ISSUES IN PLANNING

Issues in Planning

Nobody can deny that planning is important for a business to succeed because it enables companies to have a sense of direction on what they want to accomplish and how to accomplish it. However, there are also issues in formalized planning that had been raised because of the changing global environment that had challenged the importance of planning itself. Some of these issues should be faced because they mirror the real environment today. Here are some of the issues:

1. Planning can create rigidity- this means that when a plan was made, it is usually made with a specific timeframe and the steps that needs to be completed within this timeframe. However, these kinds of plans were made on the assumption that the environment would not change during that period except for the forecasts that were made at the time of planning. With this kind of planning, managers will have a hard time adapting to unique situations with new ideas and methods because the timeframe and the rules had already been set.

2. Planning isn’t suited for a dynamic environment- the environment today is constantly changing, and as such, plans are usually discarded because it is no longer relevant to the situation that companies find themselves in.

3. Plans cannot replace creativity and intuition- most successful organizations are founded on creativity and intuition. But as companies grow bigger, they tend to become more formalized. And this development makes it hard for companies to continually innovate and come up with new ideas so they tend to lag behind from the competition.

4. Plans tend to focus a manager’s attention on today rather than tomorrow- plans are usually created with a set of tasks that a manager should do on an everyday basis. This hinders him from looking ahead and seeing what may happen in the future. It also limits the manager from grabbing opportunities because he is busy following the guidelines of the plan.

5. Formal planning enforces on success which may lead to failure- it is hard to change plans that had been proven to be successful in the past. But these successful plans may be the cause of the downfall of the company if managers aren’t responsive enough to changes.

With all these issues comes the question, “Is planning still relevant?” Yes, it is because businesses would have a hard time surviving without a specific plan in place. The entire organization would become disorganized without proper planning.

Actually, everyone agrees that having a plan is crucial for an organization’s success; the problem only arises when the plans begin to become too rigid to accommodate changes in the business environment. So the key to successful planning is to create plans that are flexible enough to adapt to possible changes tomorrow.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

MANAGING YOUR REAL ASSETS

Managing Your Real Assets

You have probably already attended various seminars that teach you about strategies on how to manage your financial assets wisely. But have you ever wondered what your real asset really is? Sometimes, you may become so caught up in making earning more profits and earning more money that you might have lost sight on the things that really matter. These things include your health, your family, your contentment, and your happiness.

Sadly, you will notice that a lot of seemingly successful businessmen do not enjoy the real assets in life. They may drive the best cars that money can afford or live in houses that you might only dream of but what good is all these if they are suffering from poor health. They might be experiencing severe stomach pain that even all money in the world cannot compensate.

So if you are a businessman who is constantly on the move to find better business opportunities and better investment mediums, think twice about compromising your health to achieve these goals. For you to do these though, it is important for you to realize several things. The first is the fact that only you can manage your well-being because you are in control of your actions and your feelings. The second thing you need to realize is that you need to let go of past failures that continue to haunt you because it will only make you suffer needlessly. Then the last essential thing you should remember is that it is possible for you to lose interest in life if you concentrate too much on things that really don’t matter.

Through it all, the most important thing is knowing who you really are because this will enable you to examine yourself properly so that you will know the things that can truly make you satisfied and happy. All these facts are pointed out not to tell you that money doesn’t matter because it does. But the real question is to what extent are you willing to sacrifice to have more money?

Here are some questions you need to ask yourself. The first is ask yourself whether you would allow stress from work to hinder you from having joy in your life because it is possible to become so caught up with the problems involving work that you might not notice that you are continually making your body suffer from stress and neglect. Then the next thing you need to ask yourself is whether you will still continue to give time to activities that will not provide a significant improvement on your way of life. You usually hear about time management skills and its importance but are you really allocating your time wisely to fruitful pursuits?

It is important to answer these questions to determine if you are really living a life that is worth living.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

HOW TO CHOOSE PROPER BUSINESS ATTIRE

How To Choose Proper Business Attire

Choosing proper business attire may seem simple, but as times and fashion change it can create some tough choices. When most of our grand mothers were in the business field clothing was modest. Longer skirts and suit jackets that covered up the feminine physique. A look that was bland and often uncomfortable. For most of our mother’s business attire began to take a change. Skirts could be worn on or slightly above the knee. The option to wear slacks and blouses was becoming more popular. For the modern day woman we are faced with numerous choices for a business wardrobe. So how do we choose?

Often business’ will create a business dress code to assist attire conflict. This can sometimes make your choices narrower. Some companies allow stereotypical business dress such as, slacks, blouses, skirts and suit jackets. These always allow an employee to look well groomed, and professional. Other companies will allow any clothing item such jeans, t-shirts, Capri pants to denim dresses. This allows a more casual laid back appearance. If you are given this freedom of choice ask yourself some basic questions to assist you in choosing proper business attire.

What does my attire say about me? Do I look professional? Do I show that I have put an effort into my appearance? Your appearance says a lot about you as a person. It is one of the first things that another person will notice about you. You don’t have to be a designer tag diva, or a modest maven. You simply need to take the time to choose clothing that reflects you in a positive light.

Another question would be, am I comfortable? Does your attire allow you to fulfill your daily job duties without interference? By the end of the day are your shoes causing you foot pain for a fashion statement? Can you bend down to pick up those fallen files, or would you reveal too much of your physique? Comfort can be very important in any job. If you are too focused on your discomfort from a clothing item, this can take away from your concentration on a job task. You choose fashion or focus.

Casual or Formal dress is another consideration. You can still look professional in a job environment if you choose casual business attire. Dark denim jeans, belted with a button up blouse can be very appealing. Still providing a clean and tidy appearance. If you wanted to be more formal Chino or Khaki pants with a blouse may suit your mood. The choice between these may be as simple as matching your dress to your job environment. If you are a banker, administrative assistant or have a job that a more formal appearance is suitable the choice becomes simple. Working in a call center, day care, or other similar environment may lead to a more casual dress choice.

By taking the time to ask yourself these questions you are prepared to make the proper choice for business attire. Appearance attitude, Comfort, Casual/Formal the choice is yours.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

IT IS POSSIBLE TO RUN A HOME BUSINESS AND WORK AT THE OFFICE

It Is Possible To Run A Home Business And Work At The Office

Many people ask themselves if it is really possible to run a home business and still continue to work at their office job. The answer is yes. This may surprise some people. How do you have the time? That’s too much to do at one time. How can you manage?All of these comments and questions are involved in juggling home business and an outside job, but the key is that you are capable. Here are three main things you want to keep in mind in order to have it all.

Drive! The want or desire to have a home business is what really matters. If you want to keep your current job as well as begin your own home business you truly have to be focused on being able to do so. Without a strong want that will drive you to do what is necessary you will lead yourself to failure. If you believe that you are ready to commit to both jobs, and do whatever is necessary to maintain both then you are taking your first step in the right direction.

Time! You aren’t just given a pocket full of time. Everything in this day and age is about rushing and stretching what time we have. This is still very true with juggling outside work and a home business. You have to be willing to make time. What this means is you must be willing to use whatever free time you have from your office job and apply it to your home business. Weekends, evenings as well as holidays can be spent working on your home business. As long as you are applying the time you have to your home business, you can work both. It all goes back to having the drive to do what is necessary to have what you want.

Patience! This is something we all need more of. You will need to build patience when running both your home business and outside work. You will indeed be frustrated at times, waiting for packages or updates on business progress. You will be frustrated with customer or clients from both jobs. By building patience and also some understanding you will help ease some of the stress that comes from working both jobs.

Drive, Time and Patience all go in hand when working home business and outside office work. You have to be efficient with your time and manage it wisely. Keep focused on your goal. Don’t lose track. Be patient, because success does not happen overnight and unfortunately not everyone you will encounter in your job is patient or understanding. As long as you make the effort, you can in fact run a home business and work in the office too.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

BUDGETING YOUR MONEY WHEN YOU OWN A BUSINESS

Budgeting Your Money When You Own A Business

One of the most difficult things to do when you start a new business is putting together a budget. Without any financial history on which to base income and expenses, it may seem like guesswork, but as part of any business plan a tentative budget can be established with some thought and anticipation for the future.

In most businesses there are two main categories, income and expense. Under your expense category there can be several sub-categories often falling into two main areas of controllable expenses and uncontrollable. While many business owner claim they can control every expense involved in their business, they are simply kidding themselves as some things such as utility cost, the amount of rent and other so-called fixed costs can, and do change, with the owner having no control.

Other expenses such as payroll, insurance and advertising can be subject to a budget, but they are considered controllable expenses. If the business begins to fall off, you can control some of these expenses by laying off employees and cutting back on advertising. However, living by a budget will help maintain profitability in many respects but can also turn against you in the long run.

Depending on the viability of your business it often a better investment to bite the financial bullet on employee wages and still provide good customer service to the remaining customers until business picks back up. By trying into everything yourself not only will you burn out quickly, but if no one is taking care of the customers, it will not take long until there are no more customers to care for.

There are two ways to budget your business money and that is through set dollar amounts and percentage of income. Many businesses will budget their controllable expenses by the dollar and non-controllable by percentage of income. Obviously a good part of the owner’s time is going to be based on bringing money into the business and how much they have to spend on controllable expenses will be in direct relation to income.

For example, a company earning $20,000 a month in income has budgeted six percent for payroll, providing $1,200 for payroll. If the income level rises to $50,000 the budgeted payroll percent does not change but the dollars available for payroll climbs to $3,000. With an obvious increase in business to create the additional income, the owner will probably need the extra help to take care of business.

There are many other expenses that fall into the payroll account such as worker’s compensation charges, Social Security tax paid by the employer and paid vacation time or other perks determined by the employer. While a budget may be difficult to establish for a new business, it is a necessary evil for all business owners.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

DETERMINANTS OF DEMAND

Determinants of Demand

The business environment is always volatile because it is affected by the supply and demand of the marketplace. There are many factors that can contribute to the demand in the market and this demand will likewise also affect the supply. It is important to look into each of these factors to be able to cope up with changes. One of the most important determinants of demand is the income of the customer. When the income of the customer falls then his ability to purchase goods and service is affected.

Another factor that influences the demand for a product is the prices of related goods. For example, if the price of an apple falls for one particular season then you can expect the customers to buy more apples during that time frame even if they are used to buying banana. In this regard, the banana industry suffers because the customers buy the apples because of the low price.

Still another determinant of demand is the shifting taste of the market. Sometimes, there are trends in the market to drives the demand of some products up while sometimes it would adversely affect the demand in the market. The taste of individuals themselves can reflect on the overall demand of the market. If some customers prefer chocolate more than coffee then you can expect the demand of chocolate to be a lot more significant compared to coffee.

Your expectations in the future are also likely to affect the demand for a particular good or service right now. For example, if you are expecting to earn a lot of money in the near future then you will most likely be more inclined to spend today. On the other hand, if you expect to encounter several financial difficulties in the near future then your demand for products and services then will be less, you are likely to save your money right now.

Even the number of buyers in the market will have an overall effect on the demand because they will drive up the production of these goods. The prices of these goods will also be dependent on the demand which is created by the number of buyers.

As you can see, there are many determinants of demand and as a business owner; you should know each of these determinants individually and thoroughly. This is because you are in an industry that is highly dependent on the demands of the market. Every business in the world needs to follow the trends and where the demand in the market is going in order to survive. The enumerated determinants of demands are just some of the things that will affect the demand, there are still other factors that may affect the demand more than you may think possible.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

LEARNING TO FOLLOW A BUDGET

Learning To Follow A Budget

Learning to follow a budget can be very difficult at first. This can be a big concern if you have been use to spending money freely. First step of course is setting up your budget and some guidelines to keep within your budget. Be sure that all expenses are accounted for. Don’t forget to include fun money or entertainment funds if able. Once your budget is put together soundly you are ready to set up some guidelines to assist you in keeping on track with your budget.

One of the best ways to keep you on budget is to stop carrying cash. For most of us while shopping when we see signs offering miscellaneous items for ninety-nine cents we can’t resist.

It’s just a dollar here and a dollar there. Those dollars add up fast and before you know it the twenty dollars in your pocket is gone. By not carrying cash you can help stop impulse buying. If you still prefer to carry cash, your best bet is to only take what money is necessary to spend.

Give yourself an estimate of what your groceries will cost you. Take only that amount with you. This will help curb the need to purchase excess items, knocking you off the budget track.

Always shop with a list, to help prevent unnecessary spending. If you make a weekly or biweekly grocery list, you will only be purchasing those needed food items. Or create a list of cleaning supplies and stick to those isles only. If you allow yourself to wander aimlessly around a store you are allowing yourself to be tempted for other purchases. It can be very hard to stay on budget when desired objects surround you.

Become a thrifty shopper. It can’t hurt to look through coupons. Even a few saved cents per purchase can really add up on savings in the end. Searching through clearance sections in stores is another way to find items you need and save money on as well. You may be pleasantly surprised to see how much you can take home, and still have money in your pocket on your way out the door.

Keeping yourself on a budget is about self-control. It’s fighting the urge to buy what is not needed. If you have a difficult time curbing your shopping habit, keep a friend or relative with you on shopping outings. Someone you can trust to steer you away from temptation. As long as you lower the temptation for purchases, make a list and stick to necessary isles you will prevent yourself from loosing track of your budget needs.

Once you conquer your shopping demons, you will become proud of yourself for doing so. It’s a good feeling to be able to shop and stick to a list of items and not cave to those savings signs. You’ll feel a great sense of accomplishment as well. So don’t be overwhelmed, grab that pen and paper and keep on the budget path.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

FINDING THE RIGHT WHOLESALER

Finding the Right Wholesaler

When you want to sell products in retail, the first thing you need to do is to find a reliable and trustworthy wholesaler. This is because there are a lot of wholesalers who do not deliver on their promise once you want to do some transactions with them. In fact, wholesalers are getting a bad reputation because of the few companies that cheat on their customers. And added to this is the fact that the inventory you will buy from these wholesalers may not necessarily sell in the market. So before you enter into the retail business, here are some tips you may find helpful.

The first thing you need to do is to conduct market research on your target market. You need to know if the product you wish to sell will actually be saleable to them or not. This is because while a particular product may sell well in one area doesn’t necessarily mean it will also sell well in another area. So even before you search for a wholesaler, you must know if the product you intend to introduce to your target market is actually viable because it would be a waste of time if you spend too much time searching for a reliable wholesaler only to find out that the product you want to sell isn’t going to be saleable in the actual marketplace.

The next thing you should consider is the product choice. Once you had determined which industry you want to enter, it is now time to know which product you need to stock up on. You should note that it is more viable to enter a niche market that will buy your particular product than enter the mass market at once.

Meanwhile, the third step is finding the right wholesaler. There are many sources and directories you can look up to find suppliers. But the advertisements and the websites you visit may not necessarily contain reliable suppliers that will really deliver the kind of product you requested. So it is recommended that you put up safety measures in place even before you pay for these products. You can find these wholesalers from online directories and even sourcing agents but always remember never to pay in advance unless trust between the two of you had been established.

It is also important to have patience in order to find the right wholesaler with the best price. However, you should not expect these wholesalers to provide unrealistically low prices. If there are establishments that offer prices that are too low then you need to conduct thorough research first before doing business with these kinds of establishments. Then the last step you need to remember is to have faith in yourself because having confidence is important for success to be possible.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

THREE THINGS NEVER TO DO IN BUSINESS

Three Things NEVER To Do In Business

There are some things you should never do in business if you want to succeed. If you are already in a successful business you are well aware of this. If you are a new business entrepreneur then these three tips may be very helpful to you.

The first thing you NEVER want to do is to skimp on advertising. Without proper advertising your business will chance taking a big loss in services or product sales. An example of this is a small business that puts out children’s audio CD’s in introducing a new product. The business is new and practically unknown. They do have a website, and a small advertisement in the local newspaper. Only a small area is going to be aware of this company and it’s CD. A better form of advertisement would have been advertising in several, larger newspapers. Having a billboard advertisement that can be seen in a heavily trafficked area. These may cost more, but you will reach a larger customer base. Without reaching customers, you fail.

Secondly, NEVER let your guard down with your business competition. If your business has a competitive market you want to definitely consider this. An example of this is a video store. You would want to be aware of what the other store offers. Is there a large selection? What are their prices per video per day? Do they offer any specials or discounts? You would want to keep up on both the smaller video stores as well as the larger video store chains in your area. You want to either match what is offered or offer a slightly lower fee. Customers love to save money, even a few dollars and cents.

Lastly, NEVER jump into a business without doing thorough research. You want to be sure you know all of the details about the business you are involved in. You want to know financial details as well as information about your competition. When you take the time to research a specific business you insure success for yourself. You wouldn’t want any surprises popping up when it comes to your business. You want to be able to set yourself up so that your business operates as smoothly as possible.

If you make an effort to follow the above guidelines on what NEVER to do in business then you are on the right track. You create a solid base for business success. Be sure not to jump into any business decisions without research and well thought out planning. Care for your business like you would your children. Give it what it needs to grow and you will be pleased with the end result. Be sure you follow the do’s and NEVER the don’ts and see your business soar.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

WHEN TO QUIT A BUSINESS

When to Quit a Business

It is undeniable that a lot of business stops their operations because the income from the business is no longer enough to sustain the expenses it incurs. In some cases though, you can also see several businesses cease operations even when it generates enough income simply because the business owner had decided to get involved in another business. And in some even rarer cases, the business stops operations because there was an offer from the competitor to buy out the shares so that they will become the market leader. If you do encounter this situation, it is important to conduct a cost-benefit evaluation about whether the offer is financially viable.

There are still many other reasons why a business ceases to operate but in a franchise business, the reason for quitting is usually quite common. Some of the reasons that franchise owners cite is the high cost of the royalty fee they have to pay together with the cost of doing the actual business. In addition, there are the overhead expenses, the rental fees, the salary, and the miscellaneous expenses a franchise has to deal with. And while other businesses encounter the same problems, a franchise usually incurs more expenses because they have to buy the products they sell from a specific source; this limits their ability to take advantage of cheaper alternatives.

Another reason why a franchise business may cease is that the product or service they might be selling is already of trend. For example, there are cases when a particular kind of food suddenly becomes popular because of the uniqueness of its shape but there is the possibility that the customers may lose interest once the company stops creating new offerings.

However, despite the challenges you have to face in a franchise business, it is important to remember that the essential characteristic of a businessman is perseverance. You should take note that in some industries, you will have to sustain losses in the first few years of operations before you can enjoy profits. So you need to take this into consideration also before you decide to close your business. But if despite your best efforts, your business still continue on its downward trend, then you obviously have no choice but to cut your losses and hope you can get back your capital upon liquidation.

But the failure of one business should not discourage you from seeking out other business opportunities because this will hinder you from success. You should just count these failures as the price for experience so that you will know what to do the next time you encounter these problems. Because definitely, going into business is a worthwhile endeavor that will enable you to realize your potential while deriving profit at the same time.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

FIVE THINGS WOMEN SHOULD KNOW BEFORE STARTING A BUSINESS

Five Things Women Should Know Before Starting A Business

It is becoming more and more popular to start your own business and women are going into business just as much as men. There is much to know about starting a business, and here there are five important things women should know before starting their business.

First you are going to want to speak with some business professionals. Here is a list of persons you will want to speak with to get your business on the right foot. A good accountant can show you how to set up proper book keeping as well as record keeping for taxes. A lawyer who specializes in small business can legalize your business name and counsel you on how to protect yourself from possible business related lawsuits. A casualty or licensed property agent can help you to evaluate your insurance needs. They can better narrow down specific areas that you may need additional insurance coverage. Lastly you will want to speak to a business coach who can help you find start up money, as well as help in areas of bookkeeping and possible future business expansion. There are some places you can find more helpful information. Your local chamber of commerce is a great location to start. Also local women’s business clubs can steer you in the right direction. Be sure to check your library for country business directories.

Second be sure to know exactly what type of business insurance you need. It’s best to first check your homeowner’s policy to look for possible personal business coverage. If this is included you can have your policy extended for this coverage. If your policy does not allow this you may find better luck speaking to an independent insurance agent.

Third piece of knowledge is to know ahead of time if you will go into business on your own or with a partner. You will want to decide on either a sole proprietership or a partnership. If you go solo you are the owner and take on full responsibility for the business. If you choose to take on a co-owner be sure to discuss this with your attorney to discuss any preventive maintenance when it comes to your financial set up.

Fourth, be sure to have a solid idea of the cost of your business. Create a thorough business plan. This will allow you to know if you will need financial assistance such as a bank loan or if you will want to look for other outside investors. You can also search for government grants that are specifically created for women in business.

Fifth and final choose if your business will be run in home or out of home. This choice also includes insurance coverage and grant information.

All of the above go hand in hand to create a solid base for your business. Be sure to speak to business personnel, and do some research. Knowledge is power when it comes to creating your own business. Arm yourself with all the business knowledge you can. Take some business courses or seminars. Once you have a good understanding of how your business is to be set up and run you will be well on your way to a successful business.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

HOW TO IMPRESS POTENTIAL BUSINESS INVESTORS

How To Impress Potential Business Investors

In order to win over any potential investors for funding your business you have to impress them with your business acumen and not try to dazzle them with exaggerated information. In most instances for every goal you present their response is going to be asking how you are going to achieve that step. This will continue through every step of the process until they are satisfied that your business proposal is sound and that you can meet the goals established.

Most investors are savvy in the ways of business and can quickly see right through hyperbole and hopes. They may agree with you potential on the surface but they are going to need reassurances that if they put their money into your business plan their investment won’t be dashed along with your hopes. They will be looking for contingencies if the roadmap you present in the form of a business plan runs into a dead end street.

Establishing bullet points and datelines for each goal to be met will be a good starting point on your business plan, but will nothing to impress investors. They not only want to see what the goals are that have been established, they want to see how you plan to meet each goal. Any steps along the way will also have to be explained as well as contingency plans in the event that one of the steps is not made.

In addition to your business plan there are two other things investors want to see including your attitude and the product or service. Even with the best business plan if the product has a very limited customer potential base, and lacks the possibility for repeat business most investors will not look upon your plan favorably. A few investors may be in it for a short term profit spree, others will be in a project for a long run hoping to realize as much profit as possible. It will up to you and your products potential to impress them with the long-range goals and profit potential to even get their attention.

Your attitude will also be a key to unlocking investment funds. If you walk into a meeting with potential investors with a negative attitude, chances are their response will match your attitude. Showing enthusiasm for the product or service will indicate to the investors that you believe in your product and are willing to stake your future on the future of the company you are trying to create.

Be prepared to discuss your personal experience and expertise with the type of business you want to start as well as your personal stake in the process. You will have to document everything you tell them and by being prepared to answer any question they may ask about you, the product and company without having to promise to get back to them with an answer, will go a long way towards impressing your investors.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

HOW THE GOVERNMENT CAN HELP YOU START YOUR BUSINESS

How The Government Can Help You Start Your Business

When starting your business you can use all the help you can get, and the federal government can be a great source for assistance. You may wonder in what ways can they help you get started. Here are three areas the government offers help in getting your new business off the ground.

You need money to start your business and the government can help you get the cash you need in two ways. First option offered would be a loan. The government has hundreds of millions of dollars in government funding set up for small business and entrepreneurs. These are loans created specifically for low-income businesses, handicapped individuals, military veterans and more. The second option for funds would be one of the fifteen hundred grants that are available through fifty-two government agencies.

The grants are separated and grouped by state and business category. Such categories include but are not limited to agriculture, general business and real estate. You can also find grant money for research and development of your business. Many of these grants start at five thousand dollars and can end in the six figures. Best of all these do not have to be paid back. It’s like receiving free money.

So you know that money can be found, but what about other assistance. The government has this covered also. They offer assistance for small business expansion, development and renovation. There are fifteen hundred government sources to provide the needed assistance for small businesses. A place to start looking for this information would be the SBA, or small business administration office. You can find this in your phone book, online or the help desk at your local library.

Through the government you can receive counseling, training to improve skills to help manage and operate your business. There are some forms and guidelines that are to be completed. For some examples of these forms and more detailed information you can read source books on finding government as well as private foundations. These books can be found at your local library also.

Money and assistance are no longer a concern. Lastly the government offers advisory services to you. These services will assist you in improving your management skills and labor management relations. This is very important knowledge when beginning business.

There is so much the federal government can do to help you get your business up and running. It’s just a matter of taking the time to find your local sources and get the process started. Be sure to take advantage of these offers. It’s not everyday someone will hand you free money that will go to making yourself more money. So don’t wait any longer, get the process started and you’ll be well on your way to a flourishing, successful business.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

ISSUES TO CONSIDER BEFORE GOING GLOBAL

Issues to Consider Before Going Global

Obviously, many businessmen dream of becoming reaching the global marketplace because it has the potential to provide them with an increased profitability through reaching a large number of customers.

But there are many issues you need to consider before going global because the business norms differ from country to country. And if you do manage to get pass the trade barriers such as the tariffs and the quotas that is set up by the government to protect their domestic industries, you still have to deal with the customers themselves before your products will be bough.

In line with this, here are some of the most important factors you need to consider if you want to have a global reach for your business.

1. The laws – countries do have different laws that govern business practices so what may be considered legal to once country may not necessarily mean that this same practice is legal in another. It is therefore important for you to consult with local lawyers and accountants regarding the laws in their particular country.

2. The culture – every country has its own deep-rooted culture that makes it unique from other countries. You need to know the local culture even before you can promote your product effectively in the business environment.

3. The promotions – aside from the fact that you need to be sensitive to the taste and preference of the local market and be careful on the promotions that you do as not to offend them, you also need to be flexible to follow government regulations. For example, there are countries that do not put a limit on the amount of money that can be won by a local resident when a particular company holds a contest. However, in some counties the amount of earning can be restricted so you need to know about these rules and requirements even before you start your promotional strategies.

4. The locality – you should note that there are countries that have different government rules according to region. You need to be cautious in making different promotions and activities in different regions in a new territory because a practice that may be permitted in one area doesn’t necessarily mean that it will likewise be acceptable in another area even though it is in the same country.

5. The budget – penetrating another country may cost more than you are expecting because of the different legalities you have to deal with. At the start of your operations, you should also expect to encounter a lot of challenges because you are just starting to make your presence felt in a new territory.

Overall though, going global is certainly a worthwhile endeavor for any business despite the challenges it presents because it offers you a chance to make your business become more popular and more profitable.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

INTERNET MARKETING AT ITS BEST

Internet Marketing At Its Best

With the continued growth of the computer age, there is a whole new way of marketing a business. Especially for businesses who perform most of their transactions online. When reaching for online customers, internet marketing becomes the main target for your marketing efforts as it will attract the customers in your demographic – online users.

There are two distinct styles for online marketing, one is business marketing, the other is website marketing. With web site marketing the goal is to have people searching for particular services or products find your web site while conducting an online search through the major search engines. There are many facets involved in web site marketing and once a business is able to get them all clicking together, there is a good chance they will experience a major influx of new visitors to their web site.

One the other side are businesses that heavily promote their availability aimed at the internet users more so than the search engines. Buying internet advertisements, sending out emails and other promotional marketing materials that are designed to bring visitors to their online web sites, are just a few of the online marketing strategies being used today.

One of the things to remember with online marketing is to consider your home page as a billboard along the side of the road. If there is little traffic along the road, there will be few people who will see your billboard so your efforts should be focused on getting people on the right road. Looking at it from another perspective, there may be over a thousand people selling a certain brand of personal care items and they all have a web site, many provided free when they signed up and they all look alike and have the same enhancements.

If a person searches for the brand by name, there is no telling whose web site is going to pop up in the search results. If you own one of these thousands of sites, specific marketing will need to be done to guide that potential traffic to the site you own. To do this you can use pay-per-click advertising that you pay for based on the number of visitors who click through to your site.

Affiliate marketing is also a popular method of bringing visitors to your site. As a business, you agree to pay a certain percentage or dollar amount of a sale to another site, an affiliate, who drives the traffic to you. Essentially, you are gaining free advertising and only pay for it if your site makes a sale. While some link exchange programs have been successful in the past, having thousands of unrelated links to your site may turn search engines against you and lose your information from their engines and as a result from their results pages.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

INTRODUCTION TO THE BUSINESS OF MANUFACTURING

Introduction to the Business of Manufacturing

The manufacturing business is probably the most challenging business a person can get into especially if he manufactures several products at the same time. Unlike the retail business or service business, for example, a manufacturing business has a lot of potential problem areas that should be resolved even at the start of the operation. Some of the issues a manufacturing has to deal with include the sourcing of the raw materials, training of the workers, and even controlling the inventory level. They also need to deal with financial concerns because a lot of investments are tied up on their inventory. In addition, manufacturing businesses usually have to wait a long period of time before their inventory is liquidated.

A manufacturing company also has to find different retailers and wholesalers who will carry their products so that they will have a wide distribution network. As you can see, going into a manufacturing business is not that easy so you might be wondering why you should get involved in this kind of business at all. Well, the answer to this is quite simple, getting into a manufacturing business can be rewarding. This is because once you have established an effective manufacturing process, have the right people, and have the necessary distribution network, profitability is almost guaranteed. You should also note that you will be able to derive these profits consistently for as long as your product remains in demand even for a specific period of time.

Even before you start a manufacturing business though, you first need to believe in your business and the product you will introduce. This is because your business profitability relies mostly on the products you manufacture. You should note that unlike a retail business where location and advertising is important, in a manufacturing business, your customers will not really care where the factory is located. All they care about is the end-product they will buy and whether it meets high quality standards.

Other important factors to consider when you want to enter manufacturing are your technical expertise or the technical expertise of your employees about the manufacturing process. A manufacturing company also needs to have a highly effective quality assurance team that will make sure that all products that are released in the market meet the set standards of acceptability. The price of the product you manufacture is likewise important because this is a critical component in deciding whether the product is saleable or not.

Now that you know the pros and cons of investing in a manufacturing business, it is now your decision whether you want to get involved in this kind of business or not. But remember that like any other kinds of business, a manufacturing business also requires continual innovation to be one step ahead of the competition.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

ENTREPRENEURSHIP AND THE BUSINESS ENVIRONMENT

Entrepreneurship and the Business Environment

Everywhere you turn nowadays, you always hear about venturing into entrepreneurship. But what is entrepreneurship exactly? It is actually defined as the process wherein a group or an individual makes an effort to pursue opportunities to satisfy needs and wants through uniqueness and innovation. Some people have the misconception that entrepreneurs are gamblers in the sense that they take risks and invest in industries that have no record of success. However, the truth is, these entrepreneurs take calculated risks that have the potential to provide them with huge returns.

The key factors you need to remember about entrepreneurship are opportunities, innovation, and growth. An entrepreneur sees opportunities in environmental trends and changes that nobody has seen before and pursues this opportunity with whatever resources he has at hand. The second theme in entrepreneurship is innovation which involves transforming and revolutionizing existing products or services to cope up with the changing global environment. The third theme is growth; this involves the continual efforts of an entrepreneur to expand his business locally and internationally. An entrepreneur is on the constant look out on how to create new approaches to make his business grow and become a huge success.

These themes are the key factors which businesses are founded upon. The largest corporations you find today did not start out big, rather they started out as small enterprises by visionaries who want more than what is offered to them. You can see from the history of some of the most successful business today that the founders of these businesses have taken great leaps of faith and incredible amounts of risks in order to be what they are today. Wherever you turn, you see the results of entrepreneurship. But it is most obvious in internet commerce because this is a new industry. People that were unheard of before are becoming some of the riches names in the world and it is all because they have taken risks and have succeeded. So whether we realize it or not, it is the entrepreneurs who drive the global environment nowadays. They are the ones who are always seeking out opportunities and taking risks to improve our world and profit from it in return.

The business environment and even the technological advancements that are available today would not have been possible if these entrepreneurs did not come out of their comfort zone to invest in the development of these businesses. As you can see, having the entrepreneurial spirit is definitely necessary for businesses to reach greater heights and provide better and faster products and services to their clients. It is no wonder then that a lot of business enterprises are hiring young and dynamic individuals with a vision and who are not afraid to take calculated risks to ensure the survival of the business tomorrow.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

BUDGETING YOUR MONEY WHEN YOU OWN A BUSINESS

Budgeting Your Money When You Own A Business

One of the most difficult things to do when you start a new business is putting together a budget. Without any financial history on which to base income and expenses, it may seem like guesswork, but as part of any business plan a tentative budget can be established with some thought and anticipation for the future.

In most businesses there are two main categories, income and expense. Under your expense category there can be several sub-categories often falling into two main areas of controllable expenses and uncontrollable. While many business owner claim they can control every expense involved in their business, they are simply kidding themselves as some things such as utility cost, the amount of rent and other so-called fixed costs can, and do change, with the owner having no control.

Other expenses such as payroll, insurance and advertising can be subject to a budget, but they are considered controllable expenses. If the business begins to fall off, you can control some of these expenses by laying off employees and cutting back on advertising. However, living by a budget will help maintain profitability in many respects but can also turn against you in the long run.

Depending on the viability of your business it often a better investment to bite the financial bullet on employee wages and still provide good customer service to the remaining customers until business picks back up. By trying into everything yourself not only will you burn out quickly, but if no one is taking care of the customers, it will not take long until there are no more customers to care for.

There are two ways to budget your business money and that is through set dollar amounts and percentage of income. Many businesses will budget their controllable expenses by the dollar and non-controllable by percentage of income. Obviously a good part of the owner’s time is going to be based on bringing money into the business and how much they have to spend on controllable expenses will be in direct relation to income.

For example, a company earning $20,000 a month in income has budgeted six percent for payroll, providing $1,200 for payroll. If the income level rises to $50,000 the budgeted payroll percent does not change but the dollars available for payroll climbs to $3,000. With an obvious increase in business to create the additional income, the owner will probably need the extra help to take care of business.

There are many other expenses that fall into the payroll account such as worker’s compensation charges, Social Security tax paid by the employer and paid vacation time or other perks determined by the employer. While a budget may be difficult to establish for a new business, it is a necessary evil for all business owners.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

MANAGING A FAMILY BUSINESS

Managing a Family Business

Business and personal matters are hard to combine but in a family business, owners are forced to deal with both personal and professional issues at the same time. This situation leads to pressure on the part of the business owner to perform according to the expectations of his family and sometimes, it hinders him from doing what is necessary to improve business operations. In addition, he is also pressured to make decisions that are acceptable to all members of his family to be able to enjoy a harmonious relationship at home.

However, it is important to realize managing a business in today’s environment is not that simple. There are times when difficult decisions need to be made to ensure the survival and the profitability of the business. So whether it is a family owned business or not, the business should be managed as a serious enterprise and not something that is just founded as a hobby because this will surely lead to failure if it is not properly managed.

It is also important to tackle the issue of succession in the business especially if the owner of the business has more than one child. There had been a lot of cases wherein the children of the owner fight over the ownership of the business because the owner did not make it clear who will own the business after he has passed away. Now, everyone wants to avoid this scenario and the truth this, avoiding these kinds of situations can just be a matter of planning. Having a defined succession guide will enable all the children to live harmoniously with one another while helping the business success.

There should also be a designated leader whom everyone should be able to respect and obey in the business. The leader should also be capable and can make sound business decision. This is because if he turns out to be incompetent, other family members can feel that they could have handled the situation better themselves and you want to avoid this scenario as much as possible.
But even if the all members of the family do succeed in having a good business relationship though, it is still recommended that they separate business from personal matters. This will enable them to make decisions without bias for the betterment of the business. In addition, separating the personal from the professional will make business owners more flexible in making decisions at the workplace.

Probably the most important thing in managing a family business properly though, is ensuring that the whole family will have a good relationship that will last even if the business doesn’t. Ultimately, family is still more important than the business because the business can be replaced but your family cannot be replaced.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

POPULAR BUSINESS OPPORTUNITIES

Popular Business Opportunities

Business opportunities are everywhere but there are some businesses that stand out more than others because of customer demands and the market trends. It is actually hard to predict where the business environment will be going a few years from now because every year, more businesses are closing while at the same time a lot of businesses are opening up. However, there are some businesses that never go out of trend because it sells commodity products. So here are some suggestions on the kind of businesses you can put up in the near future.

1. Food businesses – obviously, every individual needs to eat whether they like it or not so getting into a food business is bound to be profitable if you know the taste and preference of the market. There are several ways you can enter this business, the first is setting up a food stall or a restaurant where you will sell the products yourself on a daily basis. The second is to manufacture the food and distribute it to retailers; think of cereals and potato chips which are packaged and ready to be consumed.

2. Agri-tourism- this kind of business has been generating a lot of attention lately because of its focus on nature and lifestyle. Agri-tourism enables people to enjoy themselves through picnics and other activities while being close to nature at the same time.

3. Personal catering – this kind of business has been around for years, yet, only a few people had taken advantage of this opportunity because they think that the market is already crowded. But the truth is there is a high demand for personal caterers who will organize and prepare food on special occasions. You can also offer services such as packaged lunch or dinner for busy individuals, be sure to provide healthy and affordable food though so that customers will continually patronize your products. This business will surely be a hit if it is marketed properly.

4. Financial planning – a lot of individuals want to invest their money in the right investment vehicles but they do not know where to start. You can become one of the financial planners that give these individuals the advice they need to get started on their investments. Likewise, you will also profit from this endeavor because you will charge a certain fee for your advice.

5. Pet care and pet grooming – many people love their pets but they are too busy to look out for them on a daily basis. However, they want to make sure that their pets are in good hands. This is where you will come in, you can establish a business that look after these pets while the owner is away. In fact, you can offer related services such as pet grooming and training to derive better profitability.

These are just some business opportunities you can get into; there are many more opportunities you can explore on your own to start operating your own business now.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com

INVESTING YOUR MONEY WISELY

INVESTING YOUR MONEY WISELY

If you are involved in business then chances are you are so caught up with the day to day operations that you sometimes forget that there are alternative ways for you to earn from your money. But in fact, there are cases where you will actually earn more from your investments than from your actual business. This is because you will have to deal with overhead expenses, salary, and capitalization in an actual business. On the other hand, all these factors are not present in investments. In other word, you are making your money work for you when you invest rather than the other way around.

So how exactly can you go about this endeavor? The fact is, investment requires in-depth exposure to the market so you would know where you invest your money in. There are many investment options you can choose from. Even your regular saving account and time deposit in the bank can be regarded as an investment because you are able to earn a specific amount of interest rates from this endeavor.

Aside from these though, there are other investment options that will let you yield higher rates for your money. Some of these opportunities include investing in the stock market, in mutual funds, and even in foreign exchange. But from the description of these options, it is quite obvious that it is necessary for you to watch the movements of the market consistently so you will be able to know when to buy and when to sell.

However, you should note that just in operating your own business, investing in these endeavors presents risks also. Different investment options have varying amounts of risks so you need to study how much risk you are actually willing to take. For example, if you decide to buy a particular stock from a known company at a high price, it is possible that this stock will not cost the same the following day because of management problems or other issues that can suddenly arise. Even investing in mutual funds carries some risks because the interest rates you are expecting may not be as high as you are anticipating.

Overall though, investment is a good way to earn while enjoying the convenience of being in control of your time and your money. Investments also somehow provide you with a sense of security because you know that your money is managed by competent financial managers. In addition, you should note that diversification is important in today’s world. Diversification simply means that you need to put money in different investment options so your risks are balanced in different industries. In this regard, investments certainly gives you that flexibility because you are free to choose the investment medium that suits your needs best.

Together we shall win,

Adesegun Akitoye

http://www.repeatrichrelief.com