10 Small Business Startup Tips

Small Business TipsAccording to a recent Forbes.com article, over a half a million small businesses get started each month while more shut down than start-up. With this statistic, it’s not a surprise that some would be leery in joining the almost 30 million small businesses in the United States. It may also come as a surprise that over half of the working population works in a small business and that most small businesses are home-based. Why then do people start small businesses with these kinds of odds? Because many of us are still deciding what we want to be when we grow up. And once we’ve learned that, we choose to make a go of it on our own.

Starting a small business or a home-based business is not something that should be entered into lightly. More often than not you’ll go through a long period languishing while trying to make your business viable. As with many big decisions in life, starting a business is a very big risk. There’s never an assurance of success. Rather, it is expected and statistically likely that you’ll fail. However, if you’re willing to work at beating the odds and fulfill a professional goal, this may still be the route for you.

I’d worked in libraries for over a decade. I spent the majority of that time in library administration. I knew a good deal about how to run a small business because I’d essentially been doing so for quite some time. However, when you go out on your own there are many pitfalls that can be made in your businesses’ infancy. Contrary to the popular song lyrics, the best things in life aren’t free. Shortcuts will likely come back to haunt you and so too will not putting in the sweat equity needed to not only financially succeed, but to also feel emotionally and psychologically empowered.

If you want to start a small business it has to be a deliberate process. However, it doesn’t have to be an expensive one. It doesn’t hurt for you to do some research. The Small Business Administration is a great free resource. So too are the books. Really, there are any number of tools to help you start-up or navigate the waters of small business. If you’re like the almost 75% of all U.S. business who are non-employers (self-employed with no additional payroll or employees), then you can be sure that there is plenty of information to help you achieve your goals.

Running a small home-based business can be inexpensive, not cheap. Don’t scrimp on the stuff that can really make you appear more professional without breaking the budget. Here are a few startup tips for your business:

1. Get a domain name.

You may not need to register your business’s name with the state. The fact is, that process may be unnecessary and It can be costly depending on the nature of your business. However, it helps if you have a domain name so that you can have a traditional online storefront and presence. That isn’t to say that you need to sell products through your site, it just means that you have a place that you can send people to online to find out more information about you and your products and services.

2. Use social media.

No longer can people lament about how they don’t use Facebook or Twitter, being on social media also lends an air of credibility and savviness to your business. Using social media is inexpensive and easy. There are plenty of online tutorials on how to use social media and by getting yourself out there by using the social media networks, it opens you up to more clients and the ability to interact in real-time with them as well. Also, don’t simply have a presence on social media, depending on your demographic, there are still some people who simply aren’t using social media. Thus, you must also have an easily accessible webpage as well.

3. It doesn’t hurt to use old school marketing tools.

Professional business cards as well as marketing items are now nominal in cost. Don’t just settle for free cards, pay that little extra to brand your items. This way you can be fully in charge of the message you’re putting out there. Think about it, what did you think of the person who handed you a business card that were clearly free ones?!

4. Use accounting software.

Quickbooks, Freshbooks, Nutcache and the list goes on. You can even use Excel if you’re so inclined. Regardless, it’s imperative that you start consistent and accurate record keeping from the very start. Make sure that all of your transactions, big and small, are in a place that will make it easy for you come tax time.

5. Work in the cloud and back it up.

Cloud-based software is available for everything. It also doesn’t hurt to use free ones in this case. Google is the gold standard when it comes to free. However, document creation and retention aren’t the only things you can do in the cloud. Accounting software, website administration, almost anything you can think of can be done in the cloud. Plus, it makes your data accessible anywhere that has an Internet connection. And don’t forget to backup your work. If you’re saving your work to your computer or saving it to a virtual drive in the cloud, be sure that you have a backup. Redundancy is key and it can also be very economical. A good rule of thumb is to have a physical and virtual off-site backup because Murphy’s Law always happens.

6. Be virtual.

Depending on the type of services you offer, there are companies out there that can assist you in getting jobs/projects. Companies like Upwork provide you with a place to offer your services to others and provides you with an online workplace. Being a freelancer has never been so easy. As a freelancer, you don’t have to limit how and how many clients you have.

7. You have to pay some to get some.

Yes, you can start a new business with no cost, however, by investing just a little money upfront you’ll almost ensure a return on your investment. Pay for a virtual fax service, marketing materials and other little things that will go a long way in ensuring that your business isn’t like every other “mom and pop” business. Just be careful not to go all in too fast. Recurring costs, though small, can add up fast. If you have recurring costs it means that you have to earn at least that much money per month.

8. Be tax savvy.

You must be cognizant of what kind of tax impact there will be as a result of your business. It’s common, depending on the type of business you have and if you don’t have employees, for you to not withhold any taxes during your first year. Getting a baseline for what your business will be like is important, just don’t forget that Uncle Sam may hit you with a large tax bill at tax time. Visit the IRS website or speak to a tax professional to help you with getting this sorted out before it becomes a very expensive mistake.

9. Make time for yourself.

When you commit to owning a small business the one thing you’re guaranteed is that it’s going to be hard. Despite how challenging it is, you have to take time for yourself. It’s easy to work long hours and to forget that we aren’t machines. Even if it’s just a 15-minute walk each day or something else that will break up your workday, you must not forget that sometimes it’s best to literally walk away to clear your head. This will do wonders for your mood and your process.

10. Be disciplined.

Sure, we all think that working for ourselves would be the best job in the world. But it’s not until you’re actually doing it that you realize just how easy it is to be trapped by the pitfalls of having no other boss than yourself. That quick television break inevitably turns into a television marathon, sleeping in one day turns into not setting the right habits you need to be successful. It’s easy to say that you’re going be disciplined and fully devoted to the success of your business, but old habits do die hard.

Each day brings challenges and uncertainties. You have to be willing to fail spectacularly. But you also have to be willing to love and nurture your business even on the days when you just don’t feel like it. If you don’t work, you don’t get paid. Despite that, the sky’s the limit and your earning potential is limitless when you’ve devoted yourself to doing what it is that you are passionate about. It’s important to remember that you’re not to give up when it gets hard. Those are the times you have to really dig in and remember why it is that you’re doing it in the first place.

Article Source: http://EzineArticles.com/9394187

How to Think Differently in Business

Think Different In BusinessTo hit gold in business, you have to think gold. What is your business all about? How do you intend to maximize profits? Here are tips on how to think different in business:

Think back to the future

Don’t wait till the harsh business storm hits your business; rather, always think of what to do better or next. For example, what are the things you need to put in place to ensure business growth? What stage is your business on the business chart, that is, in areas of development, growth or decline? Is your business vision realistic? What is your current profit margin? What is your intended profit margin? How do you intend to speed up your productivity? Evaluating your business, keeps you prepared for the future.

Believe your ideas are valuable

Always think your glass is half full. Think about possibilities not only about likely constraints. As a business owner, you have to nurture a positive mental attitude; believe things will work out fine. If there are possible risks, device means to avoid or manage them. Risks are unforeseen, but you can plan ahead to avoid or mitigate them. Being positive in business enables you take a chance on yourself, be bold to take calculated risks, and believe you are adding value, even when the numbers say otherwise. That is a way of thinking differently in business.

Dig beyond your current offerings

Do not just view things on the surface. Think intensively and carry out research on other ways your business can benefit your target market. Reflect on the true realities of where your business stands at the moment. What are your business challenges? Classify them and analyse them to see how you can make a difference. Outline your business SWOT analysis (Strengths, weaknesses, opportunities and threats). Go beyond the surface; be realistic.

Your competitors are watching

Understand your business environment; be familiar with your competitors’ strategies – if you are not, you can bet that your competitors are doing their homework. What resources do they have that surpasses yours? How can you leverage to collaborate and partner to get the necessary resources? What’s the best way to build more goodwill? Do a survey on your business, and be cautious of the events happening in your business environment. It’s business, so be prepared for the competition. Business is about profit making and goodwill, be focused on these objectives.

Create a war-room

Now that you know who your competitors are and understand your type of business. Identify the threats and evaluate them. Compare your business to your closest competitor. Be battle-ready. Draft a graph of your sales and profits. Can your business survive in business storm or in an unstable economy? Figure out what you can do better? What is not working? Are your key employees performing as expected? Carry out a performance appraisal. Take action: pave the way for more business improvements, do some advertisements, up your business game. Remember it is a game of profit, and that should be your aim.

Thump your chest

What makes you outstanding makes you great. Build on your business competence and promote it. Every product or service must have its own uniqueness, that thing that makes it different from others. Device means to make your business goals and objectives unique. Distinctive competence is that special attribute that shows how your business is similar to your competitors, but different in aspects of branding, concept and product offerings.

Business is nothing without profits. A business seed can only grow if the business soil is fertile, and the fertility starts from your business thoughts. Be better by thinking differently.

Article Source: http://EzineArticles.com/9365862

Why Businesses Do Not Sell

Business Don't SellIt would be nice to live in a world where every business-for-sale was sold at top dollar. While there is no such thing as a perfect business free from all defects, there are a number of problems that can hinder a sale that could be remedied, if given enough time. This article lists ten of the reasons which are often cited as contributing factors in an unsuccessful sale or a completed deal for less than potential value.

Business intermediaries need to be up-front with their seller clients, educating them on the challenges faced, and the likely impact that one or more of these issues will have on completing a successful transaction.

1. UNREALISTIC EXPECTATIONS

a. Valuation/Listing Price:

Arguably, the price a business is listed at is one of the critical elements to a successful sale. An owner’s emotional attachment to their business, coupled with an inexperienced business intermediary’s desire to obtain the listing and please the seller, can be a recipe for disaster. Overpricing a business will deter knowledgeable buyers from establishing communications. Additionally, it will be extremely difficult to defend the valuation when a business has been priced unrealistically. The typical outcome is that the listing will languish in the marketplace and recovery becomes more difficult. Once on the market for months on end at the wrong price, the process in re-pricing and re-listing creates a whole new set of challenges, the least of which is maintaining credibility.

b. Unrealistic Terms and/or Structure

Deal structure, asset allocation and tax management must be addressed proactively and early in the process. Often the Buyer and Seller place all of the focus on the sale price at the expense of the ‘net after-tax results’ of a business transaction. In most cases, a seller could achieve a deal that provides a greater economic benefit when an experienced Tax Attorney/CPA assists with structuring the transaction. In addition to structure there are a number of other issues that could be problematic, including:

Seller insists on all cash at closing and is inflexible in negotiating other terms.
The buyer’s unwillingness to sign a personal guarantee
The lack of consensus on the Asset Allocation
Seller insisting on only selling stock (typically with a C-Corp)
Inability to negotiate equitable seller financing, an earn-out, or terms for the non-compete

2. PROFESSIONAL ADVISORS

For a successful sale to occur, a business owner must have the right team of advisors in place. An experienced mergers & acquisitions intermediary will play the most critical role – from the business valuation to negotiating the terms, conditions, and price of the sale as well as everything in between (confidential marketing, buyer qualification, etc). Aside from the M&A advisor, a business attorney who specializes in business transactions is critical. Once again, “who specializes in business transactions”. Any professional who has been in the industry for more than a year will be able to point to a transaction that has failed because the lawyer that was chosen did not have the specialized expertise in handling business transactions. Additionally, a competent CPA who is knowledgeable about structuring business transactions will be the third key role. While a business owner’s current legal and tax advisors may have the best of intentions in assisting their client with the business sale, if they are not experienced with mergers and acquisitions it would be highly recommended to evaluate alternatives. In some cases, there is one shot when an offer has been received and it is therefore imperative not to attempt to make a deal that is out of reach and impossible to complete.

3. DECREASING REVENUES/PROFITS

The majority of buyers are seeking profitable businesses with year-over-year increasing revenue and profits. When a business has a less stellar track record with varied results or possibly declining revenue and/or profits, complications with the business sale are likely to occur. Not only will decreasing profits and revenue impact the availability of third party funding but it will have a material impact on the business valuation. While buyers traditionally purchase businesses based on anticipated future performance, they will value the business on its historical earnings with the major focus on the prior 12-36 months. For those businesses which have deteriorating financials, the seller should be able to articulate accurate reasons for the decline. Both the lender and the buyer will need to obtain a realistic understanding of the underperformance to assess the impact it is likely to have on future results. In cases where the seller is confident that the decline was an anomaly and is not likely to repeat itself, structuring a component of the purchase price in the form of an earn-out would probably be necessary. In other circumstances, when there are two or more years of declines, the buyer and lender will question “where is the bottom?” and what is the new normal. In this situation, a decrease in valuation will be inevitable. Cash flow is the driver behind business valuations and business acquisitions. The consistency and quality of revenue and income will be one of the key focal points when assessing an acquisition. It all relates to risk. Those businesses with dependable recurring revenue generated from contractual arrangements will generally be in greater demand than businesses who produce income based on a project based model.

4. INACCURATE OR INCOMPLETE BOOKS

One of the most critical components to a successful business sale is for the business to maintain accurate, detailed, and clean financial statements that match the filed tax returns. Not only will these financial statements be the basis for the business valuation but they will also be the criteria for whether the business will qualify for bank transaction funding. Too often the business is managed as purely a lifestyle business that is focused only on short term owner compensation, without regard to building long term value. In these cases, the owner has taken very liberal personal expenses that may not be able to be added back when deriving the adjusted earnings. Given the importance these documents represent, a business owner should ensure that the books are professionally managed and up to date. Records that are messy, incomplete, out-of-date or containing too many personal expenses will only give prospective buyers and lenders reasons to question the accuracy of the books. Last but not least, businesses that have a ‘cash component’ will need to report 100% of this income for it to be incorporated in the valuation.

5. CUSTOMER CONCENTRATION

Businesses that have a handful of customers that produce a large percentage of the company’s revenues, will probably have customer concentration issues, especially if one client represents greater than 10% of sales. It is important for a business owner to recognize that a business which lacks a broad and diverse base of customers possesses a higher degree of risk for a buyer as the loss of any one of these large clients could have a material impact on the future earnings. As a result, customer concentration will have an effect on the valuation, deal structure, and salability of the business. Vendor and industry concentration can also pose complications when selling a business. Specialization can be a competitive advantage for a business and assist in winning contracts. However, this same narrow industry focus could be a detriment if it is perceived that the business does possess a broad supply chain and ample options to source products and materials.

6. THE OWNER IS THE BUSINESS

It is not uncommon for the owner to play a significant role in the operation and management of the business. This is particularly true with smaller enterprises. Where this situation can present a problem is when the owner is not only the face of the business but also deeply involved with all facets of the company – sales, marketing, operations, management, marketing, and financial. If there are no key employees and there are few written processes and procedures, the business lacks a dependable and repeatable work flow. When it becomes evident that the business cannot operate effectively without the owner’s hands on involvement and personal know-how, it becomes problematic. Of equal concern is the relationship the owner may have with the customers of the business. If the customer does business with the firm largely in part of the relationship with the owner, this situation will create customer retention concerns and possible transition problems when the business is being sold. In summary, buyers want a business that can operate independently from the current business owner.

7. THE OWNER(S) IS AGING AND HAS SLOWED-DOWN

It is not uncommon for a business owner to become complacent after running the company for an extended period of time. Becoming tired and lacking the previous ‘fire in the belly’ has a way of spilling over into the business fundamentals. The number of trade shows that the business participates in decreases, the travel and new customer sales calls that routinely took place on a daily basis in the early years, have been paired down. The investment spending on equipment upgrades, vehicle replacement or marketing programs have been cut back. Innovation has come to a grinding halt and the business is on auto pilot. The financials have luckily held steady but for how long? An owner who has become burnt out almost unavoidably transmits their lack of zeal and drive to their staff and clients in a number of subtle ways. The net result is the company’s performance slowly begins to deteriorate. Unfortunately, this situation can become even more pronounced when the owner finally makes the decision to sell the business and mentally checks out at the worst possible time. Transferring ownership can be viewed by some as a highly emotional process, and the decision to sell at the right time is often ignored until the issue is forced upon the owner (failing health, divorce, disability, etc.) and usually at a fraction of the former valuation.

8. INDUSTRY IS DIMINISHING OR THREATENED

Over the last two centuries there have been a number of industries that have developed and grown significantly. In this same time frame, many new industries have been created while others have become extinct. The future outlook for a given industry will have a direct impact on the valuation and marketability of the business during a sale. Businesses facing obsolescence or mired in a shrinking industry will face an uphill battle when it comes time to transitioning or selling the company. Maintaining a diverse offering of products and services that are relevant to the market, not just today, but also with an eye to the future, will enable a business owner to avoid this situation. Not only will this assist in mitigating the impact from declining sales but also demonstrate to a prospective buyer that the business has a clear path to grow in the future.

9. CHOOSING THE WRONG LENDER

From loan application approval to transaction funding is a process in business transactions that can take six weeks or more, that is with an ‘experienced’ business acquisition financier. Many deals have fallen apart during this time frame because the buyer became aligned with the wrong financial institution. There is nothing worse, for all parties involved, to find out four weeks into the process that either the loan terms previously promised were not correct or worse, that the bank underwriter declined the loan.

In the field of business acquisitions, not all banks/lenders are the same. There are conventional loans, SBA backed loans, and there are lenders that provide cash-flow based financing and others that only provide asset based funding. One bank may turn down a borrower for an SBA 7a loan while another institution will readily accept it. Every lender has its own unique and frequently modified lending criteria. Therefore, buyers need to ensure they are working with the right lender from day one, or valuable time is wasted causing the deal to be compromised, or lost to another, better prepared candidate. Buyers should consult with the business intermediary representing the sale to determine which lenders have reviewed and/or pre-approved the transaction for funding. Obviously, buyers who are prequalified from the start and verify that the bank’s lending criteria conforms to the type of businesses they are evaluating, will be the best positioned for a successful acquisition.

10. COMMERCIAL PROPERTY ISSUES

For some businesses the saying “location, location, location” cannot be more important to the value of the company. Typically, this will pertain to retail businesses. If the physical location is of major importance, the business buyer will seek assurances that they can either purchase the real estate or be able to sign a long term lease. On the flip side, the business could be located in a part of town that has fallen on hard times or could be located on the owner’s personal property, both situations necessitating that the business be relocated. Also, some businesses are not easily relocatable without affecting the current customer base. All of these circumstances add another layer of complexity to the transaction.

Additionally, the type and size of facility can also have a material impact on the sale. If the facility is not large enough to provide the enterprise a sustained growth path, a buyer could become disinterested. Another situation could be the value of the property. If the current owner purchased the land/building a decade or two earlier and the financials or recast do not reflect a current FMV rent/lease payment, valuation problems will occur.

Business transactions involving the sale of commercial real estate can be hampered by the Environmental Site Assessments (ESA’s) – Phase 1 and Phase 2. Property that is contaminated can be very costly to clean up and will have an impact on the closing. When this situation arises, it will be important for the buyer and seller to have a clear understanding of the costs to resolve the issue, which party is responsible, and whether a price offset will be warranted.

Other complicating factors involving commercial real estate include zoning changes that require a property to be brought up to new codes, and clear definition of who bears responsibility and the cost of this process. Last but not least, the agreement by the landlord with either a lease assignment or offering a new lease at comparable rates.

SUMMARY

Most small business owners have spent the majority of their life building their business. It is not uncommon for a business seller to become so emotionally attached to the company that they look past some rather glaring problems that a business intermediary, a lender, or prospective buyer will immediately recognize. It is natural for a seller to want to obtain the highest price possible for their business. There is so much bad information on the web related to multiples and business valuations that this should not come as a surprise. M&A Advisors need to be honest and direct in educating a business seller on the challenges faced in a potential sale, the range for a realistic transaction price, as well as creative terms and structuring options that might be utilized. Being a people pleaser and ignoring any potential problems will only provide the seller with unrealistic expectations. In the arena of business negotiations there are few if any “pleasant surprises”. Dealing with issues up front rather than late in the sales cycle process should be the golden rule.

Michael Fekkes is a Senior Broker at ENLIGN Business Brokers in Nashville, TN. Michael is a Certified Business Intermediary [CBI], a Certified Exit Planning Advisor [CEPA], Chairman of the International Business Brokers Association [IBBA] – Communications Committee, as well as a former business owner. He can be reached at 910.691.2202 or mfekkes@enlign.com. ENLIGN Business Brokers is a Professional Services Firm serving the Southeast that is headquartered in Raleigh, NC providing business intermediary services ranging from valuation and sale to exit & succession planning strategies.

Article Source: http://EzineArticles.com/9430186

My Honest Tips For Establishing A Home Business

All of us learned about home business concepts on the Internet and a lot of folks have been trying them out in the past couple of years. Some people actually succeeded on this endeavor while a few are still considering the probability of generating a lot. Home-based business won’t be depending on luck alone. You’ll need the skill and comprehension if you wish to be successful.

Some people still doubt these home-based businesses, but lots of them already began their job on this field. If you’re still thinking that starting a small business at house isn’t a great idea, you must look at the different advantages below.

The main thing that you’ve got got to understand is the possibility to work at your own house without the need to go to your office. This setting is very famous to people who already have a family simply because they can be with them the whole day. It is also cool to work at home as you are generating revenue without going outside of your house. It is a great thing if you are speaking about it with your friends. We understand that going to your office is extremely stressing especially when you are driving or commuting. You are able to eliminate this tension by thinking about the various world wide web business concepts.

A lot of people actually desired to have flexible working hours and you’ll need to expect that home-based organizations will help provide this. Are you already sick and tired of working from early morning until afternoon? You will certainly have a flexible time if you’re going to work in your home and start out generating revenue.

You’ve got all the time in the world to work so you can just do your work for a few hours and start out late if you desire. This is something that you cannot do if you are working for a organization because they are very stringent on the timeframe that they are implementing. Home-based businesses can provide you the versatility that you always desired.

The most essential thing about online firm tips is you don’t need lots of money to start your business. It is possible to do everything in the comfort of your house. You’ll be able to consider your house as your workplace and you can accommodate all the products that you are selling as well without making use of a physical store. You can take advantage of social media networks to sell your items and services and everything will start from there. You don’t need to produce a massive amount of money to start your company because it is feasible to begin at home.

It’s always wonderful to check a few house based business ideas because they offer a lot of advantages. It is feasible to definitely earn lots of money without spending a lot for the operation costs and large capital. You will surely benefit from this if you know what your are performing.

Business Analyst In Insurance Domain

The right balance of information and technical knowhow is needed for a Business Analyst to successfully complete his job in any sector. This dictum applies to the Insurance sector as well.

A Business Analyst should be well versed with the information that is needed for any Insurance professional to work in the Insurance domain. Since he has to analyze the processes and then help in the development of essential software for the projects in the Insurance sector, he needs to have both  the information required of an Insurance professional and the technical knowledge required for the establishment of software designed for this sector.

Insurance as is known is generally divided into three major divisions: Life Insurance (dealing with safeguarding life and the risk of mortality and critical illnesses), General Insurance (dealing with the risk of damage to immovable property, motor, cargo, marine, household, and fire insurance), health insurance (dealing with risk of illness and disease, and thus covers reimbursements, medical claims, operation of panel doctors, cashless hospitalization, co payment etc.) The level of knowledge and range required is different in each stream and hence a Business Analyst has to have a certain demonstrable understanding of the workings of the particular streams in the sector and also desirably, adequate level of experience in the sector.
Functional Knowledge of Insurance applications is also essential, like new business, channel management, policy servicing, claims management, underwriting, reinsurance and finance. Along with knowledge of the business processes of the particular client company, a brief and thorough understanding of the requirements given by the regulatory authority of the Insurance industry is also mandatory. The terminology is varied for the Insurance sector, with changes even within the sector, for the different streams of the sector. Knowledge of these unique terminologies will help the Business Analyst to understand the client who is the end users expectations and he will be able to draft them better into requirements efficiently.

Once functional requirements are known, the technical knowhow is also essential for any good Business Analyst to communicate to his software developers team about the client users expectations from the project. The Business Analyst should be aware of the basic MS- Office tools like Microsoft Word, Ms PowerPoint, MS Excel, MS Visio, MS Access, and MS Project). These help in collating data and presenting it in proper format. Then knowledge of relational databases is also important for understanding the technicalities of Querying and Support. Basic programming languages that are used by software developers should also be known to the Business Analyst so that he can understand the developers problems or point of view. These programming languages could be ASP, Dot Net, JAVA, J2EE, XNL, HTML etc.

In addition to these, knowledge and experience in insurance business applications, content management systems, portals, data warehousing tools can give any Business Analyst that extra edge over others standing next to him.
Thus, its quite clear that a Business Analyst in the Insurance domain needs to know both sides of the coin  the knowledge of insurance business processes and the relevant Insurance software packages.

Major Keys To Get Success In Dairy Business

Nowadays, dairy business is growing rapidly and everyone need to make out which of the thousands of problems, fixed cost and running feature most power the ultimate achievement or stoppage of a dairy business. Therefore, there are various keys to become successful in dairy business and with help of these keys you can get success in dairy business.

Professional Advice

This is very important to talk with dairy industry specialist because they suggest suitable plans for dairy business which is very vital for milk processing techniques. Dairy industry specialist may be your local farming extension manager, veterinarians and lecturers in university agricultural branch and domestic animals nutritionists. There are also other dairy farmers sources in your region dairy farmers for the help and advice. People can ask questions; regarding dairy management or further dairy-related problems. You will have to choose whether your dairy farm will take in associated enterprises, such as increase and selling some livestock for meat or increasing and advertising food.

Necessary to Develop Plan

There is very important for successful dairy business to prepare plans about start a dairy business. Dairy business needs proper strategy that will help your business. It is most vital to prepare equipments, animals plans as well such as which types of milk processing equipment is best for dairy business and healthy cows or buffalos required. Therefore, business plans is most required for every successful business.

Need to Expert Management Team

Group management is main key to a successful dairy business. This is very important to choose what type of cow most excellent suit for your dairy business. The great majority of dairy farmers increases Holsteins, the most important milk production breed, with a lesser number make use of some cows. A group is not a collection of persons who working separately under steady way from the instructor. It is in its place ready up of individuals who have been taking on into positions well suitable for their ability, appropriately trained and give permission to direct.

Marketing plan

Marketing plan is also the most successful key to dairy business. Arrange a marketing plan to promote dairy industry. It helps to increase experience to customers. Customers must be well familiar through your production and products. It is backbone of dairy production to get achievement in this business. You can make a website about dairy business which will help to support business over internet. Nowadays, social media websites are utilized as a big marketing channel. Therefore, you must use these sites as well.

Cash Flows . Timing Is Everything When It Comes To Financing Business Cash Flow And Capital Management

Working Capital is an area of business that requires solutions that revolve around timing. Timing is everything when it comes to the fundamental problem of managing and solving the cash flow conundrum!Let’s examine some of those solutions using the example of a company trying to grow… which is what it’s all about is it not?!

This is when what we could call your ‘ cash flow cycle ‘ needs to be both understood… and addressed. That’s because the concept of timing has just kicked in … your have produced your goods or provided your services and a specific amount of time has lapsed as you now generate revenues via invoicing… and wait for payment. It’s no secret that that whole cycle varies between each company and industry. But whether your cycle is 30 days or 120 days the effects of that timing require certain activities to be financed.

The timing around this cycle, as well as the solutions that your bring to bear makes or breaks your overall liquidity and solvency – aka ‘ Survival’!Example of the need to finance that cycle are should be quite clear – your firm must buy supplies or inventory, at the same time taking on payables. Wages and salaries must be covered and then you’re in the waiting game when it comes to delivery and acceptance of your goods and services, as well as final payment from your clients based on your credit terms. It’s therefore no secret to the business owner to see that using our example it can easily take those 30-120 days for a dollar to in effect flow through your company.

Again… it’s ‘ timing’!When you look at your balance sheet you see that the ratios of current assets and liabilities have also changed dramatically. You’re unfortunately less liquid and this can only be solved by financing the shortages you have carried. Of course your customer could pre pay you in advance for orders, or pay you ‘ cash on delivery ‘ but that’s not the perfect world we dream about.Financing business cash flow is all about monetizing and managing your assets.

Solutions in Canada include:

Receivable financing
Commercial bank lines of credit
Asset based lines of credit
Sale lease backs
Tax credit monetization
Purchase Order and Supply Chain financing

Utilize one or a combination of solutions to manage the ‘ patterns’ of financing that your business needs. Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist your with putting together a solution that addresses the timing of cash flows and capital in your business.

How To Impress A Business Partner

As any successful businessperson knows, a huge part of business is presentation. Whether it is presentation of your product or service, the way you market your company in advertising, or the kind of impression you give to potential partners or clients, presentation is essential. If presenting a professional image to a potential business partner is your concern, there are many things to think about, including professional image, manners, and etiquette.

In many cases, a potential business partner will fly into your city to meet with you and your company. Your presentation begins from the very moment that person steps off the airplane. If someone from your company is there to greet them, make sure the employee is dressed professionally in either business casual or business formal attire. No jeans or t-shirts should be permitted. The person at the airport is your first contact with your partner. Make sure it’s a good first impression.

One of the best ways to impress a future partner is through chauffeured transportation. An airport limo is a great way to ensure that you partner receives professional transportation from a professional driver. If you are worried that limousine will look too pretentious or expensive for your business partner and may have the opposite effect than the one intended, don’t worry.

Most limousine companies have a fleet of vehicles of all shapes and sizes. One of the most popular forms of business transportation is a chauffeured town car. A town car is a sleek and professional luxury sedan that will represent you as the ultimate professional with the comfort of your partner as your first priority.

Another important part of impressing your business partner is through good manners. Make sure that everyone that is in contact with your potential business partner calls your partner by the correct honorific and last name, such as “Mr. Jones” or “Dr. Roberts” unless asked to do otherwise by the person in question. When meeting your potential business partner for the first time, make sure to be the first to offer a firm handshake and make eye contact. Clearly introduce yourself to the person and be sure to introduce others in the room as well.

Although cell phones are a part of business, when wooing a potential business partner, your cell phone should be silenced and remain hidden during any business meetings or dinner engagements that might take place. You don’t want your cell phone to become disruptive and interrupt any important business proceedings. By presenting your company in the most professional way possible, you will give your potential partner the best opportunity to see your company in a positive light.