bizthreads.net: Business Information for Entrepreneurs by an Entrepreneur

Advantages of Having Online Suppliers for Your Small Business

The winds of change have affected the way people live, shop and do business. You might have bought that new swanky mobile phone and even registered your small business on the Internet.

But have you decided to start purchasing your inventory online? Here are some advantages of having online suppliers for your small business.

No Boundaries: In the past, traditional purchasing would have meant searching for suppliers that were near your place of business.

By going online you can reach out to any supplier that might be in another state or even in another country.

Wider Choice: By going online, you have access to a wider choice on both suppliers and products.

This can help you in increasing your product offerings; and your clients will benefit by getting access to an increased variety of products.

Product and Rate Comparison: By going online, you will be able to do an online comparison of various products and their rates, so that you can get the best possible quality at the lowest price.

Be sure to calculate the shipping costs before placing an order. If your shipment is ordered from another country, then make sure you include customs duties and other charges.

You Can Do Business 24/7: You can post product inquiries, receive quotes and place your orders on a 24/7 basis.

This will enable you to save valuable time and money.

You Can Create A Niche Market: By scratching under the virtual surface of your market, you can ferret out suppliers that deal in rare or extremely high quality products.

By joining hands with them, you can stock those products and carve out a niche market for your small business.

Use the power of the Internet to your advantage and forge virtual ties with your suppliers to locate and procure your products online.

How to Keep Your Office Equipment Running Smoothly

With the business world going high-tech, even small businesses need to have a certain degree of automation to speed up their daily work.

Computers, copy, and fax machines are among the more common machines that small businesses use. Here are some ways to ensure that your office equipments perform smoothly.

Installed in the Right Place by the Right People

It is very important to get office equipments installed by the right people authorized to do so. Trying to cut corners by letting inexperienced people install them could literally burn your fingers.

The equipment should also be installed in the right location, so that they are isolated from heat, dust and vibrations.

Use with Care

You should use the equipment with care, and instruct your employees to do the same. Banging on your computers or on the copier isn’t going to make them run any faster - but is surely going to damage them.

Keep an eye on your employees to make sure that they are not mistreating the equipment.

Preventive Maintenance Is Key

You should hire the right people to maintain all your office equipment. They should regularly come to service the machines and should also be available in case of an unexpected breakdown.

Your service provider should have the right mix of testing equipment with experienced staff to look after your office equipment.

It is not only important to procure the right quality equipment for your office, but also look after it properly. If you do this, you’ll save lots of time and money in the long run.

How to Child-Proof Your Home Office

While you may save a lot of time and money by working from your home office, it is also essential to ensure that your home office is safe for your children.

Children are naturally very curious - and given below are some tips to ensure that your children are safe and your home office functions well.

Lock Up All Items That Could End Up In Their Mouths

Small children tend to put everything in their mouths.

Make sure you lock up tiny things such as pins, paper clips, erasers etc. in your side cabinets or drawers so that they can’t get their hands on those items.

Make Sure That Your Desk Has Rounded Edges

Your office desk and any other furniture should have rounded edges. There should not be any sharp edges in your home office that could injure your children.

Seal All Electrical Outlets

You should use dummy plugs to seal all electrical outlets so that children can’t insert their fingers or pencils into them.

The plugs should fit tightly so that only an adult can remove them.

Keep Your Computer, Coffee Maker and Printer Out Of Reach

You should shift your office equipment to a high table or desk, so that children cannot reach them.

Make sure that the cables to these machines also run at a good height, so that children cannot pull at them.

Ensure That Your Children Play Away From the Door

If your home office door opens inwards, then make sure that your children stay away from the door. Anyone walking in might invariably injure your children if he or she suddenly opens the door.

Even if you have the joy of watching your children from your home office, a little extra care is required to make sure that they stay safe.

Tips for Dealing with an Armed Robber in Your Retail Store

Many retail store owners have the unpleasant experience of being robbed by an armed person. It is definitely a scary experience; but instead of thinking that it can’t happen to you, it’s best to be prepared.

The following tips will help you if your retail store is held up, so that you can escape with the minimum loss to health and wealth.

• Don’t Pull An ‘Arnold’. Even if your body is sculpted like Arnold, you will still be at a disadvantage if the robber has a gun and you are stuck behind the cash counter.

  Don’t try to be a hero - remain calm and do as the robber says.

• Do Not Keep Too Much Cash In The Register. You should regularly shift the cash collected in your cash register to another hidden place inside your store (preferably a hidden safe) when there are no customers present. This will limit your losses in case of a robbery.

  However, keep some amount of money in your counter so that the robber does not get the idea that you emptied the counter earlier. You can also keep marked bills as bait for the robber.

  This will be very useful when the robber is caught with the cash.

• Observe Carefully. You should observe the attire and the mannerisms of the robber so that the information can be passed on to the police when the robber is gone.

  Observe the robber’s eyes, chin or teeth. Look for any nicks, cuts or tattoos on the robber’s face and fingers. If the robber is not wearing any gloves, then observe any spot that the robber touched, so that the police can lift the fingerprints.

  Install a high resolution CCTV (Closed Circuit Television) system in your store so that the antics of any would-be thieves are recorded.

• Do Not Touch The Crime Scene Until The Police Arrive. Once the robber is gone, call the police immediately and seal off the crime scene area.

  This will enable the police to get some clues of the robber’s identity.

  If you recognize the thief as a local, do not blurt it out during the robbery, but give that information to the police instead.

Use the above tips to stay out of trouble in case of an armed robbery in your retail store. Remember, your life is more important than your cash.

3 Warning Signs of an Online Business Scam

If you have just started your online business and are looking out for ways to increase your profits, then be aware that there are many people out there in the virtual world just waiting to scam you out of your money.

The difficult part is that you will probably not be able to identify your online mugger, let alone capture him or her.

Given below are 3 warning signs that could signal an online business scam.

1. Make Ridiculous Profits in a Single Day

There are no legitimate businesses out there that will enable you to make thousands or dollars in a single day - unless you are in the business of printing counterfeit money.

So stay away from any schemes that promise just that. You’ll probably end up wasting not only your time, but also your hard-earned money.

2. Sites That Have No Specific Details

There are many websites offering different avenues to make money. But most of them have only their email addresses on them.

Stay away from websites that don’t include their full brick-and-mortar address, contact number and genuine company history.

It is very easy for a business to close their online shop and vanish without a trace – with your cash in hand.

3. Testimonials That You Cannot Cross-Check

Many sites give testimonials of various people or companies praising their products and services, but with no details of those individuals.

If a business does not give out contact numbers and addresses of such people, then there is no way for you to cross-check those testimonials, and you should assume that they are fake.

Keep an eye out for the above 3 warning signs. They could indicate that an online business opportunity that promises you a lot is actually a scam.

When to Quit Your Job and Start Your Own Business

If you are currently employed but are having problems that do not seem to go away, or if you are simply bored, then maybe it's time that you started your own business.

Here are a few hints that it's time to think about starting your own venture.

• That Passion Is No Longer There. You are unable to get up in the morning with a fire in your belly. You are not even remotely interested in going to the office.

  If you feel this way consistently, then it could be the right time to think about quitting your job and starting your own business to re-ignite the flame.

• You Have Gained Enough Expertise. If you have gained enough experience and expertise over the years in your job, then the time could be right to cash in on that expertise and start your own business.

  This is your chance to put your expertise to work for your own benefit.

• You Want Freedom From The 9-5 Routine. If you feel stifled by the constraints of your job and long for creative freedom, then starting your own business could be the right move to make.
• Your Growth Is Limited In Your Job. If you don't foresee any new opportunities for future growth in your present job, then it cold be time to start your own company.

Starting your own business can be very rewarding, both professionally and financially. If any of the above sound familiar, then it could be time to bite the bullet and strike out on your own.

5 Reasons Why People Refuse To Accept Change

As time moves on, it is imperative that you make some changes. This is especially true in the business world. Sadly, many people do not welcome change and insist on continuing as they are, even when it is apparent that change is sorely needed.

1. Fear. Most people are happy in the situation that they are in. In fact, they often presume that making a change could turn out to be worse than they had been expecting.

This is basically fear of the unknown. When not conquered, it keeps people stuck in low paying jobs or a running a small business that might not be doing very well.

2. Assumptions. People assume many negative things when they think about making a change. They think that they might not be able to settle down in a new office, might not be able to get along with new employees, or might not get enough business in a new location.

If you have done your research well, then there is no reason to assume anything negative. Assume the best until and unless you are shown otherwise.

3. Time. Many small business owners are willing to accept change - but might think that the time is not yet right for the step.

Unfortunately, this is a symptom of procrastination. In its most pervasive form, it results in nothing getting done.

4. Trust. As a small business owner, you might not be ready to trust anyone who is advising them to change.

The point is — if a suggestion is made by someone, consider the source. It they are a credible professional, colleague or family member, you would do well to at least consider their advice.

5. History. Entrepreneurs not wanting to change might cite examples from the past to prove their point.

They might point to previous ideas that have not succeeded, and convince themselves that history will repeat itself if they go ahead with the change.

Refusal to accept change is a small business owner's worst enemy. Change is a part of life — you can either accept it, or watch as your business slowly fades into the irrelevancy.

What Should Your Business Card Say?

Your business card is one of the smallest but potent methods of advertising. Instead of looking at your business card as just another piece of paper, you should look at it as a valuable marketing tool.

Just as you would take care to carefully craft a business brochure, your business card deserves the same amount of thought.

Details, Details…

Your business card should include all your details, such as your name and designation, business name, address, contact numbers and email address and your website address. If you have not yet developed a logo for your business, then get one designed and printed.

Logos play an important role in associating your business, and companies such as Nike and Adidas have benefited tremendously from developing well-known logos. If you have a company slogan, then you can print it at the top of your card. The background design and material of your business card should also be in tune with your business.

Design Matters

For example, if you sell wallpaper, then you can print any wallpaper design on the background, and your business card can be given a textured finish. Your business card should also mention or indicate the types of products or services that your small business has to offer. Keep your design innovative and original. Use different colors if required, but keep it tasteful and pleasing to the eye.

Don't put too much information on your card — this will only make the card look cluttered and will distract potential customers. Keep the back of the card blank so that customers can write down any additional information about you or your company.

Once you've designed a good business card, hand them out generously - and watch this small wonder go to work in your customers' pockets!

Each and every small business should have a code of ethics that needs to be implemented and integrated into its culture.

This will not only help your business grow in the long run, but also provide you with the mental satisfaction of doing ‘what is right'.

The Various Kinds of Ethics

In the field of business ethics, there are various sub-categories, such as accounting ethics, marketing ethics, leadership ethics, etc; but the basic fundamental principle of each teaches the same thing - that is, to be honest to yourself and to the person (or business) that you are dealing with.

As a small business owner, you can condense the above into one simple message - you need to be honest in your dealings with your customers, vendors, suppliers and employees.

Product Matters

Your products should be exactly what you have promised to your customers, and the prices should be fair to both of you. In the marketplace, you should not hit your competitors below the belt, but compete with them on a level playing field. This means that you shouldn't bad-mouth them, but strive to emphasize how your products and services are superior.

Following a strict code of business ethics will not only make you feel good, but also keep you out of possible legal trouble. When new employees join your company, you need to explain your code of ethics to them so that they stay within the limits that you have set.

For big organizations, ethics need to be implemented fully so that each department fulfils its obligations to itself and to society as a whole. Greed is usually what corrupts companies - and has led to the downfall of many organizations. You only have to look at what happened to corporate giants Enron and Daewoo for examples of this.

Keep these business ethics in mind while running your small business, and ensure that everybody around you does the same. Proper business ethics are required if you want a long and prosperous business life.

A home business might save you money on overhead, but more effort is required to ensure that you achieve your sales targets.

Given below are some tips to help you run your home business more profitably.

Draft a proper business plan. Chart a proper business plan - and the ways in which you plan to achieve your goals in writing. Try to stay with that plan as much as possible. On a monthly basis, note the progress that you have made and compare it with your chart.

If you have been unable to achieve your targets, then identify the causes and try to rectify them in the future.

Get Serious. A home business is a business; so keep it separate from your home life. Set up your office in a dedicated room so that children or other family members do not disturb you while you are working.

If you have clients that visit you, then you should have a separate entrance to your office.

Use your imagination. Use different, innovative ideas. If you are running an online sales business, then try to locate exclusive and innovative products that you can sell. Build an eye-catching website and use related keywords in the text, so that your website will figure prominently in related searches.

Reach out to your target audience by writing online articles related to your business to get additional publicity. Your website should resemble a virtual office - and should be informative and interactive, so that your prospective customers will feel that they are dealing with a professional.

If you follow the steps above, you'll be well on your way to a highly successful — and profitable! — home business.