Small Business in a Big World

October 29, 2008

Goals as Business Foundation

The stability of everything starts with the foundation. Businesses built on a strong foundation grow and flourish. Pumpkins growing on strong vines grow large and round. Businesses with solid architecture can grow stronger as well.

If you’re thinking about designing or redesigning your small business, get organized before you start. There are a few steps to building a business wherein each details supports the needs of your target customers, and each details is supported by small business goals. This is just a reminder to all small business owners because most of the time we are too bombarded with too advanced  steps and we often forget the basics – the foundation – our small business goals.

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October 23, 2008

It All Begins with Setting Specific Small Business Goals

Set some specific goals. These can be soft, like “grow 50% this year”, or ambitious, like “dominate my industry online”.

As online markets mature, a leader emerges in each sector along with a handful of smaller niche players. Think Amazon or TradeMe. You need to choose between being the leader and eating leftovers.

Set some Key Performance Indicators and review them every week. Good KPIs to start with are — unique visitors; conversion rate (the percentage who convert to a sale/enquiry); and web revenue (the amount of revenue resulting from the Web site). Cool, isn’t it? And it all begins with setting specific small business goals.

Source: Sci-Tech Today

October 16, 2008

Resisting Reccession: Small business needs better Business plans

Well, it doesn’t mean that because it is recession for the global economy then we all should also be in recession. Well, this is part of growing our business. And that growing is referred to us the as the ability to ride on to this recession times and re-work our business.

According to PRLog.org, the Credit Crunch is the new monster which has taken away the sleep of the Global leaders .Yet there entire effort is concentrated to save only some of the big institution . The small businesses are left alone . Yet, they are the one, who silently fuels the economy of every developed and developing nations . Still, SME’s need to save themselves , and at the same time needs better business plans to turn the liquidity crisis into an opportunity.

Fighting recession is not only an national and international goal , but it is very much also organizational and individual goal . Some businesses have always came out of recession with flying colors . And some of them have closed there shutters . The prime difference whether an organization will come with higher growth pie ,or stop the operations is dependent on how the organizational mind approaches recession. The proactive approach should reap benefits and the reactive approach should bring losses.

That’s why it is important , that small business reworks there business plan and takes pro-active actions towards recession .

September 4, 2008

SMART Goal Setting Technique

One thing I can always remember on my Business Essentials and Administrative Purposes (BEAP) subject is the importance of setting specific goals for your business. There is actually an acronym for us to remember it easily. The acronym will serve as a guideline on to how we should set our small business goals. The acronym I am referring to is SMART.

He stressed out in our class to ensure each of our goals follows the SMART concept. SMART means:

  • Specific
  • Motivational
  • Action-oriented
  • Relevant to your situation
  • Time-bounded

Knowing the actual meaning of the acronym SMART, do you think it does made sense in setting goals for our small business? Well for me, it is. What’s your view? Just share your views in the comments section. Thanks in advance!

August 29, 2008

Plan your Plan: Your Financing Goals

According to Entrepreneur.com, Plan your Plans and you’re down to your financing goals. Thus, a very important componenet in business.

It doesn’t necessarily take a lot of money to make a lot of money, but it does take some. That’s especially true if, as part of examining your goals and objectives, you envision very rapid growth.

Energetic, optimistic entrepreneurs often tend to believe that sales growth will take care of everything, that they’ll be able to fund their own growth by generating profits. However, this is rarely the case, for one simple reason: You usually have to pay your own suppliers before your customers pay you. This cash flow conundrum is the reason so many fast-growing companies have to seek bank financing or equity sales to finance their growth. They are literally growing faster than they can afford.

Read more on – Plan Your Plan: Your Financing Goals.

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