Are There Any Differences Between An Entrepreneur And A Small Business Owner?

We use the terms entrepreneur and small business owner interchangeably. Are they the same or are there any differences? I decided to do some research to get answers to these questions. My findings say an entrepreneur and a small business owner (SBO) are not the same; therefore, we cannot use the titles synonymously.

Although you start out as a small business owner, somewhere along the way you either remain a SBO or you become an entrepreneur. If you are contented with earning enough profits to live a comfortable life and keep your business afloat, chances are you are a small business owner. This type of income replaces your income stream, which you earned from traditional employment. You really are not interested in growing or expanding your business. More than likely you will keep the business in your family.

Maybe you are not satisfied with the status quo, and you are very ambitious and have the drive to go beyond just surviving. You would fit the definition of an entrepreneur. You will take more risks. Entrepreneurs enjoy learning through growing and expanding their businesses. Some establish businesses for the purpose of resale after realizing a certain amount of wealth. It may take a lifetime for a small business owner to earn wealth compared to approximately five years for a successful entrepreneur.

Another difference is how innovative are you. Small business owners are not the type to “think out the box”; whereas, entrepreneurs come up with new ideas, innovations, and products, as well as construct creative, strategic marketing plans.

If you are the type who works in their business, you would be considered to be a small business owner. You are more repetitive. On the other hand, if you tend to strategically work on your business, evolving it, change target markets, if necessary, you are an entrepreneur. As a SBO, you tend to not change markets. In addition, your markets may be more general when compared with entrepreneurs who target markets are more focused.

In regards to staffing, if you are a small business owner, you may have employees, which would involve having to pay employee-related expenses; such as, benefits and taxes. As an entrepreneur, you may choose to work with independent contractors rather than having employees work for you.

There are some of you who tend to have characteristics of both groups. For example, as an entrepreneur, you may choose to keep the business in your family, just like a small business owner, rather than selling it. In addition to having this in common, there are similarities in operating your businesses. Both of you have to do some degree of advertising and marketing, as well as daily administrative functions.

Overall, a notable difference is as a small business owner, you tend to need motivation; whereas, if you can be described as an entrepreneur, you are fuelled by ambition, drive and inspiration. Although similarities exist among the two groups, according to my research findings, the two terms are not interchangeable, and there are significant differences.

Introduction of Accounting Services and Why it Require For Small Business

Accounting is the process of recording, verifying, and reporting all daily transaction of the organization. This is containing all the debit and credit entries of the ledger and employees and all financial transactions. From this, such financial information is primarily used by manages, investors and other decision makers to make a decision within company.

For every successful business require accurate management of all their financial transaction and activity. Finance and its right management is the key aspect to determining the running success or failure of any business.

So it is important that the all accounting and all financial transaction are managed properly and utilized correctly and this is made easier by finding a good accounting service with qualified and experienced CPA’s who could guide and help the business succeed.

Accounting services required for small businesses depends on the nature and the size of the business. The three main tasks are tracking the income and expenditure of the business, generate forms and keep detailed records of its assets as well as the liabilities of the business.

Accounting services for small businesses are needed for dealing with all financial transaction and tax matters such as cash flow management, account reconciliation, ledger maintenance, payroll tax planning, preparing and documenting tax records, returns, dealing with state income and managing taxes, estate planning, book keeping, for preparing loan applications etc.

Therefore, it is essential for small business owners to hire a good accounting service firm or an independent CPA. You can meet several firms, find out the services they offer and the costs, describe what services you need and find out how much it may cost, ask for references. Make sure that you would be able to have healthy working relationship with the accountant you hire.

There is lots of accounting services provider in market. But it is too difficult to finding the best and trustable accounting services provider or firm. Outsourcing bookkeeping services is one of well-known online accounting, book keeping, and financial services provider in accounting field.

Top Advantages Of Efficient Small Business Accounting

Like it or not, efficient small business accounting only happens when it is done by a professional. This may seem very one-sided – leaning towards the side of accounting firms – but this statement is true. There are a number of benefits which spring from this action. The most famous of them will be itemized in this article.

Acquisition of total understanding of business finance – Most people who jump in to the pool of small business have one thing common. They all believe that they are good at doing something and if they take the risk to put up their own firms they can get the chance to earn more. While this has been the introduction of many success stories of entrepreneurs, this is not true for every one and in general. This is because passion and talent are not the sole things which make businesses run smoothly. It is efficient small business accounting that can make any company stand the test of time and financial trials.

Hiring an accountant can be a big help on your strategic planning and the financial structure evaluation. Both are key in ensuring smooth business operations on a daily basis. With an accountant’s assistance, you can reach the maximum results from the routines performed in your business daily. More so, your eyes will be opened to cost-effective means of providing the best product or service to your clients. Yes, that is gaining profits without foregoing quality.

Access to useful tools – The advancements in technology continue to provide quicker and more efficient means in dealing with all aspects of our lives. When it comes to running small-scale businesses, different types of accounting software for small business have sprouted in the market to aid entrepreneurs with all the bookkeeping, computations, product inventory and correct budget allocation they need. Moreover, these applications are also helpful in managing employees with their work schedules and tasks, having a dependable payroll system and payment for rent and utility bills. The last two items are true for businesses with physical stores.

Excellent bookkeeping – There is no doubt about the importance of bookkeeping the sales and purchases, every day expenses, bank balance and other financial activities happening inside your businesses. An incomplete record of your expenses and income can cause your financial doom. Why is that? This is because wrong data equates wrong allocation of budget. Provided that you have a copy of all your receipts and other financial documents, you can expect a hired accountant to take care of everything.

Money and time well spent – As a small business accounting professional will be the one to take care of your financial concerns, you can divert all your efforts to doing things that are worthwhile. Examples of this includes searching for new clients, making appropriate investments and spending time with your family without being insane thinking negatively of your finances while you are away. Hiring a reliable accountant involves a certain cost and so be ready for it.

Small Business Owners: Plan to Hit Your Profit Targets

To make a Profit, the business needs to focus, not on breaking even, not on survival, but on business profitability – literally, the ‘ability’ of the business to aim at and produce a specific dollar amount of profit as a percentage of projected gross income. Only when this is the clear business target is it possible to build a business that can deliver profit to the owner year after year. Only then can that business truly become an ongoing, revenue-producing asset for the owner. How is this done? How can a business become a profitable asset? Show me the Money! Most small businesses are inherently profitable. Depending on the business, a reliable profit of 10% to 30% of total annual sales already exists as the potential, ongoing profit return on investment of the company. But where is this Profit? Why is it so hard to see, let alone produce?

As a small business consultant for a major consulting practice, I was continually amazed at the number of small-to-medium sized companies operating with a ledger notebook and aluminum box for cash. I was stunned that the computer was used only for internet email, customer letters and office decoration. The accounting software (QuickBooks or Peachtree) was on the computer for tax purposes used by the accountant at tax time. As a consultant I was able to help the small business owners realize the most effective way to run a profitable business was to plan to be profitable. By getting the owner to understand that expenses and sales should be planned towards a goal and events controlled in such a manner as to yield the profit target. By not monitoring the profit and loss statement, the business events control the owners, and management cannot drive process and procedures toward profits. The accounting software packages were then set up to view each product by profit and loss statements on a monthly and annual basis. This allowed the small business owner the ability to react quickly to any deviations from its budgeted plans (cash falling through the cracks). The organization learns from the feedback it gets by comparing budgeted goals to actual results(revenue decreasing). Communication increased throughout the organization about employee expectations towards profitable goals.

Owners, when was the last time you updated your business plan, which is probably on your bookshelf where you placed it since you initially developed it. Now, don’t get bogged down in the document, just dust it off and use a red pen to ask your self the following questions:

Profit Planning: Budget vs. Business Plan

Has the management team updated the business plan to reflect current/future market industry ‘realities’?

Does my management team understand the ‘market intricacies’ of each product they sell and service in the business unit they oversee?

Does my management team understand the ‘customer’ product needs and wants they sell and service in the business unit they oversee?

Have you developed a profit and loss statement for each product? What are your sales revenue, direct costs, and overhead expenses for each product?

Have you benchmarked your Gross Profit margin against industry standards? Is it high or low?

How are your products sales trending? Quarterly? Is product cost percentage lowering as you sell more volume of products? If not, can workflow be streamlined.

Is my business making money? Do I have a simple profitable business model in place for every product?

Have you identified your bestselling product lines vs. your worst selling products? Select which product will grow your business?

Have your management team created action plans to meet planned product profit specific objectives and goals in target areas?

Employees/Operational Readiness

What is the current morale of the employees? Who will champion the ‘Profit Program’ that they can believe in?

What are the current ‘roadblocks’ to lowering cost and increasing throughput of products? Why?

What are the training needs of my employees to achieve profit goals? How will training improve business or morale?

Do the employees know what’s expected of them? How will they be held accountable for performance?

How will they be rewarded? Plan to give Incentives, increase Profit-Sharing, surprise Bonuses, spontaneous Intangibles?

Have your managers and supervisors set specific production objectives and goals in target areas?

Are my employees cross trained in key (growth products) production areas? Why not?

Do I have financial measurements scorecard posted in work area? Do I have relevant workflow processes posted in work area?

Do we have the best technology solution in place to reach profit goals?

Customers

Has my customer base changed?

Has my product/service offering changed?

How often/how many new customers have I obtained in the last year?

What product do my customers need to solve their problem? What services can we offer to provide convenience or can we lower product cost?

Are there any solutions outside the industry that will ‘wow’ the customer? Is the marketing strategy relevant to customer wants?

What is the company reputation to the customer? If low, how can we improve reputation and brand image to the market?

Do I know who my best customers are? What do they really want?

Do I have more/fewer customers? Why did they leave?

Who are the current ‘bad customers/clients’? Money Owed? Should I keep them or sell them?

Competitors

Do I have new competitors? Who?

Do I have more/fewer competitors? Why?

What are the current competitive threats to my business?

How are my competitors resolving the customer problem? Who?

What industry has the best innovative solution to address my customers need? Why? Applicable?

What technology is a competitive threat to my bestselling product?

Evaluate answers against the strengths and weaknesses of your business capability. Formulate your strategy according to the opportunity available in the marketplace. The game is to make money for the long term, not to see how many widgets you can ‘hide’ at the end of the month or play financial engineering games with the books.

Price Points

It is never a good idea to cut your price, even in tough economic times. If you do cut your prices, only do it for a limited time encouraging customers to “act now.” This should be a last resort effort.. The temptation to cut your price in tough times is great. Ask your management team ‘If we cut prices, how will you get the prices up when the tough times are over?’ Stay on the message. Your value doesn’t diminish in tough times. Why should your price go down? Businesses should focus more on customer satisfaction. By focusing on delivering more than you promise, you are putting the customer first. It reinforces their decision to buy.

Business Partners

Look for businesses that you can partner with to cross-promote your products and services while sharing the costs. For example, a laundry mat offers free detergent with each washer load and the free detergent is paid for by both the owner of the laundry mat and the supplier of the detergent. The price was not reduced, but there is a unique incentive for the customer with a specific start and end date, which will get the customer to “act now.”

Plan to profit with sales this year. Explore new markets, new prospects and new products and pitches. This year, the three Ps of marketing your business are: prospects, products and pitches. All three may need to change a bit to get you to a profitable year.

You can do it. Surround yourself with mentors who you can talk to plan for success. It’s amazing the difference it makes just talking through your ideas. Think of planning as preparing yourself for success with a clear profit picture in mind.

New Markets

As you review your business plan, ask yourself where else you can sell your product or service. Go back to those customers who have not bought from you in a while. Have a compelling reason for them to buy from you now, such as improved service, different products or greater customer satisfaction just to name a few. Does it make sense to enter new geographic markets? Have any competitors in that market left or ‘retrenched, waiting for better times’?

Update Your Offerings

After reviewing your business plan is it necessary to change or update your product or service offering? Will product or service changes or additions allow you to sell more to your existing customers? An “update” here could mean a redesign of your web site, starting a blog, joining a social network. Essentially any way you can expand your reach to potential customers. The reason newspapers across the country are closing is due to lack of readership. People are moving to the internet for their news and information… and to find your business!

Improve Your Pitch

Thoroughly understand your product and service and why someone should buy it from you. Use written testimonials from some of your satisfied customers.

• Tell your story in five minutes or less.

• Practice to perfect your pitch “before” the sales call.

• Listen well. Ask questions & really listen to the client’s needs and concerns.

The bottom line is practice makes perfect. Be a dedicated practitioner in client connection. You are the owner. Your time, care and connection in the sales process will bring results. In these times, you can be tenacious & focus on seeking out new opportunities which will pay huge dividends when the economy turns around.

Our nation is experiencing a recession and has been in a prolonged serious economic downturn in the past decade. According to Tom Reilly, MissouriBusiness.Net, “Seventy percent of today’s CEOs have never led a company in or out of a recession and 60 percent of today’s salespeople have never sold in tough times”.

On every championship team, great coaches must receive accurate information in order to adjust their strategy to win the game. To be a truly great small company you must operate from a core value of honesty toward strategy and profitability. Remember the old management adage ‘If it doesn’t get measured, it doesn’t get done’ and ‘Lost Opportunity’ (bad decisions) can close your business. Planning profitability is a proven business method that allows your business to measure whether its succeeding or failing, not smooth talking inexperienced senior executives, presenting the latest management theory of the month to the board.

Remember, Enron, WorldCom, George S. May International, Arthur Anderson and Tyco.

Limited Liability Insurance for Small Business Info: A Brief Summary of LLP Insurance

Every business has to have insurance of some kind, but what about partnerships? If you do have some ownership in a business arrangement but not the entire organization as a whole, you should only be required to insure your share. This is what limited liability insurance for small business is for. Why should you be liable for everything? If you have a limited role in daily business practices and operations, you should only have to pay for coverage of your own assets.

The term “limited partnership” refers to a partnership in which there is at least one general partner and one limited partner. The general partner typically has the same role as in a general partnership, as someone who controls the business’ daily operations and being considered personally liable for business-associated debts.

The “limited partner”, as mentioned above, doesn’t have a lot of say in the daily operations and decisions of the business. There can be more than one limited partner involved in a small business. To make up for not getting an active role in decisions, you get the benefit of not having to pay off claims or business debts with personal assets. However, the limited partner can still potentially lose his / her financial investment in the company depending on the circumstances.

What Else to Look for in Limited Liability Insurance for Small Business

Another thing to consider when looking for limited liability insurance for small business is that the tax rules different somewhat. All partners are required to report and pay taxes individually on their share of the yearly profits. You probably won’t have to pay self-employment taxes since your status in the business is not “active”, thus your share of the partnership isn’t considered “earned income”. The general partner(s), on the other hand, do control the business’ day-to-day operations and therefore liable for business debts.

There is another type of partnership referred to as “limited liability partnership” or LLP, in which all owners are provided with limited personal liabilities. In this kind of situation LLPs tend to be professionals such as accountants or lawyers. In certain states, only professionals are allowed to be LLPs.

An LLP requires less paperwork than corporations and LLCs. Learn about the rules in your state, pay the relevant filing fee, and create the partnership agreement.

This is only a short overview of limited liability insurance for small business. To learn more about your options, look into Hiscox Business Insurance and the benefits this company offers. There are a variety of custom small business insurance plans tailored to your needs.

Small Business Owners: Your Leadership Style Can Increase ‘Profits’

Covid-19 pandemic has forced a lot of business closures. Government leaders are issuing stay-at-home orders and the government is reopening in phases, which has limited customers sizes to 25%, 50% and 75% for the health safety of our community. How can you lead in constant changing environment? How do you motivate employees and simultaneously look for the next product to keep the doors open? How do you change your management style to be an effective leader in such a uncertain future and ‘doing more with less’ employees.

Leadership

I suggest send out a survey of what qualities they want to see in a CEO (then pledge to do everything you can to live up to these expectations)

Leaders need to provide coaching, because no one ever got to be the best without the constructive feedback, probing questions and active teaching. Be honest and positive in all communication messaging.

Search for opportunities to improve

  • What’s new?
  • What’s next?
  • What’s better? And not just for yourself but also for those around you.
  • Find a significant purpose for addressing your challenging and most difficult assignments.

Who you are and what your values are (then you give voice to those values)

Leader must affirm the shared values of the group.

Inspire a shared vision

  • Envision the future by imagining, exciting and enabling possibilities
  • Enlist others in a common vision by appealing to shared aspirations
    • Imagine the possibilities
    • Find a common purpose

Leaders who focus on the future attract followers more readily

  • Read trends
  • Listening to Podcasts
  • Watching documentaries

People regard most favorably those leaders who regularly talk about the ‘why’ of work and not just the ‘what’ of work

People who are leaders want to do something significant, accomplish something that no one else has yet to achieved.

Motivating Employees

  • Cross Training Employees about each other roles/responsibilities
  • Mentoring
  • ‘how can I help you?’… walking around 30 minutes a week
  • Delegating responsibilities
  • Brown Bag lunches (training)
  • Praise and Work for work above normal day activities

Sending them to seminars

Have them to do presentations

Quarterly Corporate Town hall Meetings (teleconference)

Weekly recognition of outstanding performers

  • Email
  • Walking around
  • Must be based on ‘visible’ performance (daily if outstanding)
    • Monthly meeting (recognize your performers)

Social Media interaction with customers

  • Do you have a scalable website (WordPress)
  • Do you have LinkedIn profiles about employees and products
  • Engaging with customer markets about current happenings
    • Facebook
    • Instagram
    • Reddit
    • Twitter
    • Weibo (china)

Finally, some business owners will make the necessary changes to keep afloat and some will drown. Navigating in rough waters, takes a team effort, innovations and commitment to ride it out!!!!

Your job as a business leader is to communicate, communicate with honesty and positivity to build trust in customers, employees and shareholders.

Start a Home Based Company With Small Business Grants

In this day and age as we witness the rapid advancing of technology in unison with the increasing unemployment rate, many American citizens are turning to small business grants sponsored by the US government as a means of establishing home based online businesses. This practice is becoming more and more popular each and every day as the evolution of technological business enhancements is rapidly rendering traditional methods of company operations obsolete.

There is no better time than now to begin considering telecommunication and virtual office positions as a regular work or career procedure. This is the age of computers, and web cams, and digital this, and automated that. It’s seldom that you are ever even able to reach an actual live representative when calling most customer service centers. It is pretty frightful to think that your job can actually be eliminated and replaced by an inanimate object, yet those days are growing near. It is a daily occurrence that thousands are laid off of their long time jobs while major corporations downsize employees to redirect payroll funds, in order to upgrade their automated systems. Becoming self-employed is seemingly the last chance at any type of job security for some, and small business grants are often the only chance of achieving that.

The smartest thing about using small business grants to establish an online “work from home” business is, obviously, because this is free government money. Most taxpaying American citizens are eligible to qualify for business grants, and the best part is, they never have to pay them back. There is no credit check, cosigner, interest, collateral, or anything else. This is a gift from the government awarded to you to establish your new business. By using these funds to create an online web and/or home-based business, you can virtually open up shop and see an immediate profit with absolutely no overhead whatsoever. No other type of business can achieve those highly favorable results.

You can acquire enough free government money in small business grants to start your home-based business in the utmost of professional fashions. It is entirely possible to be awarded enough funding to…

*Construct and/or set up an efficient and well equipped home office

*Purchase computers, software, telephones, copy machines, fax machines, printers, and all other essential major electronic or technical equipments to keep your company running smooth and efficiently.

*Buy all paper, pens, folders, professionally printed letterhead stationary, calendars, business cards, and all other necessary office supplies that you will need.

*Afford advertising materials and services to properly promote your business, whatever it may be.

*Obtain special training or college courses that correspond to your choice of career path to enhance and improve your business.

These are just a few of the advantages of creating your own online business. We haven’t even touched on the pleasure and freedom of not having a boss, not having to commute to work, not having to pay for gas or parking, wait for trains or buses, get stuck in rush hour traffic, be late for work, take a cut in pay, or get laid off. Sounds pretty appealing, doesn’t it. Well imagine being able to do all of that, for free.

Follow the links below to see how much free government money you qualify for in small business grants. It may not be long before you are enjoying lifetime job security in that plush corner office with a window…with a view of your patio.

10 Things a Small Business Can Write Off

We all have one fear in common – everybody is just a little bit afraid of the IRS. Although a little fear is healthy, for the small business owner or self-employed individual, too much fear of the IRS can be bad for the bottom line.

If you want to pay less income tax, take the time to learn what others in your industry are deducting, and track every legitimate business expense. The savings could easily be several hundred dollars. Start with these ten categories.

Home Office Expenses: If you operate your business from your home, a portion of your household insurance, rent, repairs, maintenance, utilities, and other expenses could be deductible.

Business Mileage: If you track every business mile driven, you’ll pay less tax. But, if those miles aren’t tracked properly they can be disallowed.

Interest on Business Debt: Monthly business checking account fees, bank overdraft penalties, business credit card finance charges, interest on a home equity loan taken out to fund your business, and annual credit card fees are all deductible.

Self-Employment Health Insurance: Self-employed health insurance costs are a business deduction, and are subtracted on your personal tax return.

IRA and Retirement Deposits: Self-employment and small business Retirement Accounts and IRA Deposits are also posted to your 1040 personal tax return.

Promotional Expenses: If you spent money, or traded goods, to get your business name or product out to the public, that cost is deductible as a promotional expense.

Seminars and Classes: Any classes that make you better at what you do to produce income, as well as general business classes are all deductible. Remember to record all mileage and travel expenses if you have them; those are deductible too.

Subscriptions: All magazines, newspapers and newsletters you purchase to enhance your business knowledge, including online subscriptions, can be deducted on your business tax return.

Rent: If you pay rent for an office, desk space, chair space, or storage space, rent tools or equipment, pay for loft space, or have other rent expenses within your business, those expenses are deductible.

Inventory: Inventory costs are only deductible as inventory is sold; unlike most other business expenses, it is not always deducted in the same year as the money is spent. The IRS has specific rules for inventory management.

A tax professional can only work from the information you provide, and unless you understand what you can and cannot deduct on a business return, even a good tax professional will miss valuable deductions. Keeping good records, documenting all business expenses are all you’ll need should an audit arise.

How To Establish And Operate A Small Business

INTRODUCTION

Business is an activity of making money through buying and selling or supplying of goods or services. The purpose of Business is to generate income through profit.

A small Business or small scales industry could be defined as a small firm or organization established for the purpose of carrying on some economic activities which could be manufacturing or production, trading or rendering services.

A business could be small or big in size, it all depends on the nature of business and capital seed involved.

Why Business? The gate way to additional income

To enjoy financial independent, a man or society must not depend on a single income, getting involved in extra enterprises can solve a lot of worried often created as a result of shortage of cash. Owing business is for those who want to be rich and successful. There are so many business you can embark upon and run well. However, if it’s going to be, it’s up to you. A business of yours is the lasting solution against the fear of unemployment retrenchment or lack of funds.

However, to survive in business, you need guts, generous dose of ambition and drive. You must have a strong reason that will keep your business alive.

TAKING THE FIRST STEP

In deciding what type of business to do there are range of ideas to choose from to know whether its along existing hobby, talent on a new idea, however, ensure that there is a market that needs your service of product. Also, you must be personally interested in the business (not just because of the gain you hear people makes from it)

THINK FIRST: If you want to start a business, business is about thinking-well those who can not think can not create, therefore, if it is business you want to go into, think first. First thing first Develop your business first before building your house (Proverbs 24:27)

Therefore, I recommend that you belt yourself with these three instructions:

(i) Think deeply about the business

(ii) Open your eyes to see opportunities

(iii) Have an open-ear to hear business advantages

(iv) Above all, pray to God for wisdom and Guidance

Orji Kalu, the chairman of Slok group of companies says: “A good business man must have nose for business the same way a journalist has nose for news. The entire world is a big marked waiting for anybody who knows the rules of the game.”

In deciding to establish a business. Find a need around you and fill it; there after, money will flow into your bank account. There are infinite business possibilities where you are but in order to have access to them. You must exercise wisdom.

Since business is about the production of goods and services. Geared towards meeting people need. For financial regard, it follows therefore, that your business line must depend largely on three principal factors (i) people (ii) Environment (iii)

Season 1

Business Environment and the people

Business environment is not the same. It differs from place to place, and from people to people. To succeed in business you must study your environment and the people well enough. (Their taste. Needs, Values, tradition and culture). Do not start a business until you have located the market.

i People

ii Environment

iii Season

2

Season: Some business is seasonal while some are for all seasons. You must identify the difference. For instance, starting your ice block business in the rainy season is a bad strategy.

Baker’s complain of low sales whenever the season of fresh corn sets in (it is advisable that you embark on the feasibility study of your choice-business and prepare a business plan of action. Identifying resources needed for your venture )

1 Knowledge is power. Do not start a business until you have acquired the right knowledge read management books and journals

2 Master the required skill and training before going into production or manufacturing of any product, what you don’t know well can’t be produced better. Attend seminars workshop and vocational training centers. If possible have a business coach or consultant.

3 Locate your business at the right place

4 Capital is needed for the survived of any business. Ensure that you have adequate money to finance your business.

The following are sources of capital for business:

(1) personal savings

(2) Friends and relatives

(3) Leasing option

(4) Leans from banks (SME loans)

(5) self-help option

(6) Partnership

(7) Brain equity

(8) Money from other Business

“Any enterprise built by wise planning becomes strong through common sense, and profit wonderfully by keeping a breast of facts” \proverb 24:3-4

Conclusion

Without missing words, you need a business of your own additional streams of income. However nothing happens without an ACTION. ACT NOW.

Let me leave you with the business secrets of DANGOTE

1 Manufacture something don’t just trade

2 Build a brand and don’t let it die

3 Sell cheap, give quality and don’t kill the competition

4 Start small, Rome was not built in a day

5 Have connection and pray for a big break

6 Believe that there is money to be made in every where

7 All work and less play makes Jacka rich man

8 Give back to those who make you

Effective Small Business Marketing – Down With Corporate Mumbo Jumbo

“Corporate speak” is everywhere. That doesn’t make it a good thing. By corporate speak I mean such cryptic statements as “we help you achieve optimum enterprise performance, maximize efficiency through the value chain and leverage proven practices and integrated solutions to accelerate your business.” Huh? This gobbledygook may make you sound smart, but do you want sound smart or be smart? Good marketing is clear. This stuff is anything but.

Many businesses fall prey to the siren song of corporate speak. It’s tempting for a few reasons. For one thing, it’s what they’re used to seeing. What a waste of valuable marketing space.

For another thing, it shows off their impressive vocabulary, which many misguided businesspeople think is a way to position them as experts. Well, maybe “We utilize proprietary methodology to precisely identify, quantify and create a hierarchy within specific business acceleration opportunities,” sounds impressive to some. But does it meet the company’s primary marketing objective, which is to attract new clients?

What if the site said this instead:

Using proven investigative methods, we will help you:

  • Identify processes that are draining your resources
  • Define the changes necessary to reduce the drain
  • Design an action plan that offers the greatest benefit in the shortest time
  • Reduce waste, improve efficiency and raise profits

This second formula works because it’s in simple language that everyone can understand quickly. It still sounds knowledgeable and professional, yet the bulleted layout is easy to understand. These are critical points in a world where you are competing for attention with not just your competitors, but a constant onslaught from incoming email, beeping Blackberries, ringing phones, 24-hour news sources droning in the background and endless opportunities for Internet surfing.

Here are few tips to help you clarify your message:

Junk the Jargon

Let your spouse or a friend who is not in your line of business read your marketing. If he or she can’t grasp it quickly, simplify the message. And remember that terms that you’re intimately familiar with will sound like a foreign language to many potential clients. Kaizen, Six Sigma, Hoshin Kanri, Lean. If you just can’t resist the urge to include these terms, at least define them for your less-informed clients. They may be the ones with the greatest need and the deepest pockets.

Away with Acronyms

PVM, CRM, KPI, 3PL…your clients shouldn’t need a secret decoder ring to understand who you are and what you do.

Wordiness Weakens

In marketing, less is always more. Be concise.

“As a corporate leader, it is imperative that you maintain constant contact with each member of your organization and maintain an open door policy to make your staff feel comfortable approaching you with questions, concerns and feedback to engender team spirit, enhance motivation and make everyone happier and more productive.”

Can be boiled down to this:

“Maintaining open communication within and between staff on all levels of your organization will improve motivation and productivity.”

Simple is not a dirty word. Deliver a clear, easy-to-understand message…and you will optimize the effectiveness of your marketing collateral and Web-based communications to maximize their impact on your target audience, which will pre-sell prospects and accelerate your ROI. Sorry, I couldn’t resist.

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