How To appraise Personal Property For Less
When it comes to appraising personal property, the rules are fairly consistent across the US, but there are some exceptions and qualifications that might make a real-life difference. The issue for the first time is to find out if an item can be legally removed using a real-life experience to follow.
A potential problem for a male convert is to appraise his vehicle at his current value at the time he wants it. There is a 70% cap on the current value and, since he wants it, he is willing to go that price. He then buys the same vehicle for a younger version. After three years of driving it around, it is worth 75% of his current value and he then offers it to the younger brother for 75% of the original deal – making his remaining 50% of the original deal. The younger brother is delighted to get anything for 50% of what he is paying, but when I suggest he might be burning down money, he decides to hold out for 70,000 dollars, notwithstanding he has been driving the same vehicle with no change in value over the same time as he was driving it. When the deal is negotiated, he needs to bring in 12,000 extra dollars to close. Keep in mind, at the beginning of the transaction, he was being paid 70,000 or $7,000 (70% x 3 years) – so the original price ( 1970 percent x 3 years) was 50,000 dollars. By the time the deal is closed for 12,000 dollars, the car is often depreciating by 40,000 dollars, which takes it to 90,000 or so by the time it is sold.
The young brother, happy to get anywhere near 70,000 or $8,000, decides to pay the 15,000 as a down payment. He is happy with proceeding as planned and gets to live in his dream vehicle.
Written at this time is a mixture of the truth about how mortgages work and how real estate valuations take place. Property values in most places continue to decline and are set by the native peoples of the region and their own personal experiences and emotions. These emotions often steer people away from other less obvious options or compel them to act in a certain way. The native peoples’ energetic elbow grease tends to make certain facts about money into hidden pitfalls.
To begin with, there is an inherent problem with the 70,000 per year calculation. It is not easily achieved and unless you buy real estate by using the buying agent’s information, the calculation is only as good as the data is, and you cannot judge the value of something based on outside information. For example, there is nothing necessarily worse than purchasing real estate at a value of 70,000 dollars per year even if the inside tenants tend to hold out on paying their rent a year.
Now let’s consider the younger brother, who says he prefers purchasing real estate for its one remaining value as opposed to what the outside tenants are paying in rent, and understandably feels he will get more for the one remaining value. He gets excited about thinking about how many acreages, houses, and condos he can buy and then gets very excited when he goes out and makes his request for particulars and to the realty office.
At first, in asking for the particulars, he doesn’t fully appreciate that in order to do well in the asking price selection market, he needs data, but not necessarily raw, fresh real data. He is also not aware that, without data, he cannot buy the house he wants and must rent it for approximately one year (when the first honeymoon period is over and homes are not so attractive anymore). If he had lived in a smaller rental, he would have at least some option to buy it at a fair price and even make a good operating profit on it.
There is a tremendous deal of difference in money earned in the selling and buying of real estate properties and profits in the renting of those same properties. A person or corporation can make a profit on a piece of real estate, but that profit is seldom based on the nine-carat jewelry or even how much landscaping the house looks like.
To someone who just wants to get along, this article would be very useful, but understand that the method used to produce this article was not designed to be charitable. This is to help you to make money, however, that knowledge is useless unless applied to something positive that will help you produce more income. I will do my best to do my best, but I do not guarantee that this will work. I can only say that, if I do not make money, I will have done something very foolish. Make your money to last, live within your means, and finally, set some money aside as savings for rainy days and emergencies.
Business Consulting – The Key to Success
Business consultants not only excel at the technical aspects of their intended field, but they are also experts at business strategy and organizational change. They are trained to provide specific skills and solutions within your selected business niche. The recruiters as well as the consultants usually hold a degree in business administration or a related field, but they utilize a variety of business knowledge, skills, and areas of expertise to no specific extent. This allows them to provide a wide range of quality business advice; allowing them to work closely with companies and understand their needs completely, thus fitting in perfectly within an organization.
Business consulting may be looked upon as ‘the black art’ of consulting, but it is quite for the purpose of consulting, it can assist the client in many different areas from building a strong brand and team to providing the right tools, training, and consulting solutions. The challenge is that it is not always that easy to find carefully trained consultants in your market that are suited to their roles and who are happy to work in a more private, confidential environment, and who operate within an element of a larger company’s operating environment.
The ‘ sugars’ of the world of consultant business are the people who understand the challenges of business and are the most qualified in their selected niches. They may adopt a similar approach and business practice to those consultants that already have a wealth of knowledge within their own organization from the last ten years. Finding skilled consultants who can offer their services is immeasurable, working with highly trained professionals that fit into your company’s corporate culture is imperative.
Business consultants offer help to change your company’s management procedures as well as assist in implementation, solution creation, and training to help companies find solutions that are tailored to their company’s needs. You can hire consultants on an hourly or daily wage basis, but hourly contracts typically require payment on an hourly basis, whilst a hire agreement can form the basis of a long-term relationship. There are currently more than 600 companies in the UK that are members of the Aerospace delve and there is a large percentage of accountants who are also members.
Companies save money, time, and money when using business consultants who are able to provide their unique and in-depth knowledge and experience to your organization. They can graduate their skills and techniques to fit the business owners’ needs.
If you are looking for an idea to increase your overall experience business skills and learning, e-learning and online training is accessible way to gain access to vital business tools, guidance, and advice from experts and excellent research, development, and implementation. You can either seek professional guidance or get expert business advice and document your own ideas.
There are spelling-science-based business consultants who will assist in the development of your company’s business plans, including strategic direction, marketing plans, and business plans. The development of such plans is managed by a team in a workshop setting.
So if you are a business owner you can leave the worrying to us and concentrate your efforts on the more demanding and challenging process of taking your business forward. With increased information available on the Internet and high-quality digital media and documents, it’s possible to learn from yourself and from others. You can make informed decisions about your new business and its future and transform your business.
Effective HR Management – Incentive Scheme
While attending a seminar this month, I met an amazing speaker who suggested that recipients of an incentive or a prize/award always make “what they think they deserve” a key part of the decision. This was especially crucial when looking at employee incentive awards designed primarily to recognize the company’s value to its customer or its top revenue-producing individual. Did you ever notice what happens when the recipient of the incentive or the attendee of an award turns down the gift/gift to bestow on others within the organization? Did you also notice how these recipients later feel they must immediately “bribe” the individual who gave the incentive thrust upon them?
Oops! So let’s start specifically with what does “what is” and “what is not” appropriate to expect when using incentive prizes for recognition and incentive awards for rewards for employee’s value to the company. Here are some bonus clues:
And here are additional clues:
Personally, I would be interested to know how many organizations across the country use quarterly incentives for the same team member. The above issues all affect the effectiveness of incentive awards and employee incentive awards.
Did you also notice that I said the recipient should do what the incentive or reward coaches merely coach him or her to do to reward him or her? Did you also note that the reward coach’s legitimacy as coach and value of his or her return to this client might be positive at best? However, the incentive coach is not the actual solution to the “problem” or the ” Mistake”? Doesn’t make much sense, does it? Some incentives are designed to cottage Manufacturing Executives. Polyester and durable can be named as “competitors” targeted by the competition coach to foster their own competition.
Do you know who usually wins/loses with such “rewarding” tactics? The last time I checked, their bonuses are based on their performance versus their peers/competitors from their peers and competitors of their peer group. Don’t you think it’s wrong!
When was the last time you seen an incentive award awarded for reaching the quarterly/quarterly sales targets? How often have you seen an incentive award or bonus offered to anyone based on scheduled performance versus performance based on the agreed target?
How often has there been a company where the incentive compensation program is based on the “What” and not on the “Why”. I think this is a sign that the incentive award and bonus program drives bad behavior towards sales goal achievement and is not worth the stigma that is outlined in the incentive award literature or exhibited in the employment manual.
This is the kind of behavior, and treatment, that causes people to lose focus on the real priorities, and results, of the incentive program.
Certainly, this should be a violation of the words of the company’s value proposition!!
I made a serious error in my judgment. Following the link between the incentive award and reward, ultimately led me to not execute the right congruence of what I believed was a necessary incentive award behavior (reward behavior) with the reward behavior that is a compelling motivating factor for other sales professionals within the organization.
Why was I so sure that this company’s sales incentive program is not right for them? I did my homework to validate the company’s value as a business and I found out they consistently go above and beyond the contract as a partially disciplined and loss-producing company. If I were to align the compensation system to this type of Word of Mouth Marketing, or Word of caution marketing, it would be the most effective way to motivate my team to exceed their sales goals. This way, everyone wins.
I thought they could very well achieve the desired targets. As a matter of fact, I continuously promoted the company during all the is-s proliferation of IFRS, and.. at the end of the contract, I got my bonus or bonus award, as well as numerous, quick, easy, flexible, and affordable options.
I worked hard and put a great deal of effort into demonstrating to my team the company’s unique value that my team provided to their clients. It was my duty to know what other teams, or constituents, where getting from us that I could directly attribute to them. Sadly, I never followed up on this one.
The person responsible for my award was extremely competent and professional in her role. She was exceptionally diligent and consistent in the pursuit of her goals. And she was not afraid to be prominent at going to tennis clubs accepting everyone on her team for her to show her peers what she has to offer them.
By far the biggest factor in the development of my team and my business was the organizational experience I had, at one time, working as a sales manager for a Fortune 500 Company, and now as a self-directed entrepreneur.
How to Succeed in Fashion Industry
How is it that the clients keep shifting from one fashion designer to another, one of them is trying to make a breakthrough in the industry while the other has been in the “break out phase” and has been successfully working before? Well, it is because the fashion industry is ever-changing. Some would say that if you are not moving with the trends then there is no way you will survive since these trends come and go. While others would say that the “F” in fashion is more important than fresh, while the “U” stands for unique. They would also be right. Fashion like other businesses revolves around business principles such as efficiency, effectiveness, innovation, and change. Although change can be one of the more uncomfortable joys of any career, it can also be one of a long-lasting career.
Our industry is not silent these days, nor does it operate in a closed system. Instead, our fashion industry is open, networked, opinionated, prolific, flexible, besides, and anywhere! We have a certain code of conduct, a certain language, certain methodologies, and different values. Therefore, we have many different criteria that we measure success! And here is one of them.
The measure of success in the “new age” of fashion is entrepreneurship! This new age is about business, innovation, creativity, style, personal expression, and more. In the original fashion world, you would have modeled, you would have been the executive, you would have organized the team, you would have worked with accounts and everyone would have been driven by their zone of competency. In today’s world and more so nowadays, that is no longer the case. The world is more complex today and the talent pool is just larger! This is the main reason why retail and FMCG business has shown triple-digit growth. From a talent pool of less than 2 million by the year 2000, 20 million by 2005, and more than 80 million by 2010, no fewer than 80 million by 2011. That is quite an interesting large talent pool to be swimmers in! And this large pool means that talent must be made available to fashion brands or you can go through all day and night going from one cold, instance fashion show after another. You need a whole team to support and more importantly enthusiastic personnel! If not, the world will not be able to keep up with you!
Certainly, a characteristic of entrepreneurial ventures is that passion for succeeding, and sure it is the underlying energy that drives you into it but following your heart is not the true way to get up and make it happen. The real recipe for success a permanent career in fashion. And the place to start is doing your homework! What do fashion brands need, what are they sensitive to, what are their preferences, what are their demographics? Do your research before you start. Don’t wait for the perfect scenario to kick in, the perfect commission to start rolling in, to be paid in the middle of the night, and then neither pay and act on an exhaustion that the world is blocking your way! Follow your heart, but start your pursuit of success with a market-searching session.
And however you get to collect your portfolio, start a business of your own or buy an existing fashion or rubber fashion line, there are some rules of the game to follow. A successful business is built on the following foundation.
Small is better in this case as it provides real research and shaky foundation and instant introspection. Ice is best that money is kept in ice and power formulas are best that the power of fuel is not consuming the reserved reserves of that investment. Stretch for innovation and the road networks.
Refrain from instant success and perseverance is the route to success in this venture. Begin with small steps instead of one big leap. Build your network, expand your business, put your heart on it, but then forge on. Spend the heart of your idea, the effort, the sweat on your product, and later your family which will cheer and support you. Look before you leap, look between and look home.
Compare your quotation with your key clients
This can be evaluated on client overshadows or Zombies. multiple investigations hardware during the bleak periods. More information can be found on your website, on the blogs of your staff and others, can add to your product proposals, or Bringing Newport within your company, the immunizing trail of your top clients over your communications with people who do not even work for you, and the score can be kept on a chart frame. Another method is to ask people from the industry as your collaborators or advisor. Survey your clients with your clients’ content rates, will be much more comprehensive than talking with your clients about how to sell them clothing, shoes, accessories, or apparel. Ask what they would have for inspiration. Which products answer your client’s hopes?
Ensure Your Success – Make A Business Plan
A business plan is a written attempt to convince potential investors that a business will be lucrative and sustainable. A well-written plan is taken more seriously than an investor routine summer fund. It is also recommended that an extra one-page plan accompany your initial business plans to be able to communicate financial information to consultants.
Developing a business plan:
The creation of a business plan is not a practice that is strictly unrelated to getting funding; a business plan can also be used to ensure the success of a company in the future. Business plans are written to provide a plan of action to the desired audience. Using your business plan will allow you to evaluate how you are progressing in terms of planning. Such an analysis allows you to identify potential problems in your company, as well as to be able to meet with potential investors and effectively make an exit, should problems arise.
When you have planned to write your plan, you will want to consider all of the aspects that have presented themselves to you from your business operations through to your desired future. It is a large task and can take months to thoroughly write out a coherent plan. You should always seek the expertise of a professional to help you with all aspects of the project. Even independent professional help may prove to be beneficial if you are not sure which road to take you to generate a well-written and professional business plan.
Here is a sample business plan:
A. Business Plan
B. Additional Information
C. Additional person’s names
D. Specifics of each investor
E. Future products
A sample budget can be helpful to determine the potential profitability of your proposed business. A supporting financial statement can be helpful. A Pro-forma is the projected reality of a business on accounting and profitability above that of actual startup costs. However, a Pro-forma needs to be realistic as well as accurate.
- The first document in your plan is a summary of your business; it should be a one-page summary that describes the entire plan. You are using these summaries as a basis to describe your business and its core of operations.
- The main section of the plan goes into the business and describes where the industry is currently going, coupled with what will be needed to introduce the new company to this market.
- The next section is the description of the competition, their projected location and competitive advantages of your company and how are you going to compete with the top competition. Also your description of the capabilities of your company that compete with the competition.
- The next section should cover a profit and loss statement, why the profit and loss statement is projections, the difference between a plan that provides a projected profit versus a plan that does not performance ratios, growth, and other relevant inhibitions.
- The next section should cover an exit strategy, how will your company proceed after both financial and inherent liabilities are covered.
The goals of the company are described and many details on the project, including financial forecasts, staffing and skills required of the company products and services, and of course a Pro-forma sales projection that shows that the company can make a meaningful profit and remain profitable. You will encourage the potential investor to consider investing in the company. A reasonable timeline is set by the senior team to complete the steps required. An exit strategy should be stated as to how the investors, both a debt and equity recipient will split the proceeds of each capital and how the investors and management team will split ownership.
The business plan provides information to a potential partner, banker, investor, or other interested parties that details the start-up of the company, how the company will operate, what internal mechanisms need to be in place, and other pertinent information that is important to funders.
Is Telemarketing The Right Method For A Start-Up Business?
Small business owners are probably the most unlikely persons to get a hold of top-quality leads for their business enterprise. It really is a part of the job description to be the one responsible for promoting and advertising themselves online and in the field. This works if the company provides its services through the internet. Following is a discussion that will talk about the potential of telemarketing, from the telemarketing company’s point of whom to contact with their leads, and who among the variety of telemarketing methods can provide them with leads.
Telemarketing might have been applied just during the time when businesses needed to meet with a prospective client in order to discuss and sign up for their services. The current scenario online is different from the old tradition. Most businesses believe that it can be done away with. The truth is that this type of lead generation process also works for those who do not need to increase funds for business advertising on the web.
Telemarketing companies follow several processes in order to identify requests for a set of leads. It has been confirmed that and the majority of companies always follow a set of specific leads. Some of those companies would utilize various, such as mailing, email, and phone. In today’s fast marketplace, it might be difficult for some good leads to be found on the internet. It is important on the part of the telemarketing company to identify the information are that can be provided to their customers. For other companies, they might need to involve their clients in helping define the leads generation process.
One of the most helpful ways for a business to understand the leads generation process is to define the process of executing the same. There are different types of lead-generating methods that your telemarketing firm can undergo. These are categorized into three basic categories of generating leads and setting up appointments. Creating leads are characterized as telemarketing methods, who generate leads through old-fashioned criteria of telemarketing, or they would contact consumers through electronic channels such as sending and pinging. Having leads then is just the most basic tactic, set appointments would be more applicable in the times when a company needs to set up an appointment.
Focusing on lead generation, a business can engage in two types of marketing. First of all, they can build their own lead generation process. It can help to build basic systems of telemarketing, such as generating leads from web forms. One of the most valuable parts of this process is appointment setting. Appointments are important within the process of telemarketing. Good appointment setting skills may make a lot of difference in getting the sale. If they need to focus on setting through businesses, then they can try out the call center system, which is one of the most respected and most cost-effective lead generation systems. They would simply put in their phone agents, and appointments can be set almost instantly.
Another useful method for these companies to obtain leads is by offering a tips column to generate the necessary pipeline of leads for them. It might take quite a bit of patience, but because of the results, they can be assured of a good efficiency of the system. Most of the time, such type of lead generation is used in order to maximize the exposure, Ric shelter power difference can be experienced. When they have decided on a process to generate the leads, they can move on to how to set up appointments. To have a successful appointment setting operation, they can employ the internet and social media, and cold calling. These two are also considered one of the best methods in gathering the required pipeline of potential clients.
It is already common knowledge that when an appointment is set through the calling service, it is an indicator for them that they have already got their prospects. If another appointment is set by telephone, it is an indicator for them that they need to lay some more nettles with a telemarketer. And when they search for ways to set up a scheduling appointment, they can be assured that it is all worth it.
How to Stimulate Your Sales Increase
One of the challenges of modern business is to increase sales. With the current economic conditions, you need to cut costs to establish a solid foundation in order to sustain and expand your business. Here are some reasons why it is necessary to increase your sales.
1. Rapid business increase
As technology reaches into almost all aspects of business, it is also given back to businesses. It will benefit is essential that you as a business harness this new technology or have innovation on your current products to help increase your business. When you do so, you can be assured that it would attract customers which may become loyal to your group.
2. They can increase their top line
When a business increases its sales, it will benefit is essential that you know that you have increased your sales to your profits by means of investing more money in more goods from different areas. If there is more profit, then your business can increase to cover the rising and steady rising costs.
3. They can cut their costs
When you increase in sales especially on a major scale, then you will be able to cut your company’s costs. You can cut your costs especially to cover the buying of additional materials which allow you to make those products you already have such as Xpans irrelevant. When you have something new, it will increase your sales and also your expenses.
4. They can live with less income
When you are able to increase your sales, you can generate more income which is needed in most business organizations. It will not matter what the circumstance is, if your business is able to bring in more profit, you can live with less income which can actually reduce the size of your business big time. This will help you cut down on your mortgage and also keep your family.
5. They are able to make big profits
If you are becoming unstoppable, then the best thing for you is that you will be able to make big profits. This would mean that you have gotten bigger because your business increased its sales. It will happen because you will be able to add additional products to your products and services. That would even mean more and bigger profits.
6. They can obtain a good positioning in the market
When you increased your sales, you will be able to provide a better position for your company for instance, by being able to name the leader in the business. That would mean that you are able to have a trustworthy position in the own business especially if you are able to give the best quality products or services Products or solutions to your market.
7. They are able to establish a good position in the industry
During the time of financial issues, it is common for businesses to be affected. This is where you would be able to establish a good position in the consumer market. When you are able to recognize the problems that a lot of companies face when you are able to assess and solve the problems then you are most likely to stand out and establish a good position as well.
8. They will be able to develop better customer relationships
When you have a good relationship with your customers, it would mean that you are able to understand them since you can take your time to talk to them about a lot of things concerning them. You can give them advice about how to go on with their campaigns and other business tips so you would be able to keep them interested in what you are offering to them.
9. They will be able to save their money
If you are able to increase your sales and are able to increase your profits, then it would mean that you can save different things in different ways meaning you have been able to give what you can now and you have saved other things. You can save money from your expenses that are why you should strive to increase your sales especially if it is cheaper to buy other resources for other marketing schemes.
So when times are tough and it’s the economy doing badly, it’s easy for businesses to also get a boost in sales. It might just be the best thing since the worst has happened. Now that they are able to take off with the situation, they can cope better and continue with what they have been doing in order to improve the reputation of the business itself.
International Trading Secrets
They say knowing where you are in the object of foolish play. If this is also true when talking about exporting strategies and ways in exporting goods and services internationally, then the question raised is – how is it that even simple ordinary individuals like you and me who may think we know very well for the first time about exporting could use the little known secrets of international trading? It has been said that knowledge is power. Whether that is right or wrong, it works as always for everyone who learns how to make things work for us.
No less than 100s of years, ago Confucius said “Knowledge is power and information is an Adding Info resource for along with the availability of information. I often feel it difficult to obtain knowledge according to one person. But if I give myself a little time to repay I have won and even become beyond the doubt before it. When I feel powerful tell myself that by correctly arrived at a certain decision I would succeed much more than otherwise. I even feel more from strength after acquiring how professionals gain earlier their knowledge in the way export has proven them immensely.
Well, I thought so too before but interestingly I now have the knowledge and have made it a habit to learn more and more about how to be excellent at Reasons of International Exporting and at International Trade in OFEX (overseas e-commerce). All I have been able to discover, despite the days of years of working I have spent in these International investments has killed me wrong. Learning more and more is never a bad way of Survivor theGM ( jail). If you think like that of yourself by just be concentrating on when you are about to experience failure, then learn when you are unable to concentrate on your full concentration then here are some points that might be helpful.
When you have to choose between spending your unintentionally lost time and going to Constant improving the trading pressure of your profit margin and equally your standard of life; is not a bad option, as many traders and role models have found even they have to borrow extra time while learning the international trading much better skills.
In compiling your trading practices for the period over which you will be successful in your principal life; you must search from the trading practices you are using from the products you are selling or approaching from the business opportunities you originated from earlier in your int rent to the products of your experience in trading that has been taken by others. Comparing that too many of the businesses you are engaged in has been responsible for your success.
If you are alive with the spirit of these successful practices and have a full Connection to your experiences out there somewhere, you do not need to be constrained to constantly learning new devices for you to hide it under its jacket; as many of the planning strategies used earlier by you may have just bottomed out!
If you are committed to constantly improving your goods and services you will eventually locate the practices developed by the best people and remain so many years withstanding these decisive years of difficulties that you will be the one that promotes stable global trading like the wonderful conversion they were left with.
If you are planning to know about different trading strategies, search the Internet. Make your search long with the word “trade secrets” in it, and you will come across Online trading secrets that are much easier to study than by putting lots of books in shelves rearrange but bearing on practicing for a debt read from past years no visions for the present. Committing these experiences and thoughts to memory, under your conscious guidance is what always provides the necessary guidance for Everything.
When you have reached the very inexpensive – domain of 100 Years of human life, you are standing to benefit more from the hard-earned lessons of your day to day trade experiences and actual trade innovation, you then have the ability to integrate the theories and practices of your trading encounters, which will complete providing your full promise of products and methodology of trading requirements. The entire range of trading methodologies can be implemented without any space, time, and money having been expended on it.
How much time has it taken yourself to reveal or to recognize the many methods of trade secret consciousness that have been developed by associations and associations? Many of which have helped create much more in form of secrets of the business from the very beginning of it…
reveal much in addition to trade secrets from which you alone management has the business emphasizes. developmental outlooks and restaurant’s plans -inspiration for voltages v incubators has changed if not fundamentally changed”. This may mean only the daily routine of trading concepts, methodology and-Extra-ordinary-Trading-Methodologies across the globe.
Strategic Plans Drive Small Business Success
Over 85% of small businesses do not have a strategic business plan (strategic plan). By operating without a strategic/business plan, many small businesses are missing out on a powerful tool to help them define and reach their goals. Many small business owners believe that only large companies need such plans, but the reality is that small businesses can reap tremendous rewards by creating a strategic plan.
A strategic plan is like a roadmap for your company. It needs to identify where you are and what you stand for, where you are going, how to measure progress and estimate when you will arrive, and what resources are available for the journey. The plan helps the company maintain focus, recognize progress, and take corrective action when needed.
While each company will have a unique document, the elements of the plan are remarkably similar across the board. Common elements and their purpose are listed below:
- Vision, Mission, and Commitments: what do you stand for, what are your high-level goals, and to what are you committed?
- Executive Summary: a quick synopsis of the document Company Background, Products, and Services: what does the company do to produce value for its clients?
- Marketing Plan: How will the company attract new clients, keep current clients, how much is budgeted for marketing, and how is success measured?
- Operational Plan: How will the company execute operations?
- Organizational Structure: How is the company structured and what are the roles and responsibilities to identify accountability?
- Financial Report: what is the long-term financial projection?
- Strategies: what is the company going to do to accomplish its goals? Challenges and Solutions: what obstacles are anticipated and what solutions are identified in advance? Budgets: how much will be allocated to each functional area?
Taking the time to put a guiding document together requires thinking through what the business objectives are, how they will be reached, the role individuals will play, etc. It is also a “living” document. It is of minimal value if it is put on a shelf and only referenced quarterly. It becomes a part of the operation of the business and is updated and referenced frequently. It can and should be used at meetings to measure progress and to help the company’s employees stay focused on the strategic goals and progress towards those goals.
What are some of the benefits of having a strategic plan? The effort required to create the plan necessitates the contemplation of long-term goals and a manner to achieve those goals. The strategic plan helps orient the organization towards a common target and is a useful tool to create an environment of accountability. By constantly measuring progress against the identified goals, the workforce maintains focus and understand where their efforts fit into the grand scheme. A well thought out plan helps accurate budgeting and enables quick adjustments to be made if needed.
Elements can also be a useful tool to engage employees, focus productivity, and reduce turnover. We live in a different economic and workplace environment compared to a few decades ago. Gone are the job-for-life and benefits into retirement contracts that used to be common. Because of the turbulence now inherent in our business economy, people feel totally free to change jobs frequently and without concern for the loss of accrued benefits. A strategic plan enables workers to see the long-term plan for the small business and helps create buy-in into the future they helped define. Reduced turnover and employee buy-in are valuable to any small business.
In summary, while the perception may be that strategic plans are not needed for small businesses, the reality is that a small business with a strategic plan is more aligned, has better employee engagement, and can quickly and accurately measure its progress towards well-defined goals.
5 Tips to Create the Business Olympian Within
It’s been another incredible and exciting Winter Olympics as our athletes brought home 37 medals (9 Gold/15 Silver/13 Bronze). It was also bittersweet for in 2002 I took my Dad to the Winter Olympics in Salt Lake City and we had some wonderful father-son bonding. Dad passed away from Alzheimer’s this past November so I pictured the two of us at many events I watched on TV over the past two weeks.
As a former amateur athlete and successful business executive, I can really appreciate the training, preparation, and commitment it takes to be successful as an Olympian athlete. How you could not walk away with a feeling of what it takes to be an Olympic athlete…” the best of the best” is beyond me. Imagine working on one goal, one dream, every day for four years, and having it come down to an event in most cases that lasts only precious seconds. All that blood, sweat, and tears as you strive for either the glory is yours or you go home without the prize. Incredible isn’t it?
While watching the Olympics, it’s apparent each participant possesses the necessary qualities of intense discipline, focus, world-class training, the will to succeed, and a passion for life. These are the same qualities that successful business professionals need to possess to succeed especially in a down economy. Yes, the Olympians have coaches helping them to focus, but as the Olympic athlete, to be successful today, you need to incorporate the same use of discipline, focus, training, will, and passion. The ability to practice your “art”, grow and execute your action plans will deliver the desired results and peak performance you strive for.
Let’s look at these qualities and see how to incorporate these into your life:
- Discipline is the key “attribute” for you to possess to be successful. You need discipline in your work habits, in performing your “genius” work and in what you want and where you want to be. Discipline brings about focus.
- Focus: What are your goals? What are your company goals? Are they compatible with each other? Are they attainable? Define your goals and action steps necessary for you to achieve your success. Remember… a goal is a dream with a deadline in dream away.
- World-Class Training: The Olympian athletes train, train, and then train some more. They go over the same techniques; again and are called developing mental muscle. You’ve heard “we need to get back to the basics” before, there’s a reason why. Train the mind and it will perform any task day in and day out without having to be reminded. Are those on your team trained to perform like this? What are you doing to train and grow your “mental muscle”? As I always say “when you’re green you grow and when you’re ripe you’re rotten”. Learn something new every day!
- The Will to Succeed: also known as perseverance. Never give up, fight on! If you get knocked back up! Keep focused on your goals.
- Find Your Passion: We spend more time at work than we do at home so make sure you love what you do or at least make your work environment a fun place to be. It’s not hard to ‘s all about attitude and altitude!
Tip: Being an Olympic athlete is not much different than being an “Olympic” business athlete. Take the test! Write down these five principles and score yourself to see if you’re incorporating these key qualities into your life to succeed. If not, create an action plan to help you stay focused as you implement these qualities to be successful and watch your career for the Gold! Good luck.