BUSINESS-SCHOOL

BUSINESS ECONOMICS

2011-10-10T04:54:00.000-07:00

BUSINESS ECONOMICS

…....bridging the gap between business and economics!

The business economics session is structured and tailored to give you first class information that bridges the gap between the theory and practice in the areas of economics directly relevant to business. It shall focus more on decision making and planning.

The information provided in business economics session will also give you a firm foundation in economics and also enable you to understand and address the factors which impairs practical decision making.

To learn more, click on the links below:

1. Decision making.

2. Economics.

3. Micro economics.

4. Macro economics.

5. Planning.

To attain and sustain relevance in productivity, it is critical that we have a firm knowledge of economics, planning and effective decision making procedures, strategies and techniques.

If you find this session useful, kindly post your comment below. For personal consultation contact me. You can also take advantage of our courses and helpful resources to improve on your self, career and or profession.

For more information, please visit our home.

Explore to excel!

Precious O.U. Ogholaja

BANKING AND FINANCE

2011-10-10T04:48:00.000-07:00

BANKING AND FINANCE

…understanding the development and application of monetary and financial systems!

The banking and finance session of this site will empower you with specialize knowledge of the development and function of monetary and financial systems. You will learn the essential and fundamental information relevant to the practice of banking and finance management.

To learn more about banking and finance, click the following links:

1. Banking.

2. Financing.

3. Bank.

4. Finance.

5. Bank policies.

6. Bank management.

7. Payment systems.

8. Banking quotes.

The ability to understand banking and finance will enable you to comprehend the banking and money markets and systems.

If this session made sense to you, and or you have a suggestion on how to make it better, please, feel free to send in your comments by using the comments box below or that on our feedback page.

For personal consultation contact me. You can also take advantage of our courses and helpful resources to improve on your self, career and or profession. For more information, please visit our home.

Explore to excel!

Precious O.U. Ogholaja

MANAGEMENT STUDIES

2011-10-03T10:07:00.000-07:00

MANAGEMENT STUDIES

…….learning the fundamentals of administration!

Management is the art of knowing what you want to do and then seeing that it is done the best and cheapest way. It is a science that enables an individual to learn how to forecast, plan, organize, and command, co-ordinate and control. Management is work and as such it has its own skills, its own tools and its own techniques. Management is the art of getting things done through and with people.

Management as a science provides principles and as an art helps in tackling situations. Management as an art and science addresses fundamental skill acquisition for effective and efficient personal, political, business, and organizational leadership. Management as an art thrives at providing the following capacities:

1. Practical know how

2. Technical skills

3. Concrete results

4. Creativity

5. Personalized nature

Management as a science focuses on the following:

1. Empirically Derived

2. Critically tested

3. General principles

4. Cause and effect relationship

5. Universal applicability

The management studies session of this site provides basic information and training on management concepts, management procedures, management functions, management principles, management strategies and management systems.

Learn more by clicking on the following links:

1. Management.

2. Business management.

3. Management systems.

4. Management theories.

5. Management principles.

6. Management process.

7. Management quotes.

8. Management school.

9. Management training.

10. Management skills.

11. Management science.

12. Management degree.

13. Dept management.

14. Finance management.

15. Quality management.

16. Customer relationship management.

17. Change management.

18. Systems management.

19. Inventory management.

20. Time management.

21. International relations management.

22. Internal relations management.

23. External relations management.

24. Image management.

25. Anger management.

26. Home management.

27. Stress management.

28. Talent management.

29. Skill management.

30. Assets management.

31. Risk management.

32. Sales management.

33. Data base management.

34. Document management.

35. Office management.

36. Environmental management.

37. Cash management.

38. Safety management.

39. Hotel management.

40. Technology management.

41. Strategic management.

42. Marketing management.

43. Brand management.

44. Information management.

45. Productivity management.

46. Advertizing management.

47. Investment management.

48. Performance management.

49. Corruption management.

50. Political value management.

51. Conflict management.

52. Political management.

53. State administration management.

54. Local government administration and management.

55. Community management.

56. Natural resources management.

57. Crises management.

58. Payment system management.

59. Human resources management.

60. Knowledge management.

61. Production management.

62. Operations management.

63. Materials management.

64. Organization development.

65. Perception management.

66. PC management.

67. Waste management.

68. Property management.

69. Operations management.

70. Engineering management.

71. Disaster management.

72. Campus management.

73. Fashion management.

74. Leadership.

75. Innovation.

76. Government.

77. Management and leadership.

78. School management.

79. Construction management.

80. Restaurant management.

81. IT assets management.

82. Finance management.

83. Network management.

84. Disk management.

85. School business management.

86. Marketing and design innovation.

87. Advertizing and marketing communication.

88. Practice management.

89. Classroom management.

90. Negotiation.

91. Advertizing.

92. Marketing.

93. Motivation.

94. Strategy.

95. Manager.

96. Group dynamics management.

97. Company.

98. Organization management.

99. Management quotes.

100. Employee.

101. ICT and management.

102. Business policy management.

103. Works management.

104. Baby management.

105. Projects management.

106. Products management.

Management concept is fundamental to powering our life and organization to attain and maintain the position of significance and relevance.

If you find this session helpful, please do not hesitate to blog about it, book mark it, twit about it, and post a comment below. I appreciate any useful contribution to make this session very helpful.

For personal consultation contact me. You can also take advantage of our courses and helpful resources to improve on your self, career and or profession.

For more information, please visit our home.

Explore to excel!

Precious O.U. Ogholaja

ACCOUNTING AND BOOK KEEPING

2011-10-03T08:23:00.000-07:00

ACCOUNTING AND BOOK KEEPING

…..understanding the basics of record keeping!

Record keeping is fundamental for effective business evaluation, monitoring and progressive excellence. The information contained in the accounting and book keeping session is tailored to give you a sound knowledge of academic and professional procedures and development in accounting and book keeping along with a broad theoretical underpinning. The comprehension of the importance of book keeping and record keeping will empower you to position your business on the path to unlimited success. Every business owner must keep abreast with basic book keeping facts for small business in order to maximize and protect his business.

The accounting and book keeping session provides an ideal background for any finance related career in commerce, industry and or political sector. If you are interested in studying accounting and or are determine to take control of your financial life or that of your organization, the accounting and book keeping session is a veritable resource for comprehending book keeping and record keeping systems, procedures and technologies.

More so, to have an in-depth knowledge of book keeping and accounting, click on the links below:

1. Financial accounting.

2. Management accounting.

3. Book keeping.

4. Accounting systems.

5. Accounting procedures.

6. Accounting principles.

7. Accounting policies.

8. Accounting and society.

9. Accounting adequacy evaluation.

10. Company performance evaluation.

11. Book keeping system.

12. Accounting soft wares.

13. Accounting school.

14. Accounting degree.

15. Accountant.

16. Book keeper.

17. Statistics.

18. Accounting quotes.

If you find this site helpful, please blog about it, bookmark it, and or post a comment below. Useful comments and feedback is highly appreciated

For personal consultation contact me. You can also take advantage of our courses and helpful resources to improve on your self, career and or profession.

For more information, please visit our home.

Explore to excel!

Precious O.U. Ogholaja

BUSINESS STUDIES

2011-10-03T07:15:00.000-07:00

.
Welcome to BUSINESS STUDIES TRAINING CENTER

.....keeping abreast with the fundamentals of business!

Business studies are the study of business and all its related concepts. A business (also referred to as enterprise or firm) is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, in which most of them are privately owned and are also administered to earn profit to increase the wealth of their owners.

However, it is imperative to note that businesses may also be not-for-profit or state-owned. A business can be owned by individuals, government, or a group (multiple individuals). They are also referred to as a company, although that term also has a more precise meaning.

Nevertheless, it is important to note that fundamentally, the etymology of business communicates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term "business" has at least three usages, depending on the scope:

1. The singular usage refers to a particular organization.
2. The generalized usage to refer to a particular market sector.
3. The music business and compound forms such as agribusiness; and the broadest meaning, which encompasses all activity by the community of suppliers of goods and services.

Business studies session will give you a broad overview of how the commercial world operates. It shall cover all the above three areas in all its fundamental perspective. You shall learn about markets, customers, business finance, operations, communication and information technology, and business policy and strategy.

More so, in addition to developing the essential transferable or ‘soft’ skills that employers demand, I intend to help you cultivate the following strengths through business studies. The strengths you shall cultivate as you stay with me in this business studies session are:

Critical thinking and analytical skills, in conjunction with basic understanding of evaluative techniques.
The ability to develop and sustain creative problem-solving approach and sound, logical decision-making skills.
Comprehend numeracy and the ability to research, interpret and use business and financial data and information for effective decision making, management, and forecasting.
Effective understanding of organizational behaviour and structure.
Effective and persuasive written and oral communication skills.
Self-reliance, initiative and the ability to manage time, projects and resources.
Appreciation of the causes and effects of economic and other external changes, and its effect in business.

These are the top qualities that intelligent employers are earnestly seeking, since they build commercial awareness and allow graduate recruits to start contributing quickly to the growth of the organization.

SKILLS DEVELOPED STUDYING BUSINESS STUDIES

Here are some examples of the transferable skills you will develop as a result of studying Business Studies. They are not limited to your academic study and can be applied to other contexts of life. Employers' when advertising for a job vacancy often refer to them a details required for employment. They can also be used on the skills sections of your CV to demonstrate the broad range of qualities you have to offer to any business and or political organization.

Ability to communicate effectively
Ability to analyze and select information
Problem solving potential
Ability to understand numeracy and interpret numerical data
Potential for teamwork/project work in groups
Ability for effective report Writing
Acquisition of basic computer literacy
Ability to meet with deadlines
Potential for effective time management

The business studies session shall offer the opportunity to access business studies course structure and design of assignments to also boost your capacity for being employed. There are professional and well researched presentations, group work, independent projects and business simulation activities to give you ample opportunity for development.

The business studies session is fundamentally a training platform for business education. Therefore, consider the skills developed on this training as well as through your other activities, such as paid work, volunteering, family responsibilities, sport, membership of societies, leadership roles, etc as great resource for business mastership. Think about how these can be used as evidence of your skills and personal attributes.

This will enable to:

· Start to market and sell who you really are.
· Identify what you may be lacking and
· Consider how to improve your profile.

The business studies session is designed to be both academically challenging and vocationally relevant, providing a sound foundation and mastery of a variety of business related careers. The business information here provided will enable you to improve your academic and business performance, gain conceptual understanding and an appreciation of business in real life. I have establish these dual approach to essentially equip you with the intellectual and professional skills necessary for success in any business related vocation or career you may choose to undertake.

To explore the potential of business studies, click on the links below:

1. Business.

2. Business management.

3. Business economics.

4. Business law.

5. Business communication.

6. Accounting.

7. Banking and finance.

8. Economics.

9. Commerce.

10. Business technology.

11. Business quotes.

12. Business cards.

13. Business theories.

14. Business financing.

15. Business documents.

16. Business school.

17. Business mentoring.

18. Business books.

19. Entrepreneurship.

20. Business tips.

21. Business training.

22. Apprenticeship.

23. Business articles.

24. Concepts.

25. Business ethics.

26. International business.

27. Insurance.

28. Buy a business.

29. Business writings.

30. Business environment.

31. Women in business.

32. Business and management.

33. Business psychology.

34. Business and society.

35. Business and leadership.

36. Free business resource.

37. Business associations.

38. Business partnership.

39. Business and ICT.

40. Business news.

41. World economies.

42. Business and politics.

43. Small business.

44. Successful entrepreneurs.

45. Production.

46. Corporate responsibilities.

47. Budgeting.

48. Business location.

49. Business structure.

50. Business model.

51. Business intelligence.

52. Business organization and objectives

53. Business operations.

54. Managing people in business.

55. Business structure.

56. Budgeting.

57. Business statistics.

58. Franchising.

59. Business learning and practices.

60. Business ownership.

61. Business journalism

CAREER RELEVANCE AND EMPLOYMENT OPPORTUNITY

Certainly, a degree in business studies contributes to the career development of a business study graduate in two fundamental ways, namely:

1. The development of cognitive skills (critical thinking, analysis, paraphrasing and evaluation) and also ICT skills ( presentation skills and basic numeracy)

2. The ability to explore how business organizations think and work and develop your understanding of the function and contribution of such specialism as marketing, human relations, operations and finance.

These skills and knowledge are recognized by employers as being of great value for work in management and business or in specialist areas concerned with offering guidance to managers, e.g. management consultancy or business journalism. A degree in business studies is an innovative and accessible introduction to the world of business that equips you to follow a number of career paths. If you already have some personal knowledge and experience of managing in an organization and are specifically interested in developing your management skills, the business studies session has enough business information to help in your career pursuit.

JOBS WHERE A BUSINESS STUDIES DEGREE MAY BE USEFUL

The following are some examples of jobs where a Business Studies degree may be useful. Take a critical look at them and you will discover that your business studies degree can make you truly relevant to the economy of any nation.

Accountant
Management Consultant
Marketing Executive
Retail Manager
Sales Executive
Stockbroker
Systems Analyst/IT Consultant
Market Research Executive
Human Resources Manager
Public Relations Account Executive
Advertising Account Executive
Banker, Retail/Investment/Commercial
Building Society Manager
Buyer, Industrial/Retail
Company Secretary
Commodity/Futures Broker
Distribution/Logistics Manager
Insurance Underwriter
Recruitment Consultant

To learn more, visit graduate career map

The business studies session is structured to give students, lecturers, professionals and entrepreneurs a solid grounding in basic business concepts, models, ideas, and methodologies of business with an opportunity to attain and sustain specialization in areas of interest or career aspiration.

Having a good business idea is good, but making that business concept to be highly successful requires some fundamental understanding and application of business knowledge. You need to know and apply what makes business to succeed in order for you to fully experience success in business.

Getting ready to do business means you are getting ready for change; a change that will dramatically make you responsible for your present and future financial stability. Therefore, knowledge of economics, finance, management, operations is critical factors that will enhance your success in business. You must know how to communicate, analyze, identify problems, ask questions and reach for creative and sustainable solutions. In addition, your success will depend to a large extent on your ability to be versatile, to work collaboratively and also to think globally. Business studies are your passport for success in business!

If you find this session helpful, please kindly give your opinion on the feedback page, blog about it, bookmark it or post your comment below. Your feed back is highly needed to enable me serve you better.

For personal consultation contact me. You can also take advantage of our courses, visit Charles Sturt University and helpful resources to improve on your self, career and or profession.

For more information, please visit our home.

Persistently press toward the mark!

Book-Keeping facts for small business Beginners

2011-03-14T04:58:00.000-07:00

Every small business beginners must keep abreast with some fundamental bookkeeping facts in order to maintain success in business. Business thrives on the wheel of information which only effective bookkeeping and records keeping can provide. One of the essentials of these records is the financial records. In this article I am going to build around the context of recording financial transactions.

1. Reasons for effective and efficient record keeping: The first bookkeeping fact for small business beginners is to understand the reasons for effective and efficient record keeping. All businesses need to keep records of their financial transactions for several practical reasons. These reasons include but not limited to:

· Knowing your financial situation: You need to know how well you are doing, whether you are making or losing money, what money you have in hand, and what money is owed to you and by you. If you endeavor to keep up-to-date records you will have a reasonable idea of your company’s financial health.

· Legal requirement: People keep record because the law requires them to do so. You are required by law to keep to all the documents - bills and receipts - which form the basis of information on your tax return for six years. This record includes petty cash records, bank counterfoils, and goods in and out records.

· Tax returns Matters: To be able to make adequate tax returns, people keep record. You need to show the taxman, bank manager and any investors how things stand within the company.

· Business turn over evaluation: It is important you know your turnover, precisely. For instance, in some countries if you turnover more than a certain amount in any twelve-month period, you are obliged by law to register for VAT purposes within 30 days of crossing this threshold. Failure to comply can result in heavy penalties. After registration, you need to keep accurate records for the VAT man.

· For witness Purposes: The life we are living in today is full surprises. People lie with impunity and make you suffer for what you know nothing about. But if you have records of that transaction, it will become an evidence to save from trouble.

There are several inexpensive book-keeping packages on the market that make book-keeping an easy experience. However, you can use a simple spreadsheet or literally keep records where you write down the money flowing in and out of your business under different headings. Record keeping is one thing, interpreting the figures is another and both are fundamental to the health of your business. This is where the services of an accountant become fundamental. However, you can save yourself a fortune in accountancy fees by keeping well organized records.

2. Audited accounts: Auditing your account is another bookkeeping fact you need to understand as a small business beginner. Do you need to get you accounts audited? Sole traders and partnerships do not have to get their accounts audited by a qualified accountant. But if your company is a limited company you do not need to have your accounts audited if your turnover is below a certain threshold, though you must still file your accounts at Companies House. As a small company, you can file a shortened balance sheet and special accountant's report if you choose.

3. Categorizing income and expenses: Make your business life simple. Get all the confusion out of your business. Give each sales invoice a unique reference number and file them in that order. Do the same for purchase invoices and receipts. Keep all this paper work in two sets of files, one for sales and one for purchases. That way you can track paperwork quickly in the face of a tax or VAT inspection.

· Money in: Create one section of your cashbook for all the money you have been paid. Start from the left of the page, assign columns for the date of the transaction, the amount received, the customer’s name and your own invoice reference number.

· Money out: Create another section in your cashbook for all the outgoings. Start from the left of the page, assign columns for the date of the transaction, your cheque number, the supplier or payee you have paid the money to, the amount you have paid, the reference number you put on the supplier’s invoice and finally, a column for petty cash (which you draw from the bank).

· You will also need to keep a note with details of each transaction: Divide expenses up into columns with headings such as: cost of sales, rent and rates, utilities, insurance, wages, telephone, stationery, travel, postage and so on. At the end of the tax year, you can add up the amounts under headings to get a breakdown of your expenses for the taxman.

4. Keep on top of cash flow: Try at least every month to do ‘bank reconciliation’. This involves taking the previous balance as shown in your bank statement, adding all payments in and subtracting those you have made. The new balance is your new bank balance. If it does not, either you or the bank has made an error.

To keep a more accurate measure of your financial health, keep a running total of your cash balance at the same time as you enter money in and out. You do not need any special knowledge or qualifications to keep the books of your own company. The only hard part is being disciplined about doing it regularly.

5. Petty cash: If you have a petty cash float; keep a sheet of paper petty in the cash box on which you note down every purchase. Always get a receipt for every item and staple them to the sheet of paper.

Whenever you put more money into petty cash, update the new balance onto a new record sheet and transfer the old sheet and its receipts to your folder of expenses receipts. You can keep a keep the float at a constant N5,000, either in cash, or cash plus receipts. When you need to top up the cash, only put in as much as you need to, to take it back to N5,000 mark again, and remove all the receipts to enter into your records properly.

If this article has made sense to you, kindly post your comment below to share your views with other visitors of this site. Your comment is highly appreciated.

Wishing you the best in business!

Setting up a Basic Small Business Bookkeeping System

2011-03-14T04:47:00.000-07:00

Strategies for setting up a basic small business bookkeeping system are valuable information for all serious minded entrepreneurs. It prepares a formidable foundation for effective financial management. The first step in effective and efficient financial management is to set up your own basic bookkeeping system. How do you do that? You do that by choose a simple record-keeping system that is easy to understand. This record system should be simple to use, accurate, reliable, and consistent and condiment with all the features that will enable you to provide information on a timely basis. This will help you to see how well the business is progressing.

The most useful system for a small and start-up business is generally based on the principle of “one-write system” since it captures information at the time that individual transactions take place. It is an efficient method that enables to computerize information, it is compatible with electronic data processing, and has the capacity to eliminate the need to recopy data.

It is very fun using it, however, if you do not understand book keeping, it is advisable you employ a knowledgeable accountant to set up your books of records following the principles above.

Quicken and QuickBooks are two basic software systems that are inexpensive and user friendly. They allow business owners to quickly and accurately handle regular financial record-keeping tasks like a pro. If you want a dedicated bookkeeping system, you can visit a software manufacturing company to figure that out for you.

Well enough of the talk let us get down to business. In this article I am going to share with you five fundamental bookkeeping journals. They are as follows:

1. Sales journal: This is a bookkeeping journal that shows the business transaction, date, for whom it was performed, the amount of the invoice, and sales tax (if applicable.). It is sometimes subdivided to indicate labor and goods.

2. Voucher register: This is a record keeping register used to show record of bills, money owed, and the date of the bill, to whom it is owed, the amount, and the service provided.

3. Cash receipts: This is a record keeping journal that is used to show the amount of money received, from whom, and for what.

4. Check register: This is a journal of record keeping that shows each check disbursed, the date of disbursement, check number, payee, the amount of money disbursed, and for what purpose.

5. General journal: this is a record keeping journal that provides a means of adjusting entries in the other four journals.

6. Payroll records: This is a journal that shows the record of the amount paid to employees. It indicates bonuses, tax deduction, basic salary, overtime, etc. Together with above, you have all the information necessary to complete tax reports and returns as they come due. At the end of each annual accounting period, all the information for filing your tax returns will be at your fingertips. The figures from these journals are all you need to prepare your Financial Statements.

For you to set up a formidable bookkeeping system, these journals are fundamental requirement. It offers the privilege of upgrading to more advance levels. This system can later be converted to an accrual method of accounting by simply journalizing accounts receivable, payable, accruals, prepaid insurance, etc.

While setting up a small basic bookkeeping system, it is important to maintain two updated sets and keep one off the premises. Pay attention to above information and would have succeeded in having all the relevant information you need for setting up a basic small business bookkeeping system.

Wishing you a blissful business experience!

HOW TO WORK THROUGH A BUSINESS SLOW DOWN

2011-03-14T04:20:00.000-07:00

10 strategic ways to work through a business slowdown

How to work through a business slow down is fundamental knowledge for every serious minded business owner. You will lean ten strategic ways to work through a business slow down. When you are through reading this article you will be able to get your business up on its fit again and move in the direction of excellence. In running any kind of business, it is inevitable that sometimes business will slow down. There many reasons why this happens; an upcoming holiday, seasonal variations, or uncontrollable circumstances. As a small-business owner, you have a choice in terms of how you view the slowdown - it can either be a time of increased stress, frustration, worry - or you can view it as an opportunity to upgrade your business processes or improve the quality of your life. To wade through this moment of business slow down, you need to put everything in perspective and realize that your greatest opposition is your greatest opportunity for engaging the forces that brings out excellence.

I am committed in this article to introduce you to ten practical strategies for working through a business slow down. Take to heart all the instruction in this article; it will prove to be valuable in the time of need. Here are the ten strategic ways to work through a business slowdown:

1. Training and learning: Take your time to invest in additional training/learning program. The period of business slowdown is a great time to upgrade your knowledge and skills; you have the time and the incentive. Take classes, you are your skills, learn more about your industry, become even more valuable to your customers by adding new products or services based on your new knowledge.

2. Employ aggressive marketing: For your business to grow and make more money, you need to embrace aggressive marketing. Research and Statistics suggest that new businesses should spend about 40-60% of time in marketing and related activities. In the period of business slowdown, it is always a good time to create and launch another marketing initiative. It is important to continue to promote your business creatively and cost-effectively. There can be no better way to spend a slow period than in taking actions to attract new business and also taking action that will keep worry or stress from overwhelming you. This will lead us to the third point worry free living.

3. Embrace worry free living: Worrying over the slow pace of your business will never make it improve. In fact you can worry for one hundred years and see no meaningful result than killing your self and ruining your business. In the time of business slow down, count your blessings and be grateful to God. Relax your mind and listen to divine instruction and you will receive rare insight that will make you a winner in the end. Take satisfaction in your accomplishment and feel good about your business. Use this time to catch up on some sleep, read a few good books, in short, take some time off for rest and relaxation. Sometimes, time away can help spark creative ideas or profitable insights.

4. Get ahead: Tough time stops the mediocre, but inspires those who are determined to succeed. Use slow time to get ahead on weekly or monthly projects. Look ahead to future months and see if there are any steps you can take, today, that would position you more solidly in the future. This can help you feel more in control as the pace picks up again.

5. Network/socialize: Too many business men do not take time to connect with others. So in time of businesses slow down they have no body share their experience with. This is an error of the greatest magnitude that needs immediate correction. Use this period of business slow down to get out and meet more people to talk about what you offer, learn what they need, help them connect with appropriate resources. Take this time to increase your contact base and to attend meetings or events you might not usually have time for. An added bonus to this tip is that you might perceive new trends in your industry and also valuable information that can help to guide your business in the path of profitability.

6. Establish and Build quality relationship: Use this time to add a little extra to the "bank account" of your important relationships. Spend more time with your spouse, significant other, child, or friends. Put some extra kindnesses into your close relationships and you will have more to withdraw at the time of need.

7. Follow up with old/existing customers: Use the time of business slow down to follow up with old and existing customers. Learn the skills needed to have and keep quality and loyal customers. Most small businesses focus more on getting new customers rather than retaining old ones. A business slow down is a great time to get back in touch with your customer base to find out what needs they have, to remind them of your service, or to offer them special discounts for reactivating their accounts. It is always easier to sell to someone who has bought from you before than to someone who has not done business with you in the past. Therefore, make the extra effort to stay in touch.

8. Offer free samples or giveaways: Use the business slow down time to offer free samples, hold contests, or offer giveaways to bring new energy and potential customers to your door. Use this time do things that will your business to attract new prospects.

9. Engage effective Planning: Those who fail to plan have inevitably plan to fail. Take time to review your progress so far, checking it against your goals, and making any necessary adjustments. Use this period of business slow down to plan for how you will tackle new projects, or expand your business or offerings.

10. Upgrade equipment and processes: Too many business owners do not know the wisdom in upgrading their equipment and processes. During a business "slow down", it is a great time to find easier, more efficient, and better ways of running your business. Upgrading your equipment will enable you to serve customers more effectively. Decide to automate parts of your sales process, or invest in additional training for your staff. Use this time to make sure you are in compliance with all the relevant state laws, or to paint your office space.

Business downtime is present a major challenge for business owners, but instead of complaining and worrying, putting it in perspective will help you to make the most out of it. Instead of breaking down you will break through because you view it as learning and an upgrading time. While occasional business slowdowns might be inevitable, these strategies discussed above will ensure that you are making the best use of the downtime; allowing you to attract and keep your ideal customers and making you and your business much better positioned to maximize your market.

If this article made sense to you, feel free to share your comment with other visitors to this site. Your comment will go a long way to make this site more interactive and impacting.

Wishing you the best in your business!

HOW TO REDUCE YOUR BUSINESS COST

2011-03-14T03:58:00.000-07:00

10 Effective ways to reduce your business costs

How to reduce your business cost is a formidable technique for business growth, expansion and profitability. In this article I am going to show you ten effective ways to reduce your business cost and make your business more profitable.

1. Networking: Networking your business with other businesses is a formidable way of reducing your business cost. You could trade leads or mailing lists. This will cut down on your marketing and advertising costs. You may also try bartering goods and services with them.

2. Bartering: Bartering is an effective way of reducing your business cost because it actually does not exchange money for money, but good for goods, ideas for ideas and services for services. If you have a business you should be bartering goods and services with other businesses. You should try to trade for something before you buy it. Barter deals usually require little or no money.

3. Wholesale/Bulk: Do you want to reduce your business cost? Then stop buying things in singles. It cost more to buy in singles than to buy in bulk. Successful business buys in bulk. You will save more money buying your business supplies in bulk quantities. You could get a membership at a wholesale warehouse or buy them through a mail order wholesaler. This does not mean you should over stock your store with goods you will not be able to sell quickly. But it means buy the supplies you are always running out of and that are in high demand.

4. Borrowing/Renting: Borrowing and renting is most effective in reducing business cost if you only need what you are borrowing or renting for a short period of time. Most business owners increase their business cost by purchasing business equipment they only needed for a small period of time. After that time, the equipment becomes a liability because it no longer has use. Buy only the equipment or machines that long term use, but hire or borrow the ones with a short term use.

5. Online/Offline Auctions: Most times you can find lower prices on business supplies and equipment at online and offline auctions. Before you go and pay retail for these items try bidding on them first.

6. Free Stuff: You should try visiting the thousands of freebie sites on the internet before buying your business supplies. Some of the information you need for growing your business are available free online. The internet is full of quality free information to help you make more money. Why try to pay heavily for what somebody has offered to all free of charge in the internet? Take advantage of internet freebees to reduce your business cost. What ever you need to grow your business, if you search carefully enough you will find it. All you need is to type in the appropriate keywords and you will see a lot of options, and moving through those options you will find the ones that address your need. You can find free software, graphics, backgrounds, online business services etc.

7. Planning: He that fails to plan, has already succeeded in planning to fail. Make a list of business supplies or equipment you will need in the future. Keep an eye out for stores that have big sales. Purchase the supplies when they go on sale before you need them. Some times they may even offer this supplies and machines for auction. Buy it and sell it when the demand is high.

8. Negotiate well: Effective negotiation is a key factor in the pursuit of reducing business cost. You should always try to negotiate a lower price for any business equipment or supplies. It does not hurt to do it. It does not mean you are poor; you are only looking for ways to reduce your business cost and maximize your profit. Trying to impress the other fellow that you are a Mr. Rich Guy will position him in a vantage position to exploit you and make more profit from you.

9. Used Stuff: All your business equipment and supplies do not need to be new. You can reduce your business cost buy buying used ones. For instance the money you will use to buy one Banded computer system can buy you about four high quality fairly used computer. You can find used items at yard and garage sales, used stores, used stuff for sale message boards and newsgroups, etc.

10. Search: Always engage your ideas and energy in searching for new suppliers for your business supplies and equipment. Look for suppliers with lower prices and better quality. Do not just be satisfied with a few, look for many and compare their prices and quality of products and services.

Friend to make profit in business you must be able to learn how to reduce business cost. If your business is always buying supplies and equipment at a high price, your production price will be high and this will prevent you from offering your product and services at a more affordable price. Following the above mentioned suggestions, you will be able to reduce your business cost and make more money in your business.

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See you at the top!

Bookkeeping Mistakes Made by Small Businesses

2011-03-14T03:35:00.000-07:00

Gravest bookkeeping mistakes made by small businesses is a must read for every serious success minded entrepreneur. These are mistakes that are silently killing their efforts in business. From research and observation, I have discovered that both a one man business and the one employing 100 employees need bookkeeping for maximizing their business endeavors. Though, bookkeeping is not typically among the most prestigious jobs around, it is the heart of the success of any successful business organization. However, it is sad to note that most of these businesses make serious bookkeeping mistakes that are sapping of huge fortune unknowingly to them.

In my resolve to always bring to you quality information that will enable you to make the most of your business endeavors, I am going to share with you ten gravest common mistakes made by small businesses. I want you to take a good look at them and avoid them like a plaque. They are as follows:

1. Lack of communication: Most businesses always make the mistake of paying someone a bonus and not reporting it or buying supplies and not providing the bookkeeper with the information or receipts. With time this lack of information will begin to tell on the success of the business. Lack of information brings great frustration to business documentation. You may have well experienced book keepers, but if they are not are not filled in and kept up to date on all financial transactions, they will not be able to produce effective and efficient bookkeeping.

2. Doing it yourself: Trying to do everything by your self is detrimental to the success of your business. It is very funny to note that no matter how much they hate it, many small business owners insist upon handling the books themselves. Some of them take it to the extreme by hiring a competent book keeper, but never allow them to handle the bookkeeping task of their business. Friend never make such mistake, it will cost much. Employ a competent bookkeeper and allow them the freedom to handle all your record keeping for you. This will be extremely beneficial in that they have the skills to do the job quickly and efficiently and will provide a second pair of eyes to find errors and make suggestions where appropriate. Use that spare time they have relieved you to concentrate on other relevant areas of your business where you lack capable hands.

3. Improper classification of employees: Most business owners engage in the stupid act of the proliferation of independent contractors, consultants, and freelancers in such a way that make it difficult to determine who is on staff list and who is not. These inevitably lead to misfiling when it comes to filing taxes since there are different rules and regulations for employees and non-employees. If your business must succeed you have to get rid of all these confusion. Get your business properly organized so that your bookkeepers can carry out effective and efficient bookkeeping exercise in your business organization.

4. Wrong categorization or over categorization. Wrong categorization is a fundamental gravest mistakes made by small businesses. Everything just lumps up together in a bundle of big confusion. No order, no pattern and no standard. There are fairly standard categories for expenses. Most cases, expenses are entered into the wrong categories or too many categories are created which in turn creates a lot of confusion for the bookkeeper. Wherever, there is no organization, confusion breeds and failure becomes inevitable. To avoid this mess, use general bookkeeping guidelines for standard categorization and create as few new categories as possible. When you try to follow simple accepted accounting principles, you will be able to avoid this confusion and position your business in the path of success.

5. Lack of Backup. Much vital information has been lost because business owners did not see the wisdom in having a separate back up of that information. It is important to realize that we are in the 21st century, and as such we are no longer in the age of paper work. Everything in record keeping is done electronically. The paperless office does not exist in the real world, where audits do still exist. A paper trail, documentation or verification in the form of backup documents should be available, especially if all files are on the computer system, which could be prone to technical problems. Where you do not make duplicate copy available in a form of back up stored separately from your computer hard disk, you will stand the chance of losing your files should your computer experience a technical fault that affects its hard disk drive. Therefore, you can get a back in a flash drive, or better still buy an external hard drive to store all relevant records of your business.

6. Not keeping records of receipts of small amount: Many business owners do not keep records of less than $75 because they feel it will not be required by the IRS. That is a grave mistake killing your business subtlely, and that is why you are not noticing its effect. If you do not stop it now, it will frustrate your business by creating a problem that will cost you more in the future. This information is needed to provide backup documentation for the many deductions you may claim. It is very simple to have a folder for such receipts; they will definitely prove valuable at tax time.

7. Ignoring the tracking of reimbursable expenses: Most times small business owners often pay for expenses out of their pocket or with their own personal credit card. When they do this they often make the mistake of failing to track these expenses. They then fail to submit the expenses to the company for reimbursement. Since this was not submitted to the company for reimbursement, this expense does not go into the company record as expenses. This affects the company because at the time of records evaluation, it will not be available to aid decision making. As little as this error it makes the company come to wrong conclusion in terms of financial evaluation.

8. Inability to reconcile the books of records with the bank statement each month: One of the fundamental aspects of bookkeeping is reconciling the books of records and bank statements every month. As important as this exercise, there many business owners who do not see the need to do it. Those who dare to do it, fail to do it properly. To solve this problem try to hire a good and experienced bookkeeper.

9. Ignoring the deduction of sales tax: A common mistake in retail businesses is failure to deduct the sales tax from the total sales. This gives a false impression of a higher total sales amount and does not lower the amount of taxes due. This is a grave mistake you need to guide agaist.

10. Petty cash nonchalance: Many businesses and offices are nonchalant about using the petty cash fund without keeping accurate records. To avoid the damaging effect of this attitude, a system should be set up whereby a set amount of money is in petty cash and each time money is taken out for any purpose, a petty cash slip is filled out. When the fund is exhausted, the slips will total the original amount and a check can be written to cash to set up the full amount again

Friend, I hope you have learned much from the above gravest bookkeeping mistakes made by small businesses. No matter how we try to justify wrong actions, it will never prove to be true. It is the refusal of men to stop attending the school of foolishness that makes them graduate with a degree in misfortune. Do your best to avoid these bookkeeping mistakes and your business will experience tremendous beneficial changes.

1. Essential Components of Bookkeeping sytem]

2. Importance of Bookkeeping and Records

3. The importance of good business records

See you at the top.

THE IMPORTANCE OF GOOD BUSINESS RECORDS

2011-03-12T03:25:00.000-08:00

Good business records are a fundamental task for the effective organization of any business enterprise for intelligent business decision making. However, most business owners do not see the need to for updated record keeping in their business. They argue that they do not see the need for record keeping since it does not directly contribute to the success of their business. What an error! Those who have such argument always make reference to some successful business they know that does not keep up to date records but yet they are successful because they have a good product and an aggressive marketing team to convert every prospective customer into a buying and paying loyal customer.

If you are reasoning along this line you are half correct, but there is one thing I want you to know. The fact that those businesses are making good sales does not mean they are doing everything right. It does not also mean that their lack of good records will not plaque them in the future. A time will come when they will need information to evaluate their business and make intelligent management decision, then they will realize the importance of keeping good records. As a serious business man who does not appreciate the handicap occasioned by lack of adequate information, it is very wise to ensure you take seriously record keeping.

Do not be like most business owners who view bookkeeping as an exercise that they go through for the reason of tax return. Such mental attitude can course you a fortune. Therefore, to help you come up with the right mental attitude in regards to good record keeping, I am resolve in this article to help you understand the importance of good record keeping. When you are done reading this article, you will take more seriously good record keeping in your business organization. If you need more help in knowing how to design a good record system see my article titled “element of effective book keeping system” Good records keeping enable you:

· To be able to know if you are making or losing money in general and on specific jobs or product sales.

· To be able to price your product accurately. Good record keeping will prevent you from selling your products cheap. A lot of business are making a lot of sales but they are not making profit because they do not keep records to enable them evaluate their business in terms of sales and expenses.

· To know your cash flow both short and long term.

· To be able to work effectively and efficiently with bankers.

· To enable you make the tax agencies know how you are doing in business.

Let us at this moment examine each of the points highlighted above in a more detailed manner. You will come to realize that any business owner who does not take good record keeping seriously is really creating damage to himself, his business, and ultimately positioning both at a disadvantage position for productivity, impact, and exploit. Let get going!

Knowledge of profit and loss: It is very important for any business owner to know if his business is making or losing money. But how can he know? Can he just wake up one morning and make his business provide profit and loss information from nowhere? Of course not! That is my point! Well, even after you price your product, you have to know how your pricing compares with reality. If you are making some bad decisions with your pricing, and you wait until end of the year to find whether you have lost or made money, it may be too late to do anything about it.

Running a business profitably is not playing the game of childishness; it is tough. It can take a long time for some of your decisions to prove right or wrong, even with good record keeping let alone if you have none. Therefore, give your self a break, get your records organized and at least be paying attention to it on a daily and monthly basis so that you can see what is happening in time and effect the required changes. “A stitch in time saves nine”

Effective and efficient product pricing: Product pricing is the first single most important thing you have to do in business. You have to charge more than it costs you to produce your products hence you will be trading at loss. To be able to price your product effectively and efficiently, you will need records that that inform you of the number of employee in your business, the amount of loan you are paying back to your lenders, your workers compensation bills, your electricity bills, your rent, product liability insurance, local council bills, advertising, etc.

There is a long list you are likely forgetting, or if not forgetting, mark downing beyond reality. If you do not have these records how can you price your product accurately and position your business for success? Pricing your products and or services without taking into consideration what it will cost you to produce and deliver those services and or products to your targeted market is a major step in the path of business failure.

Do not see this task organizing a good business records as a task you are in capable of doing. If you are determined to succeed in business you will definitely embrace it for with it you can get competitive advantage over your competitors. Nearly anyone can figure out the direct costs of their product or service - a good set of books will tell you just what ought to go into that equation for overhead, and that is the difference between profit and loss.

However, it important to note here that the need to take into consideration the cost your competitors are charging for offering same services and products should be taken into consideration. If your price is too high for the same services and products, you have given your market enough reason to make you fail. And also, try to add a touch of creativity that surpasses what your competitors are offering your market. You must give your market a reason to choose you over your competitors; you must make your self indispensable to your market.

Knowledge of Cash Flow: Good business record keeping enables you to understand and manage cash flow. While trying to write this article, I came across valuable information about the mistakes of Paula and Shawn who never understood cash flow and as a result suffer greatly for this ignorance. I want you read it and learn from their mistakes. They did not know what cash flow was until it was almost too late.

They had an incredible summer starting their contracting business. There was always money in the bank, due to customer deposits which seemingly never ended. When fall came, however, business began to slow down and Paula and Shawn took a look, in a sort of vague, starry-eyed way, at "the books."They congratulated themselves on having beaten the odds of making a business very profitable in its first year. A week later, they revised the profit estimate down to account for a loan payment they had forgotten was still due. A month later, they had to revise it down again when the quarterly payroll taxes came due that included a contribution to worker's compensation. Then there was the $2,500 check Paula had added to the checkbook by mistake, because she hit the wrong button on the calculator. Shortly after they were on their knees at the local bank, pleading for a loan to rush them over the winter, promising they could pay it back in three months. They went through hell trying to pay off the loan, but thank God they were able to pay back. One of the most important things you will learn from keeping good records is how to understand and manage Cash Flow.

Working effectively and efficiently with Bankers: You may not have thought it a wise motive to work with a banker since you started your small business. In fact you may be one of those who never want the bank to handle your money. Yes! You may also be among those who say they will never borrow money from the bank for their business. Yes! You are not the only one in these schools of thoughts. Paula and Shawn discussed above did not see the need to collaborate with a banker until they ran out of cash. They were very fortunate to find a banker who agreed to work with them, and help them learn about business while they were growing their business.

Good record keeping will enable you to get your numbers well organized before you ever approach a banker if you must stand a chance for financing. Organize your numbers on a cash flow spreadsheet before you approach a bank to ask for a business financing. If you are already working with a bank, make sure you do your best to impress them with good numbers. Give them good and accurate numbers.

For more information on getting the financing you need, click here or see my article on ‘Loan approval thought process’. With good record keeping you will see problems coming before they happen and talk to your banker about them in advance, and you will have a better chance of getting and keeping that person on your side.

Do your best to build quality relationship with your baker. It has tremendous advantage. Do not think that your relationship with your banker is adversarial by definition. It is not! Make the relationship one of teamwork and understanding. To look at your banker as an adversary from whom you should hide bad information is a huge mistake. I know most bakers do not want to be of help to those businesses that are struggling or that are just coming up. However, there are more of good bankers who are there to help you succeed in your business if they find you serious and sincere. Find a banker you can talk to and work with, and keep him/her posted, good or bad. Develop those relationships, and they will stick by you as long as they can. Looking for a bank that will help you to succeed in business? You will meet your best friend choosing Eagle Flight Micro finance Bank Ltd as your most trust worthy and dependable banker.

Accurate tax returns: Good record keeping will help you to make accurate tax returns. Use the information contained in the record books you have prepared for your decision making. If your books are done and you know before the end of the year what taxes you have to pay, chances are you can save yourself money by paying ahead, or by buying tools that you know you will need. Many business owners lacking this information make a big mistake by over stocking with goods that are not required for immediate consumption. By doing this they tie up money they could have used to pay their tax returns. Though your tax accountant can help you do whatever planning you need to do in this regard, he cannot do that in the absence of good record.

The importance of good records cannot be over emphasized. If you must position your business for success, you must keep good records. Good record keeping enable you to know if you are making or losing money in general and on specific jobs or product sales. It also enables you to price your product accurately. It enables you to know your cash flow both short and long term. Record keeping enables you to work effectively and efficiently with your bankers. And finally it enables you to make adequate tax returns and make the tax agencies know how you are doing in business. These are benefits of good record keeping I am confident any serious minded business man or office holder cannot afford to ignore.

Related Articles:

1. Essential components of bookkeeping.

2. The importance of bookkeeping and record keeping in business enterprises

If this article has been of great help to you, please kindly post it to a friend. You can also link to it, blog about it, twit about it and use it in your article publication. If you have any comment in regard to this article, feel free to post your comment below.

Wishing the best in business!

ESSENTIAL COMPONENTS OF BOOK KEEPING SYSTEM

2011-03-07T05:30:00.000-08:00

The essential components of bookkeeping system are compulsory for every small business owner who desire to keep proper records. Bookkeeping systems are the backbone of every small business. Without the proper implementation of a good bookkeeping system, the organization will lack the adequate information needed to make quality financial decision. An effective accounting system is a fundamental tool in the hand of every serious minded business owner or entrepreneur. Those who neglect it suffer, and those who embrace it have a story of success to tell.

Though some business owners do not see the need to keep abreast with facts of establishing effective book keeping system within their organization, the truth remains that it is an integral and important key in running a successful business whether small or big. It is my intention in this article to give you a proper foundation in designing a formidable accounting system. This can be used for both your offline and online business. They form the foundation upon which you will receive empowerment for the making of intelligent business decisions. They are as follows:

    1. Processes System: Process system is a component of bookkeeping System that enables the business owner to know is responsible for a specific task (Who does what) and the procedures for effective and efficient execution of task (How they do the job).

    2. Filing System: This is a component of bookkeeping that enable you to organize your files so that you can lay your hands on anyone needed at the appropriate time. Being able to lay your hands on your files or document when you need them makes your work faster.

    3. Chart of account: This is a component that shows what the numbers do.

    4. Reporting package: This is a component of bookkeeping system that enables a business owner to easy access to structural information that enables him or her to run his or her business successfully.

    5. Transactional Record System: This is a soft ware use to record financial transactions. A good example is Simple Accounting, QuickBooks and Excel.

For the purpose of the size, your business structure, your industry, your internal control requirements, your system needs to be efficient and effective. You need to design it in such a way that it becomes easy to understand and use. Following the above components will enable you to design and or choose accounting systems that will effectively and efficiently serve you and your bookkeeper.

The above five components of bookkeeping will help you in great deal organize a high impact financial tracking and accounting. Though your needs will increase as your business grows, this foundation will give you the required information to make well informed decision when the need arises for you to update your accounting systems.

Wishing you the best in your business!

LOAN TYPE OPTIONS

2011-02-03T02:26:00.000-08:00

There are various loan type options each of which has their various terms. It is important that every business owner and individual interested in accessing personal or business loan gain ample understanding of the various loan type options to enable them make a wise choice.

The different loan type options include:

1. SEASONAL LOAN: Seasonal loan is a loan type option in which payment consists of principal and interest with larger payment being made during the high season and lower payments during the low season.

2. AMORTIZED LOAN: Amortized loan is a loan type option in which each payment consists of principal and interest. The same amount is payable in a weakly, monthly, quarterly or periodical installment over a certain time period according to the terms stated in the loan agreement.

3. INTEREST ONLY LOAN: Interest only loan is a loan type option in which only interest is payable in a monthly or quarterly installment with the repayment of the principal deferred until the end of the loan. In some cases the principal are paid periodically throughout the life of the loan.

4. STARTUP/GRADUATED LOAN: This is a loan type option in which the payment consists of the principal and interest. The good thing about startup/graduated loan is that it offers the opportunity to make small installment at the beginning and increasing it by certain percent as you proceed before leveling off for the remaining year.

It is similar to an Amortized loan. In this loan type option, you do not pay the same amount over and over again over the life span of the loan facility. Installments are well spread to enable you make payment without affecting your business.

The loan type option you chose will have dramatic impact on your business and financial life. Therefore, before committing to any, make sure you review the above loan type options carefully and wisely consider the one that work best for you and your business.

See you at the top!

TEN COMMANDMENTS OF HAPPINESS AND FULFILLMENT

2011-02-03T02:17:00.000-08:00

Happiness and fulfillment is real and achievable. But this will not happen unless you understand and apply the ten commandments of happiness and fulfillment. In this article, I am glad to introduce you to the ten commandments of happiness and fulfillments. These are laws of happiness which makes every highly successful individual of the past and present unstoppable. Your happiness and fulfillment lies on the application of the commandment below:

1. You must not worry: Do not worry about the things that you cannot change nor have no absolute control over. Realize that storms come and go. Momentary pains are created and allowed to make you a better person. Instead of whining and complaining, look for the opportunity in the misfortune. Your greatest opposition is your greatest opportunity. The thought of God for your life is to give you an expected blissful end.

2. You must never be a close minded Person: A close mind is a closed life. He that closes his mind to the input of others will only be wise as his knowledge can afford. Your way is not always the best way. Remain open-minded, and do not worry if things do not go as expected. Learn to use the input from others to improve your life, business and your finances. Do not imitate, but try your best to incorporate the best in others to improve your life and your sense of self worth will empower you to produce the result that will make your life count. A man truly happy is a man truly fulfilled!

3. You must grow: Growth is not an option, but a mandatory experience in the journey for relevance and profit maximization. Never think that you have to stay where you are in life. Every new day offers an opportunity for change. Embrace the change and make a difference.

4. You must not fret over others opinion: As faces differ so also developmental background differs. Therefore, every body will never reason the way you do, and in addition human behavior are affected by prejudices and some certain degree of evil agenda. Not everyone will like you, and some people will criticize you not because you are bad, but because they do not like you for reasons best known to them. Do not allow their criticism to make you feel unworthy. Realize that you do not need the approval of anybody to be who you are and what you capable of achieving. All you need is confidence in what you carry and the mandate you have been given by God. He is always there to give you the needed support when you need him the most. One with God is majority.

When you wait for peoples approval to make you happy, then you will wait for a very long time, and you may end up never having that dream realize. Majority of folks living on earth today do not put in any effort to bring happiness to their neighbor. All they know how to do is position themselves to belittle others. Irrespective of your status today, never allow little people to belittle you. Your happiness in life should be of major importance to you than the constant mocking of little people in their little world. For more information, see my article: how to stop little people from belittling you.

5. You must not needlessly worry over your mistakes: Everybody make mistakes, and even the best of us have made one blunder in one time or the other. Therefore, you must not allow your self to be weighed down your short comings. Whenever you err, learn the lessons and forget about the details. Never allow people to abandon the lug in their eyes to make stories out of the peck in your eyes. You are not unworthy, unfit, or incapable just because you made some mistakes. Realize that mistakes are necessary for growth. If silly things were not done, intelligent things would not have been known.

6. You must take responsibility for your life: Taking responsibilities for your actions demonstrate your readiness for the enjoyment of happiness and fulfillment. Never shift blames. Playing the blame is playing the game of foolishness. It will lead you nowhere but encourage your journey into the land of confusion, frustration and un-accomplishment.

If you want to be happy and fulfilled, do not make others responsible for your happiness and inevitably hinder your fulfillment. You are suppose to be in control of your happiness and fulfillment, and you can choose to make the day a positive one by embracing the wise counsel available in this articel.

7. You should never surrender where victory is eminent: Your happiness in life is greatly determined by not giving up where your courage would prove more profitable. Despite the mountain and hills before you, try to climb them even when it seems too steep. No matter how difficult the task seems, it is better to try than to wonder if you could have succeeded. It is better to fail at trying something than to succeed in doing nothing.

8. Never judge others harshly: Do not try to make people into what they are not. When they err, do not crucify them, but give them another opportunity to change. Judge not so that you will not be judged; for with same measure with which you judge others, they will also judge you. Do not deal with people the way you think they ought to be, but relate with them the way they are. Always seek for the good in every man; never be critical and fault finding for you will see things that will encourage your constant sadness, and happiness and fulfillment will avoid you like a plaque.

In all you do try to accept other people for who they are. Just because someone is different from you, does not mean they are inferior. Everyone was created in God's image and are uniquely valuable. Create a pool of friendly energy and your happiness will be sure.

9. You must never doubt your ability and credibility: Confidence in your self, your dreams, your potential and your creator will give you the necessary empowerment for living a happy and fulfilled life. Allowing doubt into your life for a minute, brings a complete damage to your sense of self worth, and invariably truncate your growth. You should always have faith in yourself and refuse to give the negative voice in your head an audience. Put a way from your side anybody that is well pleased in constantly draining your energy with negative opinion about your ability to excel. Whatever you affiliation, remove your self from such environment and your happiness and fulfillment will be sure. It is more profitable to be in an environment where you are celebrated than to be where you are tolerated and intimidated.

10. Never try to fix the world: No matter how hard you try, you can never be able to fix all the worlds’ problem. But if you concentrate in making your life better, by example you can positively affect your family which can transfer the force of change to your community and together impact the world in a unique way. It is good to help others, but remember that you cannot fix everyone's problems.

Friend, to live a happy and fulfilled life, you must as a matter of great importance study and implement the ten commandments of happiness and fulfillment.

To learn more about how to develop this important skill click here.

If this article has been of great help to you, kindly post your comment below. You can share this with your friends, and together we can help create a pool of happiness that will empower us to live a well fulfilled life.

I wish you all the best in life!

LOAN APPROVAL THOUGHT PROCESS

2011-02-03T02:08:00.000-08:00

Loan approval thought process is a fundamental understanding which every business or individual who desire to access financing for his business or personal purposes must be abreast with. Every lending institution has basic thinking process for determining the loan proposal or application to honor. Therefore, before you approach any bank or lending institution for a loan, it is wise you take out time to understand their thought process and structure your loan proposal to give answers to the question they will like to find answers to.

This is fundamental because firstly, the person or bank you are going to meet for a loan may follow similar though process and you will need to provide the important information they need to assess you and your business.

Secondly, you will be demonstrating your business knowledge and professionalism by providing this information before they ever ask of it. This intelligent action will increase your chances of getting the loan you are requesting for. By providing this information, you also make their work easier, and simultaneously demonstrate to them your knowledge in financial matters. Since you can speak their language, you will get along with them better.

The following loan approval thought process of a traditional lending institution will be of great help in helping you structure an attractive loan proposal document:

1. THE PRESENCE OF A FEASIBILITY REPORT: Every lender wants to see a feasibility study of your business. They need this to understand your business and ascertain its profitability and your expertise and management potential.

2. DETAILED BUSINESS PLAN: This is a blue print for the execution of your business. It must embrace all aspect of your business. Lenders want to see a business plan that includes income and expenditure projections for the first three years of operation.

3. MANAGEMENT: Management experience and expertise are fundamental thought process of a lender. Lenders need a certain feeling of assurance that a borrower has the necessary background and skill needed to effectively operate the small business.

4. CASH INJECTION: Financial institution wants to know how much money the borrower has at risk. Some banks will require a third part of the money, while others require between 20-40% of the total cost of business funds to be covered by the borrower.

5. PERSONAL CHARACTER: In addition to your expertise, a financing institution will also try to understand who you are as a person. In carrying out this exercise, some banks and individual lenders will conduct background checks that include detail information about you. They want to know if there is any previous case of litigation or bankruptcy.

6. COLLATERAL: To reduce their level of risk in case of default, financial institutions often require a borrower to provide collateral to secure their loan. This can be office equipment, account receivable, buildings, landed property, or insurance policy depending on the amount of loan in question.

7. PERSONAL FINANCIAL STATEMENT: Financial institutions like to see your personal financial statement of account. They like to see a list of personal assets and personal liabilities. In preparing your financial statement of account, do not include debt paid by your business; include other sources of personal income.

8. CREDIT HISTORY: Lenders will like to see a good credit history. However, in some cases, there are some credits issues that you cannot afford to ignore. When it does happen, an explanation will be required and that you must honestly and intelligently give. Though, different lending institutions and individual lenders have different level of tolerance when it comes to credit issues, your honest explanation will give you a good position.

Whenever you want to approach a bank and or personal financial institution for a loan, try to include the above points into consideration. Provide a good evidence to convince them that your business need financing, and also that you have all it takes to manage the fund and stick to your repayment agreement as will be stipulated in your loan repayment plan. Once you are able to understand the loan approval thought process of a traditional lending institution, your loan application will receive a favorable consideration and approval.

Wishing you all the best!

HOW TO ACHIEVE SUCCESS IN BUSINESS

2011-02-03T01:50:00.000-08:00

Learn some highly effective but most ignored ways to achieve success in business. The understanding and application of these practical ways will give your business more competitive advantage over competition. A business is an organized and legally structures money generating activity. Every business has potential which if maximized can create growth and release wealth for the business owner. To achieve success in business you must learn how to maximize the potential of that business. These potential may be in terms of markets, quality of products or services, technology application, resourceful employee, specialized knowledge, access to finance, favorable governmental policies and or affiliation, friendly environment, effective leadership, etc. All these add up to give your business a competitive advantage that enables you to make more money.

The following tips can be of immense assistance in maximizing the potential of your business and achieve success in business:

DELEGATION: Though you can do all things, but to achieve success in business you must only concentrate your effort in doing all those things that are essentially necessary for your business growth. Trying to do all things by your self will exhaust your strength and creativity. Never do anything you can pay somebody else less money to do. Try to create time for refreshing and relaxation.

Some business owners have the habit of doing everything all by themselves because they have concluded in their heart that nobody can actually satisfy them. Even the smallest things that subordinates can successfully do are done by these business owners. Even if they employ somebody to do it, they end up doing the job themselves. If this describes you, please stop this madness; do not kill yourself before your time. Learn to appreciate what others do. See in people the capacity to do more than what you can do. When you try to do everything all by your self, you get your self ware off, you become ineffective, but when you focus and spend your time and resources on developing and refining your systems and or generating revenue through sales and marketing your business becomes successful.

Summarizing this point, I want to state that you should concentrate all of your energy in focusing on money making activities and delegate the rest to other capable hands trusting that they will help you see it to logical conclusion in an effective and efficient manner. You may actually think that you are saving money by trying to do all things by your self, but in reality, it is actually costing you more because you will losing more profit. You will be delaying in satisfying your customers. Customers are greatly satisfied and business grows where the business owner can actually develop many subordinates through whom he can accomplish more excellent results. Business does not succeed by engaging in too much activity, but by producing results.

LEVERAGING: Leveraging is the process of duplicating high-value item or skill at a much lower cost. All millionaires and billionaires of history succeeded because they employ leveraging as one of their strategies for achieving success in business and or a field of endeavor or calling. The world has enough of the rich, the middle class and the poor alike, but what is responsible for their varying position in the society? They all have the same 24 hours a day, they all experience rainfall and sunny days; they live in the same planet called earth; witnessed opportunities. But why are some people rich and others so poor that even the poor call them poor? Is God wicked or partial in his dealings with men? Of course not! The great dichotomy between the rich and the poor is that the rich consistently and persistently applies principles which the poor and middle-class do not apply. One of those great principles is leveraging. The rich are rich because they learn how to manage to earn an enormous amount of money by effectively using leveraging. They leverage themselves in every aspect of their lives. They create culture of attitude that makes their time, their money, their marketing and their systems to work for them.

The more you work on your manufacturing, production, selling and marketing systems, the more leverage you will have and the more money you will make in your business.-BRIAN SHEER.

EFFECTIVE SYSTEM: This is making the complex seam easy. When you create procedures for what to do, how to do it, when to do it, and where to do it, you are inevitably creating a consistent quality and high performance business. Consistently and persistently doing this enables you to create and duplicate yourself in different useful ways. This consistent and persistent quality brings great services and more repeated business.

When a good system is created in your business it empowers less skilled workers to perform efficiently high and complex tasks. In this case, you build a culture of business operation that is powered by the process of machinery and procedures thereby freeing your time to concentrate on only the highly operations that machines cannot do. And your business will begin to flourish, succeed and create a regular stream of wealth to your bank account.

USEFUL RESOURCES: Every business has a cluster of useful resources in terms of brain power resident in all the individuals involved in the business. These brain power forms a data base of useful information of some sort of expertise in specific areas of the business operations. Every business owner should tap from and draw from this reservoir of knowledge to drive his or her business to achieve success. The imagination and experience of all the people involve in your business is crucial in achieving business success.

Never put your employee in a closed box system determined by their job specification. Create the opportunity and freedom for creativity and innovativeness to be celebrated so that your business can profit wonderfully from their differing expertise. Every business grows by the application of profitable ideas and these ideas come from people.

Your employees are your greatest assets. Therefore, train your workers just as you would train yourself. You have to commit to the development of the total workforce. In so doing you are building your business to a position of being indispensable.

CONCLUSION: Achieving success in business involves the utilization of your business competitive advantage. Delegation, leveraging, effective system and your employee brain power will take your business to a high level of profit maximization and significance in your various areas of concentration.

If this article has been of help to you in some ways, please kindly post your comments and contributions. Do you know some other ways of achieving success in business? Please, feel free to share it with us.

You can keep a date with me on facebook: http://www.facebook.com/precious.ogholaja and twitter: http://twitter.com/#!/BIZMOTIVE

Wishing you the best in your business endeavor!

AFFILIATE SALES

2011-02-03T01:28:00.000-08:00

WELCOME TO THE ARENA OF GREAT RESOURCE!

Get all you want for your business, education, finance, motivation, wisdom, career, management and personal development.

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COMPONENTS OF A STRONG LOAN PROPOSAL

2011-02-03T01:04:00.000-08:00

Components of a strong loan proposal is what every business man should be abreast with in order to be able to prepare a good argument in a situation of seeking financing for his small business. When approaching a lender for money, it is important that you develop a strong loan proposal that backs up the some of money you are requesting with facts and figures. Without these facts and figures you may be turned down even if your business idea is profitable. Many business owners are turned down by lenders not because their business ideas are not marketable, but because they fail to present facts and figures their lenders need to adequately evaluate their business and ascertain if they have the financial capacity to repay their loan if granted. Merely asking for a loan is a guarantee that you will be technically turned down. Therefore, it is imperative that you prepare a strong loan proposal whenever you are approaching any lending individual or institution.

To enable you put this together in an effective and efficient manner, I am going to show you the components of a strong loan proposal. When carefully applied will enable you to easily access financing for your small business start up or expansion. The components of a strong loan proposal include:

1. BUSINESS OVERVIEW: Give detail description of your business. This is include the line of business, its products, its market, your market share, your marketing strategies, your competition, your strategies to overcome competition, your distribution channels, your challenges, your expected return on investment, your break even analysis, your profitability quotient and the environmental impact and control of your business.

Lenders want to know all these to enable them understand your business and it’s earning capacity. Without this understanding they will find it difficult to loan you the money you are requesting for. No lender wants to throw his or her money into an unprofitable business, so you must be able to convince them beyond every reasonable doubt that your business is profitable.

2. FINANCING OVERVIEW: This is a detailed description of your financing need. Every lending institution and lender wants to know exactly how much your business need. Do not only state how much your business need, but demonstrate graphically with figures how this money will be appropriated. Determine and state your business start up and operation costs. It is also important at this point to tell your lender or financier other sources you are using to obtain financing, if there is any.

3. LOAN TYPE: You should be able to state the loan type that you need and stick to its terms. Before choosing a loan type it is important that you review and understand the advantages and disadvantages of the various loan options. This will enable you to make the right choice by determining which loan works best for financing your small business.

From start-up business loans to seasonal loans, the options of loan facility you propose have great impact on how you will repay it. Their terms are different. No financing institution should be allowed to impose on you financing options that will frustrate your business. For your business to grow it most operates under a flexible and favorable financing terms. Make sure you seek the counsel of a knowledgeable accounting firm or a reliable deal maker in your pursuit of gaining finance for your small business.

4. OUTSOURCE LOAN SERVICING: Use a loan serving company to mange the repayment process where you lack the capacity for effectiveness and efficiency in this regard. The repayment process includes payment processing and record keeping. This does not display your inability to manage the business funds, but it goes a long way to reassure your lender or financier that they won’t have to deal with awkward conversations that might inhibit your relationship.

5. EFFECTIVE AND EFFICIENT PAYMENT LAYOUT: Carefully state how you intend to repay your loan. Based on the loan option you selected. An inclusion of a well reviewed sample payment schedule will be of great value in showing potential financing institution or individual how you intend to pay the loan. To prevent default I will advice that you use a loan repayment plan that involves installment payment structured around a flexible duration. This will give the business enough space to grow.

If the amount you are paying out of your business is too much, your business will be financially starving and you will not be able to embrace other profitable business opportunities that will enhance your financial standing. Do not use more than 40% of your business profit to service your loan repayment. Remember, your business needs liquidity to be able to judiciously pay your loan.

6. LEGALLY-BINDING LOAN AGREEMENT: Ensure that you prepare a legally binding loan agreement. This will protect you in case of future argument. It will be your evidence on any issue bordering on confusion and controversy in the process of making payment according to the provisions of your loan repayment schedule. Let your potential financing institution, and or lender review and sign an actual loan agreement legally prepared by an attorney specialized in handling financial matters. Seeing an agreement in writing will show your commitment and make potential lenders, and or financier feel comfortable about giving you the loan you need. It will also act as a check on their actions in the process of making your payment.

7. COLLATERAL: Where the money requested is big, it is wise to include a list of what you are willing to use as collateral to secure the loan. By this single act you are demonstrating to your lender that their investment in your business is protected. This should be clearly demonstrated in a tabular sample worksheet.

To finance your business you need money, to get this money you will need to contact those who have it. To make those who have the money to give it to you demands your ability to organize yourself in a way that tells them you are serious about getting the money. The above components of a strong loan proposal are your answer to accessing money to finance your business with ease.

To your business success!

HOW TO ATTRACT, CREATE AND MAKE MONEY

2011-02-01T09:47:00.000-08:00

11 WAYS TO ATTRACT, CREATE AND MAKE MONEY

Eleven Ways to attract, create and make more money will take you from where you are now financially to a more enviable financial status. Making more money is a function of realization. Realization opens your eyes and your mind to financial energies that forces your mind to be attuned to the forces of riches.

Money is a veritable tool for the acquisition of any good thing that the world offers. Think of all the good things that life offers, and you will discover that money makes all these possible. Money is so important to enjoyment of the best that life offers that the bible affirms, “….Money answers all things”. That means money makes possible the acquisition of all the good things of life. You can have all the best idea in the whole world, but without money it will never materialize. For your dreams to be fulfilled, either you or somebody who is financially viable has to commit his or her money to see the realization of that dream.

Therefore, to make money available for the accomplishment of life’s purpose, you must muster up all your energies to learn how to attract, create and make money. In order to help you in this journey of financial transformation, I am going to share with you eleven ways to attract, create and make more money. It has helped many transform their financial life, it has helped me and I am sure it will work for you. Get ready for a journey of realization! Here are the eleven realizations that empower you to attract, create and make more money:

Realize that money is energy: To attract, create and make more money you must first understand that money is energy. The fact that money is energy means that it can be attracted, created and harnessed. The days where money was measured in terms of gold is gone, and should not be brought back because such yardstick for measurement is not relevant in the contemporary society. In modern society, money is now measured in terms of the application of ideas. It is an exchange of time, and value.

You have to embark on an enterprise that enables you to attract the kind of quality people who are in love with what you are offering and also have the willingness to commit their money in paying for your services and products. When your products, and or services helps people to find happiness in some areas of their lives, then you are creating value which in turn attract more money to you. Money is truly energy, an idea which has the capacity to expand or contract according to your thought pattern. If your thought pattern is negative, it will compress the energy and inevitably make you poor. But on the other hand if your thought pattern is positive, it will make this energy to expand and attract wealth to you in an uncommon ways.

Realize that money as energy is affected by your thoughts and actions: Money as an energy flows with thoughts. If you want to attract, create and make more money, you must desire it with an unquenchable passion. You must visualize the comfort that comes with money. You must allow the content of your heart agree with your confession. You must not be afraid of making money. Those who fear money cannot attract, create, and make money.

You need boldness and inner tenacity to attract, create and make more money. Fear will hinder you from making the money you desire. Therefore, crush every trace of timidity if making more money is your passionate craving. You must believe that that money is good and that you cannot be corrupted by money. Feel good about having money and this feeling will help you to attract, create and make more money.

Decide to have money today: Too many people who desire money are still living in poverty because they keep postponing the day they want to make money. If you decide to make money today, your mind will automatically go to work to figure out ways to make more money. Yes! Fate loves the fearless, but the universe is slow for the indecisive. If you keep postponing your day of financial freedom, you may end your life on earth laying up much more burden for children and your entire generation.

Realize that you have a right to be rich; a right to all the money in the whole world, but this will not bring the money easily into your bank account. Your desire to attract, create and make more money today is a major factor in translating your desire into reality. You have to decide to have it today and create ways by which to begin making your dream come true.

Realize that money requires definiteness of purpose: Money needs a one point focus to enable its physical manifestation. Until you remove confusion from your life and concentrate your effort you will not be able to attract, create and make more money. Money is a servant that obeys every thought instructions that are well constructed in the spirit of emphasis and concentration. When you keep shifting grounds you are making money to avoid you like a plaque.

Realize that having more money will enable you to impact the world: Yes! Having more money will empower you to be able to help those you truly want to help, and touch more lives positively. So many people are suffering today because you are poor. You look at them with a desire to help, but you do not have enough to respond to the yearning of your heart. Having more money will make your family happy and more fulfilled. Having more money will make you famous and wealthy. This will place you in a position of interacting with highly influential men of the society. It will enable you to travel the world at ease.

This exalted position can be positively utilized to touch more lives through your daily contacts. This high position will give you the experience of fun and the luxury of being in great abundance which comes as a result of your discovery of value in your self and your ideas. With wealth in your control these ideas can be positively disseminated in ways and manners that help to enhance the lives of those around you.

Think about it! How will the world look like, if there were no hospitals to treat the sick? The builders of medical institutions did not build them with empty talk, but with money-big money. What about the internet, automobiles, the GSM, computer, aero planes, all which brought improvement to our standard of living. All these came about because of money. With more money, you can truly be a blessing to the world.

Now! Take a break and think. A rich man and poor man who dearly crave for the financial freedom of his people, which do you think will be able to bring to physical manifestation the object of his desire in ample time? The rich man of course! Why? The reason is obvious; the rich man has money; he can easily transform the lives of his people within a twinkle of an eye. That is the power of money.

The rich man is rich not because he is lucky than the poor man as many will assume. But on the contrary, he is rich because he has learned how to attract, create and make more money. He has by this intelligent act position himself to bring financial liberation to those he has deemed fit for the extension of his financial good will. Though the poor man sincerely wants to be of help, his financial incapability has placed a great limit on his ability to translate his passion into its physical equivalent.

Too many a time we look within, we often ask ourselves how we can contribute in our own little way to improve our lives and that of our family and those around us, especially those who are looking onto us for survival. We seem to be discouraged by our inability to make meaningful contribution to eradicate the prevailing problems. Well, instead of giving up, I want to advice you to pluck up courage. See your inability today as a challenge to create ability in you tomorrow. If you encourage yourself to learn how to attract, create and make more money, you shall surely find ways to create multiples streams of income which shall put an end to your entire financial struggle.

A young man once asked me, “where was our parents when their mates were making money?” Good question! Perhaps you are also asking same too. But, get this right. If we continue to blame our parents for our financial trouble instead of seeing our selves as the only obstacle on our way to riches, our children shall ask us the same question in the future when we have nothing to show for all the years we have lived on earth.

You can change your financial situation for the better if you can stop playing the blame game and start committing your self to gainful employment.

You need to start learning and applying new and reliable techniques of making more money. Start today to learn how to attract, create and make more money, and money shall be your friend forever.

Realize that money is only an extension of your self: Money is attracted, created and made to become what you will want it to be. When your heart is pure, your money will be pure and the ways you employ to make more money will be pure to give you real satisfaction in your effort to channel it solely on purposes that enhances your personal worth, those around you and for the glorification of the almighty God - the giver of all wealth. But if your heart is evil, your money will be mustered towards purposes that inflict pain on humanity.

Money is an extension of your self. What are you leaving behind? An answer or a problem? Think about it. I know many good and wonderful people, and many of whom unwittingly held themselves in bondage and in a way hide their light from the world because they had chosen to lead their lives in a manner that transformed most of their working hours into little monetary equivalent, and little time for much else. That is why they are suffering greatly.

Realize the importance of creating multiples streams of income: No man ever become rich by doing only a single business. No man ever grows rich by establishing only one source of income. Wealthy men have multiple avenues through which money comes into their bank account. They grow in their niche market and expand into other profitable market and maximized them. Therefore, if you want to attract, create and make more money, find about five profitable source of income and begin to exploit their potential. These five sources of income must be in a market that is highly demand-able. They must offer solution and real value to the targeted customers.

Seek ways to leverage your skills, time, people and financial resources. Put your money into profitable labour; create multiple sources of income. It is more profitable to make 1% of your profit from 100 markets than to make 100% of your profit from one market. If that single market experience some form of crises, you will be out of business. If all the money you make only comes from one source then you are in real trouble. But if you invest in different profitable market, a problem in one will live you with 99 to offer a stable financial position.

Realize the importance of learning from your superior: One of the best ways to attract, create and make more money is to learn from those who have accumulated money; learning from the rich. Take your time to read financial instructions, money books, business journals, magazines and attend well packaged financial seminars. The information you receive from these sources shall aid you in your journey of learning how to attract, create and make more money. Napoleon hill, Donald Trump, Waren Buffet, Bill gates, Bishop Oyedekpo, Papa Ayo Oritsejafor, Pastor Adeboye, etc all made their money by applying the principles of their mentors.

You cannot really attract, create and make more money without a financial mentor. If you want to be rich, read books about money and business, and not books on how to heal the sick and cast out devils. Reading financial books will make you develop financial intelligence which is a veritable tool for attracting, creating and making more money.

Decide to be an inspiration: You can make more money in this world if you can help enough people solve their problems in an affordable and unique way. If you can help enough people to conquer their frustration, they will pay you for offering such a valuable service to them. That service will help them to be more productive, happy and significant in life.

Men are rich only as they give. He who gives great services gets great rewards.

That is a fundamental truth of major importance in your journey of making more money. It more profitable to memorize and practice it rather spending your entire life studying to be a professor of calculus. It is more rewarding than wasting your life in midnight vigil binding devils and demons that are not really after your progress. I am not against praying, but I am against ignorance and lack of spiritual intelligence. Let the result that comes out of what you are doing commensurate with the time you are investing into it. You do not have all the time in the world, and using the little time you have to experiment in the land of un-profitability is a mere waste of time grace.

Search for a real practical solution to the problems of men and offer it to them at a fair price and they will pay you for it. Their payments will in turn increase your bank account. For example, if you want to make one million naira in 90 days, it is simple. Search the market for a real problem with a hungry market. Research reliable and practical solution to the problems you have identified. Take it back to your established market and give it a small price tag for your effort, and the happiness derived from your solution will help make you one million naira richer in 90 days.

Instead of being a living problem, decide to be a life giving inspiration and your way to accessing, attracting, creating and making more money is sure. Grant your self the freedom to be rich, freedom to live and freedom to experience wealth and abundance.

Trust your Potential and your creator: Every money you are ever going to attract, create and make will be as a direct application of your belief in your innate potential and in the power of your creator to empower you for outstanding result.

The one, who fears that money will make him or her corrupt and thus choose to live in poverty, is convinced he needs nothing more, while the one, who decides to trust his potential and his judgment, welcomes abundance into his life with which he can then bless his family, community, society, nation and the world at large.

Friend, never be contented to live in poverty. The continuous stay in poverty is never an evidence of an incorruptible life, but a subtle deprivation in ignorance. It is wise to realize that your happiness exist out side any material object including money, but there is really much good to be done by those who have means to create it.

Surround your self with wealth: One of the easiest ways to attract, create and make money is to make your attitude friendly with wealth. Your attitude and belief about money has to be positive. You must think and act wealthy in some inexpensive but attractive way. The way you talk, dress and do businesses must show that you are ready to attract, create and make more money.

Let the totality of your life and business show excellence, then you will be noticed by men of excellence who will commit their resources to make you rich. You must be attractive to be attracted, you must valuable to be valued, and you must dress well to be addressed well.

Here are some tips that will be of great help:

Never go out with an empty pocket: Always make sure you carry at least N2, 000:00 in your pocket each time you go out. This will enable you to have boldness and a feeling of confidence whenever you are in the midst of friends. It will enable you to conquer the feeling of being broke. Where the need arises to spend wisely, you will be confident to make your contribution.

Decide how to spend the money: But not till you have walk for many days and experience the joy that comes with the assurance that you can afford to buy those things you saw why taking a walk with your friends. The realization of abundance that surrounds you gives you the idea and opportunity to make more money. It motivates you to seek more ways to attract, create and make more money. You will begin to realize that with more effort, you can afford more money, and with more money you can conquer timidity and afford to give your self and your family a feeling of comfort.

Upgrade your life experience: Take a trip and give your self some treat. Have some fun and enjoy life. Live your environment, travel to a place where you can see the wonders of nature, and also the where you can see and appreciate the achievement of money. This will give you financial inspiration and create a burning desire in you to make more money. This burning desire will open great doors of opportunity for you.

Make new friends: This should be people in the high strata of the society. Because you have treated your self like an intelligent gentleman, you will be highly appreciated and honored. One good contact can expose you to all the quality people connected with this contact. This again is an opportunity of great financial benefit.

Change your belief system. Your belief system should make you attractive to people. If your belief system is repelling people from you, it will take a very long time for you to make more money and be rich. Before people see what you have got to offer, your attitude has given enough advertisement. Your attitude is informed by your belief system that is why you must be positive in how you interact with people.

If you can change your belief and make it positive you can change your world and ordain your destiny.

Be patient and stay within your means: When you begin to enjoy the comfort and excitement that comes with having more money to spend, the temptation of over doing it becomes obvious. That is why you need patience. If you spend above your means you will end in poverty, and all the respect you are now enjoying will soon disappear, because you will have nothing more to offer to earn respect.

Money is good and can open up doors of opportunity you will never have had should you not be in possession of it. Instead of telling your self that making more money is impossible, dare to be rich and you will. He that wins is he that believes he can. Where there is a will there is a way. To attract, create and make more money, I employ you to put the eleven ways to attract, create and make more money into practice. Whether you have money now or not, it is possible to be a million naira richer before the end of this year. Just put the above principles into your daily routine and be a million naira and richer before the end of this year.This is the year of possibilities, and you must common things in an uncommon ways to make you achieve with the grace of possibilities. In most cases the things that brings greatness is not great things done, but small things done in great ways; exceptional touch of excellence brings into manifestation the grace of possibilities. All things are possible to him who belief.

If this article has been helpful, please kindly post a comment and share your contribution with our visitors. You can also keep a date with me on twitter and face book.

See you on top!

SERVICES

2010-12-31T06:21:00.000-08:00

THE GENERIC CHARACTERISTICS OF SERVICES

The characteristics of services are itemized based on their generic functions. Based on this generic key character service is said to have the following characteristics:

Inseparability: Inseparability is a fundamental characteristic of service. The service consumer is inseparable from service delivery because he is involved in it from the time of placing a request up to consuming the rendered benefits. A typical example is evidenced in this scenario between the hair dresser’s shop and chair or the plane and seat. The service consumer must sit in the hair dresser's shop & chair or in the plane & seat; correspondingly, the hair dresser or the pilot must be in the same shop or plane, respectively, for delivering the service.

The service provider is indispensable for service delivery because he must promptly generate and render the service to the requesting service consumer. In many cases the service delivery is executed automatically but the service provider must first assign resources and systems and actively keep up appropriate service delivery readiness and capabilities. In addition, the service consumer is inseparable from service delivery because he is involved in it from requesting it up to consuming the rendered benefits. Examples: The service consumer must sit in the hair dresser's shop & chair or in the plane & seat; correspondingly, the hair dresser or the pilot must be in the same shop or plane, respectively, for delivering the service.

Intangibility: Intangibility is another characteristic of service. Services are intangible and insubstantial. This means that service cannot be touched, smelt, handled, tasted, heard, gripped, or looked at. As a result there is neither potential nor need for transport, storage or stocking of services. In addition, it is important to note that a service cannot be (re)sold or owned by somebody, neither can it be turned over from the service provider to the service consumer nor returned from the service consumer to the service provider. Solely, the service delivery can be commissioned to a service provider who must generate and render the service at the distinct request of an authorized service consumer.

Simultaneity: Services are rendered and consumed during the same period of time. As soon as the service consumer has requested the service, the particular service must be generated from scratch without any delay and friction and the service consumer instantaneously consumes the rendered benefits for executing his upcoming task or activity.

Perish ability: Services are perishable in two regards:

The relevant resources, processes and systems of services are assigned for service delivery during a definite period in time. If the designated service consumer does not request and consume the service during this period, the service cannot be performed for him. This is known as lost business opportunity looking at it from the perspective of the service provider. Once a service is delivered, the service provider cannot charge any service delivery. Potentially, he can assign the resources, processes and systems to another service consumer who requests a service. For example, the hair dresser serves another client when the scheduled starting time or time slot is over. An empty seat on a plane never can be utilized and charged after departure.
When the service has been completely rendered to the requesting service consumer, this particular service irreversible. For example, the passenger has been transported to the destination and cannot be transported again to this location at this point in time.

Variability: Each service is unique. It is one-time generated, rendered and consumed and can never be exactly repeated as the point in time, location, circumstances, conditions, current configurations and/or assigned resources are different for the next delivery, even if the same service consumer requests the same service. Many services are regarded as heterogeneous or lacking homogeneity and are typically modified for each service consumer each new situation. For instance, the taxi service which transports the service consumer from his home to the opera is different from the taxi service which transports the same service consumer from the opera to his home - another point in time, the other direction, may be another route, probably another taxi driver and cab.

Each of these characteristics of services is retractable in particular and their inevitable coincidence complicates the consistent service conception and makes service delivery a challenge in each and every case. Therefore proper service marketing requires creative visualization to effectively evoke a concrete image in the mind of the service consumer. From the point of view of the service consumer, these characteristics make it difficult, or even impossible, to evaluate or compare services prior to experiencing the service delivery.

The problem of inconsistent service quality is a major cause of difficulty in mass generation and delivery of services. Both inputs and outputs to the processes involved in providing services are highly variable, as are the relationships between these processes, making it difficult to maintain consistent service quality. For many services there is labor intensity as services usually involve considerable human activity, rather than a precisely determined process. However, there are exceptions, these include utilities.

In ensuring effectiveness in service delivery, human resource management is highly imperative. The human factor is often the key success factor in service economies. It is difficult to achieve sustain economies of scale or gain dominant market share without effectively addressing the human factor. Different people with different needs. These differences in need affect the rate of demand of certain services at a given time. There are demand fluctuations and it can be difficult to forecast demand.

Demand can be by season, time of day, business circle, taste and peculiarity. There is consumer involvement as most service provision requires a high degree of interaction between service consumer and service provider. There is a customer-based relationship based on creating long-term business relationships. Accountants, attorneys, and financial advisers maintain long-term relationships with their clients for decades. These repeat consumers refer friends and family, helping to create a client-based relationship which in turn makes the service business to establish its relevance in a particular geographical location.

I hope this information have been helpful. If you know any other characteristic of service, please kindly post a comment to share it with us. Your contribution is highly appreciated.

Wishing you the best in business!

MANAGEMENT LEVEL

2010-12-31T06:10:00.000-08:00

UNDERSTANDING MANAGEMENT LEVEL

Management level exist in an organization to create division of labor, ensure corporate integration, grass root integration and participation, effective system and profit maximization. The management of a large organization may have about five level.

These management level include:

Senior management
Middle management
Low-level Management
Foreman
Rank and File

Senior management: These are top management. They are responsible for strategic decisions. They are executive by nature and also by training. They require an extensive knowledge of management roles and skills. They make their decisions employing analytic, directive, and conceptual and or behavioral/participatory processes. They need to have in-depth knowledge of the external environment such as markets. Their decision is generally of a long-term nature. They test every plan to verify the future benefits before committing to implement it.

Middle management: Middle management is mid-level managers which have a specialized understanding of certain managerial responsibility. They are responsible for carrying out the decisions made by senior management. Finance, marketing etc comes under middle level management.

Low-level management: These are supervisors or team-leaders. They are called lower management. This level of management ensures that the decisions and plans taken by the senior and middle management are carried out. Their decisions are generally short-term in nature.

Foreman/lead hand: They are people who have direct supervision over the working force in office factory, sales field or other work group or areas of activity.

Rank and File: The responsibilities of the persons belonging to this group are even more restricted and more specific than those of the foreman. This rank is created so that senior management can effectively disseminate information to grass root employees which in most cases are unskilled labors.

If this article has been helpful, please make your contribution by using the comment session below.

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MANAGEMENT FUNCTIONS

2010-12-31T05:53:00.000-08:00

BASIC MANAGEMENT FUNCTIONS

In ensuring that resources are used for designated purposes within an organization, management carries out various functions. These functions are referred to as the basic functions of management. These functions include: organizing, staffing, motivating, directing/leading and monitoring/controlling.

In this article, we will briefly examine these basic management functions. A proper understanding of these functions will enable us to fully appreciate the role of these fundamental management functions in the struggle for organization effectiveness.

Motivation: This is a management function that generates the spirit of co-operation amongst company manpower’s. Without motivation employees will lose the required drive to work effectively and produce maximum result for the organizational growth. Grenier’s theory of organizational growth clearly demonstrates the role played by motivation in getting the best out of an employee.

Without motivation, employees may not make sense of the other management functions. Planning make no sense in the absence of motivation. Monitoring produces provocation because the employees now perceive them selves as being used by their employer. Organization produces more confusion and a deliberate waste of resources because it will lack the power of implementation. No matter how brilliant and profitable your strategies, if there no cooperating employees with the personal initiative to bring it logical conclusion, it will never be implemented.

Planning: This is the active process of deciding the structural layout of events and happenings within the organization. Management decides the daily, weekly, monthly and yearly activity of the company. All these they do in strict compliance with the best option for profitable utilization of the scarce resources of the organization.

Organization: By acting this way management carefully provides a blue print plan for the way the organization is to be operated. This blue print informs the required action to be taken for the realization of organizational goals and corporate objectives. Organization is the management power of implementation.

Staffing: Management carry out the function of analyzing the talent market place, create recruitment policies, create job specification and hire the right employee to match the job and task. By doing this they are able to employee the right employee that will increase the potential earning capacity of their organization. Employing the wrong person in your business can be the starting point in ensuring a business failure. For information in choosing the employee for your business, see my article on Hiring.

Controlling/Monitoring: Controlling/Monitoring is a management function that checks progress against plans. You have to ensure that everything work according to plan to the minutest detail. Where there are differences, management assesses to ascertain the course, and also to affect corrective measures that ensures that the set objectives of the organization are excellently met.

Leading/Directing: Leading/Directing is a function of management that determines what needed to be done in a given situation, and also getting the right people with the perfect combination of skills and potential to do it. It is effectively providing leadership by example. Leading/Directing is not bossing over your employee, but it is the effective way of getting maximum result by showing how to do it by you getting involved in the process of getting the job done.

Take your time to understand the above management functions, and also applying it to your organization to ensure effective organizational structure, stability and profitability.

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SERVICE

2010-12-31T04:55:00.000-08:00

WELCOME TO SERVICE (ECONOMICS)!

…a fresh perspective at the intangible business.

A service is a set of singular and perishable benefits delivered from the accountable service provider, mostly in close co actions with his service suppliers, generated by functions of technical systems and/or by distinct activities of individuals, respectively, commissioned according to the needs of his service consumers by the service customer from the accountable service provider, rendered individually to an authorized service consumer at his/her dedicated cause, and, finally, consumed and utilized by the triggering service consumer for executing his/her upcoming business or private activity.

A service is the intangible equivalent of an economic good which is the provision of an economic activity where the buyer does not generally, except by exclusive contract, obtain exclusive ownership of what is being purchased. In the light of such transaction, the befits if priced are held to be self evident in the willingness of the buyer to make effective demand.

Service providers participate in an economy without restricting themselves of carrying stock or the need to concern themselves with bulky raw materials by composing and orchestrating the appropriate level of resources, ingenuity, skills and experience for effective benefits for service consumers.

More so, their investment in expertise does require consistent service marketing and upgrading in the face of competition which has equally few physical restrictions. Many so-called services, however, require large physical structures and equipment, and consume large amounts of resources, such as transportation services and the military.

In a narrower sense, service refers to quality of customer service: the measured suitability of assistance and support provided to a customer. This is often the case in retailing.

There are difference between physical goods and intangible services. However, it is important to note that these differences are not discrete categories. Most business theories see a range with pure services on one side and pure commodity on the other side.

Most products fall in between these two classes, and most business organization that are seen to be engaged in the sale and distribution of physical goods are also seen offering services. For instance, a restaurant that provides physical good, which is food, also provide services in form of setting and clearing of the table, and services in form of ambience. Though some utilities deliver physical goods like water utilities which deliver water, they are usually regarded and treated as services.

To maximize profit let there be value in the way and manner you offer your service to your targeted service consumer. Poor service rendition can spell doom for your business. But high quality service delivery will make you an indispensable and dependable service company in your area of operation.

The service session of this site is tailored to offer you with high quality information to make your service delivery business strategic, organized, well branded, valuable and profitable. Therefore, I employ you to pay attention to the quality service information provided in this session.

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The generic characteristics of Services

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