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The Characteristics of a Quality Small Business Manager

Being an effective manager of a small business requires a distinct combination of skills and characteristics. Exceptional managers are effective communicators. They are able to focus on the bigger picture while simultaneously grasping the logistics of business processes. To sell a product or service, relationships must be developed with people. Even in an online business, customer questions and conflicts may arise. An effective manager has solid interpersonal skills and an ability to effectively resolve conflicts.

Effective Communication is Key in Management

It is not enough to have a solid product or service. A quality manager communicates clearly and frequently. Whether overseeing employees or just a business process, knowing how to communicate with people in a way that solves problems and meets needs is critical. Some managers are clearly smart and organized, but if they do not know how to bring out the best in employees through effective communication, misunderstandings may arise and bad feelings may fester.

Establishing Business Structures that Make Sense

Whether it is for the purpose of increasing quality communication in the workplace or streamlining business processes, a high quality manager establishes structures that make things easier. The structure may take the shape of regularly scheduled team conference calls. Or, it may be related to using spreadsheets and databases to keep everyone informed of the progress of a project or next steps.

Delegating and Empowering Employees

In addition to establishing communication and structure, an effective manager has an understanding of the bigger picture and what it takes logistically to carry out a plan. He may not be skilled in every aspect of the project himself, but he has a keen awareness of the core competencies of his team members and delegates the right tasks to the right employees. Through delegating carefully and empowering employees, he demonstrates that he appreciates their hard work. Employees who feel valued and appreciated tend to work harder and perform higher quality work.

Filed Under: Capital, Small Business Tagged With: , ,

Getting Cash During an Emergency

Everyone once in their life will find themselves in a financial bind. Most money problems can be easily fixed by getting help from family or friends. However, in other situations the emergency might be too steep or there just might not be anyone to turn to.Under such circumstances, it’s imperative to find a cash alternative. One easy solution to cash during emergencies are payday loans.

Application Process

The application process is very simple and can be completed online or over the phone in a matter of minutes, and you can receive a decision soon after. Upon approval, the money is typically dispersed the following business day.

Terms and Conditions

The interest rates for payday loans will vary from state to state. The average rate will run into the hundreds, but loan amounts in times of an emergency are usually small so the percentage seems larger than it really is. Plus, the loan repayment process is very flexible consisting of a bi-weekly installment plans.

When to Get One

There are many instances where a payday loan is an excellent solution. For one, they provide quick relief when you are sure to fall behind on bills and accrue substantial late fees. This is especially important when it comes to credit cards where your score could be adversely affected. They can also help avoid bounced checks or overdraft fees that result from overdrawing your checking account. The amount you pay in fees could be more than you pay in interest on a loan.

Ultimately, they can help in when the unexpected happens, everything from car trouble to medical problems.

When Not to Get One

However, they are not for everybody and for every circumstance. It would be reckless to take out a loan for the sake of entertainment purposes. To help buy groceries before the next payday, yes…for caviar, no.

With a cash loan there is always help in an emergency.

Filed Under: General, Small Business Tagged With: , ,

Save Money With Customer Satisfaction Surveys

When you want to know exactly what your customers (and potential customers) are looking for, there are plenty of different ways you can try to get that information. One of the easiest, cheapest, and best, though, is through surveys. Ask your customers what they want and need. What would they like to see your business do differently? How can you help them with their goals or serve them better? Is there anything you can do in order to keep them even happier than they already are?

By answering those kinds of questions, you’ll be more likely to tailor your business to your customers – and that’s going to keep them coming back because they appreciate what you’re offering them and they see that what they think actually matters to you. You should ask them to fill out customer satisfaction surveys. When they do, you’ll know what they’re looking for and how you can please them more easily. Then, target your promotional events and your advertising to what they’ve told you. You’ll spend less money overall, and your campaigns will also be more effective. It’s a great way to identify your niche market, as well, and make your customer service better.

These kinds of surveys not only promote the growth of your business, but getting a reputation as a business that cares means that your business will be more likely to stay around and continue to do well, even when times get difficult. Putting your money into your business is important, but putting it in wisely is a significant way to improve what you already have and move toward a bright future where your business sees continued growth and development – all for less money than you expected to spend. That’s a great way to help your business grow and to ensure that it remains popular well into the future.

Filed Under: Corporation, Small Business Tagged With: , ,

Considerations for Investing in the Business Idea of a Relative

It is a well-known fact that when economies become unstable, innovation ensues. Brilliant minds with no job and no prospects often create opportunities of their own. They might be struck with a creative business idea that can very well take off. If you are related to such a person, you may be in a deciding position: Should you or should you not invest in your relative’s business idea?  While each circumstance is different, you can examine the situation closely and ask yourself a few questions before parting with your capital.

Assessing the Business Partner

The most important consideration in assessing a business partner is determining whether he is someone you want to be financially intertwined with in the long haul. Is the relative trustworthy? Does he generally keep his word? Have you witnessed any warning signs in the past that might deter you from investing money in his business? Examples of warning signs might include an inability to keep a job or commit to one task for long. Another consideration is the ability to communicate clearly and effectively. These are qualities that a new business owner must possess to move his project forward.

Evaluating the Business Product or Service

Next, you’ll want to ask yourself if you truly believe in the value of the business product or service. Evaluating this might involve examining your own values. If you are a big advocate of truthfulness or integrity, you might be unhappy investing in a business that might engage in shady practices. Is the product or service in line with your personal values and interests?

Investing as a Way to Support a Relative

After assessing the relative and the business idea, you might decide to invest. Just remember, all business ventures carry risk, so be detached and hope for the best. In the end, money comes and goes, but harmonious relationships are valuable too.

Filed Under: Investment, Small Business, Spending Tagged With: , ,

How to Manage Telecommuting Employees Who Procrastinate

With the increase of work-at-home opportunities, many employers are in a position of hiring employees who work out of their own homes. While such an arrangement benefits both the company and the worker in many ways, employees who are prone to procrastination do not necessarily thrive in this type of situation. This can be damaging to business productivity and profits. Here are ways to help the procrastinating employee to overcome his tendencies.

The Need for Structure

Many human beings need structure in order to be productive in their lives. Growing up, people attend school where teachers and administrators create a schedule and hold students accountable. In the traditional work environment, structure is generally created by management. Reporting to someone in person, being available to answer the phone during specific hours, or punching an office time clock are ways that traditional employees are held accountable. Without these requirements, telecommuting employees are often left to devise their own daily structure. For those who are lacking in motivation, discipline or organizational skills, a pattern of procrastination can emerge.

Establish Clear Deadlines

When managing telecommuting employees, you want to create structure as much as possible. Many workers are deadline oriented. Avoid leaving tasks open ended. When you issue an assignment, clearly specify the date and time of the deadline. Also build in a time cushion in the event that unavoidable issues, such as an illness or an emergency, arise for the employee.

Encourage and Reward Accountability

Establish daily or weekly check-in requirements. This can be via phone, email or instant message. Telecommuting employees can easily feel disconnected from the employer, so establishing regular contact will remind them that they are, indeed, employed and obligated. Depending on the nature of your business, you can also implement productivity rewards. Your telecommuting employee will know that his assigned tasks are important and he will feel encouraged to perform his best.

Filed Under: General, Small Business Tagged With: , ,

De-Stressing the Small Business Process

Opening a new small business can be stressful. After all, you are embarking on a journey into the unknown and it can be stressful trying to make sure that everything works out for the best. While every small business owner is different, every business owner has the same worry and concern. Every business owner worries about what to do when it comes to business finances. If you are considering starting your own business, here is a look at some of the most important financial features that every business owner should focus on.

The first financial feature you should consider having as a small business owner is an accountant. Accountants can help you figure out where you stand when it comes to finances and what you need to do to get into a good financial state. Many small business owners hire an accountant for the first few years to guide them through the process and then will sever the ties as they learn more on their own.

The second financial feature you should consider is a lawyer. A business or financial lawyer is a must-have when trying to start a small business. A lawyer can help make sure that all your finances are covered on the legal aspect. They can also help you figure out the complex world of taxes.

The third financial feature you should consider is an emergency savings account. You can never know what will happen to your business and you need to be prepared financially. A small emergency savings account can provide you with funds should something unexpected happen. It is even recommended if you don’t have the money to start an emergency fund that you consider applying for a loan at GreatPlainsLending so that you can start an emergency fund.

Having some of these financial features will take some of the stress out of starting up your small business.

Filed Under: Investment, Small Business Tagged With: , ,

Researching a Business Before Investing

Different risk and return of investment for th...

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The easiest place to start investing money is with the large corporations, ones that have been around for years such as IBM. They may not return large sums of money, but they will return a reasonable amount over time.  But not all companies are publicly traded, even ones that have been around for many decades. All is not lost, however. There are most likely other businesses that are publicly traded with decent return on investment or ROI.

After deciding on a particular stock, start looking into its background.  The first thing to look at is age. A company that’s been around for a few years with solid performance can be just as good a pick as one that’s been around for 100 years.  Many young companies have strong foundations and tools including, highly intuitive accounting software and superior international investments that will prove to future stock holders that their company is on the rise and that the stock will only increase their revenue as a share holder.  There are many different criteria that can make a young company a good choice, so don’t discount one just because it’s yet to go around the block a few times.

Look at who’s running the business. What kind of people are in charge? Are they conservative, or do they take some risk with reward? The management style will directly affect how profitable the company can be. While investing in a business whose management frequently drives to the edge with choices can be risky, those who take a more conservative approach may not bring much return either.

The ultimate way to find out overall health of the corporation is to get an annual report and SEC filings. These documents will show the potential investor everything that there is to know about the company. Information is presented in an impartial manner, keeping out any potential cheer-leading by people connected in any way. Choosing a stock for investment doesn’t require a lot of homework, nor does it have to be difficult. Putting forth some effort before laying down some money can potentially bring satisfactory results.

Filed Under: Corporation, Investment, Small Business Tagged With: , ,
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