Small Business – Cutting Costs
How is the small business owner supposed to cope in today’s tough economy? Entrepreneurs and small business owners talk about this topic frequently. The gist of discussion is that the companies that need assistance are unable to get it, while large companies that are more secure to begin with are able to get the financial and practical assistance easily.
The number of firms with and without employees is a telling measure. In 2006, according to the Office of Advocacy, there were 6 million firms with employees on payroll. By 2007, the number of firms without employees had climbed to more than 21 million.
How, then, is there not a solution for the small business owner? When small businesses make up the majority of employers, why is there not a better way to ensure that their businesses survive, and thrive in a changing and difficult economy?
Consider that the average small business has a host of administrative and paperwork tasks that can fill an eight-hour workday easily. A business owner could do nothing but bookkeeping, paperwork, email, correspondence, customer service, data entry and so on, and not have any time left over for expanding the business.
But expanding the business is the critical task of the business owner. Unless the business owner is able to pursue opportunities to grow their client base and increase revenue, the business will not thrive.
The easy answer is ‘hire help.’ But hiring help is very expensive. In addition to salaries, an employer must provide training, equipment, and office space, if they are to hire additional personnel.
Instead, outsourcing work with the use of virtual assistants can be a viable alternative. To save money and maximize value, outsource administrative tasks through a virtual outsourcing firm.
By using a virtual assistant, you can have help with administrative tasks that can be done via telephone or Internet. Most of the tasks that take up so much of a workday can be outsourced virtually in this manner, leaving the business owner needed time to improve the business.
Don’t suffer another day with juggling business chores and struggling to increase revenue. Hire a virtual assistant, and free up your valuable time!
Small Business – Ten Traits All Small Business Owners Must Have To Be Successful
Winning in Small Business is as hard as running a race in the Olympics, actually I think harder, but the interesting fact is that the traits to succeed in small business are the same ones athletes use to succeed in any sport. Essentially the ten traits small business owners must have to succeed are the same ones we all must have if we ever think that we will achieve something in our lives.
Trait 1: Know Your Purpose
The first trait all small business owners must have is to know their purpose. First and foremost what is it that you want? What is it that youu want to achieve? Once you know what your purpose is then this will be the force and motive behind you taking this journey.
Trait 2: Have a Desire to Succeed
How many people do you know want to win Lotto? Probably a lot … Did you know that most people who win the lotto actually spend every cent of it in the first 12 months? Why, because they have not got a desire to use this money to succeed. To be truly successful you must have the desire to want it so bad that you will do anything to achieve your objectives
Trait 3: Have Faith That You Can Achieve What You Want
Just like an athlete, you must have faith that you can and will achieve your objective. If you do not have faith that you can achieve success in your business, then you will simply give up when the things get tough and let me assure you as a 10 year veteran in small business, things at some point will get tough and you will skate along the edges of losing everything. You may even fall over the cliff, but you have to have faith to climb up the cliff and continue on your journey.
Trait 4: Have a Clear Plan
Without a plan, you will simply be like a lost animal in the wilderness. Let me ask you this,do you go on holidays without a plan of what you want to do and where you want to go? Absolutely not, because you would simply be lost and would probably see and do nothing. It amazes me though how many small business owners plan their holidays more rigorously than they plan their small business. Remember the old clich
Business Insurance – When Do I Need It?
“Is it worth insuring my business?” This is the usual question that business owners have in mind when asked if they do have business insurance. The answer is simple. It is a big YES. All types of business must have a certain form of insurance for its business and for its employees. Non-profit and profit organizations are never excused for this. Even small and large scale business ventures should avail of the benefits of business insurance. The type of insurance you need depends on the type of business you have.
If you own a business with huge assets, will you not apply for theft insurance? If you own a security agency, will you not insure your employees with a life insurance? Business insurance is a need. The rule of thumb is that the Worker’s Compensation Insurance is a requirement if you have employees. Making a decision as to what type of insurance you need is easy. Here are the five (5) basic but valuable questions that will guide you in finding the right business insurance for you.
1. What are my choices for business insurance?
Business organizations must insure the business in four different categories: asset, capital, health, and life.
2. Is homeowners insurance fit for my assets?
Often, our first investment is our house. It is recommended not to withhold when acquiring homeowner insurance. It will be much better if you could pay for a guaranteed-replacement premium. It is a great relief when calamities happen. You may, of course, indicate a specific amount that can be covered on your insurance. But it may give you inconvenience if you will have to shell out for the difference if calamities happened. That is how business insurance goes.
3. Do I need to obtain office insurance as well?
Yes, you will have to. The computers, phones, fax machines and the usual office equipments need to be insured and that is all for your benefit. Special business insurance may also apply especially if you meet your clients in your office whether on an occasional or regular basis.
4. I am driving when going to work or any places. Do I need car insurance?
You are open and vulnerable to damages when you drive without any form of protection in your body. The same principle goes for driving a car without any car insurance. If, by accident, you hit another car, and you are not enrolled to any form of business insurance, will it not create a huge and undesirable damage not just to you and to the other person’s properties but most specially to your financials as well? That could have been prevented had you enrolled yourself to a car insurance.
5. Do I need to insure myself with a life insurance?
Yes, you need it especially if someone is finally-dependent to you. The idea of having a life insurance is basic. It takes care of your income when untoward incidents happen. If you are not a married person and nobody depends on you in terms of financials, it can be considered optional. But if a family, a parent, a sibling, or anyone depends on your assistance, securing a life insurance must never be neglected. Life insurance is also your business insurance.
There is a lot more things to consider with regard to business insurance. The five basic questions above will lead you to one common principle: if you have a family, if you care about your health, and if you are earning for a living, then you need to insure your family, your health, and your business.