bizthreads.net: Business Information for Entrepreneurs by an Entrepreneur

Here's one we all struggle with — time management! It seems like there are never enough hours in the day — or could it be that we're just not aware of how to manage our time effectively? Here are a few tips that I've put together that have worked well for me over the years.

Get Organized- Reducing clutter is the first step towards organization. Clear the mess of papers and books on desks or workstations. Use drawer space well and keep only regularly used files on your desk.

Prioritize Your Actions- you need to identify the things that need to be done now and those that could be delayed for awhile. You need to make a list of all the things that need to be taken care of and maintain the level of importance each deserves, by marking them. Things of importance should be on top, with the others following.

Whatever needs to be done on the same day should be placed in a separate group. Schedule phone calls to be made while you wait at school to pick up your children or while waiting in traffic. In order to stay ahead on upcoming projects, cut down on your TV time and put in a few extra hours of work, to cut down on the last minute stress you could end up facing.

Use Tools You Are Comfortable With- for time management to be effective, you should be comfortable with the tools you use. If a regular calendar works for you, go ahead and use it. If you use a PDA or planner, you should make use of it for jotting down appointments or taking notes.

Efficiently scheduling all your appointments and errands can lessen stress and leave you with more time to devote to other equally important tasks.

Now that the holiday season is upon us (that was fast, wasn't it!), I know that like me, many of you also struggle with what gifts to get for what clients. So I came up with this holiday gift-giving guide to take the stress out of an already stressful business exercise!

Knowledge of the Workforce:

Every employee is different and unique and they all have varying interests and hobbies. These special interests should be kept in mind while selecting corporate gifts.

Each gift can be personalized for a particular employee. The gift could include the company logo and a special word or token of appreciation. Such personalized gifts are truly treasured by clients.

Types of Gifts

• The Gourmet Basket: Hampers of assorted candies, cookies, dry fruits and other goodies are perfect for clients who are known to have an ardent love of food.
• Wine Gifts: A gift of carefully selected wine is an ideal corporate gift too — just make sure their company policy isn't against it! There are a variety of wines available in the market. They are sold at special rates when purchased in bulk, especially during the holiday and festive seasons.
• Gift Certificates: You can also give gift certificates from local department stores. Gift cards are extremely popular and are often appreciated. Gift cards and certificates give your client the freedom to choose what they want to get for themselves.

I use an online gift organizer to help me pick out gifts for companies that have lots of employees. There are a few well-known stores that offer this service online. That way, I can order all my corporate gifts from one place. They also take care of personalizing corporate gifts with logos and special messages, along with gift-wrapping.

Hope these ideas help you have an even more enjoyable holiday season!

So, when should you start a business? Practically speaking, a business venture should be undertaken only when you feel that you are resourceful enough to ensure the smooth functioning of the entire process.
As an entrepreneur, you may be driven by the thought of succeeding at any cost. When I started my business, all my dreams and ambitions revolved around my business venture. Generally, people opt for becoming entrepreneurs when they feel that their talent is being under-rated or under-paid.

Given these facts, I've put together a few suggestions on how to start your business:

1. Develop a Business Concept: Your business should be focused on providing your target market with quality products or services. You should determine the needs, short term or long term, and match them with your resources.
2. Plan and Organize: Set up the immediate business needs, both physical and electronic. Design a yearly planner for your business. This helps you to take on specific time-bound challenges as your business progresses. Pay careful attention to your expenses — you don't want to run out of funds before your business gets off the ground!
3. Learn More About the Industry: Get to know more about your chosen industry through local business magazines. Learn the essential techniques, strategies and methods to success. I did this by developing good online researching techniques.
4. Set Up a Business Name: Choose an appropriate name to go by. The name should be relevant to the industry you are in. For example, if you sell books, don't name your business ‘Main Street, Inc.' You don't want your customers spending valuable time trying to figure out what it is your business actually does!By following these 4 tips, you will have taken your business idea one step closer from just a dream to reality!

In preparation for 2007, here are my business' New Years' resolutions

1. Delight every customer.
2. Find one new market to work in.
3. Learn a new skill each and every month.
4. Plan the future of my business every single day.
5. Don't wait for opportunities to come… go out and create them.
6. Stick to the basics: Solve needs and earn a profit.

I got a call the other day from someone who was in a panic. They've owned a business for two and a half years and have seen good times for most of it. Now, this person was worried that their business (which sells wholesale goods to retail stores) was starting to disappear. Stores weren't buying. This person had too much stock.

We talked for a while, discovered the problem, and created a solution. I thought it was sound advice so I'm adding it here.

This person's challenge (and possibly one that many people face) is that they get too fancy. They start off using solid, reliable sales techniques but over time they become complacent or try to do new things.

My advice? Go back to basics:

1. Introduction
2. Present the solution
3. Overcome objections
4. Ask for the order

This tried and true sales process is simple and elegant. And it works.

I had a recent conversation with a friend about his business woes. We ended up discovering together that he seems to be well-suited for the initial start-up phase of the business but not for the managing and day-to-day operations.

He's not the first person I've encountered like this. As I write this blog I can think of three others in my life who have similar personalities. It reminds me of an article I read years ago about “serial entrepreneurs” (and apologies to the person who coined the phrase… I can't give a reference because I read the print-based article about 10 years ago in a magazine I picked up once).

It doesn't come as a surprise that some entrepreneurs are not suited to manage a business. After all, many people leave the humdrum corporate life of middle management to start their own business because they're interested in the excitement of it all.

There really are two different kinds of skills at work in starting and growing a business: in the early days there is innovation, guts, blind ambition, extensive planning, and sweat equity. In the growth stage, there's much more of a management mindset.

Are you one or the other… or both?

Related Link: Restaurant Loans The best unsecured loans for restaurant owners.

I have been fascinated watching the rise and fall of “question” sites, in which users pay for answers to their questions. When I've looked at these sites I've asked myself, “Who would pay for that? How is this a viable business?” Google's decision doesn't surprise me here.

First, I can't imagine sitting at my computer as a freelance question answerer looking for questions. The pay doesn't seem really high (a couple dollars per question is what I've seen commonly). With some questions going for more, the real question becomes “How much can the market bear? How much is someone willing to pay for an answer?”

The article makes a very valid point: if someone looks hard enough they'll find the answer for free online. I just don't see a need for this kind of business.

Dear Buzz,

I want to buy an existing company. How do I determine what it is worth?

Ollie

Dear Ollie,

Publicly traded companies make it pretty easy: just see what other people are paying for it! Take their share price and multiply it by the number of shares and you know exactly what (collectively) someone is willing to pay to own the company. Of course it's not a perfect calculation because the market is not always perfect but it's a good start. The best calculation is appropriately called “Enterprise Value” and it works well for any company.

market value — (cash and investments) / (divided by) net earnings

Best regards,
Buzz

Dear Buzz,

I'm concerned about the week between Christmas and New Year. I'm a freelance graphic designer working out of my home and I need the work during that time, however, many people are away or not interested in doing work over that week. How can I pay my bills and feed my family?

Dan

Dear Dan,

I talked to a few successful freelance business owners about this and received a mixture of responses. Some said that they plan their personal holidays during this time to coincide with the quiet time.

Another piece of advice I heard was to acquire as much business as possible early in November, even if it means earning slightly less for the job… but committing to a delivery time in early January. You'll be busy for the month of November and early December and the boost in income should carry you through the last of the month.

Still a third freelancer suggested tightening your belt for that one week and working on the business planning, identity development, website building, and brainstorming that you likely mean to do during the year but never actually complete.

Buzz