Business Continuity Audit » Successful Business

Business Capital Sources For Free

admin — Sun, 25 Apr 2010 04:47:02 +0000

The main goal of any business venture is to survive. Technically speaking, money is the backbone of a successful business establishment. A business can not run without fuel from capitalization. Every business owners are so aware of the fact that starting up or expanding a business must have a solid foundation which is financing. Funding a business is one of the greatest problems for those who desire to be business owners. Adding up to the difficulty is the present economic turmoil hitting the world today. Some business owners are choosing to close down rather than to pursue on operation. However, for the more aggressive and positive entrepreneurs, closing down a business is not helpful at all. Instead, looking for capital sources is the most appropriate thing to do. There is actually free business money for business capitalization and expansion.

Free business money is in form of government grants. The government is offering and entitling every qualified taxpayer and business owner to eligibly accept free business money. Government grants are for real. Some people might be reluctant about such programs offered by the government since there are no public disclosures or even advertisements for their availability. This could be the reason why most people are not aware of government grants for financing a business venture. Also, one reason is that the budget does not allow a specific and exact date of release. The distribution of free business money is only for qualified applicants. Nevertheless, if your application hasn’t been successfully approved, there are still many programs which can consider your application.

Government grants are programs which serve as a homage for loyal taxpayers. The government is constantly allotting budgeted amounts for potential applicants. Whether you are just a novice businessman or even if you’re already a business tycoon, government grants are always reachable. The application process is quite easy to undertake provided with a good sense of compliance and direction as well. You must also forward the correct requirements to avoid delays and hassles. In time, you will be able to be granted with enormous amounts for the capitalization of your business if you are a determined applicant.

It is also important to equip yourself with the proper knowledge on the application process, its terms and conditions, requirements and the category you should fall into. There are many categories of free business money and one must be suitable for you. There are also websites that guide you through the application process and the people to consult. Know whether the sites you are visiting are really revealing the most proper stand during the process.

Your embarkation to the most profitable business starts with planning and budgeting. Government grants are always open to help you out with financial constraints and unavailability. Should there be any hesitations regarding these programs, you can always get in touch with your local administrator or seek for legal advice from a tax lawyer. These people should be able to help you out in facing your business dilemmas. The source of fund must be well prioritized in order to get your business going.

By: Christina Gruble

Online Business Failures – Reasons And Remedies

admin — Wed, 10 Mar 2010 18:02:18 +0000

Reports suggest that a majority of online businesses fail. This means that you will need to avoid the common reasons for the failure in order to make a success of your online business.

Instant results:

In the day of instant gratification and lightning speed, everyone wants everything yesterday. The level of expectations is further heightened by the number of stories doing the rounds about internet millionaires and guys who invented the next big thing online. A huge number of internet businesses fail simply due to the unrealistic expectations the owner had. Now let’s be realistic. You are probably not a rocket scientist or Einstein and while your idea may be good, it may simply not take off. A successful business person has to be persistent and be patient. You will see some failures before success comes and you need to weather through it and persist. This is the most important way to sustain your business – keep at it and don’t give up easily.

Lack of Updates:

If you expect that you can simply put up your site on the internet and people will swarm to it and you never have to do anything again, think again. That simply doesn’t happen. That’s what they don’t show you – what happens after the end of the movie. The hero gets rich but has to work hard to stay rich. It’s the same with your site. You will need to constantly change with the business, the technology and the internet’s thought process to remain in business. You need continuous updating, in terms of marketing, optimization of your technology and content, and even your offerings.

Value proposition:

A number of online businesses fail simply because they do not offer a value proposition to the customer. Do not underestimate your customer – you cannot fool everyone all of the time so people will compare the value you offer to hundreds of other competitors on the internet market before selecting. If you want to get picked, be sure that you have a unique selling proposition and the customer will find value in what you provide.

Riding a wave:

Many people do not have a unique idea of their own and simply want to cash in on the latest wave in the market. The internet has its share of fads and one line of thinking is to create a site based on what everyone else is doing. While this is not a bad idea in itself, you need to remember that if everyone else is doing it, you need to find a way to differentiate yourself from them. Further, you will need to have solid understanding on the subject that you select, through research and experience. Also, remember that when the next fad comes, this one will fade and your business site should have a sustainable advantage to keep afloat.

Disinterest:

Some entrepreneurs are simply not interested in providing a product or service. They only want to make money. This harks back to the earlier points of updating and offering value to the customer. If you do not update your site and offer good service to your customer, your lack of interest in the business will show through and customers will not buy from you.

By: William King

Business Writing

admin — Fri, 19 Feb 2010 07:03:57 +0000

To be a successful business writer, there are a number of important elements that you must be familiar with. Business writing is a very precise style of writing; it’s all about clarity and precision. It is important not to be verbose or ambiguous in your business writing if you want to write an effective piece. Almost any piece of writing that pertains to a business can be called business writing. This includes brochures, business plans, emails, etc.

When people read business writings, they are not only looking for what happened and why, but how you are handling the situation at hand. A person reading a business piece that has an consistent and concise style with an active tone is going to feel more positive toward your company. Good writing gives certainty to clients that matters will be properly taken care of.

Business writing is usually backwards or upside down compared to other writings. You start with the ending and then give a brief synopsis on how you got to that point. You may include other avenues that were considered and why they were not chosen.

Some Important Business Writing Tips

Organization is an important part of business writing. Not only does it help you get your thoughts down on paper in an orderly fashion, it also helps the reader to follow along in a logical pattern. It is also imperative that you review the grammar and punctuation carefully in your writing documents. Not only will spelling and punctuation errors in the document make you seem unprofessional, it can also confuse the reader and cause them to misinterpret your meaning.

Have a positive slant. Even if you are conveying a message that has an outcome other than what is optimal, a positive tone will bring a much better response. Tell your readers what good came about from the circumstance. Tell them what you can do with these results.

For example, a non-profit agency held a fundraiser. They were planning to bring in $25,000 for building repairs and play ground equipment. Discouragingly, they only got $15,000. Positive tone writing would be “Our fundraiser was successful. We can now begin building repairs.” Or “The new playground equipment will be delivered tomorrow due to our successful fundraiser.” Even though it was not as much of a success as you would have wanted, by keeping a positive attitude and showing people what can be done will promote a positive attitude in the future.

Contrast that with a defeatist toned message like “Since our fundraiser was not as successful as we had hoped, we will have to choose between playground equipment and building repairs.” This approach could be detrimental to future fundraisers because it seems as though you are un-thankful for what you did get. Being positive shows your gratefulness for the hard work or donations that you have received.

And last but not least, it’s important to use the active voice in your writing. A passive voice can make it seem like the author is unsure of what he is saying. Using an active voice will make the reader trust you because you seem sure. The active voice exerts authority, shows that you’re in control and that you know the subject you’re writing about.

By: Ron King

Business Money, Mentors and Motivation

admin — Sat, 21 Nov 2009 18:05:09 +0000

If you are looking for money, mentors or motivation about growing your business this may be the most important article you will read this year. If your desire involves looking for a cash injection you had better make sure that your business is a great business idea to start with.

Generally investors won’t give you money unless this ingredient is at the fore. Investors come in different packages. There are “Business Angels” and “Venture Capitalists”. The best way to attract them is when you have a successful business or idea. Whether it is a start up or well established business is irrelevant most of the time.

Investors only want to know that if they invest in your business they will get a great return.

Business Angel

Angels are business people or investors with business experience who specialise in helping and advising startup business for a price. They are smart people experienced in what will work in business and will not give out money unless they think they are on a winner. Investments range from a once off payment of $10,000 up to $100,000.

Venture Capitalists

Venture Capitalists on the other hand are larger investors. They look at a minimum of $2 million over a period of time with injections of $200,000 to sustain the growth of the business. They don t often invest in start up businesses unless they have a substantial control in the financial situation and can see a substantial return on their investment within 2 years.

The minimum you will require to attract either of the investors mentioned is a detailed business plan outlining the reasons why the business is and will continue to be a success. Don’t go to them if you haven’t thought it out properly.

Tips to consider

Starting out in business is very risky. With over 75% of startup businesses failing in the first 3 years please consider these tips before you start:

· Be in a business you are passionate about

· Be experienced and know all about the business you want to be in

· Be prepared to work hard and long for the first 3 years

· Only involve people you trust who can do the tasks you direct them to do

· Be prepared to have sleepless nights

· Have a good mentor who is accessible

· Be prepared to take risks

By: Dan Cavalli

Business Culture in China

admin — Sat, 14 Nov 2009 20:33:31 +0000

Chinese business culture and etiquette
The Chinese business practice is vastly different from the Western method that most of us may be used to. Of course, with the Chinese economy opening up, China’s joining of WTO and the Olympics in 2008, many Chinese business practice are now beginning to align with more conventional methods.

However, China will always have their own unique business culture and etiquette, given their unique history and background.

“I was recently involved in a business meeting that went sour and threatened to scuttle a good deal. What happened was that the Chinese party recieving the American purchaser was late in reaching his hotel. The American was furious as he had a tight schedule and that they were late and threatened to withdraw his purchase.

The Chinese party was late because they were given a vague address of a lake-side hotel. You see, what happened was that the American gave his hotel as Lakeside hotel. Unfortunately, there were numerous hotels along the lake but the Chinese were too shy to enquire which lakeside hotel earlier because they were afraid the American would ‘lose face’ for having given a vague address. Instead, they spent the morning hopping from one lakeside hotel to another looking for this American gentleman.”

A simple cultural difference threatened to scuttle a perfectly good working relationship. To avoid similar cultural disasters, here are some tips on how you can conduct a more successful business in China.

The initial approach

Chinese business are mostly referrals; essentially a business relationship is struck based on another business associate recommendation. The best prices and deals often comes from a strong recommendation.

However, it is common today for cold calls and direct contacts, given the availability of the internet and the competitive nature of Chinese businesses. You may source from the internet, trade fairs, catalogues and brochures, advertisements and approach the Chinese companies directly through a call or email.

Alternatively, if you are seeking to invest in a factory in China, you can approach a investment committee or a business advisory directly. They will be able to advise you on your best location based on your industry, raw material and manpower needs. Please contact us directly if you have such a need and we’ll be glad to advise accordingly.

Relationship

Chinese business relationship inevitably becomes a social relationship after a while. Unlike Western business relationship which remains professional and perhaps, aloof, even after a long time, Chinese business relationship becomes a social one.

The more you share your personal life, including family, hobbies, political views, aspirations, the closer you are in your business relationship. Sometimes, a lot of time is spent discussing matters outside of business, but then a lot of time, the other party is also making up his mind about your deal based on how much he sees your personal relationship with him.

Seniority

Seniority is very important to the Chinese especially if you are dealing with a State owned or government body. Instead of addressing the other party as Mr or Mrs so and so, it is always appropriate to address the other party by his designation ie Chairman So and So, Director So and So or Manager So and So.

When giving out namecards or brochures, make sure you start with the most senior person before moving down the line. When giving out a namecard or recieving one, ensure that you are stretching out with both hands with the card. Remember to face the card you are giving out in a manner such that the recieving party gets it facing him correctly.

Giving Face

Giving face (aka giving due respect) is a very important concept in China. You must give the appropriate respect according to rank and seniority. For example, if you are buying gifts for an initial contact, make sure you buy better gifts for the senior managers instead of buying similar gifts across the board.

Similarly, sitting positions in a meeting room or a dining table is accorded accordingly to rank, importance and seniority. It is good to seek advice before embarking on your first meeting with Chinese business contacts to avoid making the wrong move.

Gifts and Presents

Unlike earlier days when China was very poor, gifts, especially of Western origin was especially appreciated. Today, China produces and imports almost anything imaginable and gifts are no longer a novelty.

However, gifts are always appreciated and especially in the smaller cities or towns, will continue to play an important part in your business relationship. Do note that if you are indeed giving gifts, make sure the senior people get a better gift or at least gifts perceived to have a higher value than their junior staff.

Similarly, expect to recieve gifts from the Chinese, especially Chinese art products. It is polite not to refuse, especially if it is not of too high a monetary value.

Lunch/Dinner

There is no business talk in China without at least one trip to a restaurant. Sometimes, a trip is made to the restaurant even before any business discussion take place! Inevitably, the restaurant will always be a grand one and you are likely to be hosted in a private room.

There is an elaborate seating arrangement for a Chinese business meal. There are fixed seating positions for the host and the guest and then they are seated again according to seniority. This is a very important aspect of a formal dinner and it is important that you follow the rules accordingly. However, it seems that the Northern Chinese are very particular to this formal seating arrangement while the Southern Chinese has loosen the formalities somewhat.

You may like to find out more this interesting China Book.

Drinking with the Chinese

The Chinese are big drinkers especially in Northern and Western China. It does not matter if it is lunch or dinner; as long as a meal is being hosted, there will be alcohol.

Chinese wine is the favourite, followed by red wine and beer. Chinese wine is more like fuel than liquor, having a alcohol concentration as high as 60%! No matter how good a drinker you may think of yourself, never, ever challenge a Chinese into a drinking contest. They will win, hands down!

It is often seen as rude not to drink with the Chinese in a formal dinner. To maintain your sanity, either claim to be a non alcoholic or plead medical grounds as an excuse. This will let you off the hook with little or minimal drinks. Better yet, bring a partner who can drink on your behalf!

After Dinner Entertainment

Formal business dinner normally drags for quite sometime as there will be much social talk, some karoake, and drinking contests. Most of the time, everyone is too drunk to indulge in further entertainment after a dinner. In addition, if you are just new to this partnership, you are unlikely to be invited to further after dinner entertainment.

However, once you are familiar with them, you may be invited to a Karaoke, or a Night Club, or a Suana. Do note that if they are the host for the night, all bills will be picked up by them for the night, including all entertainment. It is impolite to fight for the bill or worst, split the bills.

Similarly, if you are the host for the night, you are expected to pick up all bills for the night.

Controversial Issues

There are some taboo areas in social conversations with the Chinese. Try to avoid these conversational topics as much as possible. I have seen many nasty arguements as a result of these topics:

1. You must not mention that Taiwan is an independent state or a country.

2. You must NEVER praise the Japanese or be seen to be good buddies with them

3. You can condemn Mao Tse Tung but avoid critising Deng Hsiao Ping

4. You must not praise Shanghai in front of natives of Beijing and similarly vice versa

Other than that, you are pretty safe to converse with the Chinese anything under the sun!

By: Ken Cheong