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Trigger Quick Business Growth- 4 Smart Reasons to Apply for a Business Loan!

Monday, September 24th, 2018

If you are a business owner, simply taking a loan does not mean you are willing to increase debts. There are smart reasons for you to apply for a business loan and promote the consistent growth and development of your business. You need to have a concrete business plan in place to help you utilize the business loan to its maximum potential so that you can drive rapid business growth with success.

4 top reasons for a business loan to drive business growth

Industry experts say the following are some of the smart reasons why you should apply for a business loan-

  1. Get a new physical location for your office staff- Is your office too cramped for your staff to work in? You might not have realized this, but a space crunch can be a prime deterrent to your business growth. Yes, your staff need more cubicles and air to breathe. You may be the owner of a restaurant or even a retail store. If space in your business area is getting smaller day by day, this means your business is expanding. Good news. It is time for you to apply for a business loan and switch to a bigger and better physical location. However, before you apply for the loan, examine and analyze the revenue you will earn in the process. Will changing office space cover the loan? Forecast and if you see a positive outcome, go ahead. The staff will be happy and with a bigger space their morale will increase. They will become more productive and will see the chances of long-term growth when you decide to use the funds obtained from your business loan for a better and better office space! 
  2. Funds to invest in new equipment for your existing business- Business loans can be used for the purchase of new and modern equipment. This will largely help you to eliminate time-consuming and redundant machinery in the workplace. Moreover, equipment financing is often considered to be collateral for the business loan you take. The process is more or less like a loan you take for a car. You should examine your business and check the necessary equipment you need to accelerate production and improve revenue. You must ensure your employees are trained when it comes to new machinery. The last thing you want is employees getting new equipment and they are not aware of how to use them. Business loans should only be taken and applied for when you check the above. Check what the optimal investments for your business are. Just because your employees have demanded vending machines does not mean you get them. Analyze and check whether the machines will give you desired revenue and business growth before you take the loan.
  3. Inventory purchase- Most banks and financial institutions will provide you with business loans if you need funds for purchasing new inventory. You should always stock your inventory with high-quality options. Experts in the field of money lending says if you are in a business that is seasonal by nature, there are some months where you need to buy more inventory over others. These are the months where you need business funds for the purchase. They advise you when you have a seasonal business where funds are needed to buy inventory, always apply for the business loan in the off-season. This will give you sufficient time in hand to buy inventory for your needs. This means you can earn better profits as you have the inventory ready when you need it the most for your business. Now, experts again say that when you plan to apply for a business loan for inventory purchase, consider whether it is a prudent move. Calculate the sales projection for the task. Remember, the sales numbers vary from season to season so make sure that you keep risks and other factors in mind.
  4. Business opportunities that eliminate potential debts– Now, if you have already in the market performing well, you may come across a unique business opportunity that will give you the chance to pay off a potential debt. For instance, you may receive a huge commercial contract for a large corporation however you do not have sufficient equipment to fulfill the order on time. This is where you should apply for a business loan and buy the equipment you need. With the business loan, you effectively are able to buy the equipment you need for finishing the order. Here, you need to do some calculations as you have to estimate the costs of the order and make sure that it will cover the business loan expenses you take. Keep the risk factors in mind and always weigh the pros and cons of the project before you come forward with a concrete decision. You need to make a forecast for revenue as well. The major decision for the above must be made on solid predictions and calculations over just a gut feeling. Determine the revenues on investment and make sure the opportunity you seek gives business growth as well.

Therefore, if you wish to trigger business growth and consistent revenue, you should consider the above four smart reasons to take business loans. These loans will mainly help you to trigger better returns on investment and revenue as well. Talk to your financial advisor or an expert in the field of money lending so that you effectively are able to get the best returns when it comes to taking a business loan. The above reasons are ideal for both new and old businesses that wish to see a transformation in their business revenue and growth. Apply for small amounts of business loans in the beginning if you do not wish to take risks. Remember to have a decent credit history, and in case you have a poor credit score make sincere attempts to fix it first before applying for a business loan- your chances for its approval will be higher!

Summary

There are smart reasons for business owners to apply for a business loan and promote the consistent growth and development of your business. They need to have a concrete business plan in place to help you utilize the business loan to its maximum potential so that you can drive rapid business growth with success.

Author Bio

Marina Thomas is a marketing and communication expert. She also serves as content developer with many years of experience. She helps clients in long term wealth plans. She has previously covered an extensive range of topics in her posts, including business debt consolidation and start-ups.

Posted in Financial Intelligence, Guest Post, Investing, small business | 1 Comment »

How To Retain Extraordinary Workers in SME

Monday, October 10th, 2016

To keep your extraordinary employees happy and productive in your start-up company or small business, you must learn how to motivate them. This is particularly important when they need to help you overcome the challenges you will encounter while growing and stabilising your business. Remember that your most talented workers are most likely doing the job of two or more people and you will still want them to remain loyal to the company even in difficult times. Here are some vital tips on how to motivate your best employees:

 

Engage Them in Inclusive Goal Setting

Set corporate goals that can be broken down into quantifiable objectives for your top talent. These objectives will motivate your employees to be more productive, and when they are achieved, they will provide a strong sense of accomplishment. It is vital to let your exceptional staff see the big picture and help them understand how each task or project they do fits into it. This will motivate your talented employees to exceed your expectations.

 

Set Smart Weekly Goals

Break down your lofty corporate ambitions and targets into simple and achievable weekly goals. Then set them before your talented workers, requesting that they create action plans to achieve them. For instance, instead of telling them that you want to make a profit of $100 million dollars this year, tell them that they should focus on acquiring 100 new customers every week or make sales worth $2 million by selling products worth 20,000 to each of the 100 customers each week.

 

Give Higher Responsibilities

Talented workers love to demonstrate their work and results to others. So give them an opportunity to lead discussions at meetings. Instead of presiding at every meeting, learn to become a coordinator while your best talent share their opinions. This will help them to become partners in the business and enable them to develop an entrepreneurial spirit. Not only will they be eager to prove their worth, they will also be motivated to follow their suggestions through with action until they make their ideas a reality.

 

Provide Feedback and Rewards

Give feedback every week to each team and individual. From the onset, design a feedback system that is transparent and inspiring. Attach points to each person’s performance and let them have a dashboard that shows them how well they are performing on a weekly basis. At the end of each month, put the results together and provide a reward that will be of value to your workers. Rewards can come in diverse forms such as awards, badges, special recognition, cash, and special privileges.

 

Express Your Trust in Them

Tell your top talent that you trust them to perform above and beyond your expectations. Making statements like, “I believe in you, I know you have the talent and exceptional ability to meet and exceed this performance goals”, can arouse a strong desire for excellence in your workers. Before you realise it, they will start to work hard to fit into the image you have painted for them with your words.

 

Foster Growth and Continuous Education

Exceptional employees will want to get to the pinnacle of their career. You can use this inner desire as an avenue to motivate them by providing with opportunities to take classes and acquire prestigious industry certifications. Let them know that you are committed to help them grow professionally. In addition to formal learning, you should also provide more challenging tasks and opportunities to perform roles such as team leader and project manager, especially when they have demonstrated their commitment on simpler assignments.

 

Discover Each Employee’s Inner Passion

Focus on each individual’s personal aspirations and do your best to help them achieve what they desire. Sit down with each of your talented employees and ask them questions about their professional and personal lives. Find out the type of tasks they like and the ones they will want stop doing. Strive to match each project or task to their passion and abilities. Very soon they will begin to see more as a mentor than as a boss. When this happens, their commitment to you and your company will take a new turn.

 

Using creative techniques to motivate your extraordinary workers can drastically improve their performance and keep them in your company even when they could have opted for more lucrative jobs in larger companies. If you help your workers to see the big picture in what they do, and offer regular feedback and rewards for good performance, they will become more productive. And your workers being productive is exactly what you need in order to maintain your business successfully growing.

 

Mila Payton is an economist by profession. Besides working in profession, she enjoys writing, and is always eager to tackle interesting business, entrepreneurship and career stories. While looking for answers, she can be found on business events worldwide.

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11 AWESOME PRODUCTIVITY TIPS FOR BUSY MOMPRENEURS

Wednesday, March 23rd, 2016

Being a mom is no easy job. Once you bring a little person into this world, your life ceases being your own. Throw a marriage and business on top of that and you officially have the toughest job in the world – being a “mompreneur”.

Truth be told, being a mother, wife, and businesswoman all at the same time can be overwhelming. If you find yourself in such a position, you can probably attest that sometimes it feels like your mind is going to explode. While mompreneurs have arguably the most hectic lifestyles, the good news is you can still thrive in your business and motherhood. Not only is it possible, it’s also one of the most rewarding experiences a woman can experience.

In order to be a successful mompreneur, you have to adopt certain habits and ways of doing things that make you productive on a daily basis. So, with that in mind, here are 11 awesome productivity tips for busy mompreneurs.

11 Awesome Productivity Tips for Busy Mompreneurs

  1. Set Goals

Being productive begins with setting personal goals. Goals are an important component to achieving success in any endeavor, especially when it comes to running a business. When you are clear about what you want to achieve, this will motivate you to do more than the bare minimum. What’s more, goals prevent you from becoming distracted by unimportant matters and keep you on course even during tough times.
As a mompreneur, you need to set goals in your personal and professional life. Once you set your priorities right, it becomes easier to plan and get things done.

  1. Plan Ahead

Speaking of planning, this is one of the important skills of remaining productive. Planning ahead enables you to stay organized and work efficiently. Itemizing your priorities is a good way to avoid overwhelming yourself or putting off important things that might drag you behind.

There are many ways to plan ahead. For instance, you can make a to-do list for the next day every evening before going to bed. Alternatively, you can plan a weekly menu, stockpile groceries, then precook dinners and vacuum pack or freeze food to save time on cooking after a busy day at work. Cutting back on meal preparation can help you to spend less time cooking for the family and get more work done during the week.

  1. Do Not Try to Be Supermom

Being a mompreneur can feel overwhelming when you try to do it all. If you often feel like you don’t get enough time for family or fall behind on business targets, then ask for help. Consider hiring a sitter to watch your kids when you’re busy with the business or a house help to keep the household running smoothly. As soon as you can afford it, hire an assistant or employees who you can delegate tasks to. You can also include your kids in the business and ask them to lend out a helping hand during their free time in exchange for an incentive. Don’t hesitate to pay people to do tasks that are not in your zone of expertise as this allows you to focus your time on high revenue activities and become more productive.

  1. Define Your Boundaries (This is Crucial!)

This is an important tip for the stay at home mompreneur who has a home office. Although working from home has its many perks, there will no doubt be many distractions that can make you unproductive. It’s therefore important that you set clear boundaries for work and family time and stick to them. For example, avoid distractions such as TV, chores, and checking social media messages during work hours. The family must also know that mommy should not be interrupted during work time unless it an emergency. In return, be committed to quality family time when you’re not working.

  1. Take Frequent Breaks

When talking about getting more done in a day, taking frequent breaks may sound counterproductive. After all, most people think that increasing effort and time in something equals more work done and better results.

However, studies show that taking frequent breaks increases your capacity to do more work. Just like muscles need to relax after they tense up, you also need to relax and rejuvenate after short bursts of focused work.

Therefore, to become a productive mompreneur, remember to take frequent breaks in between tasks. Think of it this way: rather than increasing the time you work, you’ll be improving the quality of the time you work. By taking breaks, you will avoid fatigue, work more efficiently, feel energetic throughout the day and get more done.

  1. Limit Multitasking

Doing two things at the same time may seem like a great way to get more done, and sometimes it is. But science shows that productivity drops when multitasking because the brain cannot fully focus. As a mompreneur, multitasking may feel like you’re leveraging your time but the truth is you’ll be more predisposed to error and take longer to complete tasks. The lesson? Try to focus on one task at a time because you will work more efficiently this way.

  1. Keep to Your Schedule

It’s imperative to manage your time if you want to be a successful mompreneur. This means you need to establish a routine and stick with it. Being consistent with your routine will not only allow you to feel focused on what you need to be doing, it will also help you feel less overwhelmed.

  1. Exercise Regularly

Between raising kids, being a wife, and running a business, most mompreneurs rarely have time to exercise. In fact, hitting the gym or going for a jog might be the last thing on your mind when you have a pile of things to do. However, exercising regularly keeps you fresh, sharper, and energized for both your business and family. More importantly, excising often will make you less prone to falling ill, which can be a big setback for a mompreneur.

  1. Get Adequate Sleep

It’s easy to turn into a workaholic when striving for more productivity, but be wise and resist the urge. If you want to become an effective mompreneur, you also need your beauty sleep. Strive for at least 7 hours of sleep every night. Getting adequate rest will allow you to be at your best when running a business and being a mom at the same time.

  1. Let Your Motivation Drive You

One of the keys to success is staying motivated. As a mompreneur, remind yourself everyday why you’re in business. The reason could be anything from finding more time to spend with your kids, to striving for financial freedom or providing your family with a better quality of life. Be clear on why you chose to be a mompreneur and use it as rocket fuel to get moving and doing your best every day.

  1. Maintain a Positive Attitude

Being a mompreneur can be both physically and emotionally draining. You need to maintain a positive attitude at all times because that’s essential for success. Negative thoughts can keep you down and prevent progress. Therefore, you need to stop them in their tracks and instead embrace a positive attitude. One way to achieve this is to associate with like-minded women who are inspirational and provide moral support. Remember that positivity lets you keep sight of the bigger picture and pushes you to strive for success.

 

Conclusion

Becoming a successful mompreneur is no easy feat. As a mother, wife and entrepreneur, your work never ends. But if you manage your time well and follow the tips outlined above, you’ll soon learn striking a balance between your family and business’s needs are not that elusive after all.

 

Author Bio:

Uyo Headshot Closeup - 2016Uyo Okebie-Eichelberger, Serial Entrepreneur, Wife, Mom and Duke MBA, has successfully built a seven-figure empire in the maternity industry with You! Lingerie and Preggo Leggings, two leading designer brands of chic maternity/nursing intimates and apparel cleverly made for fashionista moms.

The former Kraft Brand Manager and her brands have been featured in several publications and TV shows like The New York Times, Glamour Magazine, Cosmopolitan, The Huffington Post, CNBC, The Today Show, E! News, OMG!, The Daily News UK, Pregnancy & Newborn, American Baby and Fit Pregnancy.

Currently, Uyo Okebie-Eichelberger’s brands are sold online and in over 120 stores in North America, South America, Europe, Australia, Asia and Africa. Uyo Okebie-Eichelberger recently partnered the world’s largest retailer, Walmart.com to launch an exclusive line of maternity/nursing lingerie called Love Xoxo by You! Lingerie.

She shares business tips on her blog: www.UyoOkebieEichelberger.com. Follow her social media pages on Twitter: @UyoEichelberger and Instagram: @Uyo

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5 lessons to learn from Salesforce about making business changes

Monday, August 31st, 2015

Salesforce.com is one of the biggest businesses in the world. When it comes to IT solutions, this presents one of those companies that will always be at the top of the list. The company has been around for a very long time now. However, it has not always been as successful as today. The quality of its work saw a serious development in 2006. This is when it changed dramatically to different and outcome-focused, customer-driven management practices that were more responsive. In the software development circles, it is known as Scrum or Agile. Many are the businesses that adopted these new practices as well but few had as spectacular results as Salesforce.com.

 

business

It is speculated that more than 70% of Agile or Scrum implementations fail to achieve their projected benefits. What is it that Salesforce.com did that these other businesses or failed to do that led to their failure?

Five things Salesforce.com did not do:

  1. Skimping on training and coaching

This comes in at the top of the list. Trainings and coaching sessions tend to be quite costly and therefore many businesses will skimp of them to cut costs. However, when the future of an organization relies heavily on success skimping on training will be detrimental to the growth of the business. It is also a very counterproductive form of saving on money. Salesforce.com placed a lot of emphasis on the training and coaching. It sent a large team of people primarily comprised of functional and program managers for training. It also bought training books for all staff members.

  1. Keeping management decisions a secret

Openness is important and that is what Salesforce.com has always been about. This is not something that is common to all businesses as they want to keep the decisions of the management to themselves. This is very unhealthy for the growth of the business. The company wants to make some change to the Saleforce metadata API?They will make sure that everyone in the company is aware of this change. It is important for the people working in a business always to stay up to date with goings-on in a business.

  1. Apply foreign methodologies rigidly

It is one thing to learn something and another totally different thing to ape it. When you apply rigidly methodology that has been conceived somewhere else to your business, then you will have serious problems. You need to be flexible with things that you adopt from another place. Improving on them by making a few changes will make them more suitable for the immediate needs of your business.

  1. Introducing changes like any other business process

In as much as change is always constant, every change that you make to a business should be ideal for the running of the business. This is easier said than done. Salesforce.com understood that adopting Scrum would not only involve adopting new business processes but also transform the management of work in the business. Introduction of such changes like any other business process would most probably cause some kind of shock and disorientation.

  1. Committed right from the start

Salesforce.com did not take up the traditional ‘wait and see’ method of implementing change. Most companies will do this, if the change works out they will adopt it. The leadership at Salesforce.com made it clear that they were committed to making sure that change worked out. Few companies are willing to do this.

Bio

Daniel Wellington is an IT consultant with years of experience in executive IT management. He also has experience with the Salesforce metadata API, which he writes about on his blog.

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8 Rules That Will Help You Create a Successful Business

Sunday, August 16th, 2015

More and more college graduates are opting to cope with the uncertainty of the job market by launching directly into business after graduation. Most people in employment are also opting for a side business to provide extra security should they lose their job or should they have to contend with a salary cut.

The threat of losing one’s job, or even becoming indigent, was bona fide by the 2008/09 financial crisis, as many people lost their homes and other property following the collapse of banks and companies from different industries.

Emerging world trends are also beginning to render most job posts irrelevant. For instance, most companies are fast becoming reliant on the internet for selling and marketing. This threatens the position of employees in sales and marketing positions. The same thing applies to software design jobs, where most companies are beginning to crowd source their ideas, thereby needing their software designers less and less.

With such trends, even those who still hold jobs find themselves in underpaid positions or find that their wages have stagnated. What’s more, the cost of living is not adjusting downwards to cater for these changes in the work environment, hence people have to work more to get more money to feed their families and maintain the standard of lives that they are used to.

Whatever your age, motivations for going into business, or the line of business you want to go into, your rate of success will be shaped by the same factors. Whether you are opening a physical store or an online business, there are some rules that apply in all lines of business and these rules create success.

Business Success

  1. Define what motivates you

Most people find motivation when they are at the lowest point in their lives. In every economic recession, there are those around you who usually seem to emerge unscathed. Most of these individuals tend to be very successful entrepreneurs, who have experienced firsthand what it feels like to be on their last dollar and have vowed to themselves never to go through the same experience again.

You too could find motivation from similar situations. If you have a family, the thought of what could happen if you are laid off could spur you into action. If you don’t have an additional source of income, it could mean that you might have to lose your home and have your family live on the street or in the basement of your parents’ house.

To prevent such a scenario, investing your time and money in creating additional income sources should become a priority for you.

  1. Go into a line you are interested in

Starting a business in a line of work that you understand is one way to guarantee success. This is simply because you understand the inner workings of your industry and are less likely to make mistakes.

Starting a business in another industry could mean having to upgrade your credentials by getting some form of education. This will cost you money and time. Not to mention, your full time job is already time consuming and draining, therefore having to switch your mind to a different line of work will require a lot of mental effort.

  1. Live within your means

If you like spending, you will have a hard time building a successful business. You will find that the less you spend, the more money you will have to inject back into your business to make it grow.

Avoid getting loans to buy things which will not make you money. Also, if you can, get rid of credit cards.  Once you succeed, you will afford any car you want and you can get credit cards.

  1. Surround yourself with the right people

You can learn a lot from the people you surround yourself with. Social media platforms serve as a meeting place for people, where plans are made and ideas are shared. If you have the right people in your network, you will find solutions to most of your problems from them.

Technology designers or application developers, for instance, help each other to develop useful applications without stealing each other’s ideas or competing with each other. Participants in such projects see this as an opportunity to learn new things.

  1. Learn to promote your brand

The only way others will know what you are up to is if you aggressively promote your brand. You have to develop a maximum of three key selling points for your products or services, then market them based on those selling points. Your marketing efforts have to be convincing enough to make people want to buy.

  1. Learn to manage your time

If you are poor at managing time, you will find it extremely challenging to juggle your full time job and a side business.

You can find a few hours a day to build your business by waking up early in the morning. If this is not possible, you can dedicate your weekends towards your business.

  1. Learn to take setbacks in stride

Any business will have set backs. You might find that your sales are not coming in as you expected or that customers are giving negative reviews to your product.

Instead of giving up, such challenges should motivate you to find solutions.

  1. It shouldn’t be all about the money

Money is good because in an economy that is driven by money, it gives you the ability to afford things. However, don’t go into business just to make money.

A sense of accomplishment and satisfaction are equally, if not more, important as money. Knowing that you created a product or are providing a service that people would pay money to use is indeed a big achievement and should not be ignored.

If you take the above into consideration when building your own business, you will not only become financially secure, but you will also build a business that is relevant to people’s lives. More so, if you are persistent in your efforts, your business could succeed to become your full time job.

About the author

Noella Tesi started a successful business after getting out of debt. Her past experiences in debt give her motivation for succeeding financially. Read on for more.

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Posted in Entrepreneur, Financial Intelligence, Guest Post, small business, Tips & Tricks | 9 Comments »

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