bizthreads.net: Business Information for Entrepreneurs by an Entrepreneur

3 Simple Ways to Protect Your Vital Computer Data

While the falling cost of computers, software and peripherals has helped even small businesses to automate on a larger scale, they have also become vulnerable to attacks from within and from the outside.

Here are some simple tips to protect your vital computer data from falling into the wrong hands.

Use Passwords for Different Levels of Work

If your employees are working on the same computers or using common servers, then restrict them to their level by using different passwords. This will keep your data safe.

Remember to change your passwords frequently and keep your current password list secure.

Use Good Anti-Virus Software

If you are using the Internet or exchanging data between different storage media like CD’s and pen drives, then you need to install a good anti-virus software program. 

The program should not only detect viruses and Trojans, but also remove them without damaging your files.

Don’t try to save money by installing free anti-virus software that can only detect a limited number of viruses.

Restrict the type of websites that your employees can visit to lower the chances of an infection.

Perform Multiple Backups and Store Them in a Secure Place

Do not allow your employees to use pen drives or mobile data storage devices with USB ports.

Perform multiple backups of your data and store them at different places that are under lock and key. Your accounting and inventory package should have a password- enabled backup and restore program so that only you can take the backup of data.

Even though computers have made your life so much easier, overlooking these cautions will open the door for misuse of your vital data.

How to Determine When it’s Time to Redo Your Office

If you have conducted your business from your office or your retail store for quite some time, then there could be a time when change will not be just an option but a necessity.

Here are some ways to determine if it is time to redo your office.

When Things Begin To Peel Off

If you have wallpaper peeling off the walls or if the vinyl flooring and desktops start to warp, then it’s time to take some action to spruce up your office.

If you delay it any longer, then you might have clients tripping over the floor (a legal liability), or small children pulling at the remaining wallpaper on the walls.

When Your Needs Change

After a few years in business, you may notice that you require your computer, fax machine or other materials in different locations.

If you had not made these arrangements previously, then you can now redo your office and place critical items correctly.

When Space Falls Short

If you feel that your growing business requires more space for to handle your ever-increasing client base, then you will need to make the necessary changes.

When You Have Redesigned Other Aspects of the Business

If you have re-designed your logo or if you have changed your business identity, then you will need to incorporate these changes into your office to reflect the new look.

When You Just Get Bored

If you have the money, and if you are just plain bored with the look of your office, then you can make a few changes to rekindle the passion. Just remember to make it better than it was before instead of just going for an artistic change.

Keep these hints in mind and redo your office according to your existing budget when the time is right.

How to Ensure That Your Small Business Runs Smoothly In Your Absence

If you have a small business, then you need to put a plan into place in case you are unable to run it for a period of time.

This could be due to a number of reasons - an accident, a death in the family or a prolonged illness.

Here are some tips to ensure that your business functions well in your absence.

Train Your Staff Well

You should train your staff well so that in case of your absence, they concentrate on the work at hand instead of taking undue advantage.

Your employees should have a sense of discipline; and your clients should get the same level of attention, even when you are not physically present in the office.

Implement a Universal System

You should have an efficient and easy-to-understand system in place, from attending to client’s inquiries to order processing and collection of payments.

This way, when you are unable to be in the office, at least your employees will be comfortable in continuing their daily tasks without supervision.

Establish a Chain Of Command

You should not only train your employees well but also keep an eye out for employees who have gained the respect of other workers.

That employee should be given small chances to lead the team, so that if you are not around there is still a leader to take them forward.

The employee you choose should be honest and knowledgeable, and should also have clear, strong leadership qualities.

Be Accessible

Even if you are ill or are not physically present, you should be accessible by phone, fax or email.  Your employees need to be able to inform you of the latest happenings in the office; they will also be able to take important instructions from you.

So, even though you might not be physically present in your office or store for some time, follow these tips to still ensure that your small business performs like a well-oiled machine.

How to Determine If Your Business Plan is Impractical 

As you know, it is imperative that you have a practical and achievable business plan in place before you put any money into your small business.

Here are some tips that will let you know that your business plans are impractical.

Your Pricing Is the Lowest

If you project that your sales will be high because you will be pricing your products on the lower side, then you should understand that there could be someone else coming into the market with that same strategy.

This could take the wind out of your sales - and you will have a tough time earning a profit margin if you try to slash your prices any further.

No Marketing Strategy

If you know that you have a product or service that will sell well, then you should also have a strategy to market it.

What is the use in having a solution if people do not know about it?

It is important to allocate a budget for your marketing and advertising expenses in order to develop a strong customer base for your small business.

Projecting Unattainable Sales Figures

If you project very high sales and profit margins, then you will have a tough time in attaining them if there is a sudden downturn in the economy.

Your plan should display attainable figures - and any amount over those figures should be considered a bonus.

No Long-Term Financial Plan

If you have decided to invest money in the business just at the outset, then you are asking for trouble.  You should know that you will still need extra money to run the show over time.

Not having a plan for further financing or to raise cash during an emergency could seriously jeopardize the stability of your business.

It is vital to have a practical and manageable business plan in place, so that you are not bogged down in financial or marketing quicksand once you have started your small business.

5 Tips to Help You Overcome Your Fear of Selling

If you are trying to increase sales for your small business and have found some mental obstacles blocking your path, then it is time for some soul-searching. 

You need to gain insight into your problem, so that you can eliminate it as early as possible.

Here are 5 tips to remember if you frequently succumb to your fear of selling.

1.  Overcome the Fear of Failure

Many inventions would not have taken place at all if their inventors had given up after a couple of attempts.

It is very important to maintain a positive frame of mind and keep trying. You will never realize the sweet taste of success if you don’t have some persistence.

2.  Overcome Your Lack of Technical Knowledge

It is essential that you have the required knowledge about the products that you are selling.

You should absorb whatever knowledge you can from various sources.  You need to have the right information when you approach your customers.

Having the right knowledge will also make you more confident, which will lead to more success, more often.

3.  Overcome Your Lack of Passion

You should be passionate about selling your products.

If you become mechanical, then it is bound to reflect on your sales - and your customers will not be too convinced of purchasing your products and services.

4.  Overcome the Fear of Being Rejected

Many people feel afraid to talk if they have been rejected in the past.

Do not let your mind get stuck in a particular situation in the past, but focus on the future. If you have made mistakes (and we all do!), then learn from them and simply move on.

5.  Overcome Your Fear of Public Speaking

If you are not comfortable speaking in front of an audience, then concentrate on only one face in the crowd and imagine talking to just that person. This will quickly dissipate your fear.

By putting the above points into practice, you will gain confidence and overcome your fear of selling within a short period of time.

How to Ensure That Your Small Business Is Adequately Insured

You might have endured great pains to take your small business to greater heights - but if you do not have adequate insurance protection, then you could lose everything in one fell swoop.

Here are some tips to ensure that you have the right insurance for your small business.

Insure Your Inventory

You should have adequate insurance for your inventory so that in case of any theft or damage to your inventory, you can recover your investment without suffering a loss.

Insure Your Business Property

Just as you have insured your home, you should also insure your business property, especially if you have purchased it.

You should insure it against fire, floods, earthquake, etc., - but study your policy in great detail or get an expert to weed out potential loopholes.

Otherwise, you might find the insurance company pointing them out when you make a claim.

Insure Your Employees

You should also take out appropriate policies for your employees so that in case of any accident or illness, the insurance company compensates them.

This will lessen your financial burden to a great extent.

Insure Yourself

As the captain of the ship, you and your family should also have adequate insurance so that your business does not suffer if you have an accident or become ill.

To cover the worst case scenario, your loved ones should have adequate protection in case you meet with an untimely demise. This will enable them to continue running your business after your death.    

These tips will help you ensure that you have adequate financial security in case there is an unexpected glitch in your small business.

5 Tips to Get That Business Loan

When you apply for a loan for your small business, it is essential that you research and plan your moves in such a way that the bank is more than happy to give you the money.

Here are 5 tips to ensure that you get the business loan you need.

Specify Your Needs in Detail

You should provide specific details to your bank as to where the money that they will be giving you is going to end up.

This will remove any doubt, and will present your case as a genuine one. Present a logical report showing your business’ projected earnings.

You want to make sure the bank is confident that their money is safe in your hands.

Provide Sufficient Guarantees

If you can provide sufficient collateral or can arrange for a guarantor for your loan, then the bank will perceive your loan as a low-risk one. 

If that happens, your chances of getting an approval will increase dramatically.

Maintain a Good Banking Record

If you propose to get a loan from your current bank, then you should maintain a good banking record.

This will impress the bank and they will probably approve the loan. If you previously applied for a loan and paid it off on time, then that will be an added advantage.

Mention Your Credit Rating

If your credit rating is very high, then by all means, mention it in your application.

The bank might ferret out the information from other sources - but if your personal and business finances are on solid ground, then there is no harm in mentioning it.

Mention Your Past to Solidify Your Future

You should mention all your significant business achievements in your application.

This is a positive move, as your bank will realize that they are dealing with a motivated and passionate businessperson - therefore making it easier for you to get the loan.
  
By being honest and specific in your application and by maintaining a healthy financial past, you can look forward to a wealthy future.

It Ain’t Easy Being Green Your Small Business and the Environment

Whether your business is small or large, you can still do your bit to save the environment by following these simple tips.

You’ll also be able to save a good amount of money!

Install Sensors to Shut Power for Unused Areas of Your Workplace

You can install motion sensors throughout your workplace. These devices switch the power off when there is no motion detected after a particular period of time.

This will save a lot of energy and money - and you can easily recover the cost of this investment over time.

Set Your Gadgets on Power Save Mode

Set your computer monitors or televisions on power save mode, so that they automatically shut off if there is no activity for a certain period.

This will save a lot of power, since these products consume a lot of electricity.

Recycle Everything

You should shred all your important documents. Then mix them all up and use them as packing buffer when you pack your products for shipping. By doing this, you can avoid buying bubble wrap for your packing needs.

Buy recycled paper for your business needs and also remember to print on both sides of the paper if you are printing trial reports.

Try to limit the use of disposable plastics in your office by switching to porcelain mugs or glasses, which can be washed after every use instead of just being thrown away.

Save Paper and Ink When Printing

If possible, redesign your sales invoices to fit in half a page, so that you can save on paper. You should also use ‘fast’ or ‘economy’ mode when printing non-critical reports to save on cartridge ink or toners.

Use the above tips to do your part to help save Mother Earth - as well as save a little money for yourself at the end of every year.

How to Start Your Own Business after Getting the Pink Slip

In these tough, competitive times, many companies have started handing out pink slips in a bid to control expenses. There may come a time when you might find yourself at the receiving end.

If this has happened to you, you could think about starting your own small business instead of just looking for another job.

Do Not Panic: Once you are handed that dreaded pink slip, don’t panic!

Take a little time off to calmly think about the options that you have. Let go of all negative feelings before thinking about the future.

Assess Your Experience Against The Current Situation: Make a list of all the skills and experience that you have attained and then compare them with the needs of the current market situation.

Also check as to whether people are willing to pay for those skills.

Start Networking: Utilize all the contacts that you have developed over the years as an employee.

This will enable you to get some quality advice and feedback on your plans.

Make A Time-Bound Business Plan: Once you have decided to start your own business, then you should make a time-bound plan so that your thoughts can be put into action within a specified time frame.

Arrange For Finance: You will need to arrange for financing for your new business.

If you are planning to dip into your savings, then have a sufficient amount of money ready. You’ll need it to finance your business and prop it up for some time.

The above tips can help you to transform from an employee to an employer.

6 Easy Ways to Get a Grip on Your Home Business Expenses

Whether you own a standard business or a small home-based business, you will have to reduce your expenses to boost your profits.

Reducing overhead charges, combining jobs, and targeting a specific market are only some of the most sought-after methods of reducing home expenses.

1. Monitor expenses If you are not sure of where you are, there are fewer chances of you knowing where you are heading.

When you are sure of where your money is being spent, you can conduct yearly and monthly analysis of your financial condition to ascertain your course of action.

2. Take all tax deductions There are times when it is important to take tax deductions for housing, cars, food and utilities in your small business.

Very often, tax deductions are the sole reasons why many people purchase businesses in the first place.

3. Cut down on insurance expenses A major problem many people face with insurance is that they don’t miss it until they need it.

Investing in insurance is good - but make sure you buy only what you require.

4. Buy in Bulk There are many situations when small business owners are advised to buy in bulk.

Purchasing your work material/items in bulk will save shopping time and traveling expenses.

5. Get into a saving mood Saving money is more about possessing the needed motivation and diligence than it is about the actual monetary benefits you expect to derive.

6. Reducing Credit Costs Many small home businesses use personal credit cards, long-term debt, and lines of credit to finance a majority of their operations.

By switching your debt to reduce interest-charging accounts, you can save a considerable amount of money.

There are many facets of owing a home business every entrepreneur should be aware of - one of those being keeping a balance between income and expenses.