Top managing mistakes companies make

Managing a business can certainly be one of the most difficult jobs. There are so many things that you need to worry about and so many standards to rise up to as a manager and it is no wonder that sometimes things can get out of hand. It can become increasingly difficult to work with your employees or you might not always be on the same wave length.

This might happen because of a few managing mistakes that every business can make now and then. Las time we talked about how important it is to listen to your employees, to implement the changes they have suggested and to appreciate their work and the effort that they have put in turning your company into a successful business.

Here are a few additional mistakes you should avoid making.

  1. Creating a safe environment

It goes without saying that a safe and comfortable work environment is a lot more productive than a stressful one. It is crucial that your employees are given all the necessary conditions to perform at the highest level possible. You can not expect a mechanic to fix an engine without using the proper tools, as well as you can not expect a mountain climber to climb a mountain without the necessary equipment. When taking a job most people also consider their comfort and safety and as a business manager, you should also make them your top priority.

  1. Lack of feedback

A manager’s job is not only to make sure that the everyday activity of his employees runs smoothly, but to guide and inspire them as well. Having unrealistic expectations from the people working for you is a common mistake, especially for managers who do not offer any kind of feedback to his or her employees. Keep in mind that, if they do not know how to improve their work, it is your duty to advise them and offer valuable input on certain situations.

  1. Being too harsh

One other thing that you should keep in mind is not being too harsh when offering feedback to your employees. You should always aim …

Simple and Effective Marketing Strategies

salesStarting a small business can be a difficult task but to run the business successfully is much more difficult than that. The most common problem people face after starting a small business is the marketing. Most new business owners don’t understand how they can adopt an effective marketing strategy. Placing some ads on local newspaper will not bring the desired result for you. Marketing strategy have to be clever and effective. The process of marketing is not a single event, it is a continuous process. It must be implanted with proper planning. Here are some simple marketing strategies for you –

When you start new business, the first thing you want is that people get to know about your business. You have to take some initiatives to let people know that you are trying to sell something. So you have to arrange some workshops and free classes. You can rent a venue and invite some people to represent the strategy of your business. First try to identity your desired audience and market. Once you create a list of them, invite and let them know about your business. Create some leaflets and brochures, distribute those among your audience.

It is often difficult to achieve the desired marketing result single handedly. So you have to join into some local communities of business owners and some networking groups. Most of these groups are free to join and you will get many benefits from joining those. The marketing benefits you will get from these groups are really noticeable. The key benefit of joining is, members of these group will start to talk about your business. You may also get referrals from. Joining communities is a great idea for new business owners.

charity

Try to attend events under your business banner. You are likely to get huge response from press with events like charity and knowledge sharing. If you can organize an event by yourself, you can contact with some local charitable organization and joint with them. The idea behind marketing is that others know about your business. You have to do anything that can bring …

5 Steps of Starting your Own Local Business

People are always eager to know about the initiatives to start their own business. There is a list of fundamentals you should follow to start your own local business. A list like this is not easy to obtain as there are many factors like physical location, money associated with it. Here is a list of 5 steps which should help you get going regardless what type of business you are starting.

business

  1. Personal Evaluation: Knowing about yourself is the most important thing before starting anything on your own. Get to know about yourself and your current situation and what you can afford. Ask questions to yourself like – why do you want to start your own local business. Is it money? Freedom or just because of curiosity? Knowing about your skills will help you to develop as a successful businessman. Thinking and planning forward are very important to start anything on your own.

Some good questions you might ask yourself –

  • What would you do if money wasn’t the real problem?
  • Is money really important for you or it is just about expressing your curiosity?
  • Do you have the family support you need?

 

  1. Industry Analysis:evaluation
    The more you know about the industry the more you are likely to have success. Your business must suit your style and lifestyle. So evaluating your ideas is very important for you. There will be certain stages in your business where you will need different amount of money. So you should be ready for those stages. Researching about the industry is not a hard task anymore. You can just Google about different industry available in the market.

 

  1. Traditional Sources: There are also numbers of traditional sources you should try before jumping into an idea.

 

  • Analyzing about your competitor is very important before staring your business.
  • Get the number of prospects out there available for you
  • Get to know about the supplier of your industry

 

  1. Market Evaluation: There are different phase of market evaluation and they are very effective before starting local business. Identify your prospective market, the things you should consider are

Challenges Faced By Removalists In Perth (Western Australia)

Western Australia is the biggest state in Australia but its capital city Perth is not the most populated. Being one of the most isolated cities in the world, it does present a problem. The biggest problem is the lack of interstate customers for local businesses. Businesses offering removal services are one of the most competitive niches in Perth. So there’s no surprise to see removalists in Perth are struggling to keep their business afloat.

removalist

We interviewed the owner of www.perthremovalistswa.com.au and asked him what challenges he faces pretty much on a daily basis. His response was direct and straight to the point… “more and more removalists are popping up everywhere around me, it’s not like we can chase other customers from other states”. His facial expression paints a million words.

We’re using this niche as an example, but the same problem can be seen from other niches. Another challenge for removal companies are rising costs of fuel, which fluctuates considerably pretty much on a weekly if not daily basis.

The owner of Perth Removalists (WA) also commented on the lack of support given to those that has just entered into the competitive industry. Although others in the industry does actually offer enough help for industry newbies. From that alone, one can expect varying answers to the same question.

For those who have been in the industry for more than ten years are already established and most have already built a large clientele base. Once a significant portion of the market is captured, then it becomes harder for those that are just starting out. But this is not to say that competition is not welcomed by the residents, but offering competitive prices is much harder for beginners.

On the brighter side, the exponentially increasing population growth will offer more potential customers to local businesses. But modern technology will also play a big part in influencing how businesses are run. On top of competition, this may present a new challenge for removalists.

A recent survey done on Perth residents, the majority support local businesses but also in favour of competitive pricing and …

Should You Buy A Franchise or Not?

Many new investors wonder whether its a good idea to buy a franchise for a business or simply create a business on their own and not pay all the franchise fees.

There is no simple answer to this one but there are a few important facts that can  help you make a better decision. The initial costs of a Franchise can tend to be very expensive and require a lot of money to invest in. Other than their initial fee for setup, you need to take as well into account the costs of operating and using the franchise name and services, that they call Royalty fees. This usually is in a form of monthly percentage of sales.

One pro to owning a franchise is that it may reduce the risks associated  to starting a new business and uncertainties of the location and product. Starting a new business requires a lot of dedication, time, market research, advertising and brand recognition which is not the case for a franchise.

Franchises also help employers train them and their staff and usually perform market research on the location to determine the potential in a specific area. They offer support and a working system in place so you dont need to think outside the box.

Opening a new store can pose a large risk and if you have the money, it is usually a good idea to just buy a franchise as your risks will be reduced dramatically. Be careful though to be a well known brand and a reputable company. Maybe businesses nowadays have a franchise option and it can be hard to determine if the specific franchise is a good opportunity and name to go with. Always do your due diligence and investigate the franchise. Talk to other business owners of that franchise and find out about their experiences.

Many people have experienced great results with franchises and yet some haven not. Make sure to find out all the associated costs including contractual obligations and what you are and are not allowed to do on your own. For example, are you allowed to …

Starting Your Own Local Business

Starting your own local business can be a scary and frightful step you take in your career. Definitely is a major change in life and financial situations. Some are lucky to be well off in life to support this move but for those of us that aren’t, just take into account that its not just about the cost of the bsuiness. Its about having enough cash flow to support the business during its initial phases of start up and using some money to live, and grow the business as well.

Starting and setting up a business is no easy task, there are many costs to take into account hence you need some cash flow at the early stages to support some of the below:

1. Costs of rental space if this is a retail business. You would need to take into account at least 6 month of rental money on the side inorder to survive while the business picks up.

2. Costs of staff including your living expenses for the next 6 months.

3. Cost of goods and services until the business becomes self sufficient.

4. Costs of renovations if any in the store and unexpected expenses.

5. If this is not a retail business, then you need money for advertising as it became a necessity nowadays since word of mouth is not enough.

 

money1

Here some steps to take in order to be able to get some funding in the initial stages of your start up:

1. Come up with a smart business plan for business bank loan or government business loan

2. Bring in silent investors in the business in case the business loan does not get invested. True that you will have to share profits, yet you need to accept that idea that help will be needed and is not an option. These investors can be family and friends.

3. If you have the luxury of working while starting your business, that would be the safest and most reliable mode of safety and funding for your business.

4. Possibility of bringing in investors that will work as …

Buying versus Leasing a Taxi/Limousine

If you want to start a Taxi or Limousine business and not sure if you should buy or lease a Taxi or Limousine licence in Canada then here are some words of caution and information about how to go by with it and whether to own or lease a limousine or taxi business.

Leasing a Vehicle And License

  1. When you lease a vehicle and license, these costs can be tax deducted from the business and hence your profit will not be taxed as extensively. That means though that you are just leasing and the license and vehicle are not yours to own and the money you pay monthly to lease them is a complete waste.
  2. Your business value is reduced due to the fact that you have no assets and the business is based on leased equipment. If one day you decide to sell the business, its value is less than if you had real assets. The owner of Limousine Montreal Limos VIP explained the concept to me and i was surprised with what he told me.
  3. The fee for renting the license of the taxi or limo may increase at any time and there is nothing you can do about it. You are only leasing and have to abide by their terms.
  4. Leasing means you can start your taxi and/or limousine business with very little capital and provides opportunities for anyone to be in the industry. It’s a good way to start in the business to know if you will make it or not, instead of investing a large amount of money and not seeing returns for many months to come.
  5. Leasing a vehicle could be better than owning cause you can keep updating your inventory for years to come and will have the latest and greatest models of cars. You will need less maintenance costs and your customers will be more impressed because of the age of your taxi or limo car.

Buying a Vehicle And License

  1. When you buy the limousine/taxi and you buy a license then in the end you know you will eventually be