96.82 billion – goes to religious organizations, followed by $29.65 billion going to education.
The most important aspect of being wealthy is recognizing that you are wealthy and appreciate what money and financial success can do. For those who make a sincere effort to examine what they have in life compared to most in the world, it will help manage daily stress and anxiety.
Source: Free Articles
Sunday, October 4, 2009
Are Meetings Producing a Loss or a Gain?
Almost everyday people in organizations have to attend meetings. Has anyone at the organizations looked at those meetings to determine if they are productive? Does anyone in the organization know if the meetings were beneficial enough to be worth the investment? If the answer is NO, then please read on to determine how to verify the worth a meeting has to the organization.
Recognize the Productivity Level.
The value of a meeting to the organization and how productive a meeting is relates directly to how effective it is at accomplishing the meeting’s purpose. If the meeting accomplishes more then 60% of its purpose, then the meeting was beneficial and the cost of the meeting is to be considered a good investment in the success of the organization. Most average meetings accomplish around forty to sixty percent of the meeting’s purpose. In this case the cost of having the meeting may be balanceable by its benefits; however this requires verifying that a benefit from the meeting is visible and verifiable. Finally, if the meeting accomplishes less than 40% of its purpose, the cost of the meeting is generally a loss to the organization.
Compute the Cost of Attendance.
How to figure out if the meeting has value related to its purpose and the investment in good meetings on future projects. Here is simple formula to use for calculations when weighing the cost of a meeting and against the potential benefits. MC = H x AC where AC = (R x N).
To determine the actual cost of a meeting, find the following data: an approximate average hourly rate for each person attending the meeting (R) and a count of the number of people expected to attend the meeting (N). Then multiply those numbers to compute total attendee cost (AC). Then take the number of hours (H) the meetings may be to multiply by the total attendee costs to compute approximate meeting cost (MC).*
Verify the Productivity Level.
Use or create a meeting management evaluation that will help the group decide where meetings fall on the productivity scale. The evaluation should have some sort of numbering system. Then assign a percentage value to the numbers in order to compare each meeting to the productivity levels. For example on a 5 point scale evaluation, each point would be worth 20% on the productivity scale. Keeping track of productivity levels is the only way to verify that improvement is happening. Sometimes, just knowing the meeting will be evaluated at the end is enough to keep people on target to achieving the meeting purpose.
Conduct Research on Meeting Management Methodologies.
There are many great books and some good training programs related to managing meetings available on the market. Do research on the web or ask people that do led meeting well for their recommendations.
Take Improvement Steps.
As noted earlier, the best way to know meetings are improving is to track the productivity before and after improvement steps have been taken. Improvement steps may be as simple as specialized training for the leader and/or group members. Or it could be a mentoring program where a truly good meeting facilitator is used to demonstrate the required skills in group meetings and then coach future meeting leaders in how to do a better job. Either way, an evolution in responsibility and mindset for the entire group will be necessary because a change in how the meetings are conducted will have to follow.
This information should at least be a starting point for determining what meetings currently have worth to the organization. It will also help with determining which ones could use improvement in order to become more productive and beneficial to the organization.
*NOTE:
Portions of this article were adapted from suggestions in the book "R.A!R.A! A Meeting Wizard's Approach "copyright Shirley Fine Lee 2007.
Source: Free Articles
Recognize the Productivity Level.
The value of a meeting to the organization and how productive a meeting is relates directly to how effective it is at accomplishing the meeting’s purpose. If the meeting accomplishes more then 60% of its purpose, then the meeting was beneficial and the cost of the meeting is to be considered a good investment in the success of the organization. Most average meetings accomplish around forty to sixty percent of the meeting’s purpose. In this case the cost of having the meeting may be balanceable by its benefits; however this requires verifying that a benefit from the meeting is visible and verifiable. Finally, if the meeting accomplishes less than 40% of its purpose, the cost of the meeting is generally a loss to the organization.
Compute the Cost of Attendance.
How to figure out if the meeting has value related to its purpose and the investment in good meetings on future projects. Here is simple formula to use for calculations when weighing the cost of a meeting and against the potential benefits. MC = H x AC where AC = (R x N).
To determine the actual cost of a meeting, find the following data: an approximate average hourly rate for each person attending the meeting (R) and a count of the number of people expected to attend the meeting (N). Then multiply those numbers to compute total attendee cost (AC). Then take the number of hours (H) the meetings may be to multiply by the total attendee costs to compute approximate meeting cost (MC).*
Verify the Productivity Level.
Use or create a meeting management evaluation that will help the group decide where meetings fall on the productivity scale. The evaluation should have some sort of numbering system. Then assign a percentage value to the numbers in order to compare each meeting to the productivity levels. For example on a 5 point scale evaluation, each point would be worth 20% on the productivity scale. Keeping track of productivity levels is the only way to verify that improvement is happening. Sometimes, just knowing the meeting will be evaluated at the end is enough to keep people on target to achieving the meeting purpose.
Conduct Research on Meeting Management Methodologies.
There are many great books and some good training programs related to managing meetings available on the market. Do research on the web or ask people that do led meeting well for their recommendations.
Take Improvement Steps.
As noted earlier, the best way to know meetings are improving is to track the productivity before and after improvement steps have been taken. Improvement steps may be as simple as specialized training for the leader and/or group members. Or it could be a mentoring program where a truly good meeting facilitator is used to demonstrate the required skills in group meetings and then coach future meeting leaders in how to do a better job. Either way, an evolution in responsibility and mindset for the entire group will be necessary because a change in how the meetings are conducted will have to follow.
This information should at least be a starting point for determining what meetings currently have worth to the organization. It will also help with determining which ones could use improvement in order to become more productive and beneficial to the organization.
*NOTE:
Portions of this article were adapted from suggestions in the book "R.A!R.A! A Meeting Wizard's Approach "copyright Shirley Fine Lee 2007.
Source: Free Articles
Saturday, October 3, 2009
Rising Through The Ranks As A Company Secretary
The importance of company secretaries in the automotive industry cannot be understated. Secretaries for executives, managers, and supervisors are invaluable to maintaining the organisation and communication of the entire firm. In fact, the network of company secretaries throughout a firm can help make or break a company within the automotive industry. Highly sensitive materials, important appointments, and crucial organisational tasks are met ably by company secretaries. From the front office and the service counter, company secretaries are key parts of any leading automotive firm.
However, many young professionals entering the automotive industry fail to see the potential of rising through the ranks as a company secretary. This oversight can be damaging to those who want to rise quickly up the corporate ladder to management or supervisory positions. Indeed, administrative assistant and secretary positions are great ways to rise through the ranks of an automotive firm for the right candidate.
One reason why company secretary positions are great launching pads to advanced positions is the connections these professionals establish. Company secretaries speak with executives and other professionals throughout the industry, in addition to professionals in other industries working with automotive firms. As such, secretaries with the right skills and ambition already have the requisite knowledge to rise to other positions in the firm. The references they build by these regular interactions are integral to future success.
As well, company secretaries have to exhibit the skills necessary for management or supervisory positions. Clear communications, as mentioned, are a part of any secretary’s repertoire. As well, the ability to organise multiple tasks at one time and delegate to temporary workers or assistants prove invaluable in future positions. Finally, company secretaries are intimately familiar with the various departments within the firm.
However, the most important aspect of a company secretary’s job is the dissemination of information to their supervisors. Secretaries learn a lot about the inner workings and politics of a firm’s executive board just in the commission of their daily tasks. As well, company secretaries are often asked to summarise reports, write letters, and updated website information on behalf of an executive. By simply doing their jobs, company secretaries build a comprehensive knowledge of the automotive industry and the firm that they work for. Company secretaries in automotive firms build a strong reputation within their department and the general firm simply by fulfilling job expectations. Graduates and young professionals need to know that company secretary jobs are a great spring board to advanced positions.
Source: Free Articles
However, many young professionals entering the automotive industry fail to see the potential of rising through the ranks as a company secretary. This oversight can be damaging to those who want to rise quickly up the corporate ladder to management or supervisory positions. Indeed, administrative assistant and secretary positions are great ways to rise through the ranks of an automotive firm for the right candidate.
One reason why company secretary positions are great launching pads to advanced positions is the connections these professionals establish. Company secretaries speak with executives and other professionals throughout the industry, in addition to professionals in other industries working with automotive firms. As such, secretaries with the right skills and ambition already have the requisite knowledge to rise to other positions in the firm. The references they build by these regular interactions are integral to future success.
As well, company secretaries have to exhibit the skills necessary for management or supervisory positions. Clear communications, as mentioned, are a part of any secretary’s repertoire. As well, the ability to organise multiple tasks at one time and delegate to temporary workers or assistants prove invaluable in future positions. Finally, company secretaries are intimately familiar with the various departments within the firm.
However, the most important aspect of a company secretary’s job is the dissemination of information to their supervisors. Secretaries learn a lot about the inner workings and politics of a firm’s executive board just in the commission of their daily tasks. As well, company secretaries are often asked to summarise reports, write letters, and updated website information on behalf of an executive. By simply doing their jobs, company secretaries build a comprehensive knowledge of the automotive industry and the firm that they work for. Company secretaries in automotive firms build a strong reputation within their department and the general firm simply by fulfilling job expectations. Graduates and young professionals need to know that company secretary jobs are a great spring board to advanced positions.
Source: Free Articles
Friday, October 2, 2009
Selling A Piece Of Yourself As A Product Marketing Manager
In the automotive industry, product marketing is key to the success of individual firms. As any consumer in the United Kingdom can attest to, the number of automotive advertisements in print, television and the Internet is difficult to assess without a calculator. Product marketing also takes the form of more subtle methods, including contests for free vehicles and product placement in television shows in order to avoid obvious advertising.
Managers at product marketing departments throughout the United Kingdom have a tough task on their hands. After all, auto firms have to compete in the general marketplace for the attention of consumers. As well, they need to compete with international auto makers in terms of attention in the specific market sector. Finally, product marketing managers need to work with designers and business people on how to find creative marketing solutions in every media.
The most important way in which a product marketing manager can ensure success in their field is to think of each product they advertise as a part of themselves. Personalising automobiles and other products allows a marketing manager to develop campaigns that make them proud. While it may be difficult to personalise something like an automobile, it is necessary to build the best marketing materials.
One way that a product marketing manager can sell a piece of themselves in each campaign is to observe the production process from start to finish. By observing the production of the item they are marketing, they become better connected to the production aspect of their employing firm. Indeed, automotive firms will encourage product marketing professionals to check out finished vehicles in order to find areas that should be highlighted in marketing campaigns.
Another way that a marketing manager can personalise the automotive marketing program is to ensure that every piece of material has a little bit of their imprint on it. This means that a product marketing manager develops a calling card or signature marketing tool that can be identified in the firm’s various marketing efforts. For example, a professional may use a certain type of font in product market campaigns that expresses their creativity. These small touches can make a product marketing manager proud of their work while feeling like the success of their employer is in some small part due to their efforts. In order to maintain focus, exceed expectations, and succeed in their jobs, product marketing managers need to bring a little of themselves into every part of their job.
Source: Free Articles
Managers at product marketing departments throughout the United Kingdom have a tough task on their hands. After all, auto firms have to compete in the general marketplace for the attention of consumers. As well, they need to compete with international auto makers in terms of attention in the specific market sector. Finally, product marketing managers need to work with designers and business people on how to find creative marketing solutions in every media.
The most important way in which a product marketing manager can ensure success in their field is to think of each product they advertise as a part of themselves. Personalising automobiles and other products allows a marketing manager to develop campaigns that make them proud. While it may be difficult to personalise something like an automobile, it is necessary to build the best marketing materials.
One way that a product marketing manager can sell a piece of themselves in each campaign is to observe the production process from start to finish. By observing the production of the item they are marketing, they become better connected to the production aspect of their employing firm. Indeed, automotive firms will encourage product marketing professionals to check out finished vehicles in order to find areas that should be highlighted in marketing campaigns.
Another way that a marketing manager can personalise the automotive marketing program is to ensure that every piece of material has a little bit of their imprint on it. This means that a product marketing manager develops a calling card or signature marketing tool that can be identified in the firm’s various marketing efforts. For example, a professional may use a certain type of font in product market campaigns that expresses their creativity. These small touches can make a product marketing manager proud of their work while feeling like the success of their employer is in some small part due to their efforts. In order to maintain focus, exceed expectations, and succeed in their jobs, product marketing managers need to bring a little of themselves into every part of their job.
Source: Free Articles
Thursday, October 1, 2009
Succeeding As An Automotive Marketing Director
The job of an automotive marketing director is one of the most difficult in the industry. Marketing new cars, trucks, and other vehicles is an important aspect in determining the success or failure of an automotive firm. Indeed, developing winning marketing campaigns and distinguishing between your product and the competition is a key factor in drawing consumers to their local dealership. Automotive marketing directors are in charge of the busy design, sales, and administrative professionals that help put together marketing campaigns.
Due to the high stress and importance of their job, automotive marketing directors may not realise that they need to sharpen their skills in order to succeed in their jobs. A director who is immersed in managing multiple marketing campaigns can often lose sight of how they can improve upon themselves. These marketing executives need to ensure that they are at the top of their game not only for their own professional success but the overall success of the firm.
The question for automotive marketing directors is how they can improve upon skills while in the thick of their stressful lives. The first step in increasing productivity in automotive marketing positions is to develop an inventory of skills needed for daily success. Automotive marketing directors may be busy during their days but they need to take a few minutes to review this list of skills and determine whether they are getting the job done. These inventories are an important first step towards success.
A marketing director may realise that they are not keeping up with the latest in industry news. Marketing directors in the automotive field need to stay updated on what their firm is doing, what other firms are doing, and the major trends in the automotive industry. The Internet makes finding news very easy and an automotive marketing director, with trade publications and news sites available with the click of a button.
Automotive marketing departments also need directors who are creative. Directors need to look back to past campaigns on a regular basis in order to avoid repetition in corporate marketing. As well, directors need to speak with their designers and developers to determine the best way to promote new product lines. A combination of conversation and creativity can lead to great campaigns.
Finally, automotive marketing directors need to be strong communicators. Directors can organise informal meetings, one-on-one sessions, and online forums in order to stay in contact with their subordinates. The ability to communicate with co-workers reflects on the ability of a director to communicate product information to the general public.
Source: Free Articles
Due to the high stress and importance of their job, automotive marketing directors may not realise that they need to sharpen their skills in order to succeed in their jobs. A director who is immersed in managing multiple marketing campaigns can often lose sight of how they can improve upon themselves. These marketing executives need to ensure that they are at the top of their game not only for their own professional success but the overall success of the firm.
The question for automotive marketing directors is how they can improve upon skills while in the thick of their stressful lives. The first step in increasing productivity in automotive marketing positions is to develop an inventory of skills needed for daily success. Automotive marketing directors may be busy during their days but they need to take a few minutes to review this list of skills and determine whether they are getting the job done. These inventories are an important first step towards success.
A marketing director may realise that they are not keeping up with the latest in industry news. Marketing directors in the automotive field need to stay updated on what their firm is doing, what other firms are doing, and the major trends in the automotive industry. The Internet makes finding news very easy and an automotive marketing director, with trade publications and news sites available with the click of a button.
Automotive marketing departments also need directors who are creative. Directors need to look back to past campaigns on a regular basis in order to avoid repetition in corporate marketing. As well, directors need to speak with their designers and developers to determine the best way to promote new product lines. A combination of conversation and creativity can lead to great campaigns.
Finally, automotive marketing directors need to be strong communicators. Directors can organise informal meetings, one-on-one sessions, and online forums in order to stay in contact with their subordinates. The ability to communicate with co-workers reflects on the ability of a director to communicate product information to the general public.
Source: Free Articles
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