Small Business Score – Are You Doing it Right?

A small business can be a good source of income for many people. Since the business is able to pay its bills and still make a profit, then it will have a good credit standing. Unfortunately in the business world, there are times when business can be good and other times when there is no money coming in. You have to be ready for this kind of situation.

If you have been in business for a while, you should have at least mastered the money making months and those that are not. When you do this you will be able to survive through the bad months using the profits of the good ones. You have to be organized and know how your business inside out. If you have no structure in your business, you may be caught unaware and find yourself in a difficult situation. This could stem from debts, or a certain need to expand your business.

Whatever the case may be if you have no savings, you may be forced to borrow money. When you approach lending institutions there are specific requirements they look for before they can give you funds. Your credit score is a very important aspect that is assessed by these institutions. If you have gone through a rough patch recently and you need funding, fear not. There are ways to improve and build your small business score. Ensure that you pay your bills on time. It will be evident to the lenders that the business is operating as it should.

Another way for you to build your small business score is to keep good financial records with a solid accounting structure in place. This way you will be able to keep track of money coming in and that going out. You will also be in a position to project any financial problems before they arise. This can cushion you from future financial disaster. This will reflect on your business score and lenders will be more inclined to give you money.

The 3 Essential Documents Needed to Start Any Business

Starting a business can be a risky undertaking. They can be full of missteps, starts and stops and disappointments. To ensure that you start off on the right footing, there are three documents that will create your ventures foundation. Without them, it will be hard to be successful. These three pieces will take some time to get right. Iterating on them will codify your idea. This creation and iteration process will make your venture much more likely to succeed.

Step 1: The Pitch

The first document is your pitch. This is usually done in some presentation tool like NeoOffice or Keynote or Powerpoint. It should be the first document you create since it outlines your venture.

The importance of the pitch is that it allows you craft a story for your business. It’s what Angels and Venture Capitalists will want to see when they meet you. A good pitch is not a wordy, 12 point font business plan in Power Point but a high level vision of what you want to do. Refining your pitch will strengthen your story. Refining your pitch delivery will make your idea come alive.

Step 2: The Financial Model

Once you have outlined your idea, you need to figure out if it will actually make money. I know, sounds shallow and all corporate but it’s the truth. There is no point in spending a ton of time on your business idea unless it feeds you.

The financial model is meant to cull through your assumptions about income and expenses. Getting these all down will help you refine your pitch and executive summary. Since this is an iterative process, don’t worry about getting everything perfect right away. Just get something down you can play with. If you are unsure about an expense, put it in anyway. It’s much better to over estimate a little than to undershoot. The same applies for income (or sales).

Step 3: The Executive Summary

The executive summary is critical to getting that first meeting with investors. It’s the first thing they will ask for (the pitch might be second). It needs to stand-a-lone as the best possible high level overview of what you do. Each word, each phrase and each number has to do useful work. It has to be clear, concise and easy to read. Think of it as your ventures infomercial.

Step 4: Iterate

Getting all three pieces right will take some iteration. These iterations will anneal all three into a cohesive set. The best way to iterate is to practice your pitch in front of your team and others you trust. Have them act as investors and critique your delivery and message. These sessions will show you where your idea needs more work. Any area where you have to give long explanations or stumble over words, needs to be refined. Stumbles during the warm-up will tend to get worst when nerves get the best of you when in front of investors. Practicing will make that a whole lot better.

What About A Business Plan?

Business plans are an important component of your venture but not the end all, be all. Solid business plans start with the three documents above. They lay the foundation for how your plan will be structured. It’s important to flush out the high level idea before you dive into the business plan details. In most cases, your original idea will morph into something different. Waiting for the morphing to stop will save you time and effort.

Some funding sources don’t even want to see a business plan (Ventures and Angels). What they will want is a verbal description of your venture along with specific plans (like technology road maps or market roll out). Just because you don’t do a formal plan does not mean you don’t have to do the work. Knowing your business inside and out will instill in the investor that you are the right person to make it successful. Skimping on that will never get you funded.

Online Network Marketing – Home Business For Baby Boomers

The time is right for baby boomers to embrace their new home business. The baby boomers have been a major force to be reckoned with ever since the first one was born in 1946 and until the last one came along in 1964. If you were born during this time period, then you are a baby boomer. There are about 80 million of us and we represent about one third of the U.S. population. It’s estimated that we control 65% of the money.

If you were in the right industry (or picked the right stock) as the wave of boomers grew, then you could have enjoyed a ripe harvest. While the first wave may be retiring, the rest of us need to make sure that we are positioned correctly to enjoy our turn when the time comes.

Year of the Entrepreneur

Entrepreneur magazine says that 2010 is the year of the entrepreneur. And I want to challenge you to claim your spot as a new home business owner. Are you ready to stretch and grow into a business model that’s a perfect fit? We have tons of experience and a lot to offer. Have you ever thought about starting your own business? If you genuinely want to help people, a home based business works well because you can start it part-time with less than $1,000.

What would it be like being the boss? Would you work harder for yourself than you have for your employer? Are you ready to start building the life you see when you close your eyes and dream? We were taught to go to school, get a good job, work hard, and then retire to do the things we always wanted to do. How is that working out for you? The old way is broken and doesn’t work anymore. Putting your future in your boss’ hands just doesn’t make sense – emotionally or financially.

Four Keys to the Right Business

But how do you decide to start a business? What should you consider before you begin your new enterprise? Let me give you four essential keys to help put the odds in your favor. There’s nothing fancy or mysterious about them. They are just common sense.

1. The first key is to look for a market that is growing. Being part of the baby boom generation, you’ve had a huge impact on markets throughout your life. Ask yourself, ‘What is important in your life, right now?’ What kinds of products and services will you be looking for and buying over the next ten to fifteen years?
2. The second key is to look for something that is purchased over and over again. If you market a product or service that is used rarely or doesn’t run out, then your next paycheck will depend on finding a new customer. If you offer a widget that gets used up on a regular basis, you will build up a steady clientele that will buy from you on a consistent basis. Which would you rather have?
3. The third key is finding a product that cannot be purchased just anywhere. Most commonly available products are purchased on either convenience or price. People will pay more for something if it’s something they need right away and they don’t want to run all over town to get it (e.g., convenience stores). If price is important to them, then they will buy what they need at the lowest cost (e.g., Walmart). You want to make sure that you are not competing on either of these levels.
4. The fourth key is to find a business model that allows you to leverage the efforts of other people. There are only so many hours in each day. If you are the sole worker in your business, then your business will grow only as fast as eight hours each day will allow. However, if you train others to build their business inside of yours, then you will benefit from the efforts of others in addition to your own.

Carpe Diem

The time is now. It’s important to understand the four keys to choosing the right business in order to set yourself up for success. Decide today that this will be your year. Isn’t it time for you and your family to win? Seize the day and create long lasting prosperity in your home business today.

Dream! Believe! Survive! – Philippines’ Booming Level in the Field of Business Process Outsourcing

Philippines has been endowed with several talents and resources that made its popularity in business increased. In the same way, talents and resources are the prime factors that made the country on top of business venture globally. Making it to the point of getting into the next level of business process outsourcing, the country’s edge has now becoming a big apple of one’s eye and slicing a larger pie in the global economic market and seems to lead in every way.

Indeed, Business Process Outsourcing in the Philippines has evolved quickly as it dominates every business sector made it possible to access in every way. Aside from BPO’s becoming a global sought phenomenon, it has leverage every business operation to stick on its cost efficiency and time saving factor which made it sparkled in the Philippines as a number one booming business inside the country.

Many businesses still crave for the BPO operations because of its usability and practicability in uplifting every small business’ abilities to compete and do better towards economic stardom in the field of global outsourcing business. It is a mere fact that with BPO as a an operation of delegating of one or more non-core business process to an offshore service provider with a certain field of specialization, one is accountable of the benefit it can brought to business development and growth and that is cost reduction and flexibility which are made possible in every business way.

Moreover, being a cost cutting antidote to the pressing tough economic situation, BPO leads by example of a business competition which have motivated most modern small and larger business in a way that every quality of services offered are being increased thus it lead to greater productivity and profit gaining. In fact, Philippines has been wowed for its exemplary performance in the field of business process outsourcing being the topmost outsourcing services hub in the Asia Pacific region and ranked 3rd in the world. That is due to increasing talent pool and proficiencies of the country’s populace enough to hurdle the demands of business process business worldwide.

Many have said that the overwhelming population of most call centers in the Philippines has raised the country’s fame in the field of business process outsourcing. The country has been a spotlight for BPO commercial and dealings because of the capability and advantage of gaining highly qualified, proficient in English and capacity of Filipino talents to handle business process tasks and compete in the global business outsourcing plus the hard work, loyalty, determination and dedication of the country’s service provider are factors to the country’s development and continuing success.

In this global milieu of global outsourcing, Philippines has equipped itself to offered exemplary performance in other outsourcing services such as accounting, software outsourcing, HR, and other outsourcing related tasks which have put the country’s rank on top of the so many business dealings giving them an edge over the others.
Philippines is still surviving and still pursuing its dream to successful global outsourcing now and in the years to come.