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AtricleZine - Burn Prevention for Entrepreneurs
CNBC's new show Business of Innovation is s show all business students should watch. It throws a window of clarity to business and innovation ideas that have been twisted over the years. Maria Bartiromo is very helpful with pulling out tips from the guests on the shows. These are areas she probably already knows, but she makes it easy for viewers to get the idea. Last weeks episode focussed on the fact that technology is not necessarily innovation, but understanding what problem you are trying to solve is key.I was mostly intrigued by the insights of ray kurzweil, The man is a genius He thinks like an innovator should. Reinforcing the point that its the mentality one has to cultivate than just constantly running after things that are supposed to be innovative. When you have the mentality, it comes automatically. The coverage of the virtual universe Second Life is also very interesting as the
Payment Policy
Spell out your payment terms clearly. Many businesses post this information on their website, or in a prominent place in their stores, so that it is easily accessible to both current and potential clients. When negotiating a contract with a new client your fees, services or products, and terms of payment should be carefu
The chief reason why we overlook the variety offered by a cash back portal is the cash back itself. We are too concerned with the cash back offers and forget about the variety of products that we get at such portals.Besides the cash back offers, a cash back portal also has thousands of products in store for us to choose. Mobiles, credit cards, shares, designer clothes, books, computers, DVD players, cameras, televisions, cookers, beauty and fitness products, insurance products, chat rooms, gambling, dating, insurance, gifts and toys, DIY kits- the list of products and services is endless!Some of the new portals coming up are also likely to include web designing service providers, career counsellors, real estate agents, saving vehicles (pensions and ISAs) providers etc. to their list of categories. On most of the portals you are also likely to find sub categories under the broad categor
Contracts
You neglected to get one of your clients to sign a contract. Oh, you sent it to them alright. They just didn't sign it. You just didn't say anything. How can you correct this mistake? Well, the good news is, since you are not in a contractual relationship, you can present the contract to the client again. This time don't just let the subject slide. Ask the client to review the contract and request it back by a certain date. If the deadline comes and goes; talk to the client and try to get to the heart of the issue. Are they concerned about committing to a long-term contract? Perhaps you can offer a shorter trial period. Is there particular wording in the contract that concerns the client? This, too, may be negotiable.
Pricing
Ever quoted someone a price that you wanted to take back the second you heard yourself say it? Classic rookie error. This may be a slight problem with short-term projects or small quantity purchases. For ongoing projects, the financial repurcussions can be quite unsettling. How can you prevent yourself from making such a commitment in the future? Is there anyway to rectify the situation now?
It is important to periodically reassess the pricing of your products or services. Check out the rates of the competition, carefully assess the time and materials that you use for each product, or the value of your services. You must now decide whether to raise your pricing, and if so, when? And for who? While it always seems like plain old common sense to raise our prices for new clients, it is much more difficult to raise rates for current clients. This is definitely one of the reasons that the business plan and marketing plan come in so handy before we've stepped into the muck. Nevertheless, the new year, or the client's anniversary, are appropriate times to approach the subject.
Word of advice - don't just send a higher invoice with a sticky note, "Prices went up. Must eat. Thanks!" Instead, inform your clients ahead of time through a letter or phone call that your prices must be adjusted, due to cost of living, etc.
We've already established the importance of learning from rookie mistakes, as a business owners. But, how can you prevent getting burned in the first place? An important element of developing your business plan is checking out your competition. This helps you determine how to make your organization stand out among its competitors. As you learn about these organizations, or even talk with them, you will discover policies and procedures that they have developed. This knowledge should spark questions about the policies and procedures that you plan to implement. Networking with other business owners, both in and out of your industry, is also a wonderful source of information. Many business owners are happy to share their learning experiences and advice. Consider some of the areas you'll want to give special attention.
Payment Policy
Spell out your payment terms clearly. Many businesses post this information on their website, or in a prominent place in their stores, so that it is easily accessible to both current and potential clients. When negotiating a contract with a new client your fees, services or products, and terms of payment should be careful
Does it sometimes take way longer than you expect to get fundamental ideas across to your audience?When you're promoting new products, processes, services, or best practices, does it take forever to "turn everyone around"? Do customers have trouble getting the most out of your products and services? Do employees have trouble helping your prospects and customers reap the benefits of what you offer?Maybe you -- or the experts who are helping you, whether internal or external -- are too smart!Sometimes we know too much about what we want to say to remember what questions we had when the subject was new.A fluent speaker of another language may be a poor teacher, because s/he can't understand why beginners don't "get" a language that seems so simple and natural. Maybe you've had a math teacher who obviously understood ver
Pricing
Ever quoted someone a price that you wanted to take back the second you heard yourself say it? Classic rookie error. This may be a slight problem with short-term projects or small quantity purchases. For ongoing projects, the financial repurcussions can be quite unsettling. How can you prevent yourself from making such a commitment in the future? Is there anyway to rectify the situation now?
It is important to periodically reassess the pricing of your products or services. Check out the rates of the competition, carefully assess the time and materials that you use for each product, or the value of your services. You must now decide whether to raise your pricing, and if so, when? And for who? While it always seems like plain old common sense to raise our prices for new clients, it is much more difficult to raise rates for current clients. This is definitely one of the reasons that the business plan and marketing plan come in so handy before we've stepped into the muck. Nevertheless, the new year, or the client's anniversary, are appropriate times to approach the subject.
Word of advice - don't just send a higher invoice with a sticky note, "Prices went up. Must eat. Thanks!" Instead, inform your clients ahead of time through a letter or phone call that your prices must be adjusted, due to cost of living, etc.
We've already established the importance of learning from rookie mistakes, as a business owners. But, how can you prevent getting burned in the first place? An important element of developing your business plan is checking out your competition. This helps you determine how to make your organization stand out among its competitors. As you learn about these organizations, or even talk with them, you will discover policies and procedures that they have developed. This knowledge should spark questions about the policies and procedures that you plan to implement. Networking with other business owners, both in and out of your industry, is also a wonderful source of information. Many business owners are happy to share their learning experiences and advice. Consider some of the areas you'll want to give special attention.
Payment Policy
Spell out your payment terms clearly. Many businesses post this information on their website, or in a prominent place in their stores, so that it is easily accessible to both current and potential clients. When negotiating a contract with a new client your fees, services or products, and terms of payment should be carefu
Although knowing how to fight fires and use fire extinguishers is important, the best tool to fight fires is fire prevention. If you can take adequate steps to avoid the dangers of fire and detect the signs early then you are much less likely to be involved in a serious incident.Fire prevention ranges from knowing how to install smoke alarms to dialling emergency services and knowing emergency numbers. It also includes knowing where particular fire hazards are located and how to minimise these hazards so that fires can be prevented.Here is a guide to the best fire prevention tools and techniques to protect your home and your workplace.Smoke Alarms And Smoke DetectorsSmoke alarms (or smoke detectors) are one of the best ways to detect fires early, thereby preventing serious fires from occurring. They are particularly good for fires that might occur at night, which can be s
It is important to periodically reassess the pricing of your products or services. Check out the rates of the competition, carefully assess the time and materials that you use for each product, or the value of your services. You must now decide whether to raise your pricing, and if so, when? And for who? While it always seems like plain old common sense to raise our prices for new clients, it is much more difficult to raise rates for current clients. This is definitely one of the reasons that the business plan and marketing plan come in so handy before we've stepped into the muck. Nevertheless, the new year, or the client's anniversary, are appropriate times to approach the subject.
Word of advice - don't just send a higher invoice with a sticky note, "Prices went up. Must eat. Thanks!" Instead, inform your clients ahead of time through a letter or phone call that your prices must be adjusted, due to cost of living, etc.
We've already established the importance of learning from rookie mistakes, as a business owners. But, how can you prevent getting burned in the first place? An important element of developing your business plan is checking out your competition. This helps you determine how to make your organization stand out among its competitors. As you learn about these organizations, or even talk with them, you will discover policies and procedures that they have developed. This knowledge should spark questions about the policies and procedures that you plan to implement. Networking with other business owners, both in and out of your industry, is also a wonderful source of information. Many business owners are happy to share their learning experiences and advice. Consider some of the areas you'll want to give special attention.
Payment Policy
Spell out your payment terms clearly. Many businesses post this information on their website, or in a prominent place in their stores, so that it is easily accessible to both current and potential clients. When negotiating a contract with a new client your fees, services or products, and terms of payment should be carefu
We all know that a successful business requires advertising...and that can be expensive. We also know that owning your own business can mean a very tight budget. So what do you do when you don't have enough cash to advertise? Start trading! Trading products and services for advertising can not only give the small business person excellent opportunities for exposure, but it also saves money.Trading for advertising can be easier than you think. For example, say you own a donut or bagel shop. Try giving boxes of your goods to local radio stations for daily giveaways. In return, they can speak highly of your products on the air. Or, try simply showing up with treats for the morning DJs. They're probably hungry, and they can give you a mention during the show. All it will cost you is a few of your products.And fortunately, radio isn't the only place you can trade for adver
Word of advice - don't just send a higher invoice with a sticky note, "Prices went up. Must eat. Thanks!" Instead, inform your clients ahead of time through a letter or phone call that your prices must be adjusted, due to cost of living, etc.
We've already established the importance of learning from rookie mistakes, as a business owners. But, how can you prevent getting burned in the first place? An important element of developing your business plan is checking out your competition. This helps you determine how to make your organization stand out among its competitors. As you learn about these organizations, or even talk with them, you will discover policies and procedures that they have developed. This knowledge should spark questions about the policies and procedures that you plan to implement. Networking with other business owners, both in and out of your industry, is also a wonderful source of information. Many business owners are happy to share their learning experiences and advice. Consider some of the areas you'll want to give special attention.
Payment Policy
Spell out your payment terms clearly. Many businesses post this information on their website, or in a prominent place in their stores, so that it is easily accessible to both current and potential clients. When negotiating a contract with a new client your fees, services or products, and terms of payment should be carefu
The day you begin to think of your job in terms of the security versus the opportunities it provides is the day you start to put the brakes on building your career.Time was when a young person entering the workforce could reasonably assume he was signing a lifetime security covenant with his employer. If he worked hard and kept its nose clean he could expect to be taken care of with a job for as long as he could show up for work. Promotions would come along as openings occurred. There’d be a pension at retirement. It was a womb to tomb deal. Loyalty was a two- way street.The Rules Have ChangedToday’s headlines make it clear that’s no longer the case, says Ramon Greenwood, senior career counselor at Common Sense At Work.Sears Roebuck, known for 119 years as a company that kept its employees’ loyalty with compensation and benefits has recently announced the f
Payment Policy
Spell out your payment terms clearly. Many businesses post this information on their website, or in a prominent place in their stores, so that it is easily accessible to both current and potential clients. When negotiating a contract with a new client your fees, services or products, and terms of payment should be carefully detailed. Be sure to include the consequences of non-payment. While we'd like to think that everyone will pay, and pay on time, this is not always the case. It is important to cover this issue, regardless of how reliable the client has been in the past.
Some of the issues covered in your payment policy should include forms of payment accepted; due dates; late fees; returned check fees; at what point a client is considered deliquent and at what point the client's services will be terminated for non-payment.
Establish Boundaries
Decide what hours and days you plan to operate - ahead of time. As small business owners, particularly in the service sector, there will always be times when we need to make an exception to meet the needs of our clients. That's part of great customer service. However, such situations should be the exception, not the rule. Setting clear boundaries with your clients from the beginning can prevent endless weekend or evening calls for routine matters which can easily be handled within your business hours. Keep in mind, it is much harder to break a client of this habit, than it is to establish the ground rules from the beginning.
Miscellaneous Items
Remember the last time you received a bill that included a whopping surprise? Well, clients don't like it either. Communicate with your clients about any expenses or other fees that will be included if they take up a certain project or plan. Is this a long-term project that will not net results until all phases have been completed? Let the client know this in no uncertain terms and make sure that they have the resources available to see the project through. Outlining the project and the projected cost is more work, but it will avert many problems down the road.
Will special equipment or materials be required at the client's cost? Outline this information and specify whether the client will be expected to pay any additional expenses prior to the start of the project. Will client items require storage at your facility? Outline whether or not there will be charges for this and when they will be due.
Community Resources
Find out what resources are available for small business owners in your area. Several communities have low-cost to no-cost classes for current and potential small business owners that will help you thoroughly prepare for the start of a new business (from which entity to select to developing a marketing plan) or make your business more profitable, or gain visibility. Why reinvent the wheel when there are resources that can give you leverage? I'll admit, sometime it takes a bit of digging to find these programs (get a great book and learn to ready while on hold) but it will most certainly be worth it.
Bottom line: being a proactive business owner is the best method of "burn" prevention. Take the time to think about each process or transaction that your current or future company will utilize. Mentally venture through each step of the process. Imagine everything going exactly as you'd like (
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