Obtaining a business credit card enables the small business owner to separate personal expenses from business expenses. Offering business credit cards to their employees eliminates the need for employees to use their personal credit cards or cash to make company purchases. Employees using a business credit card will not need to fill out expense statements, wait for approval and reimbursement from their company. Transactions are itemized and...more
We all know that our financial transactions are reported to credit agencies that track how well and how quickly we pay our debts and that when we apply for a loan for one reason or another, those agencies report our credit history to prospective lenders. However, most of us don't know a great deal about how that actually happens and how our credit is rated.The fact is that credit reporting has evolved to an industry all of its own. Just a few...more
Perhaps you have wondered why anyone would hold a meeting that wastes everyone's time and produces nothing.There are easy answers to this question, such as 1) they don't know that their meetings could be effective, 2) they don't know what an effective meeting is like, or 3) they don't know how to hold an effective meeting.But what about all of the executives who know how to plan and organize and run an effective business, but still hold bad meetings?So, let's dig deeper. These executives actually want to hold bad meetings because they prove to be useful. Here's how.1) They provide refuge.Bad meetings provide a sophisticated form of executive busyness. Some people find this useful because it keeps them from having to work on difficult tasks such as planning, coaching, learning, and communicating. Compared to these difficult tasks, sitting in a conference room is easy. In fact, it is so easy that a six-year old could do it, assuming you could convince the child to stay inside for such a pointless activity.Better: An effective meeting is business activity where people work together.2) They avoid responsibility.Bad meetings never end with decisions, which means that no one ends up...more
Raising capital to start a new business may seem like a daunting task, but it need not be overwhelming if you follow a few basic business practices. If you have a viable idea that will net a return for your investors and prepare a compelling business plan the chances are good that you can find investors to join you.Your first task is to create a...more
The importance of a comprehensive, thoughtful business plan cannot be overemphasized. Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives.The business plan is a major exercise in demonstrating your managerial...more
We all work very hard on coming up with the benefits of our products or services, (Still, 95% of us do THAT wrong, but that's for another article) but we rarely think about a personal benefit statement. Specifically, I am referring to what most people call their "elevator speech." The elevator speech as it is called refers to that 5-7 second opportunity you have to introduce yourself when someone asks, "So Bob, what do you do?" Answer with, I sell widgets for XYZ Company," and more than likely your conversation is either over or about to head in a different direction.Instead of responding with "I'm a financial planner," (dull, boring) how about "I help people create and manage wealth!" Wow! Which of these do you think creates the most interest? Which one do you think might result in you getting a follow up question, which will allow you to go into more detail? Which one will cause the person you are speaking with to raise and eyebrow rather turn to look for an escape route?Normally, I am not a big fan of using the word "I" to lead off a statement, but here it is almost a requirement. If you can come up with a better way to start, then by all means use it. My personal...more
When it comes to business and sales, building a strong relationship is critical. The stronger your relationship is with your customer, the more likely they will be to refer you business.Every day, make an attempt to build on the relationships you...more
Use this check list to assess your communication skills.Focus* Do you pay complete attention to others when they are speaking? (A wandering focus discourages open communication.)* Do you manage your thoughts during a conversation, focusing them on...more
5 Simple Ways to Double Your Income ImmediatelySo you think that you are just like your competition? Well, then it is time to differentiate yourself. As a contractor, you probably use the same types of materials as your competitors do so how can you...more
There are many facets of life that require discipline; getting up every morning to go to work, paying your bills, putting gas in your car and countless other things. However, many people consider looking for a new job as a hassle that can be...more
We all wish we could say "yes" to everybody and everything. And yet sometimes we have to say "no."Here's how to say "no" with class and respect.> Be CourageousSome people feel afraid to say "no." They may either expect a hostile reaction or they want...more
With the advent of the Internet, almost everything has been rendered deliverable with digital speed. You could order items online, for example, and the same would be shipped to your doorsteps the next day. You could pay your bills through online...more