Business Connect

Tips how to survive your business

2009-12-04T01:24:00.001-08:00

Until now, still its not clear what is the world economic condition. There are lot of speculations that world economy now started to bounce back contradicting reports of left & right corporate declaring of bankruptcy. You will know only what is the actual economic conditions if you would go outside and feel the pinch of struggles, e.g. high fuel prices, high commodity prices, labor retrenchments, cost reduction.

During my usual hunting of business article reading, I found this nice one which I think a worthwhile to read.

1. Schedule Weekly Budget Meetings. The assumption is that you have a budget. You may be surprised at how many small businesses either (a) don't spend the time to develop a proper budget or, (b) don't have a regular budget review process. Use the meeting to challenge managers and supervisors to find ways to reduce expenses in their respective departments (and reward them). Have the managers call in via conference calls if you have satellite offices in various parts of the country or globally. Make sure they are prepared with arguments to justify the budgets of their various departments and plans on how to cut costs.

2. Set up a Profit Committee/Task Force. This should be employee-driven. Challenge them to contribute ideas but, more importantly, reward them for good ideas that actually get implemented.

3. Revamp your performance reviews. Are the employees (especially Senior Managers) objectives aligned with company goals (i.e. increase sales, reduce expenses, improve customer service)? Are the goals more than simply rhetoric or "feel good" words? Simply put, are the objectives specific enough and...can you really "MEASURE" the progress?

4. Review your "Turnover" ratios. Profits are quickly eaten up by idle inventory a late-paying customers. Incorporate these items as a part of your budget review process. Work closely with your vendors to reduce case packs, or get simply get rid of items that don't sell! Offer to settle with your late-paying customers or arrange for installment payments on outstanding receivables. Getting something is better than nothing in tough economic times.

5. Rely on the leverage you have with your vendors. Partnerships should be more than just "talk". Negotiate better terms, i.e. try to increase "days to pay" for your invoices. Even taking an extra 5 days per month on a base of business valued at $1 million annually can earn your business extra interest of over $3,000, after taxes. That's real money!

6. Change your Payroll Cycle. If you are on a weekly payroll cycle, consider moving to bi-weekly. If you are paying bi-weekly, consider moving to semi-monthly (15th and 30th). Perform a cost-benefit analysis to make sure this makes sense for your business. You can reduce payroll processing costs which can be significant especially if you have a fairly large employee base.

7. Get on the "green" bandwagon early. Become more energy efficient. Who knows...you may even qualify for tax breaks. Get employees in the habit of turning off lights when they leave conference rooms. Installing sensors for rooms or areas used infrequently may be something to think about. Turn off computers and unplug office equipment at the end of each day. According to the government's ENERGY STAR program, 40% of the electricity that home electronics use is consumed while the products are turned off. I would imagine this applies to office equipment as well.

8. Meet with your banker. Set up a meeting right away. Not only will you be building a critical relationship (one that too many managers neglect), but ask them for ideas. They have the benefit of seeing what works (or doesn't) for other businesses so feel free to pick their brain. Best of all...it's free advice! Discuss things like...putting extra cash in Money Market accounts, CD's etc. See if you can move your operating account to an interest bearing checking account. While the interest earned may not be "earth shattering", it is still money earned without doing anything different. If there is a limit on the amount of checks that can be written in such an account, analyze the fees that the bank may charge vs. the interest that can be earned. Pay bills electronically and offer direct deposit for your employees to reduce any check writing fees. Also, are you carrying too high balance of a balance in your checking account? Work with your accountant and take a look at your cash flow to see if some of that idle money can be earning interest elsewhere.

9. Trim your travel budget (if you still have one). Telephone and/or Video Conference will save you tons of cash. Also, are the seminars and conferences you attend every year really paying off? Maybe attending 2 instead of 4 will reap the same benefits.

10. Renegotiate contracts. Bring in service providers (telephone, software, etc,) and consultants to discuss current contracts and reduce fees. Take a look at your leases (office equipment, rent, etc.). Also, are you taking full advantage of any "hidden deals" and/or discounts? Have you been paying attention to the invoices in an effort to avoid "overcharges"? Take advantage of the economic downturn. No one wants to lose a customer at this point. Where appropriate, bring other providers in to bid for your business. Caution: don't hire them simply because they are cheap!

11. Tax strategies. If you invest a lot in equipment and are incurring high business equipment taxes Explore states with business-friendly tax codes. There are benefits to setting up an "equipment holding" company in a low tax state. Business losses and write-offs may also result in your business qualifying for various tax breaks and deductions. Talk to a good tax attorney about how to maximize these and other tax deductions for your business.

12. Budget for "reserves". In other words, have a "contingency" or "miscellaneous" account as a line item in your budget. A good starting point would be to set aside 5% - 10% of all your total expenses for unforeseen circumstances. Keep in mind, if we could predict the future, we would all be millionaires. Incorporating the "reserve" account as an "expense" item is simply good business policy.

13. Look at your health insurance benefits. If you haven't spoken to your Insurance Rep in a while, now would be a good time. You should be reviewing your policy every six months anyway. A slight change in your workforce level can have a significant impact on the employer (and employee) is your contract coming up for renewal? Can you break the contract without incurring any fees? You may be able to find a good deal out there without sacrificing coverage.

14. Conduct annual invoice audits. Look closely at the invoices received from your vendors. If you don't have a good system for monitoring the invoices before they are paid, you may be surprised at the number of duplicate or erroneous payments that can occur. An extra "0" added to a $1,000 invoice results in a $10,000 payment and a $9,000 mistake. Incentivize your employees when they discover these errors. For example, if they recover monies, split it with them. It's a "win-win" deal!

15. Go after abandoned customers. If a competitor closed its doors, that should spell "O P P O R T U N I T Y". The customer may be cutting back, but when things get better or they find a new job, they will be back. You will want to make sure you are well positioned to fill the gap left by your competitor.

16. Explore new sales markets. As strange as it may seem, an economic downturn is the perfect time to look for opportunities in new markets. Territories once shunned (especially overseas) now deserve a second or third look. Again, get ideas from your employees.

17. Stay involved in your community. Don't cut back on your sponsorship of community events and charitable donations. The money spent on the uniforms for the Little League Baseball team is "big deal". People remember this stuff. Those people are potential customers or good referral sources. Actually, its worth much more than the tons of money you spent for the sign at your local Major League Baseball stadium. You know...the one that nobody notices!

18. Do you twitter? Do you have a presence on the social networking sites? Yes, I do mean Facebook, Twitter, MySpace, etc. Are your employees set up on LinkedIn? Even if you are a "Mom and Pop" type businesses, consider paying one of your tech savvy employees 15 or 20 cents extra a week to post updates and monitor these sites for you if you do not have the "know how."

19. Part-time and Independent Contractors. Before you consider laying off, explore the possibility of reducing hours or changing the status of an employee to "Independent Contractor". The employees will still appreciate having an income and, at the same time, you will save money on payroll taxes and/or health insurance contributions you were obligated to.

20. Finally...be honest with employees. Don't tell them today things are great, and then tomorrow start laying off. On the other hand, if things are really tough, let them know. If you build an honest relationship and take the time to let you know how much you appreciate their effort, they will "go to bat" for you during the tough times. If you do have to resort to laying them off, they will understand even if it hurts. Chances are, if you have implemented the other 19 strategies mentioned her and made them an integral part of your company's culture, your employees will be the ones saving your company from going under in an economic downturn.

10 Success Tips

2009-11-25T11:26:00.000-08:00

Today I was transferred to head office from one of our Facility Management Site. When I arrived at the office, I went to pantry and made a cup of coffee. Attached on the wall which really got my attention was the 10 success tips which I would like to share. See below.

How you think is everything - Remember to think positively and visualize success not failure
Decide on your dreams & goals - Be specific about your goals. Create a plan to reach your goals and stick to it.
Take action - Goals alone have no meaning, you need to take action to make them real. Don't let fear hold you back "Just do it".
Never stop learning - Take classes, go back to school, read books and join a discussion group. If you are interested in a subject make time to learn from it, keep acquiring new skill.
Be persistent and work hard - You've probably heard the expression "Success is a marathon", not a sprint. Keep your eye on the goal and keep working hard to it. Don't give up.
Learn to analyze details - Get all the facts, and ask for input. This will help you make wiser decisions. Acknowledge your mistakes but don't beat yourself up. Learn from your mistakes.
Focus your time & money - When you believe in something, put your attention and energy there. Don't let people or things distract you.
Don't be afraid to innovate, Be different - Be true to yourself, and have your own ideas. Following the crowd is a path to mediocrity.
Communicate with people effectively - Remember that no person is an island. Communicate your thoughts & desire honestly and encourage others to communicate honestly with you. Practice understanding and motivating other people.
Be honest and dependable - Take responsibility for what you do.

I am sharing this to you as a guide, like me who's struggling to keep always on right track, this is a worthwhile things to ponder. After all, at the end of the day it is you who is in control of yourself.

Fund Raising Ideas

2009-11-20T02:20:00.001-08:00

Christmas is fast approaching, 35 days more to go. During this season, parties are everywhere. From schools, offices, neighbors get together, family reunions. The present economic climate we are experiencing right now exempts no one, its a hard reality. We can expect less activities this coming holiday season due to this crisis. But this wont stop us celebrating this wonderful and joyous moments. It is already our tradition that we celebrate even at tough moments, still we manage to smile. One solution is to launch a fund raising campaign. There are so many ways to raise funds that you could use to finance your activities. Try the following ideas, you can add also with your own. ideas.

Sell your stuff - one can easily organize its members to bring all their stuffs that left unuse and launch garage sale.
Sell recyclable materials - organize the participating members to accumulate recyclables like old newspapers, plastics, car batteries, aluminum cans, empty bottles and others. Segregate the accumulated recyclables and sell to scrap traders for profit.
Use your artistic talents by selling customized Christmas cards to corporates or individual businesses for their promotional give aways.
Many companies right now looking for sales agent to market their products, you can take advantage of it, be part of it by selling their products and get paid for every sale.
Solicitation through fortunate individuals who are willing to give and share his blessings

What else, hmmm.. run out of ideas, but for sure there are so many ways and ideas you can do. Its just a matter of doing it effectively. Don't be bother with the current situation, as early as this time you can plan what and how you can launch your fund raising so that everybody will enjoy.

Stop Paying Cable Bills How to Get Thousands of TV Channels on Your PC… And Never Pay Another Monthly Bill Again

2009-11-16T09:17:00.000-08:00

In today’s rocky economic climate, most households are cutting back wherever they can. And with cable and satellite television costing anywhere from $65- $150 a month (more if you count premium movie channels) many people are making their television sets the first part of their homes to get the axe. But what if there was a way to enjoy thousands of television channels, including hard to find international shows and sports programming, and never pay another monthly cable bill again?

Welcome to Satellite Direct- the future of television.

With no subscription services or monthly bills, no hardware to install, and 24/7 unlimited access, is it any wonder that Internet Media Magazine hailed Satellite Direct as “unequivocally the best TV to PC software on the net”? Don’t be fooled by other so called “Great Deals” on satellite television service for your PC that give you only limited access to channels, or have dozens of hidden fees that end up costing you more than your current cable service.

For less than the price of one month’s subscription cable or satellite service, you can enjoy a lifetime of television- over 3,500 channels!- from the convenience of your laptop or desktop. And forget the hassles of waiting for installation, or hours on hold with the cable company. Installing Satellite Direct is as easy as 1, 2, 3.

1. Register - Answer a few simple questions, and our easy registration system will process your ONE TIME payment. That’s right, no monthly bills- ever.

2. Download - Follow the easy, on screen instructions to download our software. No hardware to install, no equipment to buy.

3. Watch and Enjoy - Sit back and enjoy thousands of television channels, from soaps and sports to movies and dramas, any time, day or night.

With crystal clear picture and sound quality, exceptional customer service, and a lifetime of television for less than you’d pay for just one month of cable service, Satellite Direct is the best way to get the most for your TV dollar.

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Pacman Vying for 7th Title

2009-11-14T07:04:00.000-08:00

Tomorrow is the day, 14th of November Manny "Pacman" Pacquiao will fight against the Puerto Rican champion Miguel Cotto. Manny is vying for his seventh title in different weight division. Whew! that would be a boxing history if he can take out the Puerto Rican champ, well no doubt he will achieve the victory. Just this very recent only, Pacman is the front cover of Time Magazine - the first Asian athlete in history.

Usually when Pacman have had his fights previously, main highways emptied. You can count only a few of motorist driving. All were glued each in their television sets watching the Filipino champ. Those who can afford pay-per-view would spend their entire Sunday morning time watching his match. Businesses are thriving, full-packed movie houses, restaurants offering buffets while watching Pacmans live fight. Pacman memorabilia's, limited edition Pacman shoes, T-shirts, caps, stickers, DVD's and other items where Pacmans portrait or name can be pasted. See how, this man make s the difference for everybody. For once, he was the same with majority of Filipinos leaving merely $2.00 a day, but he strive to achieve where he is right now. Hope he will be the inspiration for millions of Filipinos who defies poverty, did'nt allow poverty as an obstacle to achieve success.

Now, this fight is his glory, his moment, and for history not only for him but as Filipinos in general. Go Pacman!!

Agriculture in Digital Way

2009-11-11T23:22:00.000-08:00

When I was reading a magazine, I got interest immediately in sharing this article. It is all about disseminating agricultural information to small and marginal farmers through digital video. The digital videos are produced by farmers and experts. The content of videos enable farmers progressively to become good farmers. These kind of system improves the efficiency of existing programs which are conducted by cooperatives, non-government organizations by delivering targeted content to a wider audience and enhance farmers their capability to become productive farmers with reduced field support.

The idea is unique, they compile videos that includes testimonials of improved farmers, live demonstration by agriculture scientist, interactions between farmers, and informations on market-based opportunities. Farmers are most receptive to adopt new practices through demonstrative exhibition. That is, farmers must see the additional benefits of a new method in relation to the control results of the conventional approach. Fertilizer companies have used this strategy by covertly visiting a farmer’s field in the night, applying a dosage of their TRhtt product on a small patch of land, and returning in the day to highlight the change. Sustainable agricultural practices require a longer term cost-benefit analysis; however, video can compress the time needed to reveal the change. Visiting every farmer’s plot to demonstrate a particular method requires unattainable human resources and transporting every farmer to a demonstration plot at a collectively acceptable place and time is culturally and logistically impractical. Video provides a means of bringing relevant demonstrations into the homes of farmers. Video also reduces the human resources required to follow-up with individual farmers and demonstrate time-consuming methods in the field. For instance, extension staff can screen content on portable video players to give farmers the impetus and knowledge needed to try the practices for themselves in brief sessions. After all, farmers will not (and should not) adopt a new practice and completely replace their conventional operations. Farmers must measure the impact of a new practice on a small portion of their own land to personally appreciate the costs and added value for themselves. Enabling farmers to try this participatory experimentation for themselves on their own land imparts a sense of ownership to farmers, and allows extension staff to focus its limited resources on advising farmers that truly require follow-up support. As farmers develop familiarity with the content, they are able to solve their own problems, ask better questions, and request for specific counsel. The video recordings are shown to individuals on laptop and group of farmers using TV and DVD players. Unlike using traditional mass media where not all farmers could manage to attend or watch especially those farmers situated in far flung areas, this method is local and relevant. In this way, farmers are motivated to adopt new practice when they see a fellow farmer living in same circumstance experience its benefits.

The method shows early success in utilizing good and sustainable farming practices. At least 5 times more farmers used better farming practices after integration over NGO's efforts. The essence of this, it fills the gap of informations left uncovered by NGO's or government extension officers simply because they are unable to visit farmers for various reasons and agricultural broadcast programs lacks relevancy. As Free Trade Agreement shall take effect next year, this is a very pro-active method that Philippine government may adopt to promote better farming practices, ensures food and nutrition security, sustainable agricultural productivity and propagate rural development.

Make money from plastics

2009-11-11T08:24:00.000-08:00

In this article, I'm going to share to you how to make money buying scrap plastics and sell for profit. Literally, we can see it everywhere like milk containers, cooking oil containers, and so many other things we commonly see in our daily lives.

Plastics have different commonly called SPI codes:

PET (polyethylene terephthalate): plastic soft drink bottles, water bottles, beer bottles, mouthwash bottles and many more

HDPE (high density polyethylene): milk bottles, detergent bottles, oil bottles, toys, plastic bags

PVC (polyvinyl chloride): food wrap, vegetable oil bottles, blister packaging

LDPE (low density polyethylene): bread bags, frozen food bags, squeezable bottles, fiber, tote bags, bottles, clothing, furniture, carpet, shrink-wrap, garment bags

PP (polypropylene): margarine and yogurt containers, caps for containers, wrapping to replace cellophane

PS (polystyrene): egg cartons, fast food trays, disposable plastic silverware

Other: This code indicates that the item is made with a resin other than the six listed above, or a combination of different resins.

Based on my research, individuals who wants to start the business buying scrap plastics they may consider the following:

Check your local rules and regulations pertaining in buying scrap plastics.
Look for several local buyers and compare their pricing, how much are there price, which type of plastics mentioned above that commands higher price and demand then compare to maximize profit.
Advertise at your local daily's "Wanted to buy scrap plastics" - One good source of such items are garbage dump sites and electronic manufacturing companies.
You buy plastics at per kilogram, prices will vary and depends on the item demand. PET and HDPE commands high price.
To have a good price, you may consider segregating according to its type and color. White color plastics also commands good price because during recycling it can be blended with different colors. To identify the types of plastics is very easy, see behind or bottom of an empty plastic container.

At this time of recession, there are so many income opportunities that you can make. Not only you can make profit, you helped also mother earth.

Looking for Legitimate Jobs Online

2009-11-10T09:33:00.000-08:00

Nowadays, it is very hard to find legitimate online jobs that pays real money. I would like to share this what I have found during my business opportunity hunt. A system that you could use at the comfort of your own home and make more money than you ever could by just using your laptop and internet connection. This is good for people who are unemployed, looking for extra cash, a college student, struggling with the tough economy, and want to spend more time with your family.

FACT:

Online advertising has skyrocketed over the past few years. In 2008, companies spent close to $50 billion advertising online. That figure is expected to increase substantially in 2009. What does this mean for you? Money is going into your bank account a lot faster this year. And next year. And the year after. That's IF you follow my methods.

You see, companies worldwide are desperately searching for people just like you to type up their ads and post them online, and they'll pay you nicely in return. It's a win-win situation. They get more customers, you get paid. It's as simple as that. These companies have cash, LOTS of it, and they're eager to share it with you. It's time for you to get a piece of the pie.

All you need to get started is a computer with internet access. What you'll be doing is posting short text ads for companies and submitting them in various online forms. That's it! No prior skills or experience needed on your part. You don't need any degree in marketing to do this. Heck, you didn't even have to finish high school!

We’re going to teach you EXACTLY how to do everything with our Step-by-Step Video guides and Image tutorials. That way, you can learn at your own pace. All types of individuals around the world use this system to make more money than they ever could working in a boring, dead-end day job. So, why wouldn’t you? You can work part-time or full-time, it’s all up to you. There will be no one to give you orders anymore! You have now become your own boss.

You know it and I know it; 99% of money making opportunities on the web are useless. Over a period of 10 years, I've tried them all and nothing comes close to this.

This is your chance to have your own business right at your own comfort, no hassles, and no scam.

For more information: Click Here

Organic Food

2009-11-08T09:23:00.000-08:00

Recently, me and my colleagues were talking about hot business trends. One of my colleague mentioned, that in there place one thriving business is producing bananas organically. The demand is very high and also commands a very high price. As people nowadays are health conscious the opportunity to engage in these business is huge. But, how can you start such business, well I've done research online that I would like to share.

What is organic food? It means, growing crops without the use of any conventional fertilizers, pesticides, and processed without preservatives. For animals, it won't be grown with antibiotics, growth hormones and shall be feed with organic foods as well. In United States, statistic shows that in year 2000 sales of organic foods grew fast compared to conventional foods. Perhaps, we may ask how we will know that what we are eating is organic. There are legal parties who oversees the certification process. The producers will pass through a series of test and follow the standards set by the governing body.

The only downside of organic foods is price. According to study, it cost 10 % to 40 % more that conventional foods. Prices are higher because organic produce is produced at smaller scale compared to demand, huge labor input, post harvest handling of small quantities because organic produce and conventional produce are separated during process and transport. Other factors also that differs from conventional produce are environmental enhancement, avoidance of health risks involve to farmers due in mishandling pesticides and improving standards of animal welfare.

Shift of Focus

2009-11-07T09:05:00.000-08:00

I am the type of person that is always on the look of good opportunities. I read business articles, read newspaper at business section, browsing the net about business trend and watching interviews of CEO's of big companies - taking their views of current business climate. It's so sad to hear about manpower reduction, high percentage of unemployment, filing Chapter 11 for bankruptcy protection - just this very recent one in United States, I forgot the company name in which it directly affects businesses of up to 300,000. However, experts say, opportunities will certainly come once the world economy rebounds. We may ask, how can we spot the right opportunities at these time of recession.

As a result of this crisis, people tends to hold back their spending, like instead of going to movie houses they may consider watching movies at their own home. Then, what is the opportunity? Well, one may consider to engage in movie rental, deliver it to the prospective clients right at there doorstep. One may consider also, meals home delivery as people also tend to stay at home enjoying eating their meals.

This financial crisis that we've experienced right now is not bad at all, opportunities are just around the corner, look for the right niche and grab it, otherwise others will.

Pork Shortage

2009-11-05T12:11:00.000-08:00

The holiday season is coming and Philippines may face shortage as the commitment of local suppliers and importing countries failed. This was the result of poor production in backyard farming, diseases that struck two years back, and the recent multiple typhoons that hit the country. The report says that about 20,000 metric tons will be imported to address the shortage, in which if not otherwise may result in high price. The consultation was made after the hog farmers admitted the big supply gap.

This will be the high time for the hog growers at Visayas and Mindanao to make good money as Luzon hog growers produce less because of the recent calamities. In my view, the agriculture industry also in Visayas and Mindanao area should be strengthen more further to meet the demands of agricultural products at Luzon areas. It will take years to normalize again its farming operations. The Department of Agriculture will import agricultural products as countermeasures if local farmers can't afford to supply the gap, hence, preventing the basic commodity prices to shot up. As for business minded people, this is the high time to move and let our mind works how we can make business like this situations.

Good luck!!!