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| "I'm All Eyes" for Home Business Secrets Blog: July 2008 |
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Tuesday, July 15, 2008
Copyright © Karen Morel http://www.ExploringMarketingSuccess.comOne of the greatest mistakes any small business owner can make is going into business without knowing enough about the art and science of accounting. Unless you have the funds to hire an accountant from the very beginning, you will need to at least know the basics before you get started. Time and again, new businesses have failed, not because their products, services, or operations were poorly managed, but because the owner did not know the first thing about proper bookkeeping and accounting. Without these essential skills, you won’t know whether your company is doing well or poorly, what changes need to be made from a financial standpoint, or what to do at tax time. Having a basic knowledge of accounting is not only helpful, it’s absolutely necessary. Does this mean you need a degree in accounting before starting your own small business? Not at all. Though a degree wouldn’t hurt, it is not necessary in the least. Without much training in the accounting field, however you may find yourself overwhelmed at first by the terminology and language used in the accounting world. With some patience and a willingness to learn, however, it shouldn’t take long for you to adapt yourself to this new field. Take time out each day to read articles on the Internet, read books on basic accounting, and familiarize yourself with a good piece of accounting software. All of this will help to familiarize you with the common terms used in accounting and put you on the right track to becoming a competent business person. Keep in mind that the importance of accounting extends beyond keeping track of the payroll. A good accounting software keeps track of almost every area of your financial records. You’ll need to keep a close eye on what money you owe, what money is owed to you, the trends in sales, the trends in purchasing, the overhead, and a number of other things you may not have thought of. While it’s certainly easy to just hire someone else to take care of this, you may not have the money to do that in the beginning. Even if you do hire someone, you’ll want to know most–if not everything–they know. Not everyone is as scrupulous or competent as we would like them to be. If you don’t know anything about your accounting software programs, you’ll be leaving yourself wide open to be ripped off intentionally, or failed unintentionally. In the end, you’ll have only yourself to blame for failing to learn the basics of accounting. If you want to take the first steps toward becoming a competent amateur accountant, you’ll want to check your local community college for whatever courses they offer in the field. Don’t stop there, however. Borrow books from the library on the subject and study them when you have the chance. Check online to see if there are any correspondence courses, if you don’t feel you can spare the time to attend classes. Finally, talk to someone in the accounting field and find out what they think are the most important skills to acquire. About the Author:----------------------------------------------------------------- To find the best home based business ideas and opportunities so you can work at home visit: http://www.ExploringMarketingSuccess.com
 
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Monday, July 7, 2008
Copyright © Karen Morel http://www.ExploringMarketingSuccess.comOne of the first things many small business people do, when starting a company, is to decide on a name. This process, all too often, relies on cuteness, happenstance, or other irrelevant modes of decision making. Naming your business should not be left to fate or the whims of your favorite uncle. Naming your business should take as much procedure and research as any other aspect of your start-up. Those that fail to realize this can make a terrible mistake when naming their business, putting themselves at a disadvantage right out of the gate. If you want to give your business a name that will last, avoid some of these common mistakes and you’ll be much more likely to succeed. One of the first and most common mistakes to avoid is letting others make the decision for you, particularly by committee. If the group is not in tune with your business aspirations, the name they pick will probably not be relevant. Perhaps worse than the creative stunt that this type of group analysis will cause, there is sure to be hurt feelings and damaged relationships if you choose to go with one person’s idea over that of another. When naming your company, it’s best to go it alone. You’ll get better results, and no one has to have their feelings hurt in the process. Save the committees for less creative activities. Another trend in naming is when a business owner takes two unrelated words and tries to combine them to make a new word. This is overplayed and should be avoided at all costs. There is a rising sentiment against such names, perhaps brought on by the media and their insistence on using the same technique with celebrity couples. Your business deserves better than to blindly follow this nonsensical trend. Come up with a name that is unique and different but doesn’t leave people scratching their heads or rolling their eyes. The third mistake you can make when naming your business is to choose a common word, such as your name. For one, there are probably, at least, a few other companies across the country with the same name. Secondly, you’ve made your company difficult to find through the use of an Internet search engine. With so much of today’s business being done on the Internet, you can’t afford to intentionally lose yourself in the shuffle. Even if you don’t have a website or won’t be making sales over the Internet, it’s still important for people to be able to find your business listing with a simple search. If your name is too common, that will be next to impossible. Is a name everything? Not at all. But by following these hints, you should at least be able to come up with a name that doesn’t kill your business before you even get started. Avoid the same mistakes others have made. If you have to, make your own mistakes. Forge new territory in business naming faux pas. But to fail to learn from history is to doom yourself to repeating it. About the Author:----------------------------------------------------------------- To find the best home based business ideas and opportunities so you can work at home visit: http://www.ExploringMarketingSuccess.com
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Thursday, July 3, 2008
Copyright © Karen Morel http://www.ExploringMarketingSuccess.comThere are times when there can be some confusion between values and priorities. Once business owners understand these differences, they can begin to make improved decisions about their business. There is a lot of talk about family values these days. People have strong feelings about types of businesses that are against their religion or are adult-themed. These businesses are ones that are lacking in values. Consider the word win. As an acronym it can stand for what's important now and can be used to describe a priority. Priorities are constantly changing, and help business owners decide what it will take to win the current situation, or put out the most recent fire. People in business, as well as in their personal lives, juggle their priorities on a regular basis. Because of priority shifts, they may end the day not achieving everything on their list of "Things to Do" . Consider you are in your home office and suddenly your internet service shuts down, due to a broken cable entering your house. While the jobs you were working on have a deadline that is only three hours away, working on them takes a lower place on your list of priorities. Knowing that unless your repair that cable, even if you do get the work completed, you can't submit it online. Your priority is now to fix the line and get your internet service back in operation. Your values, on the other hand, are what describes who you are. They do not change regardless of the current situation and no amount of external influence will change your values. For example, as a writer you find yourself needing a lot of money in a hurry and are offered the chance to make a significant sum writing for a company that is involved in a business that does not meet the standards of your societal values. Despite the promise of extra income, you would be forced to compromise your values. The money would certainly help eliminate some of the priorities, but compromising your values would be tantamount to compromising who you are. Business owners are faced with similar dilemmas on almost a daily basis, struggling with doing what's right for the business, their employees and their customers and making every decision fit their values. A customer screaming about a lost order certainly may require top priority for a business owner or manager, but turning around and blaming an employee would go against the values of treating their people with respect. It can be a tightrope walk on adjusting priorities, but there should never be a question about values. Family time should be a value for everyone and when employees need time off for a special family event, priorities of the business may have to change to meet the values of allowing them time with their families. These situations also require some tough decision making as the owner still has to do what is right for the business and its customers, while making sure the employees are allowed to realize their personal values. About the Author:----------------------------------------------------------------- To find the best home based business ideas and opportunities so you can work at home visit: http://www.ExploringMarketingSuccess.com
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