Business Continuity Audit » Small Business

Small Business Starting – Choosing a Name for Your Business 2

admin — Tue, 27 Apr 2010 03:24:48 +0000

The legal and trade names of the business should be registered with the state of its operation. To receive an application to register the name of the business, you may contact the department in your state that handles this service. For example, in the State of Maryland, the Department of Assessment and Taxation offers this service. You should fill out an application and mail it to the appropriate office in your state with a check or money order for the required fees.

Before you fill out the application to register the business name, you may want to call and check on the availability of the name that you have chosen. Find out if any other business is using the name in your area (or even in another part of the country). Many offices are now computerized, someone may be able to quickly check the name on the computer and let you know immediately whether that name is already being used by another business in that state. If you have access to the Internet, you may be able to check on the name availability yourself. However, all state offices do not provide the name availability computerized service. If this name is not being used by another business, then the state will allow you to register and use the name that you have chosen as the legal name for your business. To register, simply fill out the required paperwork and submit it to the appropriate office.

Do a trademark search to find out if the name is registered as a trademark. You may contact a professional trademark company to do the search or you can do it yourself on your personal computer. Remember, do not use famous names.

Copyright

Small Business Starting – Why Join Business Organizations And Associations?

admin — Mon, 26 Apr 2010 18:42:31 +0000

Joining several organizations and associations such as Chamber of Commerce, trade associations, and actively participating in them is a way to get the word out about your business. As a member of the organization, you can do networking with other members to promote your business. These are the people that you can depend on to buy your product or service. They will be your loyal customers, because they know you.

You will need to contact the right people and organizations that are related to your needs just like any other successful venture. For example, if you want to attend the meeting of an association to network with others to get the word out about your ideas and projects, then contact them and make plans to do it. Take time to review the various organizations and associations to see if there is one you would like to contact for information and membership.

Networking with others at trade shows can be a great advantage to you regardless of whether you are obtaining information or trying to sell your products. Many associations distribute monthly newsletters to keep their members informed about important issues in their field. The organization may give them information on topics such as the best color to use this year, the best place to market your product, software to keep up with inventory, updated equipment, and places to find supplies.
Many associations offer their members small business benefits such as discounts on rental cars, hotels, and health insurance. They tell you everything you need to know to become successful in what you are doing. You have the chance to learn from the professionals how to increase your production and decrease your cost. If you join the association that supports your project, they will encourage you to attend seminars on your topic. They will also teach you how to succeed at trade shows. It is to your advantage to get a calendar and keep a schedule of the trade shows in your area.

By: Dr. Mary E. Waters

Quality and Small Business

admin — Thu, 22 Apr 2010 20:18:05 +0000

For many years, the concept of quality has turned into a matter of consideration by the majority of businesses. Large corporations, thanks to their extensive means, have been working on quality for over 30 years. However, with SMBs, it is more recent and some still don’t give it the importance that it deserves.

The concept of the SMB includes a wide spectrum of organizations, ranging from freelance employers to companies with hundreds of employees and companies with very few employees that manage gigantic businesses, although, this last example is difficult to classify. quality is important for all of them.

Every day it’s more important for SMBs to invest in the concept of quality as this is the way that will help them to be more competitive, reduce costs and be more efficient. The goal should be to eliminate manual, disorganized and disjointed processes, which comprise a cultivating mix for errors, poor production, unsatisfied customers and, definitely less business.

The easiest thing to do is to blame the government and public agencies for all the bad things we complain about. I won’t be the one to defend the government, not only because it doesn’t provide help for businesses, but because we’re its favorite source of revenue, an area where it demonstrates surprising efficiency. However, taking on our problems and confronting them with same enterprising spirit that led each of us to start our businesses should be the goal that permits us to create new opportunities, a future and hope. If we put our focus on optimizing our processes, avoiding repetitive work, decreasing simple manual and low quality work, and taking it to higher levels in order to provide new developmental opportunities for our employees, then we’ll be achieving real efficiency based on an optimized system, free of errors and executed by people who feel part of a common adventure.

Quality, how it’s considered by the auditing and certifying companies, is meant to assure the continuation of the business and guarantee the same level of efficiency and quality, independent of people and circumstances. However, the biggest benefit of quality comes from achieving the maximum optimization we can when we analyze the internal administration of our businesses and, with a critical spirit, we attempt to eliminate unnecessary work, improve procedures and, what’s very important, utilize technology to perform and control repetitive work which usually is the cause of the majority of problems as it is usually performed very frequently and sometimes by people not familiar with it. It’s mainly in this area where information technology can be an invaluable tool for improving the administration of our businesses.

In my case, for many years I’ve put great effort in optimizing our processes, in correctly using the technology that’s available to us today, and I can assure that such effort has produced excellent results.

I have no doubt that the medium-size businessman thinks that the cost of technology is too high and that it’s a luxury that can wait. This idea is erroneous since the cost of technology can quickly pay for itself with the great savings it provides.

From my modest position, I encourage the small and medium size businessmen to dedicate one day, behind closed doors, to analyze their business processes, to try to imagine how they can be optimized and then to look for the technical accessory that will permit them to transform their new ideas into a successful reality.

By: Julio Olivares

Small Business Challenges – 3 Strategies to Kicking Your Business Up a Notch

admin — Tue, 13 Apr 2010 02:13:01 +0000

Recent studies and surveys have indicated some of the top challenges that small businesses or solo entrepreneurs are facing today.

More than half of the respondents in research conducted by Industry Canada believe that growth is the most important issue they face. Growth categories include attracting new customers, recruiting qualified staff and having the time to manage growth. Competition came in as the next highest concern.

1.Growth New businesses start out focusing on making a profit in order to establish and sustain themselves through the first few years. One way of increasing the bottom line is many business owners will try to do everything themselves within the company to save money. While this may work for a while, it will ultimately impede growth. Time and energy of key staff is better spent on finding ways to attract new customers and increase sales. Everything that isn’t growth related should be delegated. If you are not sure what this entails, you may want to hire a business coach to develop a growth and marketing strategy.

2. Employees Another important challenge is labour shortage; finding, recruiting qualified staff and retaining them. Employees will remain with an employer who shares decision making as a group, communicates openly, praises publicly and criticizes privately, gives them the necessary tools they need to perform and then empowers them with responsibility to get the job done. Listen and address staff concerns. Foster an environment of team spirit and accountability and you will see happy, engaged staff who go the extra mile in performance and customer relations.

3.Competition Every business has competition. It’s what drives the economy. In order to develop your marketing edge, it becomes critical that a business knows their competition. There are a number of factors to think about when examining your marketing approach.

Consumers are more knowledgeable and selective than they have ever been. They demand more. With the internet at their disposable, a quick search is all it takes to educate themselves and do a price comparison.

Most businesses have a web site. Is your web site attractive, friendly, and informative? Does it entertain your customer and give them a reason to return and visit again?

Do you have an internet marketing specialist taking care of the complexities of web site positioning for maximum exposure and traffic? To change the momentum of your business, you need to pause and take time to prepare a plan. Identify goals and objectives with measurable time lines. What are your Key Performance Indicators that will help you evaluate results? Get external advice and a fresh perspective. Seek professional help where needed. Spend all your time on growth activities, employee relations and marketing opportunities,delegate day-to-day administration, and you will see outstanding results.

By: Erika Martlew

Small Business Start Up – How To Work On Your Business

admin — Fri, 02 Apr 2010 04:36:06 +0000

Working On your business involves strategic planning versus tactical implementation. That means reflecting on what’s happening outside your business and its effects on you, as opposed to running the day to day operation. The result is reaching your goals by evaluating your processes and developing your own skills. Working In your business involves such daily activities as prospecting, serving customers, administration, and the “feel-good” activity of making bank deposits.

These daily activities will consume all your time and energy and take control of your business if you let them, preventing you from seeing the big picture, anticipating change, and responding to opportunities.

Steps for Working On Your Business

Step One: Plan the Work Weekly

The Harvard Business School completed a study of their graduates to determine what factors contributed to post graduate success. The number one factor was goal setting. The graduates that set goals, either formally or informally, were more likely to be successful in their careers and personal lives. Success was defined as a combination of compensation, career satisfaction, personal and professional achievements, and personal life satisfaction.

Planning the Work begins with goal setting. Know where you want your business to be in a year, in 5 years, and what your exit strategy for the business will be in ten years. Sometimes it is easier to set these goals starting with your exit strategy. Then ask yourself what intermediate steps do I need to do now to be in a position to achieve the goal in the future. This process sets the course of your business from where it is now to its planned destination.

Planning the work requires some time away from the business to determine if you are ‘on-course,’ plan any course corrections, and come back with a work plan that serves your goals.

Step Two: Work the Plan

Each planned goal should have a work plan for success; e.g. If one of your goals for the year is to grow sales by 20% the work plan will outline the activities necessary to achieve the goal.

Step Three: Evaluate Progress on a monthly basis and Make Necessary Course Corrections

Develop reports that provide timely, accurate information related to the weekly work plans and previously set goals. Remember, activity precedes results. Tracking activity will help to interpret the results you are getting. Monitor customer feedback and integrate the information into employee training, product/service innovation, and course corrections. Monitor your direct and indirect competition. Allocate your resources to insure your company’s next stage of development.

Tips for Working On Your Business

Set aside a time (2-3 hours) each week to get away from interruptions; e.g. go to a favorite deli, park, take a walk (use a recorder), etc.

Create your agenda for your time as the week progresses. Add items as they come up.

Meet once a month with someone or a group to go over your ideas. Banker, CPA, lawyer, etc. are also candidates.

Take in some business training workshops for fresh perspectives on issues your tackling.

Your investment of time in this activity will pay you back in generous dividends; e.g. cost savings, increased and better customer prospects, more sane moments, and a shorter distance to success.

By: Bruce D Hunter