Business Continuity Audit » Recession

Home Based Internet Business – 3 Secrets to Creating a Highly Successful Business

admin — Wed, 24 Mar 2010 13:03:00 +0000

What a statement you see so rarely for the past few weeks during this time of recession has been around for almost a century. You have seen countless of times where people tell you your home based Internet business is crucial to succeeding financially.

Yet, why don’t people ever take this seriously and what is it that the big dogs have that you don’t? Why does it seem like the stuff ‘they, the heavy hitters’ do comes to success so quickly? Here’s your answers.

Secret 1: Spell ‘P’ For Perseverance

In other words, “hand in there!”. Successful marketers and people who do well in any kind of home based Internet business or any business system for that matter lies in this one principle.

You can’t expect to achieve great financial rewards if you give up your dreams too early down the line. It is such a risk to take when you are already halfway there. Look to the shore for hope and instead of the stormy seas from your boat.

Secret 2: You Must Always Be A Student

I don’t mean you literally register into a college or some institution just to learn a new degree about something. It has more to do with having a thirst for knowledge and improving yourself in anyway.

Nearly 3 out of every 4 homes of successful business people have a bookshelf full of self development materials. If you’re someone who prefers to auditory or video based materials by all means invest in them, self improvement is not confined to books alone.

Secret 3: You Create Your Reality

By now, you are expecting me to say things like, “the law of attraction and…” well, that’s just too bad because I’m not going there today. Today we’re talking about something different.

You are the only person in your life right now that is able to make changes in your financial and professional position in life. Your greatest gift is time and what you do with it will ultimately determine your reality in the next moment.

What’s The Master Secret?

So, there’s got to be a master tip in being able to be successful in your home based Internet business right? You’re good to go with this expectation so I’m going to leave you with this, “Leaders are people who don’t test the waters, they jump right in and tell everyone the temperature is great!”

By: Vern How Chan

Your Unique Selling Proposition (USP) – Where Do You Stand in Business

admin — Thu, 11 Mar 2010 14:05:08 +0000

Your USP is your product or service’s most powerful benefit along with your strongest unique aspect of your business. Rosser Reeves was the author of the phrase, “unique selling proposition,” or USP, which is a unique message about itself versus the competition that each business or brand should develop and use consistently in its advertising and promotion. Your USP is that component in your business that makes you different from, and therefore, seemingly superior to your competitors. It is what makes your product or service different and more valuable to potential clients, and it is the main reason they will choose you over your competitors. Your USP is basically your sales message summarized in one concise statement. It is a tool for positioning your business in the minds of your prospects and customers.

Business

Without it, you’re just another company in the business market. Would you believe only 5% of the businesses develop one. It’s a major reason why many businesses fail or never reach their full potential. Creating one will help your business rise above and set you apart from your competition. In a recession, every small business is in the customer service business, it’s when customer service counts the most. So, if a small business keeps in contact with their leads, they will most likely walk away with the sale.

Unique

Thus, a Unique Selling Proposition becomes a Relevant Service Proposition or RSP a totally different concept, and one that echoes throughout your communications. What is unique about your product and/or service. You need to define just what makes you special and unique. Take a look and you’ll probably come up with several ideas of your own on how you can apply your unique experience to a niche that only you can effectively dominate. It is absolutely important that you find something which your business has or does which is truly unique in your field. For years, business trainers have stressed the importance of “USPs” (Unique Selling Propositions).

Service

One explanation maybe that we are in a recession and small businesses once again might fight for every dollar and that means they must deliver excellent customer service. In a recession, every small business is in the customer service business, it’s when customer service counts the most. “Whatever type of loan product or service a customer needs at the time, your USP should be so strong it instantaneously brings you into their thoughts whenever they think or talk about it.

Your USP is your “Unique Selling Proposition” — a simple statement of the specific advantages you bring to your clients — a clear statement of what sets you apart from your competitors. Discovering your USP is critical, but not as easy as it might seem. Consumers will verify your USP is accurate, and base future purchases on your ability to fulfill that promise. It is vitally important that your USP is translated through all of your marketing literature so existing and potential customers know what makes you different. The simplest test of your USP is how well known it becomes and how well it sells for you…

By: Robert Flowers

Finding Business Conference Facilities

admin — Wed, 10 Feb 2010 19:07:03 +0000

In the current recession it’s true that the Hotel industry has suffered – perhaps not all hotels but a great many, especially those reliant on Conference business. This also includes some well known hotel chains as they can be affected too, perhaps even more so, if many of the hotels have traditionally focused on this market.

The problems have arisen as many UK businesses seek to cut down on their costs, therefore having a nice venue for their conferences have become second fiddle to the practicalities of achieving the conferencing objective. So, they do it themselves, or they book locally to save accommodation fees.

If a business is however seeking a conference facility, price will be a key factor. So where do they begin? Most hotels offer advice on their own websites. Some also pay third party websites to manage their conference bookings. Google is obviously a big, big factor in this, as well as lesser search engines.

Indeed, the first port of call for a secretary or delegate tasked with booking a venue will be the internet. They’ll tap in ‘Conference Hotels in X’ probably, or something similar. What they do next can be a big factor for hotels, if they’re on page one, or on the sponsored links then they may get a visit. If not, they probably won’t!

If a hotel is lucky enough to get the visit, their website must then be right, it must provide the right information and incentives to buy – make it easy for the potential customer to make contact.

By: Chris Kell

Business Collection – A Book Review

admin — Sat, 07 Nov 2009 17:45:25 +0000

Credit has become something very important in our society, and unfortunately it has also caused quite a bit of problems for our economy. It’s amazing how many people do not manage their credit properly, or take their credit obligations seriously. I’d say most of our population takes credit for granted and get themselves into economic enslavement. But, whereas credit has been abused by the consumer, what about the other side of the game?

For instance, what if you run a business and you extend credit to customers, and other small businesses? What happens when they don’t pay you, in this case you lose a tremendous amount of money, as essentially those consumers and customers got the products or services for free. No business can operate giving everything away for free; well, they certainly can make a profit anyway.

Therefore, if you own a business you have to stay up on your cash flow and receivables. If you are having trouble with this, and I’m sure you are seeing as we just got out of recession; then perhaps I can recommend a very good book to you, one which I own and it has helped me in business through many downturns in the business cycle. The name of the book is;

“Credit and Collection Manager’s Manual” by the Bureau of Business Practices, 1997

This book explains how to set up a credit policy which can help you remain competitive in the marketplace, yet strict enough so you can collect on the debt. The book also suggests how to deal with the credit relationship with sales and marketing departments when it comes to extending credit to customers. As well as how to use information from the sales department to mitigate your risk management concerns.

The authors talk about strategies such as cash discount to avoid credit, and when you need to write off the debt when you cannot collect rather than wasting more money and time trying to collect. The book suggests when you should use collection agencies. The book explains assigning or selling of notes and bankruptcy protections. It also suggests ways of reducing slow pays, collection strategies, and collections via telephone, letter, and personal visits.

You might also learn about default judgments and using the salesman former relationship to assist in collecting and the need in retaining customers during collection process, perhaps encouraging customers to pay upfront. Also the need to remain confident in the amount is owed in stick to your guns. Of course you do all these things are going to need to know how to set up a credit department, and act within the law, as there are many credit collection laws.

The authors also suggest how to go about reclaiming your inventory, mechanics liens, fraudulent transfers, discharges of debt, decentralized collections, and credit fraud; application fraud and bust outs. There is also advice on letters of credit, analyzing credit applications and signed documentation and notifications of price increases, in case of a dispute. This is a very comprehensive book and one that I have in my business reference library, and I think you need a copy as well. Please consider all this.

By: Lance Winslow