Studying a new language is hard and very time-consuming. It may even present a bigger barrier for you than running an actual business. However, learning the local language will prove to be a huge advantage when doing business with local people. Especially in Asian countries, people will show you more respect and trust when you speak the language. Besides the fact that communication will be easier, it’s easier to meet new people and you’ll most likely get better deals.
Way of Life
Integrate with the local community and neighbors through events and other get-togethers. This is a great way to meet new people, potential clients, potential business partners and besides that, a great way to learn more about the country and its culture. It’s an awesome experience to see, understand and feel how the local people live their life. Learn about their values and vision in life. Study the local market and local economy and how that knowledge can profit your business.
It is critical for entrepreneurs, regardless of country or business industry, to fully understand the competition. However, entrepreneurs should not only focus on the current competition model. Have a look at what happened in the past, …
Give a person a fish, and he will eat it and still be hungry. But, if you show him how to catch his own fish, he will have an endless supply of food.
One of the most progressive social enterprise businesses has been the involvement of socio-economic groups in micro-finance projects. Leaders on the ground realized that to keep the social reforms moving forward, best practice dictated giving people financial stability and allowing them to work towards their own social and environmental upliftment.
How to start a Social Enterprise
Finding a viable business project, which will be both sustaining and profitable, is inherently difficult. Coming up with the most suitable business that not only turns a profit but also assists a wider community, without negatively impacting on environmental and social issues are what lead to failure. It is pointless taking a failed business and trying to turn it into a success. What is needed is a new idea with new, sustainable markets, that will take people out of poverty and engage them in keeping up the program for the long term.
Think Outside the Box
Get a big idea that is not local consumer based. Focus on setting up a …
Know Your Overhead Cost – It is easy to know what the cost is of each product or service you sell, but many business owners fail to include their overhead cost when figuring their numbers.
Profitable businesses know what their profit is on each product or service after their overhead cost is included. Overhead costs often include, administrative expenses like office supplies. Other expenses may also include marketing and advertising, employee related, facilities and equipment, vehicle related expenses, insurance, and tax related expenses.
Companies should know the percentage of breakdown related to each product sold, each procedure or job performed, or each service that is provided.
This allows the business owner to price their products and services at the right price. If the overhead cost is not included, it can cause the business to lose money on each sale that they are making.
Manage Your Cash Flow Regularly – Cash flow is so important for a financially fit business. If a company does not have a good eye on their cash flow, it can cause them to struggle every month.
Knowing what money you have coming in, and what money you have going out each week and each month will …
The Customer’s Problem
Finding a problem to solve is finding an opportunity. You add value when you uniquely solve a customer’s problem with a product they can buy.
What is a product?
A product can be a physical product such as a shovel, a digital product such as an eBook, or a service such as business consulting. It could also be a method of distributing that adds value, or a way of organizing or combining existing product lines. Really the product is up to whatever you can imagine.
Initially you can sell under your own name, which is the same as a sole proprietorship. If you find that your product sells, you can always sell your sole proprietorship to your corporation or LLC. But until you find a product that really sells for a profit, you should continue using trial sales.
What problem do you have?
After finding a product that sells for a good profit, evaluate your own business problems. Evaluate how you can serve the customer better, your concern for liability from damages or injuries, potential cash flow pitfalls, and so forth. Incrementally improve your business as you discover your own problems, especially focusing your attention …
Business enterprise has to consider the tax consequences of alternative courses of action. Tax services include not only preparation of tax returns and compliance with tax laws but also planning business activities with a view to minimize the taxes. It is possible to affects considerable savings in tax expense by appropriately arranging one’s business affairs. While evasion of taxes is definitely unlawful, it is perfectly legitimate for everyone to decrease their tax expense. To be successful in tax practice, an accountant should be up to date with changes in tax statutes, rules, notifications and circulars as well as court decision.
Management Advisory Services
A Significant part of the revenues of large accounting firms comes from management advisory services, an omnibus term for an extensive variety of consulting activities. These services go beyond the old-fashioned boundaries of accounting and auditing. Consulting Assignments include Recruiting suitable personnel; Reviewing costing systems; Helping with the design; Helping growing companies go public.
Small Business Services
Many bookkeeping organizations provide a variety of services for small business. Setting up a bookkeeping system, compiling financial statements, preparing budgets and forecasts, assisting the client in obtaining a bank loan are examples of small business services.
The ongoing concern is that two systems with different sets of rules and methods of reporting causes issues that both cost money, and hamper the flow of international business. In the modern world, there are two major sets of accounting rules that govern the way business information is recorded and shared with the world. The generally accepted accounting principles, or GAAP, is a body of rules based and used solely in America. The rest of the world follows the guidelines set forth by the International Financial Recording Standards. This can make it difficult for U.S. accounting to compete in the international accounting world. In turn, it is also difficult for U.S. based companies to then outsource their accounting needs to foreign countries, which in today’s massively connected world can slow down the natural flow of business. As the world continues to grow ever more connected, it would seem something needs to be done do bridge the gap created.
The issue that will likely be dealt with in the future is the cost that businesses and educators must face to fix the problem that has been created. There are those that realize much of the communication and complications can be cleared …
Flexible Working Hours
This should no longer considered a fantasy but it is a booming reality. Startups often make their employees burn the midnight oil. Why not compensate, by allowing them to walk in late at work too? The probability of expecting employees to work till 9 PM and asking them to report again at 10 AM seems too harsh doesn’t it? Flexible work hours make employees feel that the organization cares about them and does not want to overwork and underpay them. Believe it or not, long working hours has been one of the most common reasons why employees quit startups.
Cali Ressler, co-creator of the Results-Only Work Environment (ROWE), says “companies need to hold employees accountable for results not face time.” In simpler terms, longer hours does not necessarily mean more work. Offering flexible hours helps boost productivity.
Pamper Employees with non – work perks
How many of you have heard employees being sent on reward vacations abroad? It is a common practice among established MNC’s to send goal achievers on trips, why can’t startups do the same? Some startups, have adopted this and it truly serves as a great motivational factor to make employees stick around and …
Since technology has introduced so many ways of promoting products and services, the conventional methods have experienced a drop in popularity. They have not lost their usefulness but new methods have rose in popularity with the passage of time. Flags for advertising were used in the past and they are still very effective.
If you have made your mind to make use of this marketing tool for your business, we suggest that you learn to use them well. Given below are some tips that may help you.
You can make your customers glad by offering special discounts. And for this purpose, this tool can work in an effective manner. All you have to do is put these flags on the sales counter or other areas of your office or store. The thing is that you have to place them somewhere where they can catch the eyes of the visitors.
New products or services
Another way to use them is to put them outside your physical store like the car roofs, hotels, shopping malls, busy streets and restaurants, just to name a few. if you have a new product or service to promote or you want to …
- You can build your business. At a certain point, and without a planned agenda, Ron’s and my conversation turned naturally to what was working in each of our speaking businesses. I got a couple of great ideas from Ron that I’m going to start implementing immediately, and I’d like to think that Ron got some good ideas as well. In addition, we each made a commitment to refer each other for future business.
Question: What insights could you gain from others who know your world? How could you help each other build your businesses?
- You can share the “war stories” that outsiders wouldn’t understand. Ron and I also talked-and laughed-about the times when things went wrong. Like virtually every professional speaker, we each have had speaking engagements that made us think, “There’s got to be a better way to make a living than this!” People who aren’t in our business would never understand these stories. The value here is that of perspective and catharsis. By sharing-and laughing at-these stories, it diffuses their power, reminds us that they are the rare exceptions, and gives us insight into how we can prevent similar fiascos in the future.
Question: What are your “war …
Cloud funding – Pitching business ideas via the internet have become very popular among entrepreneurs to get the funding they need. There are numerous groups that offer such opportunities where multiple investors interested in the business idea contribute the needed funds towards the business. Such groups, of course, have restrictions and you should be aware of such before pitching.
Small business lenders – There are lots of organizations that are always interested in lending to small businesses and through such loans you can get the financing you need to get your business off the ground. You may need to secure such a loan with some asset type and pay interest in a specified time frame.
Banks – Banks make business loans for small businesses available. This may also require some kind of security and a track record that gives the lender confidence in you. The terms will vary from one provider to another, so you can compare options to select the most suitable for your business.
Partners – You may not want to partner so soon into the business, but it is one of the easiest ways of getting funding for the business. Strategic partners add value to the business …