More Tips On Raising Finance For Your Business
March 21, 2010
Well, you need finance to start your business, you have no savings of your own and you need other peoples money to start your own business. Does this sound familiar? Join the club. Why should a third party take you serious? I am serious, why should they hand over their cash to you. It never ceases to amaze me when entrepreneurs dont think about these issues before approaching funders or investors. I meet countless numbers of entrepreneurs who need finance but yet are unwilling to take actions to boost their success rate. Perhaps you are one of the exception. It is with this in mind I want to share yet another three top tips on how to raise funding for your business.
Tip No 1
Make sure that you present yourself well, when you meet with investors and lenders. The way you dress and speak matters. Every step of the way you are being observed. Your presentation must be compelling. This is why we provide training seminars in financing your business to help you develop the right knowledge base so that you give yourself the added advantage when you are faced with potential investors and lenders.
Tip No 2
Think correctly and positively. Your mental life is one you have to take control over. One of the secret of success is the ability to take control of your mind and direct it to what you want to see happen in your life. If you want to raise finance, you can’t be talking about defeat and doubting your ability to do so successfully. I covered this aspect of “Mind Power” in my book “My Business Is My Business- Learn How to Earn a Fortune” and I have produced audio CDs on the subject of the power of the mind. Remember, you have something to offer the investor or lenders. Investors and lenders of money make their money through your ideas. They sell money for interest or dividend to those with great ideas that will generate profits. So the relationship is two ways. All you have to demonstrate is that your deal will help them realise their dreams. They have to see it clearly and so it is up to you to show them how it will work. Stay clear from fuzzy language and terminology that will only serve to distract from raising finance when faced with the opportunity to do so. Do not use jargons familiar in your industry but not outside your industry.
Tip No 3
Solicit the support of experts. You do not want to be “Jack of all trade and master of none”. Remember, the money you pay for expert services is not an expense; it is an investment in your business. Change your perception of money. This is one of the causes of success. Successful people always pay for good advice. The opposite is equally true for people who repeatedly fail in business and life generally.
OK, I rest my case. If you think you will get your hands on other peoples money to invest in your business without incorporating these tips, I will be glad to hear from you. However, it is more than likely you wont and so i would like to encourage you all to take decisive actions to improve your capacity to raise finance.
Regards
Sheila Elliott
Raising Finance For Your Business- The Complete System
March 6, 2010
Raising Finance For Your Business- The Complete System
Raising business finance can be one of the greatest challenges for a growing business as well as a new one. In both the UK and the USA, women in business and black owned businesses face particular challenges in accessing finance from their banks for all sorts of reasons. The most common reasons being lack of collateral security, followed by poor credit history. Other factors include lack of expertise to put together a credible and professional business plan, followed by lack of confidence in communicating the language of finance due to limited financial knowledge and skills. All of this does not bode well for aspiring entrepreneurs and inspite of the support provided by governmental bodies to increase access to finance for women, black businesses and disabled owned businesses, there is still a significant proportion of businesses and entrepreneurs whose business ideas remain a dream.
We understand your frustrations and we are here to help you. Our core financial solution products cover four elements:
• Education- We provide you with insider information on what successful businesses do to boost their success rate in securing finance. You learn about how the financial market works, what investors needs are, your relationship with money, different sources of finance and steps you can take immediately to increase your capacity to raise finance for your business, how to wow investors and how to write compelling business plans for finance, how to manage your finance, how to evaluate financial statements, how to produce budgets and how to interpret financial statements. You also attend all finance teleseminars free of charge whenever we run them.
• Research- We carry out a research for you, on where you can source grants and loans across the UK (we don’t cover outside UK at this point in time). At the end of three weeks or less we provide you with a detailed report that will provide you with clarity on the best options available for your business in sourcing loans or grants.
• Introduction to financiers- We introduce you to a number of expert financial investors who are regulated by the financial services authority and can provide you with finance from a minimum of $50,000 and more. To find out more, contact us today by email
• Business Plan For Finance- We provide you with light touch consultancy support or intensive consultancy support in putting together your business plan for accessing finance. We can also link you to a number of “Do It Yourself Systems”, if you prefer this option. If you need more information about our consultancy services contact us today by email
Benefit of each package:
• You get to learn strategies for attracting finance for your business, which when applied correctly will significantly improve your success rate in raising finance.
• You get to improve your confidence in communicating the language of finance as you learn about the different financial ratios used to make decisions.
• You get to save invaluable time researching information on where to source finance, from sites which very often do not reveal the information you are looking for. You get to spend your time marketing your services or improving business systems and processes critical for business success.
• You get to access detailed information on available government loans and grants across the UK, which will boost your chances to succeed in raising finance for your business.
• You get to be linked to our financial advisers and partners who are all regulated by the Financial Services Authority.
• You get to be linked to a number of invaluable” Do It Yourself tools” for the purpose of developing your business and financial plan. You also have the option of getting your business and financial plan reviewed by experts after completion.
The Complete Guide For Raising Business Finance
This guide reveals inside information and tips to help you raise business finance successfully from the banks, business angels and private investors. Whether your are a seasoned entrepreneur or a newbie you will find this guide an invaluable resource to support you in your preparation for raising finance, as well as presenting your business proposals with confidence to potential financiers.
• You get to learn what investors are looking for when faced with business proposals by you.
• You also learn the language of finance as well as the systems used to evaluate the strengths and weaknesses of your business proposal.
• You get to learn how to maximise your strengths and minimise your weaknesses and wow investors
• You also learn different options available for raising finance, particularly if you have a weak credit history.
• Finally you learn how to manage finance from investors and the bank as well as generate healthy profits to service your debts.
When you buy this product, it is important you note that it is made up of:
1. Interactive CD of over on hour long
2. Several eBooks providing you with a step by step instruction for building a system that will help you consistently raise finance successfully.
3. Additional resources that you could avail to strengthen the finance of your business.
Click here “The Complete Guide for Raising Finance” to purchase your own copy for only $200 from our website.
Finance for Women and Black Owned Businesses
This is a customised and comprehensive research report will provide you with details of all the loans and grants available for women and black owned businesses in the UK.
Whether you are in business or aspiring to start a new business, you can immediately take advantage of this product to take the sting out of your quest for business finance. Please allow three weeks for the production of your research report.
Tap Into These Resources TODAY And You Could Bring Extra Money Into Your Business Within 30 Days!
Click here “Finance for Women & Black Owned Businesses” to purchase your own copy for only $200 from our website.
Funding A Business – How To Get A YES (Part 3)
March 1, 2010
In this article, you are going to find three top tips on funding a business. You may have read my earlier articles and you will see that this is just a continuation of others.
Tip No 1
Make sure that you present yourself well, when you meet with investors and lenders. The way you dress and speak matters. Every step of the way you are being observed. Your presentation must be compelling. This is why we provide training seminars in financing your business to help you develop the right knowledge base so that you give yourself the added advantage when you are faced with potential investors and lenders.
Tip No 2
Think correctly and positively. Your mental life is one you have to take control over. One of the secret of success is the ability to take control of your mind and direct it to what you want to see happen in your life. If you want to raise finance, you can’t be talking about defeat and doubting your ability to do so successfully. I covered this aspect of “Mind Power” in my book “My Business Is My Business- Learn How to Earn a Fortune” and I have produced audio CDs on the subject of the power of the mind. Remember, you have something to offer the investor or lenders. Investors and lenders of money make their money through your ideas. They sell money for interest or dividend to those with great ideas that will generate profits. So the relationship is two ways. All you have to demonstrate is that your deal will help them realise their dreams. They have to see it clearly and so it is up to you to show them how it will work. Stay clear from fuzzy language and terminology that will only serve to distract from raising finance when faced with the opportunity to do so. Do not use jargons familiar in your industry but not outside your industry.
Tip No 3
Solicit the support of experts. You do not want to be “Jack of all trade and master of none”. Remember, the money you pay for expert services is not an expense; it is an investment in your business. Change your perception of money. This is one of the causes of success. Successful people always pay for good advice. The opposite is equally true for people who repeatedly fail in business and life generally.
You can take advantage of our new forum today and start interacting with Sheila. Whatis your burning question about finance. How can I help you. Post something on the forum and start a real discussion.
Sheila Elliott is a business start-up and development expert offering group and one to one coaching as well as financial consultancy and training sessions. She is the founder of Business Services Support Limited and the author of My Business Is My Business- Learn How To Earn A Fortune. For more information about our free articles visit, http://www.businessservicessupport.com
Funding A business- how to get a ‘YES’- Part 2
February 25, 2010
Most businesses owners and aspiring entrepreneurs are to find out how they can fund their business but they have limited understanding of the psychological dimension of investors and the banks. Funding a business, traditionally have been led by accountants who in their roles will normally handle financial matters in business. As a result entrepreneurs who are not financially savvy will tend to rely on finance experts to handle matters relating to funding their business. This is not a bad thing but it is always wise to learn a bit about money matters because it is the life blood of a business. Get this wrong and you will be doomed. In this article I am going to share two top tips you need to know about funding your business. I am assuming you need third party funding which can take the form of grants, business loans or equity finance. To find out about the pros and cons of the different financing options, you simply need to download a free copy of my book where you will get as much information on this subject. For now, lets turn our attention to my tips.
Tip No 1. You need a business plan and you need one that is robust with financial forecasts included in the form of profit and loss, balance sheet and cashflow. Your financial forecast should have key financial indicators which accountants call ratio analysis. I have seen business plans that only consist of financial figures. This is not a business plan it is merely a financial plan. Do not make the same mistake. Your business plan must provide details about your business, your vision, mission and strategic objectives. It must also provide details about your target market, marketing and sales strategy. You want to ensure the plan is compelling and by compelling I mean really persuasive and influential. My company helps entrepreneurs put together compelling business plan.
Tip No 2 . You certainly want to be able to explain your business plan to potential lenders and investors confidently. If you can’t do this, you will rapidly lose their trust. Lenders and investors want to know you have a team of experts in the business, that will support the delivery of the plan (this does not mean they are your staff) but equally if you own the business, they expect that you should be able to explain you business plan to them with confidence. You may call upon the professional accountant as many do to explain the figures at formal meetings. However, as the owner of the business, if you can explain the figures, you will even grasp their attention very quickly. Presenting to investors and lenders is all about influencing other people to do what you want them to do. Don’t forget this salient point. Do all you can to influence lenders or investors to part with their money by taking the necessary steps to be well informed about every aspects of your business plan. Stay clear from cheap plans that will ultimately lack in quality and don’t achieve your goals. Whether you are in business or starting a business, there are some expenses you will have to incur and if you fail to do so, your business dies. Sorry I am being blatantly honest with you as I want you to succeed.
Sheila Elliott is a business start-up and development expert offering group and one to one coaching as well as financial consultancy and training sessions. She is the founder of Business Services Support Limited and the author of My Business Is My Business- Learn How To Earn A Fortune. For more information about are free articles visit, http://www.businessservicessupport.com
Funding A business- how to get a ‘YES’
February 25, 2010
This is part one of my tips for funding a business successfully. Having worked for so many years with businesses and aspiring entrepreneurs seeking finance, it has come to my attention that there is one common problem that many find difficult to manage when faced with the subject of raising finance for business. Many are of the view that they should beg for the money when banks and investors are fully aware that their financial wealth is not dependent on the amount of cash hoarded in their bank account but rather the quality of investment they make with their money.
The bottom line is, investors and banks do not make money keeping it in their safe. They make money when it is invested in the right soil with high potential for growth in positive cash flow and profit. This means that banks and investors are perpetually seeking opportunities to invest in the form of business loans, equity or a blend of both. The question now is, what should an entrepreneur do to lay their hands on this cash?
The ability to influence and persuade lenders or investors to follow your vision calls for a respectable amount of insight and capacity to press the right emotional triggers during social intercourse with them, whether on a frequent basis or not. Wrong use of language or expressions can do a great deal of damage to a business trying to raise finance. It is therefore important to seek the help and support of experience and qualified advisors who frequently interact in the lingo of investors and the banks. To do otherwise will only expose you and your business to the risk of not securing the much needed finance for your business.
One of the biggest myths that I have come across many times, is the DIY mentality in the areas of writing a solid business plan for business start-up, improvement or expansion. Some entrepreneurs will say that they have read books and that qualifies them to right a solid plan. The first time reality hit them, is when they approached a potential investor or bank for finance, and then get quiz on their business plans, only to find that there are so many holes that have not been addressed. It is always a shame when this happens.
So here are some tips to help you raise finance for your business.
1. Be clear about the amount of finance you are looking for. There is nothing worst than being ambivalent about how much you need when faced with a potential investor or lender.
2. Be clear about what you want the money for. No wise investor or lender will hand over their cash when you are not sure what you want the money for. It is always advisable you have a clear breakdown of how you expect to use the money, with clear estimates of costs of resources you plan to purchase. It might be that your cost estimate may change with time, as inflation is outside the control of your business. Be ready to amend your estimates in your business plan if it changes before you meet with a potential investor.
Now watch out for part 2 where I will cover my remaining five top tips.
Sheila Elliott is a business start-up and development expert offering group and one to one coaching as well as financial consultancy and training sessions. She is the founder of Business Services Support Limited and the author of My Business Is My Business- Learn How To Earn A Fortune. For more information about are free articles visit, http://www.businessservicessupport.com and http://www.sheilaelliott.com
Funding A business- how to get a ‘YES’
Most businesses owners and aspiring entrepreneurs are to find out how they can fund their business but they have limited understanding of the psychological dimension of investors and the banks. Funding a business, traditionally have been led by accountants who in their roles will normally handle financial matters in business. As a result entrepreneurs who are not financially savvy will tend to rely on finance experts to handle matters relating to funding their business. This is not a bad thing but it is always wise to learn a bit about money matters because it is the life blood of a business. Get this wrong and you will be doomed. In this article I am going to share two top tips you need to know about funding your business. I am assuming you need third party funding which can take the form of grants, business loans or equity finance. To find out about the pros and cons of the different financing options, you simply need to download a free copy of my book where you will get as much information on this subject. For now, lets turn our attention to my tips.
Tip No 1. You need a business plan and you need one that is robust with financial forecasts included in the form of profit and loss, balance sheet and cashflow. Your financial forecast should have key financial indicators which accountants call ratio analysis. I have seen business plans that only consist of financial figures. This is not a business plan it is merely a financial plan. Do not make the same mistake. Your business plan must provide details about your business, your vision, mission and strategic objectives. It must also provide details about your target market, marketing and sales strategy. You want to ensure the plan is compelling and by compelling I mean really persuasive and influential. My company helps entrepreneurs put together compelling business plan.
Tip No 2 . You certainly want to be able to explain your business plan to potential lenders and investors confidently. If you can’t do this, you will rapidly lose their trust. Lenders and investors want to know you have a team of experts in the business, that will support the delivery of the plan (this does not mean they are your staff) but equally if you own the business, they expect that you should be able to explain you business plan to them with confidence. You may call upon the professional accountant as many do to explain the figures at formal meetings. However, as the owner of the business, if you can explain the figures, you will even grasp their attention very quickly. Presenting to investors and lenders is all about influencing other people to do what you want them to do. Don’t forget this salient point. Do all you can to influence lenders or investors to part with their money by taking the necessary steps to be well informed about every aspects of your business plan. Stay clear from cheap plans that will ultimately lack in quality and don’t achieve your goals. Whether you are in business or starting a business, there are some expenses you will have to incur and if you fail to do so, your business dies. Sorry I am being blatantly honest with you as I want you to succeed.
Sheila Elliott is a business start-up and development expert offering group and one to one coaching as well as financial consultancy and training sessions. She is the founder of Business Services Support Limited and the author of My Business Is My Business- Learn How To Earn A Fortune. For more information about are free articles visit, http://www.businessservicessupport.com and http://www.sheilaelliott.com
In this article, you are going to find three top tips on funding a business. You may have read my earlier articles and you will see that this is just a continuation of others.
Tip No 1
Make sure that you present yourself well, when you meet with investors and lenders. The way you dress and speak matters. Every step of the way you are being observed. Your presentation must be compelling. This is why we provide training seminars in financing your business to help you develop the right knowledge base so that you give yourself the added advantage when you are faced with potential investors and lenders.
Tip No 2
Think correctly and positively. Your mental life is one you have to take control over. One of the secret of success is the ability to take control of your mind and direct it to what you want to see happen in your life. If you want to raise finance, you can’t be talking about defeat and doubting your ability to do so successfully. I covered this aspect of “Mind Power” in my book “My Business Is My Business- Learn How to Earn a Fortune” and I have produced audio CDs on the subject of the power of the mind. Remember, you have something to offer the investor or lenders. Investors and lenders of money make their money through your ideas. They sell money for interest or dividend to those with great ideas that will generate profits. So the relationship is two ways. All you have to demonstrate is that your deal will help them realise their dreams. They have to see it clearly and so it is up to you to show them how it will work. Stay clear from fuzzy language and terminology that will only serve to distract from raising finance when faced with the opportunity to do so. Do not use jargons familiar in your industry but not outside your industry.
Tip No 3
Solicit the support of experts. You do not want to be “Jack of all trade and master of none”. Remember, the money you pay for expert services is not an expense; it is an investment in your business. Change your perception of money. This is one of the causes of success. Successful people always pay for good advice. The opposite is equally true for people who repeatedly fail in business and life generally.
Sheila Elliott is a business start-up and development expert offering group and one to one coaching as well as financial consultancy and training sessions. She is the founder of Business Services Support Limited and the author of My Business Is My Business- Learn How To Earn A Fortune. For more information about are free articles visit, http://www.businessservicessupport.com
New Fund Gives Early-Stage Firms An Advantage
January 27, 2010
New Fund Gives Early-Stage Firms An Advantage
Last month saw the launch of a new £8 million equity fund to help early-stage West Midlands SMEs reach their potential.
Provided by Advantage West Midlands with the backing of European Regional Development Fund cash, the Early Advantage Fund can offer match funded equity investment worth up to £250,000.
An initial investment worth up to £125,000 can be backed with an additional £125,000 during subsequent funding rounds, with all funds received from the scheme needing to be matched by other private investors.
The scheme will channel support towards early-stage SMEs and high growth companies that have the potential to offer a return on any investment within a 3-7 year timeframe.
Launching the fund last month, Mick Lavety, chief executive of AWM, claimed the scheme would ensure the region’s SMEs would have “access to the funds they need to start-up and grow”.
He said:
“It builds on the experience of the Advantage Early Growth Fund, which ended its initial investment period earlier this year having invested a total of £8.8 million in over 60 businesses, leveraging nearly £23 million of finance from other sources.”
Dr Andrew Muir, revealed:
“I’m sure this fund will prove popular with SMEs. In fact word is out and already there have been a number of expressions of interest in the Early Advantage Fund, with the first investment likely to be approved in the near future.
To find out more contact visit our website and read about how you can get more information about equity funds and other forms of finance available for businesses in all regions within the UK. Visit our website http://www.businessservicessupport.com/finance.php
New Grants To Recruit Young Apprentices £2500
Employers can take advantage of a new short-term scheme offering them a £2,500 grant to take on an unemployed young person.
Until the end of March, companies can claim the funding to recruit a 16 or 17 year-old apprentice.
Young people have been hit hard during the economic downturn, with 16 and 17 year-olds not in full-time education seeing the largest absolute fall in their employment rate since the start of the recession.
However, around 70,000 young people started an apprenticeship during the past year, and the AGE 16 and 17 programme now aims to provide similar opportunities for another 5,000 individuals.
Funding will be targeted at companies who are not currently in a financial position to recruit an apprentice.
A spokesperson from the funding body said :
“We recognise the particular issues faced by young people in the current economic climate and we want to support them and ensure that we are training a new generation for economic recovery.
“We particularly want to support small and medium-sized employers who are interested in employing an apprentice for the first time, or who want to employ an additional apprentice over their traditional level of recruitment.”
The incentive will be available until the end of March.
To find out more contact visit our website and read about how you can get more information about grants finance and other forms of finance available for businesses in all regions within the UK. Visit our website http://www.businessservicessupport.com/finance.php
Deadline Approaching For Biomass Fund
Time is running out for Scottish businesses to secure funding to help them install energy efficient heating systems.
The deadline to apply for support from the third round of the Scottish Biomass Heat Scheme is 12 February.
Through the fund, SMEs can grab grants worth up to £100,000 to cover a maximum of 50% of the capital costs of installing new biomass heating systems.
Launched in October 2008, the programme is aiming to increase small business competitiveness, create a growing market for biomass equipment and services, cut carbon emissions, and contribute towards meeting the Scottish Government’s target of securing 11% of the country’s energy from renewable sources by 2020.
Launching the latest funding window back in November, Energy Minister Jim Mather told the Scottish Parliament:
“We are particularly keen to receive applications for district heating schemes. At the same time as launching the third round of the scheme, we want to establish what the demand is for funding for larger-scale projects for district heating schemes and we seek expressions of interest.Applications in round three must be made by 12 February 2010, and will be assessed against a range of criteria, such as value for money, technical credibility and environmental impact.
Successful bidders will be revealed during April.
To find out more contact visit our website and read about how you can get more information about equity funds and other forms of finance available for businesses in all regions within the UK. Visit our website http://www.businessservicessupport.com/finance.php
Government Guarantee Scheme Boosting Business
A recession relief scheme introduced by the Government has provided more than half a billion pounds worth of loans to UK businesses.
Research carried out for the Department of Business, Innovation and Skills revealed that 5,840 firms had drawn down more than £580 million in loans from the Enterprise Finance Guarantee Scheme.
The programme was introduced in January 2009 and offers companies with an annual turnover in excess of £25 million the opportunity to borrow up to £1 million over a ten-year period to boost their cash flow, create or safeguard jobs, and invest in new equipment.
Trade, Investment and Small Business Minister Lord Davies said:
“These impressive results show the Government is providing real help to businesses when they need it, helping to secure jobs and give businesses the capital they need to invest and grow.
“The Enterprise Finance Guarantee has been welcomed by business and, following its recent extension, it will continue to play a vital role in encouraging enterprise and investment and driving productivity and growth throughout the UK economy.”
In his Pre-Budget Report, Chancellor Alistair Darling announced an extra £500 million would be made available to extend the programme for a further year.
The scheme will now run until April 2011, with Chief Secretary to the Treasury Liam Byrne claiming:
“By extending the Enterprise Finance Guarantee for another twelve months in the Pre-Budget Report, the Chancellor demonstrated the Government’s determination to continue supporting businesses. Withdrawing that support would put the recovery at risk.”
To find out more contact visit our website and read about how you can get more information about equity funds and other forms of finance available for businesses in all regions within the UK. Visit our website http://www.businessservicessupport.com/finance.php
Startup Finance For North East SMEs
A new fund has been launched to ensure start-up firms in the North East of England are equipped for success.
The £4.63 million Regional Start-Up Capital Finance Grant programme will offer funding ranging between £1,000 and £3,000 so that SMEs can buy new machinery, office equipment and ICT hardware and software.
Funding is available to North East-based businesses that meet the definition of a small to medium-sized enterprise (for example employ less than 250 staff) and have been trading for no longer than 12 months.
Grants will cover up to 50% of the total eligible costs and will enable up-and-coming entrepreneurs to overcome some of the financial barriers they face as they try to grow their business.
Part-financed through the European Regional Development Fund and One North East, the scheme falls under the Intensive Start-Up Support strand of the Government’s Solutions for Business package. It is delivered by the North East England Investment Centre (NEEIC).
Over the next two years it is anticipated that the fund will support 700 businesses, helping to create 100 new jobs and safeguard a more than 300 others.
NEEIC operations manager Irene Earle said:
“New businesses in their first trading year will have access to direct financial support to invest in small scale capital equipment and plant. That includes the purchase of manufacturing machinery, essential office equipment, ICT capital equipment and specialist software.”
For further information about how to access this fund contact us or visit our website where you will find more information about customised reports to source finance for your business. To find out more contact visit our website and read about how you can get more information about equity funds and other forms of finance available for businesses in all regions within the UK. Visit our website http://www.businessservicessupport.com/finance.php
The secrets of successful businesses
December 2, 2008
Minority owned businesses in the UK are on the rise with recent statistics showing women playing a significant role in the business community. In my local area (London Borough of Greenwich), one cannot help but to notice a steady increase in the number of ethnic businesses springing up on the high street and this trend is expected to continue into the future.
Whilst this trend is a step in the right direction, new businesses, and to a large extent existing ones, will need to be sensitive to the challenges of building a successful business. Business support services can play a significant role in the nurturing and development stages of businesses. Equally important are opportunities for sharing best practices.
This article reveals what well known and respected business veterans say about the sources of their success. I am sure we can all learn from them.
Successful businesses take their customers’ perception about their products and services very seriously. They generally focus on quality, innovation and profitability. Under promising and over delivering is a guided principle that underpins their ethos. In addition they understand that their business is as good as the people who work for them. Consequently, cultivating a culture that values, respects and develops staff is a common strategy employed by successful businesses to gain the support and commitment of their staff. As a result, they are able to stem the cancer of high staff turnover that is prevalent in unsuccessful businesses.
It is a well-established fact that people will make or break a business and successful businesses understand this philosophy all too well. Successful businesses have retention strategies, which could take on various forms. One such strategy includes involving their staff in decision making through focus groups aimed at innovating, creating new products and encouraging a strong listening culture right across the organisation. In the final analysis, one cannot underplay the importance of strong leadership, competent managers and staff, integrity and honesty in the formula for business success.
Sheila Elliott is the managing director of Business Services Support Limited
http://www.businessservicessupport.com
email sheila@businessservicessupport.com
Getting the best from your staff
December 2, 2008
Many businesses purport that their greatest asset is their staff. On the other side many claim that their greatest headache is their staff. Whatever camp you belong to, be rest assured that people are vital to every business no matter what the technocrats may like us to believe. It is true that we live in the age of technological advancement and evolution with many businesses queuing to take advantage of the next automated system that comes into the market with a promised tag to streamline business processes, improve quality of services and products, deliver added value to customers and, to top it all, increase profitability for investors. Your staff are invaluable assets to your business but sadly there are very few managers that are adequately skilled to deal with staffing issues efficiently and effectively. Some even believe that staff are assets that must be controlled, until they are threatened with a resignation or strike action.
This article seeks to provide information on strategies successful managers use to get the best out of their staff. It is hoped that readers will benefit from this article and ensure their businesses improve their approach to managing staff in the future.
To start of with, you need to know that people are different in many respect and successful managers generally strive to know their people well enough to ensure they receive the necessary support to effectively undertake their jobs within the standards set by the business. Some of the differences in people include their learning styles, which can sometimes miss the radar of managers. You will be surprised to know that people take in information differently, with some learning through reading books, others through observations and reflection and others through practical hands on approach. Equally, some people are thinkers and learn best using their auditory senses, others are more visionary and learn better through images whereas others are kinaesthetic and learn best through their emotions. In the light of all of these differences, successful managers generally provide support using mediums that are most appropriate to the learning style of their staff, as opposed to using as “One-Size-Fit-All” Approach.
Successful managers are acutely aware that it is not sufficient for their staff to know the overall objectives of the team, as well as the roles and responsibilities of individuals in the team. They take steps to communicate clearly to their staff and make time to deal with matters affecting their wellbeing. Whilst doing all of this, they simultaneously ensure that the overall objectives and goals of the business are kept well in focus. Getting the best from staff is a balancing act between the managing the needs of the business and the needs of staff. Both needs should be given careful attention to avoid management paralysis, staff apathy and demotivation. This brings me to yet another point.
People are special types of resources in a business; they provide services to the business and must be treated with respect and value. Managers who consistently get the best out of their staff do not demean their staff and certainly avoid situations that will lead to humiliating staff. Remember this simple formula:
“Getting the best from your staff = motivating staff + providing them with skills and knowledge required to do the job effectively”.
To motivate staff and train them effectively, a manager must know their staff well enough to ensure their proposal for performance improvement and motivation strategy is appropriate.
Over the next few weeks, we will be giving free consultation advice to businesses that need help in financial and human resource management. If you would like to take advantage of this do send me an email. For advice and support on this subject, contact sheila@businessservicessupport.com
Sheila Elliott is an expert in business and personal development strategies. She is the founder of Business Services Support Limited and the author of My Business Is My Business- Learn How To Earn A Fortune. For more information about are free articles visit, http://www.businessservicessupport.com and http://www.sheilaelliott.com
A Profitable Bankrupt Business
December 2, 2008
Some of you may be asking if it is possible for a business to be profitable and bankrupt at the same time. Well the simple answer to this question is “Yes it is”. A business can be profitable and be cash-strapped all at the same time. In practice, there are many businesses that precariously operate in this way. Some of them are under the misguided belief that their business is financially healthy just because they are generating strong profits. The connection between profit and cash is hardly made by such businesses until their bank informs them that their cheques can no longer be paid due to lack of cash.
Understanding the rudimentary principles of interpreting and evaluating financial statements accurately can help businesses identify whether their business is profitable and liquid. In reality is cash is king, whereas profit is fantasy. A business with no cash will soon become insolvent regardless of whether it is profitable or not. In this article we will explore strategies businesses can implement to ensure they generate healthy cash and profits at the same time.
The first strategy is to set up a clear policy on credit sales. Such strategy can include approving customers’ credit lines based on their credit ratings. To do this you must have a system in place to determine customers’ credit worthiness before approving credit lines. The next stage is to determine how much credit period to extend to customers. In determining the credit period, it is always advisable to find out what the normal practice in the industry is (e.g. 15 days, 30 days or more) and what credit period you can expect from your suppliers and bankers to cushion you over this period. All too often, small businesses in particular, give very long credit periods to large businesses only to run into cash flow problems owing to its inability to make timely collections from these customers. One way to get around this problem is to stipulate the payment terms clearly on the invoice before issuing it to the customer, as well as to charge interest on outstanding invoices after the approved credit period. But remember, the policy of charging interest on outstanding invoices after the credit period must be clearly communicated before it is enforced. Failure to communicate terms in advance could result in damaging the business’ relationship with its customers. Most successful businesses operate this policy and as a business owner you can do the same.
Other strategies you can use include using factoring agents, insuring against the risks of bad debts, negotiating competitive credit terms with suppliers and giving discounts to customers for prompt payments. For advice and support on this subject, contact sheila@businessservicessupport.com
Sheila Elliott is an expert in business and personal development strategies. She is the founder of Business Services Support Limited and the author of My Business Is My Business- Learn How To Earn A Fortune. For more information about are free articles visit, http://www.businessservicessupport.com and http://www.sheilaelliott.com
Unlocking the gem in business planning
December 2, 2008
Why do some businesses believe they have no need for a business plan until they run into financial difficulties, whilst others spend colossal sums of money preparing a business plan exclusively for their shelves. These are questions I have asked very often as I work with SMEs, who consistently fall fowl of this practice. It may appear that the benefits of business planning are not quite understood by these businesses and hopefully this article will help shed some light on the subject.
From a practical perspective, it is inconceivable to find any reliable products in the market including our homes that was developed without any planning time set aside for the determination of the design, development and implementation process. One cannot deny that the process of planning can be time consuming and tedious, particularly as the benefits of the process is not immediate and often far from sight. However, lurked within the planning process is the opportunity to discover flaws in original ideas which in return provides opportunities to improve them?
So what are the benefits that can be derived from business planning and how can a business maximise their returns from the process. First thing first, business planning is a management tool that aids the delivery of strategic objectives. The strategic objectives set out what a business want to do and where. A business plan simply helps map the path to achieve corporate objectives. But it must be stated that just because an organisation prepares a business plan does not automatically mean it will maximise the potential benefits from the planning process. Getting the best results from business planning demands the management of the organisation possessing the right level of skills and competencies required to deliver a business plan as well as the motivation to do so. A business plan can look great on paper but unless someone rolls up their sleeves and get on with the work to bring the plan into reality, it will ultimately die with the business.
Therefore when an organisation prepares a business plan that is supported by a competent and motivated management team, as well as a competent workforce, here are some of the gems that can materialise:
- Effective alignment of a business’ resources in markets that draw on their strengths
- Effective development of marketing strategies born out of critical evaluation of operating market
- Better resource planning for effective delivery of corporate goals and objectives.
For more information on this topic, contact sheila@businessservicessupport.com
Sheila Elliott is an expert in business and personal development strategies. She is the founder of Business Services Support Limited and the author of My Business Is My Business- Learn How To Earn A Fortune. For more information about are free articles visit, http://www.businessservicessupport.com and http://www.sheilaelliott.com
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