Archive for September, 2014

Why understanding basic accounting is vital for start-ups

Thursday, September 25th, 2014

When starting up a new business entrepreneurs have a lot to think about, from creating their business plan, hiring employees, up to designing their logos. Many important tasks to handle and decisions to make. Thus, financial management is left to the experts. Nevertheless, as an entrepreneur you should have an overview of your accounting and financial transactions from day one.

If you set up a plan through a debt management firm you’ll have to pay a fee, but you will get valuable expert help in return.

Many business owners start out without basic knowledge about accounting, but with a good business idea – and yet fail.

The understanding of financial records is vital to making solid financial decisions. With what does my company succeed? What brings me the highest return? And where are possibilities to improve? Only by knowing your business figures and understanding your accounting records you will be able to answer these questions and to control your finances either by yourself or with the company audit service Milton professional assistance.

Banks, investors and large customers sometimes want to have an insight in your figures, and you should be able to explain them. Not understanding your financials leads to poor decision making, which not only costs a lot of money to the company and you but it hinders your business to grow.

What is an advertising fund and why should I pay into it?

Tuesday, September 16th, 2014

Ongoing advertising efforts of franchise businesses are funded by a joint advertising fund. It is financed by regular deposits of all franchisees, which is either included in their current franchise dues or it is calculated by their net revenues. For many franchisees, however, arises the question: What are my advantages of an advertising fund?

Admittedly, to gain new customers for your store or to keep regular customers you have to take local marketing measures yourself. So nevertheless you have to deal with the issue marketing. The joint advertising fund, however, still has numerous advantages for each franchisee.

First of all, with the available budget franchise businesses are able to operate professional marketing. Marketing experts design a concept for a nationwide advertising concept and help in this way to strengthen the brand. Even without knowledge in marketing you are able to address your target group directly via various marketing media.

Many smaller businesses only have a low budget for marketing measures in their disposal, thus their advertising possibilities are small. The franchise’s advertising fund enables a higher reach, not only because of the advertising possibilities, which would not be affordable on your own, for example radio or television spots. Your brand’s level of awareness rises, the gaining of new customers is easier in this way.

Furthermore, the fund gives you the possibility for customer satisfaction research, as well as brand- and product development. What do my customers think about my business? What distinguishes us? What can be improved? Knowing what customers think about a business should not be underestimated. Only in this way you are able to improve, deal with negative feedback and win customers permanently.
Without an advertising fund and the joint marketing strategy a franchise business as a brand would not be able to expand its market strength and remain competitive permanently.

What is the value of mentoring as a way of giving back to your community and for your own personal growth

Thursday, September 11th, 2014

Everyone remembers a persons in his/her life, who have guided them on their career path. But have you ever considered being this person for someone else? Whether you are a Human Resources Manager for an international organization, you work in development or you hold an executive position in a successful company, many young newcomers strive to hear about your experiences.

With the help of a mentor, inexperienced individuals are supported in their careers, by getting insights in new business fields and learning from your experiences.

The sharing of knowledge and experience does not only help the mentee to develop professionally and personally, but it can turn out to be a valuable experience for you as a mentor as well. Years of business can lead to tunnel vision. The energy and excitement of newcomers, however, can help you to change your way of looking at things and open up new perspectives. Acquire new energy through interaction with the next generation and improve your leadership qualities.

To work with immigrants or people who want to change jobs gives you the chance to get insights in other (international) business fields, you would not get otherwise. Besides, being a mentor offers you the opportunity to establish networks, meet new business partners and help you find new employees.

You see, being a mentor can make you reflect on your own work, help you to develop and make better decisions. But considerably more it is about passing on your own experiences you gained over the years and supporting the next generation in deciding their career path.

What does it mean to be financially literate

Tuesday, September 9th, 2014

Being financially literate is not only a concern for entrepreneurs but for everyone, especially in today’s economic world. Although many people think the understanding of the financial world is important, scarcely anybody assesses himself or herself as financially versed.

First of all, financial literacy basically means to comprehend how money works, to be able to understand basics from bank accounts, mortgages, insurances and up to investments and stocks. Maybe you are familiar with most of these, and think you are managing your money in the best way. But are you really sure you know about all the various ways of investment? Do you know about the endless possibilities of the financial market? Exactly this knowledge is essential for you to make the best financial decisions.

Today’s economy is changing very fast and maybe sometimes very confusing. That is why it is so important to stay up to date. Buy financial books and start to read magazines or books to stay informed. It will be complicated understand everything in the beginning, but things will become clearer as you spend more time on this topic.

Having a clear perspective on your finances enables you to invest your money in the right way and to get the highest return. Financial literacy helps you furthermore improve your ability to save money, to find the right retirement arrangement, etc. Besides your own benefit, being financially literate is also important for society; because a stable financial system depends on it. Make sure you keep money aside for any medical problems you have and check out Skylark home care, where you can get the medical attention you need in the comfort of your home.

Advice for someone considering entrepreneurship

Friday, September 5th, 2014

Thinking about starting your own business? You might be facing a lot of well-meant advices, some more, some less helpful. Let us point out what you really should consider when starting an entrepreneurship.
First of all, be enthusiastic about what you do! If you are not convinced of your idea, why should someone else be? Don’t think too much about being different and more extraordinary than others, because rarely a business is. Do not condition the start of your business on economic situation; there will never be the right moment.
Do not mistaken to think the business world is waiting for you. In the beginning many new entrepreneurs have high expectations and start to give up when they don’t see immediate results. Give your enterprise time to establish and develop, and especially yourself the time to learn. Furthermore, be flexible and gather your customer’s feedback to improve upon things.
In addition, never stop learning. The business world is fast moving and changes constantly, you should be ready for this. Read business books and magazines, inform yourself about the industry and economy to keep up.
Furthermore, be aware that being an entrepreneur also has its down side. You will exchange a regular work week with a 60 – 70 hour week and a regular salary with possible times of insecure income. But even in difficult times remember the reasons why you started this business. It gives you the chance to work in the field you love and to develop. Think about what you have accomplished, about the rewarding times as an entrepreneur and learn to count failure as a chance to gain new experiences.
However, even with complete commitment to your business, do not forget your private life. Sure, as entrepreneur you have many responsibilities and think you have to be available 24/7, but nevertheless give yourself time to relax. Overexerting yourself does not benefit your business but leads to exhaustion, burnout and takes away the joy of work.
Lastly, meet up with like-minded persons or maybe even find a mentor. To have people with experience, who counsel and support you, can be extremely helpful. As entrepreneur you are not supposed to know everything and to have a solution for every problem. To accept help is not a sign of failure, but shows your readiness to learn.


How can email newsletters help me build a relationship with my leads?

Tuesday, September 2nd, 2014

Customer loyalty is essential for every business. However, for franchises it is of utmost importance. Having stores distributed over one or more countries or even all over the world can severely impact the brand if there is the slight bit of dissatisfaction from a customer. Nevertheless, your customer should feel certain that, no matter where he is, your brand guarantees equal quality of products and services.

One of the most effective and simultaneously cost-effective methods to remain in your customer’s memory are email newsletters. Deployed properly they are a powerful marketing tool to inform your clients and prospects about your business and the ongoing developments in your sector. In contrary to other online marketing methods, like Twitter or online ads, your newsletters are more likely to be read. Most of the time people do not read old posts or tweets, but older emails, even if maybe a week passes are still read. Besides, your customers normally agree to receiving your newsletters, so they do not feel disturbed, unlike pop-up windows or too many posts on Facebook.

To keep your customers permanently interested, your newsletter should be appealing and tailored to your target group. Who wants to be besieged with product advertising all the time? Pack information and interesting news regarding your company or sector in your mail and give useful advice  and tips. Furthermore, timing is important for the success of your newsletter campaign. It should be sent out regularly but not too often. Your customers should remember you, in best case even await your newsletters – but not feel disturbed.

Keep in mind, informative and tailored newsletters are welcomed – online advertising brochures are mostly thrown into the virtual recycle bin.