Networking through the internet has given companies more opportunities than they’ve ever had before. Whether looking for clients or to form strategic alliances, it is now possible to interact with people that may not have had access to the company previously. However, even though dealings are taking place through the internet, networkers are still forced to deal with many of the concerns they would’ve contended with offline. Of these, the biggest issue is the question of how to make sure companies are able to reconnect with each other. Although previously this may have been matter of luck and e-mail more than anything else, businesspeople can now combine the results of offline networking with the convenience of the internet by using digital business cards. Here are four reasons to give them serious consideration.

1. Ramp Up Marketing Efforts

One of the biggest advantages of having a company business card is that it allows representatives to interact with more people. When using the internet, finding and having conversations with people is not hard to do. Digital business cards make it possible for companies to efficiently “finish things off” once that critical first connection has been formed.

2. Stay Professional

There are companies that make every effort to be professional offline while neglecting to do the same online. To a certain extent, this is likely because the internet is decidedly less formal than a face-to-face meeting. As a result is easy to find people walking a fine line between informality and being unprofessional on the internet. In offline dealings, cards have a way of lending credibility. Digital business cards have a similar effect online.

3. Let Prospects Find You More Easily

Although it is certainly possible to use e-mail and other methods to exchange proper contact information, it takes time to do so. So much so that it can become a little bit cumbersome for those who are hoping to make more connections in less time. With digital business cards, it is now a simple matter of handing it over and waiting for that call, fax, or e-mail.

4. Save Resources

Whether considering the possibility of sending cards or simply printing them, there is time and money that goes into that. Having something ready online makes the whole exchange faster and not having to pay for and send printed copies allows for financial savings as well. If time is money then the benefits will become even more noticeable to a company.

Online networking has developed into a legitimate way for companies to acquire more customers and find like-minded businesspeople at the same time. It is an opportunity that cannot be neglected. As such it is essential that businesses do what they can to handle things as efficiently as possible. Digital business cards allow companies to get more from their marketing efforts, maintain a certain level of professionalism, and stay in touch while saving money and time. At this stage, there is no reason for a company to be networking through the internet without making use of them.

Article Source:

http://EzineArticles.com/?expert=Martin_Fielding

When starting a new business choosing the right business name is among one of the most important things you will do. A business name is at the forefront of everything you do and is what people connect with. You want customers to remember it easily and when they need your particular product or service it is your business name that comes to mind straight away. It is even better if your business name begins to represent that particular product. Choose your business name and then work hard to get it recognised through advertising and promotional gifts. Your business name can become a powerful marketing tool.

A memorable name

Your business name needs to be something your customers will remember and when they think of your particular product or service it is your business that stands out above all others. Your name also needs to be easy to remember and make sure it is easy to spell. A unique name is good but if it is difficult to spell your customers will have a hard time looking it up in phone books or on the Internet.

Visual element

You want people to create a visual when they hear your business name as this will help them to remember it. We are programmed to ‘seeing’ an image of something when we hear a name, so create a business name that triggers this extra powerful memory tool.

Make it positive

A name that has a positive message or evokes positive connotations is best. A lot of words have literal meanings as well connotations, or they create an emotional meaning. This connotation can leave a positive or negative influence so think carefully about your business name. You want people to hear your business name and feel positive about it, therefore feel positive about your business. This connotation needs to reflect your business as well. For example, if you run a day spa you want your business name to evoke feelings of being relaxed and pampered, or if you have a removalist company then a strong name will leave your clients feeling more confident in your abilities to be involved in heavy lifting.

Clues on what your business does

The right business name needs to give a clue as to what product or service your business supplies. Some large companies have a business name that is instantly recognised with it’s product. Large sporting wear companies and fast food chains are examples of this. Depending on the size of your company and your advertising budget then you may be able to achieve this name status. But as a smaller business having a name linked to an explanation of what you do can help, for example ‘Chic Designs Hair Dressing gives you more of an idea than simply ‘Chic Designs’ on its own,

Keep it short

It is also best to keep your business name short. This way it will be easier to remember as well as being able to fit on business cards, banners, signs and advertisements. Short and snappy will be remembered a lot easier than something long winded.

Article Source:

http://EzineArticles.com/?expert=Isaac_Nicholson

The message to CLOs is becoming clearer and clearer. Company leaders want them to align educational offerings with the organization’s strategic objectives.

That’s not an easy challenge. They must ensure that education and communication initiatives reinforce the company’s goals. They must help employees understand these goals and develop the skills and motivation to contribute to them.

And at the most basic level of alignment, they must make sure that every employee understands how the company makes money. That includes understanding how profitability is driven, how assets are used, how cash is generated and how day-to-day actions and decisions, including their own, impact success.

Developing business acumen is fundamental to business alignment. Consider Southwest Airlines, which was founded in 1971. With 33 straight years of profitability, the airline has become widely recognized for the motivational culture it creates for employees and its extraordinary dedication to customer service.

Much of the industry has suffered during the years of Southwest’s growth, including many airlines that have merged or declared bankruptcy. Southwest buys the same planes and the same jet fuel as other airlines, and pays its employees competitive wages and benefits. What’s the difference?

Unlike some of its competitors, Southwest’s management team involves employees in the company’s financial results, explaining what the numbers mean and, more important, helping to link everyone’s decisions and actions to the bottom line. The airline has an open culture, one of inclusion at all levels, and employees understand their roles in providing great service and keeping costs in line.

Certainly there are other factors that contribute to the success at Southwest, but it’s difficult to ignore the positive impact of an approach that develops the business acumen of all employees and managers so that they can contribute to the airline’s success.

An Educational Challenge

Unlike those at Southwest, individual contributors and managers in many organizations today have not been educated about the big picture of their businesses. They have a narrow focus on their own departments and job functions and aren’t able to make the link between their actions and the company’s success. Multiplied by hundreds or even thousands of employees, this lack of understanding – the lack of true business acumen – means that too many decisions are being made and too many actions are being taken that don’t align with business objectives.

How can training help bridge this knowledge gap? For many companies like Southwest, implementing learning programs designed to develop a strong foundation of financial literacy and business acumen has made the communication of financial results to employees easier and more effective.

Business Acumen: A Definition

Very simply, business acumen is the understanding of what it takes for a business to make money. It involves financial literacy, which is an understanding of the numbers on financial statements, as well as an understanding of the strategies, decisions and actions that impact these numbers.

Someone with financial literacy, for example, would be able to “read” the company’s income statement. This employee or manager would understand the terminology (revenue, cost of goods sold, gross margin, profit, etc.) and what the numbers represent (i.e., gross margin equals total sales/revenue less the cost of goods sold).

With business acumen, the individual would be able to “interpret” this same income statement, taking into consideration how company strategies and initiatives have impacted the numbers during specific periods of time.

Consider a simple comparison: In football, it’s necessary for players to know how the game is scored as well as how to play the game to change the score. In business, financial literacy is understanding the “score” (financial statements) and business acumen is understanding how to impact it (strategic actions and decisions).

Asking the Right Questions

When business acumen spreads through an organization, employees and managers begin to ask questions. These questions are directed not only at the organization, but also at themselves and their departments – questions about processes, products, systems, staffing and more that can lead to necessary and innovative decisions and actions.

Business acumen helps everyone understand that it’s not enough to ask, “How do we cut costs?” or to say, “We need to increase sales.” Digging deeper, employees with higher levels of business acumen will ask questions that take into consideration the far-reaching impact of potential decisions and demonstrate a greater ability to make the connections between performance and results.

Questions that could get to the root of disappointing operating ratios:

• Have production costs gone up? If so, why?

• Have we changed prices? If so, how has that affected our margins?

• Are there any competitive issues impacting our performance?

• Have there been any customer requirement changes?

• If our costs per unit produced have gone up, can we better control the efficiency of our production or service delivery?

• Is there a way to produce a greater product volume at the same cost?

• Can we raise prices, still provide value to the customer and remain competitive?

When questions become more specific, the right decisions can be made.

Business Acumen for Managers

Managers at all levels need a high level of business acumen to do their jobs. Every day, they make decisions about employees, projects, processes, expenditures, customers and much more – decisions that ultimately roll up into larger organizational results. Managers who make these decisions while looking through a departmental lens only, with a limited understanding of how these decisions affect financial results or how they are tied to the organization’s goals and objectives, are working in silos that can ultimately damage the company.

Managers are often promoted to their positions of responsibility because of their “technical” expertise. They’ve been successful customer service representatives, great salespeople, innovative researchers or well-respected IT professionals. They are now entrusted with decision making, budgets, projects and people. They often do not have financial literacy, nor have they developed a higher-level perspective about the business. Over time, especially if they move up the managerial ladder, they may develop these. Or they may not.

Organizations need managers who operate as part of the management team, taking accountability for their own results as well as the results of the entire company. Therefore, more and more organizations have built financial literacy and business acumen into managerial competency requirements and have integrated business acumen training into management curriculums.

Business Acumen for Employees

Although there is little debate about the need for managers to develop business acumen, organizations sometimes question the need for this understanding at employee levels. But frontline contributors, those who are most directly involved with production or customer service, for example, take actions every day that impact business results.

Consider the salesperson who discounts products, or the service representative who deals with an unhappy customer, or the maintenance person who notices a problem. The actions each of them takes might erode profit margin, lose a good customer or allow safety issues to escalate. Without an understanding of how their actions impact the company’s results, they might not have the context to consider alternatives.

Many organizations have determined that financial literacy and business acumen aren’t just for managers anymore. They have decided to develop a company of people who understand the business; who know what return on assets and return on investment mean; who know how inventory turnover rates affect results and the importance of positive cash flow; who see the connection between the company’s financial success and their own health benefits, 401(k) plans and more. In other words, they need people who understand the “business” of the business.

In his book Good to Great, Jim Collins says, “We found no evidence that the ‘good-to-great’ companies had more or better information than the comparison companies. None. Both sets of companies had virtually identical access to good information. The key, then, lies not in better information, but in turning information into information that cannot be ignored.”

With an increased level of business acumen, managers and employees can better interpret information, making the connection between their actions and the company’s results.

Another Reality of Today’s Business World

A public company’s operating results are well known at the end of each quarter. Analysts, investors, the media, employees-everyone has access to a company’s financial results. With a significantly increased focus on accounting improprieties over the past few years, senior management has become highly conscious of the need to provide accurate and timely financial information. And employees have become much more likely to wonder about these numbers. “Is my company being honest? Are the numbers telling the whole story?”

Without a fundamental understanding of financial results and an ability to interpret them, employees may become suspicious and, ultimately, disengaged. Disengaged workers, in turn, negatively impact productivity and profits.

CEOs of public companies, then, must ensure that managers and employees are able to understand the numbers and have confidence in them. That means effective business acumen education as well as ongoing and open communication from the top.

Former GE chairman Jack Welch said in his book Straight from the Gut, “Getting every employee’s mind into the game is a huge part of what the CEO job is all about…There’s nothing more important.”

The Big Picture

As we have become a nation of specialists, armed with new information technology and enterprise-wide operating systems, it has become easier for managers and employees to become myopically immersed in their own jobs. This immersion can have the effect of obscuring their view of the big picture. They may not consider the cumulative effect of wasted assets. They may have little regard for the objectives and responsibilities of other team members, departments or divisions. They may lack the motivation to invest personal energy in critical project work.

Organizations that engage in developing business acumen provide a clearer vision and an overall context within which employees can work, while creating an environment that is more likely to break down internal barriers. There is less waste and less ambivalence. There is increased innovation. Employees are more engaged, they understand their role and its impact on business results, and they are more likely to believe that their efforts really matter. They are more likely to think like a business owner.

Think Like an Owner

To be successful, business owners must be able to helicopter above day-to-day issues and see the big picture. They must understand how the pieces of the business fit together to impact profitability and cash flow, and they must be able to assess the risks and rewards of potential decisions. The best business owners study the numbers, ask themselves tough questions, analyze their mistakes and take decisive action.

To truly understand the business, owners have to understand how that business makes money – in other words, how it produces sales, profit and cash. Organizationally, they know that it’s about people, processes and productivity. On the customer front, it’s about satisfaction, loyalty and market share. Ultimately, every action taken and every decision made in any of these areas will impact sales, profit or cash.

When managers and employees begin thinking like owners, they, too, look at the big picture, understand how all the pieces fit together, and assess risks and rewards. They understand, like an owner, how the company makes money, how it stays in business and how they contribute to its success.

The benefits to an organization of engaging managers and employees in this kind of ownership thinking are obvious. So how can a company develop the business acumen of its people?

Developing Business Acumen: Two Stories

Entrepreneurs are generally forced to develop business acumen on their own. They are hands-on with their businesses and have to make all the decisions as they go along, whether good or bad. They either learn from their mistakes or fail.

It’s very different for managers and employees in an organization.

They aren’t involved in all aspects of the business, and they make decisions primarily within their own areas of responsibility. Since seeing the connections isn’t easy, they need to learn in some other way.

Books and lectures can help. But business acumen is best developed experientially. Learners must be able to analyze situations, ask questions, discuss issues with other learners, consider options, make mistakes and see results.

Although there are a variety of ways to accomplish this kind of experiential learning, many companies have found that simulations, which mirror reality and allow learners to experiment in a safe environment, are one of the best ways. Here are the stories of two companies who chose to educate their learners with business simulations.

Comcast Cable Communications

The NorthCentral Division of Comcast – one of the country’s largest entertainment, information and communications companies, specializing in cable television, high-speed Internet and telephone service – set out to ensure that managers and employees throughout the organization had the financial acumen required to make good decisions. A companywide survey had clearly demonstrated this need – especially for managers of employees who had direct contact with customers.

For example, if a customer calls with a service problem, frontline employees and their supervisors can issue credits to the customer’s account in an effort to resolve the issue. Although this may be exactly what is needed for the situation, Comcast realized that employees making these decisions didn’t necessarily understand that a $10 credit could ultimately require more than $100 in revenue for the company to break even. Similarly, a service technician’s visit to a customer’s home might cost $50 directly, but the company might have to sell an additional $500 in services to cover the cost.

“The lack of financial acumen among supervisors and employees was largely understandable,” says Mark Fortin, senior vice president of finance for Comcast’s NorthCentral Division. “Almost 75 percent of the company’s employees are on the front lines in roles such as call center personnel or field technicians. They are trained to be good at what they do, but their backgrounds typically don’t include emphasis on financial literacy.”

Comcast human resource executives determined that a fundamental approach to the development of business acumen was needed. However, this approach also would need to be fast, engaging and job-relevant. Expanding upon its already robust Comcast University management curriculum, the executives chose to integrate a high-energy, tailored learning experience that would provide the “basics” and, at the same time, deal specifically with Comcast terminology, concepts and strategic imperatives.

As they participated, learners made decisions about products, processes, pricing and more, and they saw how those decisions impacted financial success. In the end, it became easier for them to make sharper day-to-day choices.

“The thing that sticks out for the frontline leaders, the field technicians, and the call center supervisors and managers who attend, is the high cost of sales in our business,” says Sophia Alexander, senior manager of curriculum and metrics for the division. “It’s like a bell goes off in their heads when they realize what it costs for us to earn what we need to earn to run the organization.”

Attending the learning session is not mandatory for supervisors and managers. However, there is an unwritten expectation that they will participate in business acumen training as well as other Comcast University core programs, according to Jan Underhill, senior manager of leadership development for the NorthCentral Division. That expectation, coupled with the fact that manager compensation has recently become tied to meeting specific financial goals, has kept attendance high.

Senior executive support also has been an important factor in creating interest and awareness around financial literacy. “Getting people to sign up is much easier when senior executives like Mark Fortin are strong advocates for the program,” says Underhill.

Feedback has been resoundingly positive. On average, for example, Level 1 feedback about the discovery learning based business acumen sessions has been 4.5 on a 5-point scale. That means that the program has exceeded expectations. Better than that, says Sophia Alexander, senior manager of curriculum and metrics for the NorthCentral Division, is the empirical evidence that the new insights and knowledge have made a difference. For example:

• Participant self-evaluations indicate that financial literacy has increased by at least 25 percent as a result of the business acumen training.

• After the training, there was a 20 percent increase in the participants’ ability to use basic financial terms and concepts on the job.

• Almost 45 percent of supervisory participants report that they are using their business acumen knowledge in daily communications with staff and peers.

“Some people, particularly in big companies, feel like there is an open checkbook. They think… I don’t own the company. It’s not my problem. Somebody will pay the bills. But in today’s environment, with some very large companies in trouble, everyone needs to be part of the solution. Business acumen education for managers and employees helps the company as a whole, but it also helps employees. It’s about self-preservation to some extent.” comments Fortin.

Southwest Airlines

Southwest Airlines is one of the consistently profitable companies that makes “business literacy” a core component of its employee training programs. Every employee has a solid understanding of what a new customer, and new revenue, means to the company. Employees also know how the loss of a customer can impact the business.

According to Elizabeth Bryant, director of leadership training at Southwest Airlines, “Our training covers how the financial ratios such as return on assets and various margins are determined. Knowing that team managers, supervisors and all employees have this knowledge enables the company’s leadership to present detailed financial reports and explain to the teams where the margins need to be. Management can speak more in depth to all the employees, and the employees understand what the objectives are.”

Bryant added, “Because we don’t waste the little things, because we track every penny and every activity, we’ve all come to know the importance of each cent. With the pennies in hand, we spotlight the idea of compound interest- for example, how the small savings help us by year’s end and how small amounts of waste can conversely add up to hurt us.”

Consider the importance of a key operating metric for the airline industry – operating cost-per-seat mile. This is how much it costs an airline to fly one seat one mile. All the operating costs are divided by the total number of seat miles (the total number of miles of all the seats that were flown for a given period, whether a passenger was in the seat or not). Much of the industry has had cost-per-seat mile results at or over 10 cents. Southwest Airlines’ cost-per-seat mile is about 6.5 cents. The lowest cost-per-seat mile in the industry almost 25 years ago was just over 5 cents.

How do they do it? Certainly there are a number of factors that lead to success. However, one of the key influences is Southwest’s ongoing training in business acumen. This training ensures that employees know:

• How challenging it is to ensure ongoing profitability; making a profit can never be taken for granted

• The importance of utilizing the benefits of the good years to prepare for the tough years

• The impact of individual actions and decisions to the bottom line

In other words, Southwest invests in training to help employees think like business owners. This, in turn, produces real results, like its consistently low cost-per-seat mile. When Southwest’s learning team decided to implement a business acumen simulation several years ago, there was some initial concern about how well it would be received.

Bryant explained, “Some people, especially those without financial training, were nervous about the topic. We are such a people-oriented company that we didn’t want people to think that now we’re just a financially oriented company and everyone will be judged purely on financial performance. But we positioned the need for the business literacy training as another way to prove that we actually care tremendously for each employee. We explained that if you understand what the numbers mean then you can better understand how your work provides an integral contribution to the business.”

Southwest Airlines, according to Bryant, has never had a layoff – a rarity in the airline business. The more their employees understand the challenges of the business, the better they appreciate the importance of making smart decisions every day.

Bryant concluded that the discovery learning techniques in a robust business simulation work well in the Southwest culture because of the team orientation. “All the participants learn that they can’t individually make it all happen,” said Bryant. “They learn that they have to look beyond themselves, act and think like an owner, and realize that our efforts and financial results here are not just for a career, but for a cause. It’s this cause-oriented philosophy toward delivering a low-cost, high-quality service that allows people the opportunity to travel. Our success at achieving positive results translates to individual opportunities to work, to grow and to continually think of innovative ways to improve our business and serve our customers.”

The Classroom Advantage

These two companies chose to develop the business acumen of managers and employees by using a classroom-based simulation, facilitated by instructors at company sites. Although online options were available and were used in some cases to supplement the instructor-led training sessions, they decided that there were significant advantages to tackling this subject in a “live” session where they could leverage the power of:

• SHARED KNOWLEDGE AND EXPERIENCE: Learners bring their own perspectives and issues to the session.

• TEAMWORK: Learners work together, make decisions together and rely on each other as they learn.

• COMPETITIVE FUN: Small teams “play” against each other and enjoy a competitive environment.

• COMPANY-SPECIFIC DISCUSSIONS: The learners’ common interest in their own company’s financial and strategic issues allows for greater analysis and depth of discussions and a true “connection” between the learning simulation and the organization’s reality.

• LEARNING MOTIVATION AND COMFORT: Learners who may not be comfortable with the subject of finance find themselves playing a game in the comfort of a team environment.

Although there are a number of educational approaches available to organizations in the area of business acumen, classroom-based training that brings together teams of learners can help ensure that learning occurs and that connections to the business are made in ways that prompt action back on the job.

The Bottom Line

More than ever, successful companies will need to focus on developing the business acumen of managers and employees. These companies will realize that when their people understand the numbers, when they understand how their departments contribute to the company’s objectives and when they see how their own decisions and actions make a difference, they will begin to operate as part of a team rather than in a departmental or personal silo. And a critical piece of the alignment puzzle will be solved.

With widespread business acumen, companies can have a powerful asset – educated, knowledgeable and motivated employees. And with this asset, those will be the companies best positioned to succeed.

Article Source:

http://EzineArticles.com/?expert=Raymond_D._Green

Microblogging is quickly becoming one of the most popular technologies on the Internet with adoption of tools like Twitter growing at an exponential rate.

As the number of people using these technologies grows, the way people take advantage of them is becoming more sophisticated: they are being used more and more as a business tool. This article explains what microblogging is and introduces the most popular microblog sites. It discusses how these are being used from a business and marketing perspective and provides tips on safe and effective use of these forums.

What is a Microblog?

Microblogs are very simple internet technologies that allow users to post short statements or sentences, usually limited to 140 characters on a central site. The post can be made available to anyone or only to a chosen audience. Much like the Facebook status box these services were used initially as a forum to share triviality (like what was for breakfast) with a wide audience but people quickly tired of the banality and now the way microblogs are used is becoming more sophisticated.

Sometimes seen as a factor in the evolution of blogging, micro blogs are, as the name suggests, like mini blogs in that they allow you to post information and streams of consciousness and make these available to the world over the Internet. Unlike a blog, however, a microblog doesn’t have unlimited room for creativity – you are forced to get to the point.

Which Microblog?

By far the largest microblog is Twitter (according to Hitwise in Australia alone the popular microblog grew by over 500% new users in one calendar month this summer). Twitter was founded in 2006 and quickly gained attention by winning a prestigious South by South West Blog award in the spring of 2007. Although the site is growing at a tremendous rate, the user volume is still very small in comparison to social networking behemoths like MySpace. Using a simple clean interface, users can get set up and start Twittering really easily.

Another microblog technology that is growing in popularity is Plurk. Plurk differs from Twitter in that it provides a more visual “timeline” interface showing your “Plurks” and those you are following on a time sheet-style screen. Just launched in May this year, Plurk is a little more complex than Twitter to use but once you get the hang of it, it definitely appeals to those left brained people among us.

The omnipresent Google of course has its own version of a microblog which they obtained in late 2007. Jaiku has since been closed to new users as they beta test the latest version (which seems very visually appealing with a nice map interface). Request a beta invite to try it out.

The other major player in the microblog scene is Pownce. This one is very similar to Twitter in its look and feel but it has more capabilities in terms of being able to share files and events. Also Pownce doesn’t limit you to 140 characters so you can add more detail to your posts.

Newcomers in the field Spoink promote microblogging by phone from wherever you happen to be. Nothing new in that since most of the other offerings allow you to post from your mobile but what is different about Spoink is that it features the ability to podcast from anywhere. This is one to watch.

Microblogging for Business

Now that we know more about microblogs and the tools in this arena, let’s take a look at how companies and individuals are using microblogs to benefit their businesses.

The first thing any company or professional should do is to ask themselves: is a microblog pertinent to my business? are my peers using this service? and, more importantly, are my customers either using or listening (monitoring these forums) to microblogs? The early microblog adopters tended to be the youth market and the tech community but more and more mainstream professionals and companies are becoming active as time goes on. If you decide that your audience is applicable then the benefits of microblogging actively are numerous:

A microblog presence is a stellar way to establish expertise and build awareness of what you or your company does. Build your brand by regularly posting on your subject area. Remember to add your logo and branding to the design of your microblog page and link to back to your blog if you have one so that your microblog contacts are aware of it and can click to read more. Threadless, the T shirt company that has made social media marketing an art form uses Twitter (@threadless) to update their audience regularly in this way.

Microblogs are a great way to expand your network and build your contacts. To do so share neat links and always add value for your followers, if you do this effectively you can sit back and watch your contacts expand.

Microblogs provide a good source for the latest information in your industry – if you’re following the right people, that is. Be cognizant of this as you add friends. Check out posts and look for those that add value, are industry luminaries or are using the forum in innovative ways. Network with peers in your industry to develop your knowledge and to build better partnerships.

Microblogs are shorter than blogs and more concise so if you only have a few moments you can hone in on the juicies more readily. If you don’t have time to blog but still have something pressing you want to share, microblogs are a great way to do this quickly and effectively.

Microblog technology can be used to expand the reach of your service and spread word quickly. An example is the police and fire services using Twitter to get the word out in emergency cases. The Los Angeles Fire Department (@LAFD) uses Twitter to spread fire related Tweets to interested parties.

By linking or announcing new articles or changes to your site from a microblog you can drive more traffic to your site. Twitter is now the 4th largest driver of traffic to the Out-Smarts blog.

Use microblogs for research by monitoring what’s being said about your product or industry so you can keep ahead of the pack. It’s also an excellent medium to elicit feedback on an issue you need more information on or are in the dark about. Tweetscan is a very simple tool that facilitates listening.

Some companies are using microblog technology too collaborate on projects with decentralised participants or colleagues in short blasts. The CBC recently did this to great effect on Twitter during the Canadian federal election and were able to incorporate feedback from Twitterers on the ground in many constituencies.

While direct selling on microblogs is discouraged, many companies use it to bring awareness of the existence/benefits of their products and services to new markets or to provide customer service updates. Whole Foods (@wholefoods), an organic food chain headquartered in Texas does exactly that whilst adding value by Twittering on community events and organic topics too.

Effective Twittering Tips

I have it on good authority that the Twitter microblog site is this year’s web 2.0 tool of choice for net savvy professionals to communicate with and grow their networks. Here are some tips for you to use to tweak your “tweets” and get more out of your Twitter presence:

Add value – don’t just spout off about boring stuff. Nobody is interested in what color shoes you are wearing (maybe your underwear but definitely not your shoes!).

Use TinyURL or a similar url abbreviation tool to shorten the length of url links in your Twitter posts so they fit in the 140 character limit.

Don’t spam or sell.

Friends and Followers – be selective about who you follow. Before you follow someone, check out their recent Tweets to see if they are of interest to you before you add them (they may not be of interest at all). If someone starts following you, don’t automatically add them and follow – take a look at the number of followers they have compared to their following If someone is following way more people than they have followers then it may be best to avoid them. They could be “Follow Spammers” more interested in gaining exposure than in finding interesting Tweets.

Don’t let Twitter suck up too much of your time – it can be very distracting. Instead schedule it in to your week and spend a few minutes each day updating and enjoying.

Limit the number of people you follow to avoid Twitter information overload. If you’re following too many people, you might miss that gem of information.

Use Twitterfeed to feed your blog to Twitter.

Monitor the Tweetosphere and make sure you are aware of anyone who mentions you so that it comes to your attention and you can be ready to counter any adverse Twittering. Use Tweetscan to monitor what is being said about you or your company on Twitter.

Don’t click on a link from anyone you don’t know or trust. Many Twitterers use TinyURL or similar to shorten URLs (I do) but this camouflages the true source so you don’t know what you’re clicking on. These could be disguised links to potentially dangerous sites or viral downloads so be careful.

Read the Twitter blog for updates and information on malware and spam issues.

Secure your Twitter name. Get a Twitter profile in your business name before someone else does.

Use common sense when Twittering and remember that most of these announcements can be seen by anyone and everyone. You don’t really have to announce that you’re away from home.

If someone you’re following overloads you with spam then use the Twitter block at the right of the side panel to block them and let Twitter know too.

Call on the community. If something adverse does happen then make your community aware of it. You will be amazed at the support, advice and action of the collective.

Conclusion

If you decide that your business can benefit from microblogging, participation in these sites can really impact your online marketing efforts, drive more traffic to your site and increase brand awareness. Before you start microblogging, take some time to check out the different offerings to find out which is best for you. Once you choose, schedule time to microblog and grow your contacts and always look to add value and tell your community something they don’t know. If you decide to hold off on microblogging for now, keep this on your radar: with its speedy user adoption rate. It’s only a matter of time before, like social networks, these become mainstream.

Article Source:

http://EzineArticles.com/?expert=Mhairi_Petrovic

Microblogging is quickly becoming one of the most popular technologies on the Internet with adoption of tools like Twitter growing at an exponential rate.

As the number of people using these technologies grows, the way people take advantage of them is becoming more sophisticated: they are being used more and more as a business tool. This article explains what microblogging is and introduces the most popular microblog sites. It discusses how these are being used from a business and marketing perspective and provides tips on safe and effective use of these forums.

What is a Microblog?

Microblogs are very simple internet technologies that allow users to post short statements or sentences, usually limited to 140 characters on a central site. The post can be made available to anyone or only to a chosen audience. Much like the Facebook status box these services were used initially as a forum to share triviality (like what was for breakfast) with a wide audience but people quickly tired of the banality and now the way microblogs are used is becoming more sophisticated.

Sometimes seen as a factor in the evolution of blogging, micro blogs are, as the name suggests, like mini blogs in that they allow you to post information and streams of consciousness and make these available to the world over the Internet. Unlike a blog, however, a microblog doesn’t have unlimited room for creativity – you are forced to get to the point.

Which Microblog?

By far the largest microblog is Twitter (according to Hitwise in Australia alone the popular microblog grew by over 500% new users in one calendar month this summer). Twitter was founded in 2006 and quickly gained attention by winning a prestigious South by South West Blog award in the spring of 2007. Although the site is growing at a tremendous rate, the user volume is still very small in comparison to social networking behemoths like MySpace. Using a simple clean interface, users can get set up and start Twittering really easily.

Another microblog technology that is growing in popularity is Plurk. Plurk differs from Twitter in that it provides a more visual “timeline” interface showing your “Plurks” and those you are following on a time sheet-style screen. Just launched in May this year, Plurk is a little more complex than Twitter to use but once you get the hang of it, it definitely appeals to those left brained people among us.

The omnipresent Google of course has its own version of a microblog which they obtained in late 2007. Jaiku has since been closed to new users as they beta test the latest version (which seems very visually appealing with a nice map interface). Request a beta invite to try it out.

The other major player in the microblog scene is Pownce. This one is very similar to Twitter in its look and feel but it has more capabilities in terms of being able to share files and events. Also Pownce doesn’t limit you to 140 characters so you can add more detail to your posts.

Newcomers in the field Spoink promote microblogging by phone from wherever you happen to be. Nothing new in that since most of the other offerings allow you to post from your mobile but what is different about Spoink is that it features the ability to podcast from anywhere. This is one to watch.

Microblogging for Business

Now that we know more about microblogs and the tools in this arena, let’s take a look at how companies and individuals are using microblogs to benefit their businesses.

The first thing any company or professional should do is to ask themselves: is a microblog pertinent to my business? are my peers using this service? and, more importantly, are my customers either using or listening (monitoring these forums) to microblogs? The early microblog adopters tended to be the youth market and the tech community but more and more mainstream professionals and companies are becoming active as time goes on. If you decide that your audience is applicable then the benefits of microblogging actively are numerous:

A microblog presence is a stellar way to establish expertise and build awareness of what you or your company does. Build your brand by regularly posting on your subject area. Remember to add your logo and branding to the design of your microblog page and link to back to your blog if you have one so that your microblog contacts are aware of it and can click to read more. Threadless, the T shirt company that has made social media marketing an art form uses Twitter (@threadless) to update their audience regularly in this way.

Microblogs are a great way to expand your network and build your contacts. To do so share neat links and always add value for your followers, if you do this effectively you can sit back and watch your contacts expand.

Microblogs provide a good source for the latest information in your industry – if you’re following the right people, that is. Be cognizant of this as you add friends. Check out posts and look for those that add value, are industry luminaries or are using the forum in innovative ways. Network with peers in your industry to develop your knowledge and to build better partnerships.

Microblogs are shorter than blogs and more concise so if you only have a few moments you can hone in on the juicies more readily. If you don’t have time to blog but still have something pressing you want to share, microblogs are a great way to do this quickly and effectively.

Microblog technology can be used to expand the reach of your service and spread word quickly. An example is the police and fire services using Twitter to get the word out in emergency cases. The Los Angeles Fire Department (@LAFD) uses Twitter to spread fire related Tweets to interested parties.

By linking or announcing new articles or changes to your site from a microblog you can drive more traffic to your site. Twitter is now the 4th largest driver of traffic to the Out-Smarts blog.

Use microblogs for research by monitoring what’s being said about your product or industry so you can keep ahead of the pack. It’s also an excellent medium to elicit feedback on an issue you need more information on or are in the dark about. Tweetscan is a very simple tool that facilitates listening.

Some companies are using microblog technology too collaborate on projects with decentralised participants or colleagues in short blasts. The CBC recently did this to great effect on Twitter during the Canadian federal election and were able to incorporate feedback from Twitterers on the ground in many constituencies.

While direct selling on microblogs is discouraged, many companies use it to bring awareness of the existence/benefits of their products and services to new markets or to provide customer service updates. Whole Foods (@wholefoods), an organic food chain headquartered in Texas does exactly that whilst adding value by Twittering on community events and organic topics too.

Effective Twittering Tips

I have it on good authority that the Twitter microblog site is this year’s web 2.0 tool of choice for net savvy professionals to communicate with and grow their networks. Here are some tips for you to use to tweak your “tweets” and get more out of your Twitter presence:

Add value – don’t just spout off about boring stuff. Nobody is interested in what color shoes you are wearing (maybe your underwear but definitely not your shoes!).

Use TinyURL or a similar url abbreviation tool to shorten the length of url links in your Twitter posts so they fit in the 140 character limit.

Don’t spam or sell.

Friends and Followers – be selective about who you follow. Before you follow someone, check out their recent Tweets to see if they are of interest to you before you add them (they may not be of interest at all). If someone starts following you, don’t automatically add them and follow – take a look at the number of followers they have compared to their following If someone is following way more people than they have followers then it may be best to avoid them. They could be “Follow Spammers” more interested in gaining exposure than in finding interesting Tweets.

Don’t let Twitter suck up too much of your time – it can be very distracting. Instead schedule it in to your week and spend a few minutes each day updating and enjoying.

Limit the number of people you follow to avoid Twitter information overload. If you’re following too many people, you might miss that gem of information.

Use Twitterfeed to feed your blog to Twitter.

Monitor the Tweetosphere and make sure you are aware of anyone who mentions you so that it comes to your attention and you can be ready to counter any adverse Twittering. Use Tweetscan to monitor what is being said about you or your company on Twitter.

Don’t click on a link from anyone you don’t know or trust. Many Twitterers use TinyURL or similar to shorten URLs (I do) but this camouflages the true source so you don’t know what you’re clicking on. These could be disguised links to potentially dangerous sites or viral downloads so be careful.

Read the Twitter blog for updates and information on malware and spam issues.

Secure your Twitter name. Get a Twitter profile in your business name before someone else does.

Use common sense when Twittering and remember that most of these announcements can be seen by anyone and everyone. You don’t really have to announce that you’re away from home.

If someone you’re following overloads you with spam then use the Twitter block at the right of the side panel to block them and let Twitter know too.

Call on the community. If something adverse does happen then make your community aware of it. You will be amazed at the support, advice and action of the collective.

Conclusion

If you decide that your business can benefit from microblogging, participation in these sites can really impact your online marketing efforts, drive more traffic to your site and increase brand awareness. Before you start microblogging, take some time to check out the different offerings to find out which is best for you. Once you choose, schedule time to microblog and grow your contacts and always look to add value and tell your community something they don’t know. If you decide to hold off on microblogging for now, keep this on your radar: with its speedy user adoption rate. It’s only a matter of time before, like social networks, these become mainstream.

Article Source:

http://EzineArticles.com/?expert=Mhairi_Petrovic

So you’ve signed up to a MLM company. You paid something to join, a start up package, or a distribution system, or something of the sort. You probably have been told by your recruiter how easy the money will come once you get the ball rolling.

You’ve probably been told, by the same guy, about the company’s compensation plan, how it is the best in the business, and it’s the only one returning 60%, or whatever the percentage. He also, most likely, told you to make a list of a 100 people you know, and start calling them and pitching your great company and great product and most of all your great opportunity.

OK. You took action. You made a few phone calls and maybe you even held a presentation pitching your company to your family and friends. And who knows, maybe you signed up somebody to your company. Great!

Well, what’s next? You most likely ran out of people to call, or you’re so afraid of the phone by now, that you make up every excuse not to pick it up and dial. You ran out of leads. It’s hard to build a MLM business without leads.

That’s where the internet comes in.

Or actually, internet marketing. On the internet, marketing your opportunity is relatively easy, if you know what you’re doing. And frankly, marketing is the only thing you need to know how to do. You don’t want to sell, you want to market. Also, you don’t want to market your opportunity or product. You want to market YOU. I know it sounds kind of crazy to you, but it really works. What it ultimately boils down to, is this; Network marketing is a people business, and people do not want to join a company, they want to join you.

There are a number of ways to create your own leads online for free, and even more ways to do it at low cost.

There are people on the internet right now making a killing in marketing. They are making five, six, multiple six, and even seven figure incomes, just by marketing online. And marketing themselves, not their products. They are the heavy hitters of the network marketing industry and they certainly know what they are doing. They lead with funded proposals and have systems that spit out daily leads on complete autopilot. They use different kinds of marketing methods, Pay Per Click advertising, social media marketing, article marketing, blogging, and so forth. The opportunities are endless, when it comes to marketing online.

What you really need to do to get your business growing, is to find out what these top producers are doing, what kind of systems they use, and duplicate them. That’s it. You don’t need to reinvent the wheel, so to speak. These heavy hitters have proven ways of marketing and making money. And that’s what it all really comes down to. Making money. That’s why you joined a MLM business in the first place. So, get out there, roam the internet and find out what is working right now and make it work for you. Make some money.

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Performance coaching is a term that is used commonly in business. Life coaches can use this approach to when they are dealing with a client that is coming to them for professional coaching services. There are all different levels of professionals that would come to a life coach for their professional coaching needs.

For example, a person might be fresh out of college. They might have practiced scenarios in the classroom about how things will be when they graduate, and they start working in their career fields. They might have even read their books about how things will be. These books have been written by industry insiders. However, the only real way for the college graduate to gain their real world experience, is to show up to work and experience the job and experience life. Because this person is brand new to their career fields, they will have so many questions and they will make so many mistakes. Performance coaching can help them in a couple of ways. First, they can gain feedback about their mistakes and learn how not to make the same mistakes. They can also learn any inside unwritten codes and rules that might apply to their situation.

Performance coaching is great for a person who is making serious plans to get their career going to the next level. They might have thought about taking steps towards a promotion, and now they feel the confidence that they need to make such a move. Of course this person would want to make sure that they are getting everything right, and that they look good in front of management. A life coach in this situation would encourage them, and hold this person accountable to their promotion goals. They would make sure that this person has a checklist to set them on the right path. When this person has reached their goals, the life coach can then celebrate with them, and then get them on the path of growth so that they can fit into their new position smoothly.

Performance coaching can benefit the employee and the boss. A good supervisor will care about not only how he comes across to his bosses, but how he comes across to his employees under him. A good supervisor needs to know how to address and how to inspire his employees. The key for this person is to get his employees to carry out the task and the demands of the job in a way that will make them want to stay employed with the company. A life coach will teach a superior on how to be a boss that people want to work for. By the same term, maybe an employee likes their company, and they want to stay on for a while. Getting performance coaching from a life coach will help the employee know that they are on the right track. At the same time, the employee can know if it’s time to go for a promotion, or if it’s time to leave for another opportunity altogether.

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A wonderful innovation of its time, business VoIP has metamorphosed many organizations’ from ordinary entities to big conglomerates by squaring their operational efficiency and in the process giving them amplified productivity. These VoIP services not only contribute towards making firms more business friendly with their partners but also enhance their receptiveness towards the requirements of clients. Compatible with the already existing standard business phone services, these solutions have added another dimension to their activities.

But knowledge is of no use if we can’t implement it for good. Therefore, it is essential to understand what all goes behind the installation, execution and operation of these Business VoIP services. It is highly worthy to know that the Voice over Internet Protocols services transmit calls via a high speed Internet connection instead of using traditional methods. The catch point about these services is that they allow local calls and long distance calls at almost similar prices, which alone slashes majority of the company’s overhead costs. Exceptional quality is a given with these services, what is more noteworthy is that the business can migrate from the existing business phone services to business VoIP without having to face the hassles of changing their existing phone numbers.

When it comes to implementing Voice over Internet Protocol setups, users have two different choices before them. They can either opt to purchase a special adapter, which may be used with an existing phone or they can also set up their own business VoIP service using a computer, microphone and special software. It is just a matter of personal choice, where every company is free to go with the option, which suits them best. The biggest advantage of setting up VoIP up to function through the computer is that in this scenario, caller’s hands are completely free, more so if the microphone is attached to a headset. A VoIP phone is essentially the most pivotal equipment required in the implementation of this communication standard. It can be either connected directly to the IP network using a wired Ethernet or wireless Wi-Fi. One can also employ an analog telephone adapter to connect to the network and implement the services.

Business VoIP solutions primarily stands for unified communications services that accepts all means communications, namely, faxes, voice mail, e-mail, Web conferences and more at individualized levels, which may be delivered through any means, to any handset, inclusive of cell phones. What’s even more enduring about these business VoIP services is that, they invariably include a high-speed Internet connection, so that all the transmitted calls and data is secure and flawless.

Article Source:

http://EzineArticles.com/?expert=Ron_K_Poul

The world is a collection of communities and the business world is no different. But many times when we hear the term “community” and business mentioned together, it is reference to the area where the business is located more than the individuals and companies that keep the world running. Your “community” at its core, is your specific niche in your industry. Beyond this direct relationship, is that of your suppliers and customers.

Business to business sales offer you an opportunity to develop reciprocal relationships that can have far reaching benefits for your own company as well as your customers. Developing constructive partnerships with other businesses can help you manage your company more efficiently and provide ways to reduce your overhead.

Cultivating these relationships to a point where cooperative advertising can be done is one way to approach selecting businesses for a reciprocal relationship. If your company and one of your suppliers have complementary products and/or services, your advertising efforts will have more impact. What your customer sees is enhanced value and a more credible business presence.

While there are benefits to developing these types of relationships, it is important to make sure that the other business has a code of ethics that is compatible with your own. Discussing customer service in depth with any vendor that you are considering is first on the list: if you cater to your customers and the other business never returns a phone call, there are bound to be problems.

If you want to establish a relationship with a large corporation, again the keyword is benefit. You need to be prepared to show how your service or product will find a specific need that will enhance the profitability of the corporation. It is not sufficient simply to say that your product or service is the best. The larger the company, the more competition you will face which makes research all the more important.

When you want to broaden your scope of community to encompass a relationship with a vendor, look for compatibility of purpose in order to make the most of the relationship. Small business owners that are working with limited marketing budgets can benefit greatly by the word of mouth advertising that is created in the process of collaborations with suppliers. Endorsements of products and services are one of the strongest sales tools available; people are more receptive to recommendations that are made by a person that they have a relationship with than expensive promotions.

Start building your reciprocal business relationships with small projects that are easy to manage without a huge time investment. Make sure that you involve all the individuals that will be affected by the project or be called into participation to make the project a success. As you work through the process of the project work, take time to discuss and evaluate the impact it is creating for both your business and that of your vendor so that it can be refined and developed into a long term, mutually beneficial method of operation.

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Are you an entrepreneur? If you are, then I believe you will familiar with the pattern or business challenges faced when starting and building a business from scratch. If you are not an entrepreneur but you dream of becoming one someday, then I think you will find this article worthwhile.

Why am I writing on such a topic? I decided to write on the “10 business challenges every entrepreneur must face when building a business from scratch” to give entrepreneurs a glimpse of what to expect when they set out to start a new business venture. I am not writing to show my writing skills. Moreover, I am not a professional writer; I am an entrepreneur and investor to the core. I simply write to share my knowledge on building a business with anyone who is willing to learn.

This article is not meant to discourage or scare you from going into business. Instead, I wrote this article to prepare and highlight you on the business challenges to expect and how to handle them. Just as the popular saying goes:

“He that is prepared has half won the battle.”

Below are 10 Business Challenges Every Entrepreneur Must Face When Building a Business from Scratch:

1. Developing the Vision and Idea:

This is usually the first challenge faced by every entrepreneur. Finding the right business opportunity or creatively developing an idea is certainly not an easy task. I call “Envisioning the idea” the first true task of an entrepreneur. As an entrepreneur, you must develop the ability to see what others cannot see. While others see problems, you must see opportunities.

But seeing opportunities is just the first task. The main challenge is going to be your ability to forge that opportunity into a business idea. I see this as a business challenge because the process of transforming opportunities into business plans is like trying to turn lead into gold. I call it the process of “Creating Value out Of Nothing.” If you are not an entrepreneur, you might not be familiar with the process. The process of:

- Identifying a problem

- Seeing an opportunity in the problem

- Coming up with a solution

- Developing your opportunity into a business idea

- Integrating your solution into the business plan

Another way “developing the vision and idea” will be a business challenge is that an entrepreneur must sometimes assume the role of a sorcerer. Let me explain in detail. While others dwell in the past and present, an entrepreneur must envision and forecast the future. An entrepreneur must always be ahead of his time or else he might lose his relevance. He must have the ability to bring into present what is yet to be. Let me give you some practical illustrations:

In the late 70s and early 80s, while IBM saw increase in demand for their mainframe computers, Steve Jobs envisioned a personal computer in every home and Bill Gates envisioned the need for easy to use software for personal computers.

While everyone saw humans flying as an impossibility, the Wright brothers envisioned a flying machine.

Back in those days when cars were custom made and exclusively for the rich, Henry Ford envisioned affordable cars for the masses.

I believe with these few examples, my point is clear. Developing the vision and idea is the first true task of an entrepreneur.

2. Raising Capital:

After developing your idea, the next challenge you are going to face is the challenge of raising capital. As an entrepreneur, you are the only one who knows the idea to the core. You are the only one who knows the story of the future. Trying to convince investors about something that doesn’t exist is definitely a challenge.

There is more to raising capital than just simply asking for money. Most investors want to invest in already established businesses with minimal risk. When building a business from scratch, raising capital will definitely be a business challenge you must face.

To overcome this challenge, you must develop the ability to sell your idea and vision to potential investors. When I say “sell your ideas”, I mean improving your communication skill and your manner of presentation. In the game of raising capital, you must have a good story backed by a strong business plan. If you are interested in learning how to successfully raise capital, you can check other articles I have written.

3. Assembling a Team:

The third challenge you must face in the course of developing a business is assembling the right team. When I talk about a team, I am not talking about regular employees. I am talking about a “round table strategic business team” that will meet regularly to brainstorm on ways to grow your business.

As an entrepreneur, you are bound to have strengths and weaknesses. That is the more reason you need to assemble a strong team that will cover up for your weaknesses. A team is a necessity in your quest to build a business. Now finding a business team is just the first hurdle, transferring your passion and vision to your team is the real piece of cake.

You must strive to make sure your team sees the future you see. They must believe in your possibilities and must also be passionate about making that possibility a reality. If they can’t grasp your vision, if they can’t see they future with you, then they are not worthy being your team.

Your strategic business team should comprise your banker, financial advisor, accountant, attorney or legal adviser and any other specialist that will be of tremendous impact to your business. A question on your mind might be “how am I going to pay this team? My answer is I don’t know. You will have to figure it out yourself or better still, you can consider bringing them on board as partners.

If you are still at loss with the thought of assembling a business team, then I will recommend you either take some time in learning how to build a business team or you can visit strategicbusinessteam.com to get some advice.

4. Finding the Right Location:

You might feel that finding a good location is a piece of cake but I bet you that finding a good location at the right price is definitely not easy. I don’t have much to write on this but I feel it is worthwhile I bring it to your notice so you can prepare for it. The following are features you must consider before choosing a location. These features are subject to change with respect to the industry of your business:

- Suitable price

- Easy access to raw materials

- Good road network.

- Basic amenities and infrastructures

- Adequate Power supply

- Easy access to cheap labour

- Nearness to high traffic roads

- Moderate state and federal tax

- Favorable Government fiscal and monetary policy

- Favorable federal and state laws.

- Current economic policy and political situation.

5. Finding the Right Employees:

Most writers crank up the process of finding good employees as an easy task. They define finding an employee as simply presenting the job description and the right employee will surface. But I think it’s more than that.

Those who are really business owners know how difficult it is to find a hardworking, trustworthy employee. Most employees want to work less and get paid more. Finding a good employee who will be passionate about delivering his or her services is quite difficult.

Employees are your representatives to your customers and the outside world. They are a reflection of your business culture and ethics. If an employee of yours is bad or rude to your customers, it is going to portray a bad image of your company. So you must be careful when hiring employees. Remember the golden rule of business; “Hire slow and fire fast.”

6. Finding Good Customers:

The sixth business challenge you will face is the challenge of finding good customers. Note the keyword “good customers.” When in the process of building a business from scratch, you will come to find out that there are good customers and bad customers.

You must really be on guard for bad customers. Good customers are really hard to find. A good customer will be loyal to your company and will be willing to forgive you if you make a mistake and apologize. A good customer will try to do the right thing that will benefit both himself and the company mutually.

A bad customer will always look for loopholes in the company’s policy to exploit and make some few gains. Bad customers will always try to exploit the company’s goodwill and look for ways to rip off the company. Bad customers are responsible for bad debts.

Good customers build your business and bad customers will always try to liquidate your business. Just as you fire employees, you must also be prepared to fire bad customers without hesitation. In the game of trying to find a new customer, always remember the customer that sued McDonald’s to court claiming the coffee was too hot.

7. Overcoming Competition:

Competition is the next challenge you will face. Most individuals see competition as a plague but I see competition as a good challenge. I see competition as a benchmark for creativity, the main engine for innovation and quality products at great prices. Without competition, there will be no innovation and without innovation, the world will be stagnant.

I see competition as a welcomed challenge and I want you to do the same. Competition keeps us on our toes and drives us to constantly improve our products and services. But you must be warned. Competition can make your business lose its relevance in the eye of your customers so you must always be on guard. At this point, I leave you with a quote:

“If you don’t have a competitive advantage, don’t compete.” – Robert Kiyosaki

8. Unforeseen Challenges and Expenses:

Just as a sailor prepares for unexpected storm, just as a pilot is always on the watch for unpredictable bad weather and thunderstorms, so must an entrepreneur be prepared for what ever comes. Unexpected challenges can come in the form of:

- Unexpected law suits

- Inconsistent government policy

- Not being able to make payroll

- Unpaid bills and taxes

- Unexpected resignation of staff from sensitive office

- Bad debts from customers

- Loss of market share

- Dwindling working capital

- Inadequate stock or inventory

These challenges, if not handled properly can ruin your plan to build a successful business from scratch. Another challenge you must expect is an unforeseen increase in business expenses. If not handled properly, it might result in constant negative cash flow and eventually, the business failure.

9. Keeping Up With Industrial Changes and Trends:

Change in trends is really a business challenge you must be prepared for. Trends have made and broken lot of businesses. I know a lot of profitable businesses that have been wiped out by slight industrial changes and trends. A typical example is the Dot com trend, where many industrial based businesses were wiped out by new web based dot com companies.

When the Dot com era began, business owners were left with only two options. Either they join the dot com train or they get crushed by the dot com train.

Seasoned entrepreneurs know that trend is always a friend and are always willing to swiftly adjust their business with the current trend. Keeping your eyes open to spot trends is really a challenge but the big task will be your ability to quickly use the trend to your advantage.

10. Exiting the Business:

“In the world of business and investing, your exit is more important than your entry. A good thumb of rule is this; exit before you enter.” – Robert Kiyosaki

When building a business from scratch, you are going to face the business challenge of determining your exit strategy. Just as the quote above states, you have to plan your exit strategy before you even start the business. Most entrepreneurs run their business without any plans to exit and even if they have an exit strategy, they find it difficult to implement it.

Before starting a business, it is advisable to always plan your exit. There are benchmarks you can use to determine your exit from the business. Most smart entrepreneurs will use this benchmark as a target and once this specific target is reached, they exit the business. Examples of such benchmarks are:

- Annual sales

- Annual Turnover

- Asset Base

- Market Saturation

- Customer base or number of users. This is more applicable to dot com companies.

Now when it comes to exiting the business, there are three exit strategies you can apply. The exit strategies are:

Turning over the business to professional managers: When your business reaches a certain stage of maturity, you can exit by turning it over to professional managers. In this case, the business still belongs to you but you are not involved with its day to day affairs. You will have to give up administrative role to assume the role of a watchdog. When you exit in this manner, you will have more free time to look into other projects or retire.

Selling the business privately: In this case, you are exiting the business by selling it to a private investor. In the business world, it is called M&A (Mergers and Acquisitions). After the sale and transfer of assets is complete, you have nothing to do with the business again.

Taking the company public: The unique thing about this type of exit strategy is that while you are selling your business (in form of shares) to public investors, you still own and control the business.

Please before you apply any of these exit strategy, I will advise you consult with your attorney or legal adviser. But ultimately, it’s up to you to decide the exit strategy you want to apply. Always remember “your exit is more important than your entry.”

At this stage, I thank you for reading and taking your time to learn. Till I come your way again, remain blessed.

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