Category Archives: Business

Internet Products for Starting a New Business

images-36Starting a business is an incredibly exciting time for any entrepreneur; however it can also be stressful with so much to do in so little time. The start-up phase is also characterized by significant expenditures against a backdrop of uncertain income.

However, there are a number of products and services that can help you maximize your chances of success while also saving you considerable time and money.

This article aims to introduce you to some of the less obvious ones that are available via the Internet. These products and services can help you set your business on the right path from Day One. While these recommendations will not be appropriate for all, those who need to bootstrap and build their business the hard way will benefit the most.

1. Create a website

Regardless of whether you intend to sell online or not, all new start-up businesses should secure a domain name and create a website as soon as they can. Thankfully, the cost of getting a site set up has fallen significantly over time and there are now a host of different packages and providers to choose from.

2. Download a profile of your industry

The factsheets, reports and guides from Scavenger are essential reading material for anyone starting up a business in the UK. The Business Opportunity Profiles are downloadable reports on specific UK industries. With over 800 reports in total, the range includes everything from ‘Children’s Day Nursery’ profiles to ‘Coffee Shop’ profiles to a profile on ‘Wedding Planners’.

3. Set up your company accounts

One of the big challenges start-up companies face is managing cash flow. Insolvency is one of the main causes of failure for entrepreneurs in the UK. However, with some careful and appropriate financial planning, cash crunches can be avoided. While this in itself is an important reason for buying a bookkeeping package, there are countless other reasons ranging from the ability to manage invoices through to managing payroll. The two main recommended introductory packages are QuickBooks® Simple Start from Intuit® and Sage® Instant Accounts. View online demos before you purchase.

How to Be an Entrepreneur

images-35In a world increasingly affected by globalisation, increased competitiveness and maturing products, the need for creativity and entrepreneurship has never been greater. Luckily, the attractions of becoming an entrepreneur have never been greater either, especially since a shift from a predominantly manufacturing- to a service-based economy has lowered the cost and barriers to entry for entrepreneurs.

The British government has moved entrepreneurship (and support for it) to the top of their domestic agenda. Meanwhile, entrepreneurship has become a hot topic, with conferences, exhibitions, and even TV shows, such as “Risking it All” and “The Dragons’ Den” evidencing the popularity. But while the environmental conditions may be attractive, entrepreneurs still need a workable idea that is commercially viable. This article endeavours to assist wannabe entrepreneurs (wantrepreneurs) in coming up with ‘the plan’ so as to enable them to finally take the plunge into the world of entrepreneurship.

Before deciding on ‘the idea’ it is worth assessing the landscape thoroughly so as to consider the broader context and the impact that trends or changes may have on it, i.e. whether it is future-proof, etc. There are three main trends to look at – global trends, national trends and local trends.

Keeping up to date with global developments via The Economist or the BBC will certainly give you a good base to start from. However, to gain a more in-depth understanding of global changes from a business opportunity perspective, websites such as Trendwatching (www.springwise.com) are very useful. In an increasingly homogeneous global economy, it is obvious that what works well in one market can easily transplant into other ones with the minimum of localisation. Between them, these sites give a more in-depth insight into some of the latest emergent business ideas and can be considered in tandem with macro trends affecting us all, like environmental challenges, the increasing cost of oil, volatile currencies, etc.

On a national level, there are a number of trends that we are all familiar with in the UK: increased ubiquity of broadband access, the fact that as a population we are aging, increased expected life spans, growth in the number of single-person households, and so on. The key with all of these trends is to focus on the opportunities associated with these demographic shifts and trends. For example, it is safe to predict that an aging population will increase the demand for certain goods and services, such as home-help services, medication, nursing, and glasses, and that the growth in single-person households will increase the demand for convenience food products and more economical white goods such as smaller fridges and washer/ dryer all in one’s.

On a local level, there are also numerous resources we can use in assessing the local environment and, in particular, the likely demand for our goods or services. Websites such as ACORN  and UpMyStreet provide extensive free demographic data about areas based on UK postcodes. These enable you to build up profiles of the local population and are ideal when you are looking to set up a shop or service to serve the local community specifically. Of course when it comes to local opportunities, these need to be assessed in conjunction with plenty of ‘on-the-ground’ research: walking in and around the area targeted for the new enterprise.

Business Plan Tips

unduhan-59For me this scene encapsulates perfectly the problems of not having an over-arching goal and plan for your business. Without a plan, or using a cookie cutter business plan template a business is essentially rudderless, and day-to-day activities are likely to be haphazard and reactive, in stark contrast to those businesses implementing a well thought out business plan.

The following represents a list of my top five reasons a firm needs a business plan.

1. To map the future

A business plan is not just required to secure funding at the start-up phase, but is a vital aid to help you manage your business more effectively. By committing your thoughts to paper, you can understand your business better and also chart specific courses of action that need to be taken to improve your business. A plan can detail alternative future scenarios and set specific objectives and goals along with the resources required to achieve these goals.

By understanding your business and the market a little better and planning how best to operate within this environment, you will be well placed to ensure your long-term success.

2. To support growth and secure funding

Most businesses face investment decisions during the course of their lifetime. Often, these opportunities cannot be funded by free cash flows alone, and the business must seek external funding. However, despite the fact that the market for funding is highly competitive, all prospective lenders will require access to the company’s recent Income Statements/Profit and Loss Statements, along with an up-to-date business plan. In essence the former helps investors understand the past, whereas the business plan helps give them a window on the future.

When seeking investment in your business, it is important to clearly describe the opportunity, as investors will want to know:

  • Why they would be better off investing in your business, rather than leaving money in a bank account or investing in another business?
  • What the Unique Selling Proposition (USP) for the business arising from the opportunity is?
  • Why people will part with their cash to buy from your business?

A well-written business plan can help you convey these points to prospective investors, helping them feel confident in you and in the thoroughness with which you have considered future scenarios. The most crucial component for them will be clear evidence of the company’s future ability to generate sufficient cash flows to meet debt obligations, while enabling the business to operate effectively.

3. To develop and communicate a course of action

A business plan helps a company assess future opportunities and commit to a particular course of action. By committing the plan to paper, all other options are effectively marginalized and the company is aligned to focus on key activities. The plan can assign milestones to specific individuals and ultimately help management to monitor progress. Once written, a plan can be disseminated quickly and will also prompt further questions and feedback by the readers helping to ensure a more collaborative plan is produced.

Human Intelligences

Everybody has a different approach to learning and the more we understand about the type of learner we are, the more effective our studying should become.

Howard Gardner first introduced us to the idea of Multiple Intelligences in 1983. He believes that there are several types of intelligences that can’t be simply defined from one IQ test. He categorises intelligences under the following headings;

1.  Verbal linguistic – having a good verbal memory, being interested in words and how language works

2.  Analytical / logical – being able to investigate and have a scientific approach to learning

3.  Musical – being sensitive to sounds and rhythms

4.  Visual spatial – being imaginative with a good visual memory

5.  Kinaesthetic – being receptive to touching objects to enhance your memory

6.  Interpersonal – being good in group work, listening to others

7.  Intrapersonal – being aware of your own personal goals and motivations

8.  Naturalist – understanding the link between nature and humans

It’s important to understand that these intelligences work together and it would be unwise to think of ourselves as having only one or the other. Labelling learners as a particular type of learner could stop them from exploring all of their intelligences. So instead we should think of ourselves as having dominant intelligences.

When you are next in a classroom ask yourself these questions to think about how you learn:

  • When I hear a new word do I need to see it written down to know how it’s spelt?
  • Am I interested in grammar and how English tenses are put together?
  • Are my notes kept neatly in a methodical way?
  • Do I keep a personal dictionary of newly learnt words?
  • Does my personal dictionary help me to remember the words?
  • How easy do I find it to hear differences in sounds?
  • Does drawing pictures of new words help me to remember them in English?
  • Does touching an object help me to remember what it’s called?
  • Do I enjoy listening to the teacher and taking notes?
  • Do I prefer working on my own or with other people?
  • Do I know why I’m learning English?

Research techniques marketing

1. Companies carry out Market Research to gather and analyse data to understand and explain what people think about products or adverts, to find out about customer satisfaction and to predict how customers might respond to a new product on the market.

2.Market Research can be categorised under two subheadings – Quantitative Research and Qualitative Research. The questions asked with Quantitative Research are structured whereas Qualitative Research questions are much more open and can often reveal consumption habits which the researchers hadn’t previously considered. You carry out Quantitative Research when you need to know how many people have certain habits and the Qualitative Research when you need to know why and how people do what they do.

3.Companies involved in Market Research include the Research Buyer and the Research Agency. The research agency carries out the market research in ways previously discussed with their clients – the research buyer. Sometimes companies only need their own data analysed, or are simply looking for advice on how to carry out their own research. Points that are discussed between the two parties can include:

  • The time duration of the research
  • The budget available
  • Who the target groups are
  • Predictions of results
  • How the results will be helpful

4

  • Street Surveys – stopping people in the street
  • Phone or postal – people fill in questionnaires and send them back
  • Internet surveys – a relatively new technique which functions in a similar way to other surveys except that a large number of people are interviewed at the same time

5

  • Am I asking the right groups of people?
  • How many people should I speak to in order to get representative answers to my questions?
  • Are my questions easy to understand?
  • How am I going to analyse the data?

Why is this important

Achievement is what you have done of significance at work which has benefited your company or organisation. Think about your work achievements. Or even your life achievements – these are the successes that you have had so far. Perhaps you have just passed your driving test, or maybe after many years of trying, you have learnt to swim. This is an achievement as it is something you have worked hard for, and in the end the results have been successful.

Why is this important?

In our lives it is important to have objectives so when you have reached them you can say you have some achievements. Think about when you were younger, and your ambitions. Maybe you wanted to become a doctor, so you studied hard, and you finally became a doctor. Perhaps you wanted to have a house with a big garden. Can you remember the day you fulfilled this dream? These are personal achievements and they give you the feeling of self-satisfaction, confidence, and happiness. Let us now take a look at your work achievements. When you have achievement at work it means that you are working towards goals normally set by others, but they can be set by yourself, too. Perhaps you have to reach a sales target, or you need to complete a project within a deadline, or perhaps you need to see clients or customers and help them in some way. If you succeed in helping them, or you reach your sales target, or you complete your project by the deadline, you have examples of achievements. Striving for achievements shows determination and tenacity.

 

How can you show you have this competency?

If you have a job interview and you want to demonstrate your achievements you need to think about different situations you have been in, the actions you have taken, and the results of these actions. Perhaps you have had a difficult customer, how have you dealt with that person? Did your action benefit your organisation? In what way? If your results were successful, state this either in your job application, or in your interview.
Think about the skills which you have which make you attractive and valuable as an employee. Remember the more achievement you can give as examples, the more you can sell and market yourself for the job.

 

How to improve this skill

If there is a goal which seems difficult to achieve, don’t give up easily. If you can understand your goal and work towards it this will show that you have the potential to achieve. You need to be able to face obstacles and be determined enough to meet targets. Think about a time where you have had to take “no” for an answer, did you just accept it? Don’t just accept it, find out why the answer is “no”.
Also ask for feedback as this can give you an indication of how you are doing. You could compare this to learning a language, for example, if you find some grammar difficult you can always ask your teacher for feedback on your exercises. You can apply this rule to the workplace as well and if you are not sure of how you are progressing, ask!

Success on management business

When you first read the text, don’t worry about the numbers in brackets.  You will fill in the gaps in Exercise 1.

A change for the better?

In the world of business, change is inevitable.  Nobody would seriously argue with that, especially at a time when IT developments are sweeping through all areas of work and changing how things are done and who does them.  But when change does come, not everybody agrees on what it means.  How you view change depends on in the organisation, and managers and employees usually have very different perspectives.

If you’re , your focus is on results, and you’ll see the change as the best way to realise them.  They are more aware of the business’ overall goals, the financial state of the company and its position with regard to competitors and market share.

When  consider introducing change, they ask questions such as, ‘How quickly can it be implemented?’, ‘How will it benefit the company?’, ‘What investment is required?’, ‘How cost effective is the change?’ and ‘How will it affect our customers?’  Since they are usually the advocates of change, managers tend to be more enthusiastic about it.

If you’re , however, your focus is more on the immediate task of getting the job done.  They seldom have time to consider how their work fits into the overall scheme of things; they don’t share the broader perspective of the company directors.  Because they are often skilled and experienced in their work, or because they are placed on the frontline dealing with customers on a daily basis, they look at change from a personal perspective.

The questions  ask are, ‘How will this effect the quality of my work?’, ‘How much time will it take for me to adapt?’, ‘What’s wrong with the way we’ve always done things?’ and, ultimately, ‘What’s in it for me?’  Since employees are the ones who have to put the change into action, they are usually less enthusiastic about it.

With such different  about change within the organisation, it’s not surprising that innovation often fails.  Planned changes need to be carefully thought out and managed.  If not, morale will suffer as people feel that they are being forced to change against their will.   There will surely be resistance, and some highly valued members of staff may even decide it’s time to leave.

All of this can eventually have a negative affect on productivity and efficiency.  Management will have to admit defeat and drop the change, or risk losing  to the competition…and then another great idea bites the dust.

Fine Shirtmakers

Set up in the 1920s by James Carston, a Manchester tailor, the company has remained in the family and is now run by James’s grandson, Paul Carston.  Employing fewer than 50 people, the company has a reputation for producing high-quality men’s shirts, which it sells by mail order, and has a loyal customer base.  As Paul Carston says, ‘Once someone has tried our shirts, they tend to come back for more.  Our customers appreciate the attention to detail and the high-quality fabric we use.’  And it’s the fabric they now use that makes the company almost unique in the world of men’s shirt manufacturers.

When Paul Carston took over running the company in 1999, he inherited a business that prided itself on using local well-paid machinists rather than sweatshop labour, and looked upon its employees as members of an extended family.  Paul, a committed environmentalist, felt that the company fitted in well with his values.  The shirts were made from 100 per cent cotton, and as Paul says, ‘It’s a completely natural fibre, so you would think it was environmentally sound’.  Then Paul read a magazine article about Fair Trade and cotton producers.  He was devastated to read that the cotton industry is a major source of pollution, and that the synthetic fertilisers used to produce cotton are finding their way into the food chain.

Paul takes up the story.  ‘I investigated our suppliers, and sure enough found that they were producing cotton on an industrial scale using massive amounts of chemicals.  Then I looked into organic cotton suppliers, and found an organisation of Indian farmers who worked together to produce organic cotton on a Fair Trade basis.  Organic cotton is considerably more expensive than conventionally produced cotton, so I did the sums. I discovered that if we were prepared to take a cut in profits, we would only need to add a couple of pounds to the price of each shirt to cover the extra costs.  The big risk, of course, was whether our customers would pay extra for organic cotton.’

Paul did some research into the ethical clothing market and discovered that although there were several companies producing casual clothing such as T-shirts in organic cotton, there was a gap in the market for smart men’s shirts.  He decided to take the plunge and switch entirely to organic cotton.  He wrote to all his customers explaining the reasons for the change, and at the same time the company set up a website so they could sell the shirts on the internet.  The response was encouraging.  Although they lost some of their regular customers, they gained a whole customer base looking for formal shirts made from organic cotton, and the company is going from strength to strength.

Blogging for your business

Only a few years ago, a “web log” was a little-known way of keeping an online diary.  At that time, it seemed like “blogs” (as they quickly became known) were only for serious computer geeks or obsessives.

This didn’t last long, though, and within a very short period of time, blogs exploded – blogs were everywhere, and it seemed that almost everyone read blogs, or was a blogger.

The blogging craze of a couple of years ago (when it was estimated that ten new blogs were started somewhere in the world every minute) now seems to have died down a bit – yet thousands of blogs (probably the better ones) remain.  Blogs are no now longer seen as the exclusive possession of geeks and obsessives, and are now seen as important and influential sources of news and opinion.  So many people read blogs now, that it has even been suggested that some blogs may have been powerful enough to influence the result of the recent US election.

Blogs are very easy to set up – all you need is a computer, an internet connection and the desire to write something.  The difference between a blog and a traditional internet site is that a blog is one page consisting mostly of text (with perhaps a few pictures), and – importantly – space for people to respond to what you write.  The best blogs are similar to online discussions, where people write in responses to what the blogger has written.  Blogs are regularly updated – busy blogs are updated every day, or even every few hours.

Not all blogs are about politics, however.  There are blogs about music, film, sport, books – any subject you can imagine has its enthusiasts typing away and giving their opinions to fellow enthusiasts or anyone else who cares to read their opinions.

So many people read blogs now that the world of blog writers and blog readers has its own name – the “blogosphere”.

But how influential, or important, is this blogosphere really?  One problem with blogs is that many people who read and write them seem only to communicate with each other.  When people talk about the influence of the blogosphere, they do not take into account the millions of people around the world who are not bloggers, never read blogs, and don’t even have access to a computer, let alone a good internet connection.

Sometimes, it seems that the blogosphere exists only to influence itself, or that its influence is limited to what is actually quite a small community.  Blogs seem to promise a virtual democracy – in which anyone can say anything they like, and have their opinions heard – but who is actually listening to these opinions?  There is still little hard evidence that blogs have influenced people in the way that traditional mass media (television and newspapers) have the ability to do.

The meaning of coaching

1
Coaching is a useful tool in today’s challenging world of business and commerce. Companies are downsizing, merging and restructuring and there is far more job transition than before. Sometimes managers are no longer equipped to do their work because their jobs have changed so much. They were originally trained to do one job but that training cannot be applied to the job they are doing today. Coaching is also one of the most powerful tools that a leader has in order to improve the performance of his team.

2
Coaching is a partnership between an individual or a team and a coach. For the purpose of this article we will refer to an individual but the concepts are exactly the same for a team. First of all the individual identifies his objectives. Then, through the process of being coached, he focuses on the skills he needs to develop to achieve those objectives. In professional coaching the individual begins by leading the conversation and the coach listens and observes. Gradually, as the coach begins to understand the individual’s goals, he will make observations and ask appropriate questions. His task is to guide the individual towards making more effective decisions and eventually achieving his objectives. Coaching looks at where the individual is now and where he wants to get to.

3
Between the initial interview and an individual achieving the goals he identified, there is a process in which the two parties meet for regular coaching sessions. The length of time each session lasts will be established at the start of the partnership. Between sessions an individual might be expected to complete specific tasks. A coach might also provide literature for the individual to study in preparation for the following session. Most coaches employ an “appreciative approach” whereby the individual identifies what is right, what is working, what is wanted and what is needed to get there. An appreciative approach focuses more on the positive rather than problems.

4
An individual who enters into a coaching partnership will usually adopt new perspectives and be able to better appreciate opportunities for self-development. Confidence will usually grow and the individual will think more clearly and be more confident in his roles. In terms of business, coaching often leads to an increase in productivity and more personal satisfaction. All of this leads to a growth in self-esteem.

5
In a coaching partnership the coach first needs to listen carefully in order to fully understand the individual’s situation. He needs to support and encourage forward-planning and decision-making. A coach also needs to help an individual recognise his own potential and the opportunities that are on offer. A good coach will guide an individual to fresh perspectives. Finally, the coach must respect the confidentiality of his partner.