Successful Blog

Picking the Right Partners to Do Business With

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apartner
When it comes to the business world’s recipe for success, it takes hard work and great partners in order for your small business to thrive.

But, finding the right partners is sometimes a difficult task, especially if you don’t know where to start networking.

In order to make business connections that are fruitful and worthwhile, here are just a handful of tips for finding the right partners to do business with:

Get to Know the Potential Candidate or Candidates

Finding the right partner/s for your small business is all about forming a relationship and relationships take time. So, it’s important to take the necessary amount of time to get to know the person or persons you have in mind for your business partnership.

Sometimes choosing a business partner is as easy as picking someone you’ve already known for years.

But, if you’re trying to find a partner that you don’t have a previous relationship with, then it’s important not to push the partnership.

In other words, get to know the potential candidate in a natural way, like over coffee or lunch, so the relationship isn’t forced and nobody is pressured into the union.

Get on the Same Page

Although the phrase “on the same page” is used for many different situations, nowhere is the expression more appropriate than with business partnerships. From the business plan to the finances, business partners simply must be on the same page.

When it comes to finances, it doesn’t matter if you’re looking for one partner to help run your small business or multiple business partners to help your small business expand. A good example is – Picking the Right Partners: LessAccounting software.

In a partnership between WePay and LessAccounting, the two were able to team up; the latter is able to extend the former’s original invoicing tool, along with showcasing the capabilities that WePay’s API offers to service small business tools.

Make Sure Mindset and Skill Set Align

Among other important factors, there are two main things to look for in a potential partner for your small business: mindset and skill set.

If the person’s mindset doesn’t align with yours when it comes to the nature of the business, then chances are the relationship won’t work.

Similarly, if the candidate doesn’t have the skills necessary to get the job done, then problems will also arise.

Don’t settle for one or the other. Your business partner’s mindset and skill set must align with yours in order for the partnership to spell success for your business.

Look for Someone Who is Devoted

Finding the right partner takes more than just finding a person capable of bringing something more to table, it involves finding someone with the utmost devotion to the job at hand. Besides, you don’t want to take the time to track down a business partner only to discover that person lacks in the devotion department.

If you don’t want to feel like you’re running your small business alone, then you need to make sure your partner has all the time in the world to devote to your business too.

This means someone who is passionate and doesn’t have a lot of potential distractions in their life, like young children or financial issues.

By keeping in mind the pointers above, your next partnership will be a match made in business heaven.

As a business owner, have you partnered with others in the past? If so, how has the relationship turned out?

Photo credit: asiapacfinance.com

About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including personal health and home improvement.

Is Your Business Focused on Big Data?

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abigdata

The amount of data that is created and owned by businesses has increased dramatically over the past few years, and this has made data management a more challenging task for many companies.

However, there are new technologies available to enable businesses to get the most out of their data, one of which is big data.

Here is a look at how adopting a big data solution can be beneficial to your business:

Overview of Big Data Management

Big data management refers to the act of organizing, administrating and governing large quantities of data, both structured and unstructured.

It aims to improve the quality and accessibility of data, so that it can be used for big data analytics and business intelligence.

With an effective big data management strategy, businesses can locate valuable data in large pools of semi-structured and unstructured data from a wide range of sources, including system logs, call detail records and social media websites.

Benefits of Implementing a Big Data System

Better Customer Service

To get the most out of your big data system, you need to stay focused on the big data bottom line.

A big data solution can help drive up sales by facilitating better customer service. With such a system in place, your employees will be able to perform real-time checks on your customers and provide helpful advice on products and services.

Additionally, big data can unite the physical and digital shopping spheres by allowing you and your employees to provide useful information about your physical stores through the Internet.

Enhance Product Development and Marketing

Another benefit of big data is that it enables you to gain a better understanding of your target consumers’ behavior and perception of your brand and products, and segment them according to demographic groups and geographical locations.

With such information, you will be able to develop products and services that can meet their needs more effectively, as well as fine-tune your marketing campaign to achieve better results.

Improve Decision Making

By implementing a big data solution, you will have easy access to accurate information on almost every area of your business, ranging from operations to product inventory. This enables you to identify problems and make well-informed decisions to improve various aspects of your business.

Big data also makes information more easily available to your employees, which can help them perform their duties more competently.

Big Data Trends in 2014

New solutions are constantly being developed to improve the effectiveness, efficiency and security of big data systems. As such, you can expect to see significant changes in big data trends in 2014.

According to expert predictions, these changes may include the transitioning of big data from hype to actionable intelligence, increasing use of data by traditional companies to generate revenue, growing importance of visualization tools as an IT expenditure and greater implementation of predictive analytics and machine learning.

In order to get maximum value from your big data solution, you need to make sure that you have the right combination of big data analytics tools, processes and people.

Photo credit: Forbes.com

About the Author: John McMalcolm is a freelance writer who writes on a wide range of subjects, from Cloud computing to social media marketing.

Tips to Successfully Selling a Business

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asale

It can be a challenge to own multiple businesses, but it can also be profitable and rewarding.

However, there may come a time to sell off one business so you can focus on the others. But choosing one to sell and completing the transaction can be difficult.

Here are some tips to help you make a successful sale:

Recognizing the Challenges

A person who owns multiple businesses is called a serial entrepreneur.

They have unique challenges that other business owners may not face. It is important that they recognize those challenges to make each business successful.

Business owners must learn how to manage their time and delegate tasks to others.
While this is important for all business people, it is critical when you own more than one. You also have to make sure you are spending enough time with each business.

How to Choose the Right Business to Sell

One of the signs that it may be time to sell off one of your entities is that it takes up too much of your time and doesn’t allow you to focus on your other companies. It’s better to let one go than to lose them all because you can’t pay enough attention to them.

A business that has reached its peak may be ready for new ownership.

You want to sell before it is on a decline, while it still has a strong value.

If you have a partner, you will have to reach the decision together. This can be challenging if each of you have a particular favorite. However, having a partner can also be beneficial because it is someone you may be able to convince to buy your share.

Many serial entrepreneurships involve partners, such as The Light Group with Andrew Sasson founder and Brian Massie, that owns multiple restaurants in Las Vegas.

When one partner wants to sell, he may have an automatic buyer in his partner.

Selling Your Business

You will need to create a sales agreement once you find a buyer.

This will provide the sales price, list of inventory; covenant not to compete, a list of fees, and many other forms.

It is best to work with an experienced attorney when selling your business. You want to make sure you comply with all of the rules and regulations in your location and for your industry.

You will also have to consider the impact to your staff and how you will handle things with them.

In some cases, you may be able to get an agreement from the new buyer about keeping all or part of the staff on after the sale. But this may not be binding unless it is part of the actual agreement.

Also remember that you will need to decide when to tell your staff and how to transfer tasks. This can be more difficult if you have employees who work in more than one of your companies. There may be some anger or jealousy between employees.

It is essential to think through your decision to sell one of your businesses and to understand each step of the process.

While the hardest part may be in choosing which company to sell, it is only the first step of many.

Photo credit: frontrangebusiness.com

About the Author: Joyce Morse is an author who writes on a variety of topics, including SEO and small business.

Should You Turn Down a Better Paying Job for Job Security?

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ajob

A higher paying job can bring a positive change to your life. However, it may not necessarily be a better job option if you are not confident that you can keep it for a long time.

If your current job or another job offers better security, you may want to think twice before diving headlong into the more lucrative job.

Here are the pros and cons of turning down a higher paying job for job security:

Pros of Choosing Job Security over Higher Pay

Lower Risk of Losing Your Job

A high paying job is generally more sought after, and therefore, it may offer lower job security.

If a company is willing to offer a high salary for a certain position, it should not have difficulty finding suitable candidates.

As such, there is a higher chance that you will be replaced if you do not meet your employer’s expectations satisfactorily. Sticking to your current job or getting a secure job puts you at a lower risk of losing your job.

Less Stressful

Salary is usually determined by job requirements and responsibilities.

If you decide to take a better paying job, you have to be prepared to assume greater responsibilities.

Playing a more important role and working in a new environment can make you feel uncertain, anxious and worried, and contribute to your stress level. Stress can affect your work performance and make it more difficult for you to hold on to the job.

If you feel that you will be more comfortable staying in your current job or getting a less stressful job, it may be a good idea to turn down the higher paying job.

Enhance Your Resume

Being employed by a company for a long time shows that you are a loyal employee, and it will make your resume look better.

If you cannot hold on to the high-paying job for long and have to look for another job, it may give your future interviewer the impression that you are a job hopper.

Also, if your current employer is not happy with your decision to leave the company, he or she may not give you a good reference.

Cons of Choosing Job Security over Higher Pay

Miss Out On an Opportunity to Improve Your Quality of Life

Getting a higher paying job enables you to meet your financial obligations more easily and improve your quality of life.

If you have a family, you can provide a better life for your spouse and children, and enjoy greater financial peace of mind. However, the improved financial situation may not last long if your new job is not secure.

Give Up a Possible Chance to Advance Your Career

The higher paying job you are offered may be a career advancement opportunity.

Other than offering a higher salary, it may also provide a chance for you to learn and perform higher-level tasks or assume a leadership role. It may be your dream job if you are able to hold on to it.

Making the wrong career move can have a negative impact on your life.

Just as many smaller companies worry about their small business reputation, those job hunting and/or changing careers need to be resolute to the fact that different jobs offer different possibilities.

Make sure you weigh the pros and cons above before you decide whether you should accept or turn down a higher paying but less secure job.

As a professional, what is more important to you in regards to a career, your salary or your security?

Photo credit: thinkbigmagazine.com

About the Author: John McMalcolm has written a wide variety of blog posts and articles for many websites, from resume tips to running a small business.

Why Did That Employee Just Get Fired?

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afiredBosses have many hats to wear, at least that is the case in numerous offices these days.

Given that many companies have slimmed down their employee rosters in recent years, it is not uncommon for those running companies (especially smaller businesses) to find themselves doing some tasks that were typically handled by their HR person over time.

In some instances, bosses are having to say goodbye to employees for one reason or another. One of those reasons is simply issuing a pink slip because the man or woman did not live up to the expectations set for them when they were hired.

While letting someone go is oftentimes difficult, it can very well be justified in certain cases. Even though it can be a hard decision for a boss to make, the end result is typically harder on the employee, he or she now finding themselves out of work.

For those employees that may be walking a tightrope at work, there are some telltale signs that their jobs are on the line. Whether you are in your very first job or a veteran of the employment world, take note of some warning shots that should grab your attention.

They include:

The Obvious

In a bad state of mind

If you have been coming to work under the influence of drugs or alcohol, if you’ve been stealing (not just money but supplies or other things at work), or if you’ve been skipping work, getting fired would probably be no surprise.

Some actions are simply inappropriate at work and are good reason to be let go. You know if you’ve done these things and chances are so do your employers.

The Not So Obvious

Taking too much time off?

Maybe you’re not, in so many words, skipping work, but you’re spending a sizable amount of time out of the office.

Do you take every other Friday as a personal day or roll in late every Monday? Do you always have an excuse to miss a meeting or call?

Sure, things come up in life, but if something big comes up where you need more time, you need to discuss with your managers. If you notoriously have taken time off for no good reason, or without prior approval, that may be the reason you just got fired.

Using work time inappropriately or wastefully and/or disrupting others

Maybe you did always come to work, but how did you use your time?

Did you surf the Internet, updating your FB status and checking your fantasy football team instead of getting necessary work done? Did you chit chat with fellow workers more often than discussing relevant work topics? Did you consistently keep others from getting their work done either by distraction or other poor conduct?

Lastly, did you make some online comments about a co-worker, perhaps your boss? Even though sites such as Reputation.com and others can help limit hazardous online profiles and comments, you need to be smart from day one about what you say on the Internet regarding your job, particularly as it relates to your online reputation management.

All of these could get you fired, as you are there to be productive and let others be productive, too. If you want social time, go out for happy hour after work.

Insubordination

So maybe you never really mouthed off to your manager, but did you always do what he or she asked of you?

If you didn’t follow up on your responsibilities and expectations, that’s insubordination and a pretty good reason for getting fired, especially if your managers have ever had to speak to you about it before.

Lying on your résumé

Did you fib a bit on your résumé thinking it’s fine, everyone does? It’s not really fine, and if you did, you are probably getting fired for that.

Just because you got the job doesn’t mean that your résumé is null and void. Your employers have expectations of you from that résumé, and if you lied on it, your credibility and trustworthiness are gone; you probably are, too.

What to do?

If you’re fired, you’re fired.

But you can get a fresh start – get out there and find a new job – then work ethically, diligently and responsibly and keep that job.

Have you ever been fired from a job? If so, what did you take away from the experience?

Photo credit: foxbusiness.com

About the Author: Heather Legg is a writer who covers a variety of topics from careers and family to the business world.

5 Reasons Temp Employees Will Replace One of Your Workers

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ahelp

It is true that people seek temporary employment mainly to earn some income, but some temp employees may also hope that their temporary jobs may lead to permanent employment.

A permanent job is desirable to temps, because it gives them a steady flow of income, a sense of security and an opportunity to develop a certain set of skills.

So, when your small business is hiring temp employees, you should also be open to the possibility that they may one day work for you on a permanent basis.

Here are 5 reasons why temp employees may replace your current employees:

Eligibility
Many people were laid off during the recent economic crisis, and some of them have extensive work experience and strong academic backgrounds. As such, you should not be surprised that some of the temp employees you hire may be more qualified and skilled in handling certain duties than some of your current employees. These temps can be a valuable asset to your company.

Performance
The abilities, industriousness and work ethics of temp employees can vary greatly. If you are fortunate, you may get temps who are committed to delivering competent performance. It is a good idea to offer high-performing temps permanent positions if some of your current employees are under-performing.

Motivation
The opportunity to get a permanent job can be a big motivational factor for temp employees. As such, they may be more willing to go the extra mile than your current employees. This can truly make them stand out in the workplace.

Employee Relations
Temp employees are less likely to develop a negative attitude towards their colleagues because they are less exposed to workplace politics. So, they are able to establish amiable relationships with their colleagues, which can contribute to a more harmonious work environment if they become permanent employees.

Safe Hiring Option
Another reason why you may consider replacing your current employees with temp employees is because you already know the work performance of your temps. If you have permanent employees who are underperforming, offering their jobs to your temp employees may be the safest solution.

Should Current Employees Fear that They Will Be Replaced?

Your current employees have a good reason to worry that they will be replaced by temp employees if they are lacking motivation and not performing according to expectations.

As long as they maintain a high level of competence, they will most likely be able to keep their jobs, unless you are planning to reduce your workforce. Temp employees who are really capable and hardworking can be a big threat to your current employees, but in the end, it comes down to who is more valuable to your company.

Whether they are hired on a temporary or permanent basis, all employees are essential to the success of your company.

If you are unsure whether or not to replace a permanent employee with a temp employee, just make a decision based on the best interest of why is small business management important, most notably for your company.

Photo credit: blog.intuit.com

About the author: John McMalcolm is a freelance writer who provides useful information and tips on small business management.