A Secret Of Business Growth – Pick Passionate External People

Do you remember Frank Sinatra’s song…? “I did it my way”

Excellent song. I love it.

And you know what… some business owners love the notion of ‘doing it my way’ so much that they ‘hold’ onto every aspect of their business – so much so that they don’t allow people to help them to grow.

They latterly stop their staff from helping them.

They stop their ‘accountant’ from helping them

And they stop any outside expert from helping them…

There may be all sorts of reasons for this behaviour…

They may be too proud to ask for help.

They may be too scared to ask for help (as it can make you feel quite vulnerable).

They may think it’ll cost too much to get help (well if you think education costs too much – you should try ignorance).

Or they may think that they don’t have time to look for help… don’t trust anyone to help them, or even worse, they may think they don’t need help.

If you want to grow your business you have to make sure that all your people are ‘on your side’. You simply can’t afford a staff member, or an external consultant that is wayward – or not fully committed.

Because when they are passionate, focus and committed to you and your business, growing becomes easy because you can trust your people.

Why? Because they love doing what they do.

Business owners that have had excellent growth, and made extraordinary money from business will be the first to tell you that you need to surround yourself with great people to grow.

It’s a universal law.

And there are skills that you may need to learn, and/or develop to attract, and keep great people.

Most unsuccessful business owners blame their staff for poor business performance.

Yet who hired the staff?

Ultimately the business owner is responsible.

Great business owners take the responsibility and so train themselves on how to attract and pick great people.

As you start out in business, you can pretty much handle most of the work yourself. Then as the business grows you try and keep your finger in every ‘pie’… then at some point – your business gets to a point – where you can’t possibly do everything… you either have to keep your business small, or grow.

Yet growing may means that you’ve got to get people to help. Both internally (in terms of staff) and externally (in terms of consultants)

And that can be quite scary.

You see in business we become very good at making things or providing the service… yet we never really learn how to ‘pick’ people, how to train them and how to motivate them… so employing people or getting consultants can be a worry.

Yet the best business owners make it a passion of theirs to develop their people and leadership skills.

They actively learn how to pick, train and motivate people to run their business.

Because one of the true secrets of growing any business – is to grow it with the help of great people.

Top business owners know this.

They make it a passion to understand, and work with their people to help them grow their business.

They have these ‘great’ people offer advice and opinions – yet at the end of the day it’s the business owner that makes the decision.

In this article, the point to learn is that as well as employing great staff to work in their business – the best business owners also surround themselves with the best people they can find externally to help them grow their business.

Who are external people? Consultants and specialists.

They spend good money, and a lot of time with excellent accountants, solicitors and business growth specialists to ensure they keep on track and focused.

That way their progress is direct, effective and faster and safer.

You see they know that by paying a specialist – they’ll get specialist results. Because a great specialist will make you much, much more money than you’ll ever pay them.

You’ll know what I mean if you’ve ever worked with a gun consultant or specialist. They’ll be your favourite investment – because their advice will pay off many many times over.

My advice to you is to first examine the consultants you currently engage. Are they working for you? Or against you. There’s no in between.

The first test is are they passionate about what they do? Or are they just going through the motions?

Choose to work with people, both internally and externally that LOVE doing what they do. That way you’ll know that they are good.

If you hire anyone that’s passion is away from what they are doing for your business – their mind will be elsewhere – and their results will suffer.

Let me give you an example.

Which one of these 2 Tax Accountants would you hire? You ask them both this question.

“Where will you be in 5 years time?”

The first one answers. “I’ll be living on my farm, my accounting practice will be set up and I’ll be earning a passive income, so I can spend time with my family and working on my golf handicap”

The second one answers. “My practice and I will be recognized as the very best in the country for Business Tax structures so that my business and my clients will be structured in the best possible way. The business will set up to run a lot more efficient, but I love what I do, so I’ll still be here working with you and my other top level clients – because it’s my passion to help business owners set up their business in the best possible way to minimize taxation and create wealth.”

I don’t know about you, but I’d be choosing the last one. The one that loves doing what I’m paying him to do.

Work with competent passionate people that are more motivated to achieve your goal than you are – that way you know you’ll be on track…. Because if they love what they do – they’ll keep ahead of their game – and keep you ahead of yours.

Pick and work with passionate external people that love doing what you’re paying them to do.

Copyright © 2006 by Casey Gollan. All Rights Reserved

Unsecured Business Loans – Finance Business Projects with Ease

A person aspiring for establishing a business may not be having enough at hand for supporting the project. Though he has the option of loan open but since he is starting a business, he may not think it fit to risk his property merely for a loan or may be he does not own a property. In such conditions unsecured business loans are useful for these types of borrowers. Usually unsecured business loans are preferred by those who are entering in a business field freshly. But the loans are taken for expending the existing business as well. Through unsecured business loans one can buy office space, furniture, equipments etc or the loan can be utilized for paying previous debts also.

Unsecured business loans are provided without taking any of the applicant’s property as collateral. So the loan is completely risk free for the business persons. Unsecured business loans are thus provided solely on the basis of repayment capability and past record of the borrower. If the credit history of the borrower is good, the loan comes at easier terms and conditions. If the lender is convinced about its safe return, any amount from ₤5000 to ₤100000 can easily be availed. Because of the risks, lenders charge higher interest rate on unsecured business loans. However there is convenient repayment duration of 5 to 25 years attached to the loan. This means the business person has many years for establishing business and repaying the loan.

It is clear that unsecured business loans are costlier as higher interest rate is charged by the lenders. This means the loan should be availed only in the time of urgency. Also make sure that you have adequate surplus amount for regularly paying the loan installments. If you are unable to repay the loan then you are burdened by a higher interest rate debt which may jeopardize you financially.

It should be noted that unsecured business loans are offered mainly on your financial credentials. In terms of credit score, it can be said that you should be having a good credit score of 6oo to 620 for ensuring a unsecured business loan at good terms. But that does not mean that bad credit borrowers can not apply for unsecured business loans. Bad credit business persons too are eligible but they should convince the lender that the loan will be returned in time. Take a convincing repayment plan along with your income sources and bank statements and the loan will be in your pocket. The type of business you are investing the finance in also matters much while considering loan application of bad credit borrower.

For unsecured business loans seekers the cost is the most worrisome factor. Higher interest rate can scare some business persons. But instead of running away from the loan, make efforts for availing at comparatively easier terms. Compare different unsecured business loans providers on internet for individual interest rates. Settle for the lender of comparatively lower interest rate. Also see if the lender is interested in providing unsecured business loans to bad credit borrowers. Apply online to the lender for quick processing and timely approval of unsecured business loans.

Surely unsecured business loans providers offer an easy finance for establishing a business. Take each aspect of the loan in consideration before applying for to a lender. The loan goes a long way in enhancing financial prospects of the venture if used wisely. Pay off the installments regularly so that you avoid debts.

Home Based Business Survival Kit 2

How to Get Started This is the second of three articles on starting a new home based business. The first article Home Based Business Survival Kit 1 is a self evaluation How can you be sure that starting your own business is right for you? This next article is about the basics of setting up your home based business. How Do I Get Started

The decision has been made…..Yes I am right and ready to get into business for myself. You’ve chosen a business that interests you, fits your character and is potentially profitable. You’re excited and apprehensiveat the same time. So what’s your next step?

Set Up Your Business Plan.

Your first question may be: What is a Business Plan? My first business began with an idea. I needed to give my idea some substance so I started to write my ideas down on paper. This was the beginning of my business plan. A business plan helps you to define your business. Jim Rohn says “Always start with the end in mind.” You need to know what you want to achieve and what your business will be like when it is up and running. Your Business Plan helps you to look ahead, allocate resources, focus on key points, prepare for problems and opportunities, plan for those unforeseen complications and help you make good business decisions. A builder won’t begin construction without a blueprint, eager business owners shouldn’t rush into new ventures without a business plan.

Your business plan can be divided into three main sections.

1. Finances

2. Marketing

3. Management

Finances.

Where will you get the financial resources to start your business? One of the main reasons that small business fail is because of insufficient finances. You need money to start any real business. I’m not a financial advisor but these are some very simple principles that I have used in the past.

1. Work out your running costs for at least 6 months and make sure you have enough money put away to be able to operate, even with no income coming in. Always be conservative with your estimations. Double your potential out goings and halve your projected income.

2. Keep good books and that’s where your accountant comes in. There are many simple accounting software packages on the market but it helps if your accountant is using the same package so that when you send in your books for tax time it is an easy process for your accountant to work on. It will save you heaps of money in the long term.

3. Keep your finger on the financial pulse of your business.My wife and I have regular finance meetings to keep an eye on our spending and income. Sue is my accounts manager. Because we run a home based business ourselves we know that it is very important to differentiate between our work time and family time. At first we found it difficult to make unemotional financial decisions because we were husband and wife. We would bring in baggage from our family life into our business life and ended up having huge disagreements over finances. We had to separate our family relationship and our business relationship so we would literally put on two different hats. Sue wore a hat with Accounts Manager written on the brim and I would have Marketing Manager written on mine. It might seem a little extreme but it worked. We were able to focus on the work at hand in a much more objective way.

Marketing.

To succeed, entrepreneurs must attract and retain a growing base of satisfied customers. Marketing programs, though widely varied, are all aimed at convincing people to try out or keep using particular products or services. Business owners should carefully plan their marketing strategies and performance to keep their market presence strong.

I’ve broken Marketing down into 4 parts

1. Identify Your Opportunity. You should have already carried out this part of marketing when you identified the product or service that you intended to sell. Many people think marketing is just selling. It’s the job of marketing to decide WHAT to sell in the first place. People must want what you are selling or they will never by. You can have the best product in the world but if nobody wants to buy you will go broke very quickly. You need to research your market, find market gaps, trends. Look at your competition and their product and marketing strategies.

2. Look at Your Competitors Marketing Strategy.

You and your competitors will be competing for the same customers. The job of marketing is to decide how to create a strategy that will give you an advantage over your competitors. Don’t bury your head In the sand and think you have no competitors….you will have. Look at what marketing strategies they are using and try to be different.

3. Putting Your Product in Public View.

Marketing is to create demand for your product through advertising. To let your potential customers know about your product and where to get it. To show the values of your product over your competitors.

4. The Sale.

The ultimate goal of any business is to make money. If your marketing is done well the sale is just an exchange of goods for money. The sale can complement and enhance the marketing strategy so that the customer is happy to part with their money.

Operating your business.

Working from home sounds great and it has many bonuses. Not having to commute, working your own hours, not having to get dressed up everyday for work. Those are some of the good things but there is always a trade off. We need to be aware of the down side of working from home as well. You are on your own so you won’t get any interaction from others. You don’t have a boss watching over you so it is easy to not work. There’s no one to pick up on your mistakes so the buck stops with you. You won’t be picking up a regular wage every month. So what can you do to maximize the advantages and minimize the disadvantages.

Beating the Isolation Factor

This is not always seen as a problem at first but it can become very lonely working by yourself. It is sometimes difficult to maintain motivation when you are not having that interaction with others that most people get when working in an office or factory. There are many ways to counteract this isolation such as, joining a networking group, meeting up with other local small business owners or even a short walk around the neighbourhood or a visit to the shops can break down that feeling of isolation. It doesn’t need to be all work and no play. A lunch or coffee date with a friend is a great way to banish boredom.

Be Your Own Boss.

When there is no boss looking over your shoulder, work is easy to do but it’s easy not to do. I have found the best way to overcome this problem is to be organised. It is best to have a specific area set aside for working. I turned one of my bedrooms into my office and I went to work each day by walking from our living area into my office. Set your self daily tasks to be completed. Never finish your day before you have planned the next. Write a to-do list for the next day. Try to keep the list to three to five things you would like to achieve that day. If you don’t finish one of those tasks put it as number one for completion the next day. There’s nothing better than walking into your office and having your work already organized for that day. When you start a new business you will have to learn new skills. You don’t have a foreman or boss training you. You will make mistakes but don’t let them stop you from reaching your goals. Even the most successful business people make mistakes, it’s how you handle them that can make the difference between success and failure.

The best way monitor your output is to develop your own business tracking sheets. I developed a simple excel spreadsheet, listing the areas of marketing, sales and expenditure. Once a week I would give them a quick glance for any obvious problems but every month I would analyse them in detail. It’s very important pick up on problems quickly before they cause too much damage. Minimise your chance of failure by keeping on top of mistakes and fixing them as quickly as possible.

You are now ready for business. You’ve chosen your products. You know your marketing strategy. Your office is set up and your waiting for your first sale.

My next article will help you stay in business, be successful and help you avoid being just another statistic.

(c) Copyright Ralph Montague