Successful Blog

Is Your CEO Taking the Company to New Heights?

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Chief executive officer, or CEO, is usually the highest-ranking executive officer in a company, and he or she is responsible for overseeing every aspect of the business.

As a business owner, you have to make sure that you have a competent CEO, because he or she can make a big difference to your company’s performance.

Here is a look at the role of a CEO and how he or she can contribute to the success of your business.

Responsibilities of a CEO

Your CEO is tasked to ensure that every aspect of your company is running smoothly and effectively, including operations, human resources, financing, marketing, sales, public relations, fundraising and others.

While some of the responsibilities of your CEO can be delegated, others cannot be delegated, such as building company culture and establishing the senior management team.

Basically, your CEO’s main responsibility is to develop a vision and business plan for your company.

He or she will set the direction for your company and make decisions concerning budgets, partnerships, product lines, market entries, brand identity and others.

Another important duty of your CEO is building culture. His or her every action will send cultural messages to your employees, giving them a clearer idea of what is acceptable or unacceptable in your company.

Additionally, your CEO is responsible for capital allocation and hiring, firing and leading the members of your senior management team.

How Your CEO Can Be a Greater Asset to Your Company

Be Humble

According to successful entrepreneur Cecilia Ibru, CEO of Oceanic Bank International, CEOs should try to refrain from being overly arrogant even though they hold a higher position than most people in their companies.

It is fine if your CEO wants to be in the spotlight to help your company gain visibility and establish a firm foothold in the marketplace. However, he or she should be willing to do whatever is best for your company at any given time, even if it means putting aside his or her ego.

A humble CEO will be able to gain the trust of your employees and create a more closely-knit workforce.

Make Full Use of Data

The success of your company depends a lot on your CEO’s decision-making ability.

One thing you can do to ensure that he or she will be able to make better decisions is to implement big data analytics.

With a big data system in place, your CEO can analyze your company’s data more efficiently and effectively, and derive valuable and actionable insights that can help him or her make well-informed decisions.

Communicate Clearly

Whether your CEO is communicating with the board, investors, employees or clients, it is essential that he or she knows how to communicate and inform clearly.

The people whom he or she is communicating with should be able to understand his or her visions, goals and strategies. Clear communication can lead to greater efficiency and productivity, as well as higher work quality.

In most companies, the CEO is the person who has the greatest influence on business performance.

If you have a capable CEO, you will have the peace of mind that your company is in good hands.

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

Is Your Organization Financially Sound?

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ID-100262910If you are planning to start a business or nonprofit organization, one of the biggest challenges that you will face is securing funding.

There are many ways to get funding for your venture, and you can determine which funding option best meets your needs by doing some research.

Here is a look at some of the funding options that are available….

Loans

Getting a loan is the most common way of raising money for a new business.

One thing you can do to find a suitable loan opportunity is to contact the Small Business Administration (SBA).

There are a number of specialized loan options for you to choose from, ranging from startup loans to microloans. SBA loans are usually easier to secure than bank loans because they have less stringent requirements.

If you decide to get a loan from a bank, it is advisable that you start with smaller banks in your locality. These banks will have a better understanding of how your business will fit into the local landscape.

If you are starting a non-profit organization, you can try to get a loan from funding sources such as the Nonprofit Finance Fund, as well as banks and other financial institutions.

Grants

Grants are usually offered by the public sector or charitable organizations, and they do not have to be repaid. Since they are pursued by many organizations, they are extremely difficult to secure.

Grants can come in many forms, including business startup grants, business expansion grants, research grants, financial education grants and others. There are grants that are specifically offered to aspiring owners or owners of certain types of organizations, as well as demographic groups such as women, minorities, single parents and others.

As such, it is a good idea to define your niche before you apply for a grant.

You can increase your chances of getting a grant by creating a detailed business plan that shows how your organization will stand out from others.

Federal, state and local governments offer a wide range of grant programs for businesses and nonprofit organizations, and you can find out about these grants by doing research on the Internet or contacting your state or local government offices. Grants can also be obtained from organizations such as the National Financial Educators Council.

As the following article shows, this organization offers financial literacy grants and funding to help organizations further their financial education initiatives.

Crowd-funding

Crowd-funding is becoming an increasingly popular method of obtaining funding for starting businesses and nonprofit organizations.

Presently, there are many crowd-funding websites that provide excellent platforms for organizations to locate startup funds. However, the increased popularity of crowd-funding also means greater competition.

In order to raise enough money for your start-up, you need to devise effective strategies to attract the attention of investors.

Securing funding for your new business or nonprofit organization does not have to be a complicated task.

If you can create a good business plan and make a great pitch, you will significantly improve your odds of getting the funding you need.

Photo credit: Image courtesy of iosphere at FreeDigitalPhotos.net

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

Are You in the Business of Apps?

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apps-kids-blocks-shows-application-software-and-computing-100303643In today’s business world, it is all but a necessity to be up to speed on the latest technology.

For many small business owners, the lack of time and effort when it comes to technology can ultimately lead to missed business and lost revenue.

So, which areas of technology should you be focused on moving forward in order to build your company?

Consumers Love Apps

Living in a fast-paced world means many consumers want their products and services yesterday and not today. In order to meet such demands, business owners must utilize the best technology available, allowing them to stay a step ahead of the competition.

Among the technological devices that should be standard in today’s business world are apps.

For starters, much of that necessary technology must come from within, meaning your office and your employees need access to it in order to best serve customers.

One of the top apps that should be in your arsenal is a mobile app.

With millions of consumers sporting mobile devices, your mobile app can be a treasure trove of new and existing business.

Face it; you should be catering to a large swath of the population who can and should be using your products and/or services.

You can provide customers with a wide-range of specials (mobile coupons, deals etc.) that will likely keep them coming back to you for years. The mobile app also allows you to do business instantaneously, lessening the chances customers will go elsewhere.

Make the Workplace More Productive

Apps are also beneficial to business owners when it comes to handling a host of workplace needs from organizing data to scheduling meets.

If you are looking at companies who are tasked with developing android apps and other such tech devices, look for a provider who can offer you some of these needs:

  • File storage – Filing of company and computer data is one of the biggest tasks facing any small business. Use the right app to view and manage your PDF, Excel, Word and other such files. This will also allow you to share sizable documents in one link inside the creation of an email, thereby allowing you to skip attachments;
  • Customer invoices – Staying on top of your customers’ invoices is critical in order to keep your finances healthy. The right app allows you to neatly manage the invoices, including the all-important bills. One of the biggest challenges any business (but especially small businesses) faces is collecting payments from those individuals/companies who can be lax at following through after being billed. Delinquent accounts can end up costing the business owner time and money, both of which he or she may be short on. Make sure your app has all the numbers up to date so you can easily see which client or clients are falling behind on their financial commitment to you;
  • On-the-go – Many small business owners and/or their employees end up having to be out of the office at any given time of the day. Whether it is to make deliveries, meet with clients or attend networking events, they want to stay in touch with the workplace. This can be done via an app which will permit you to team up with your PC. You can then review any files you may need, especially if they are relevant to meeting with clients;
  • Reaching out – It is not uncommon for small business owners to need to reach out to current and potential customers with pitches, special offers and more. The right app helps you by storing details in a business letter, something you can then send off to clients. You can save a particular template and design so you do not have to repeat the process over and over again.

As you can see, apps have a wide-range of helpful options for the man or woman running a small business.

If you have not used much in the way of technology before, see what apps can do for you moving forward.

Photo credit: Image courtesy of Stuart Miles at FreeDigitalPhotos.net

About the Author: Dave Thomas writes for a variety of websites on topics such as marketing and technology.

Credit Reports Matter for Businesses and Consumers

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credit-history-represents-debit-card-and-bankcard-100297005Whether you run a business or are just your everyday consumer, you more than likely know how important your credit history is, especially when it comes to meeting your financial needs.

For the small business owner, one’s credit score is very important in order to solidify yourself as being financially sound, most notably in the event you need to acquire a small business loan.

For the typical consumer, a solid credit score rings important when trying to get a new or used car loan, a loan to buy a home and much more.

With that in mind, do you truly know whether your credit report is thumbs up or thumbs down?

Obtaining a Loan or Credit Card

Typically the top reason you want a positive credit score is when it comes time to try and obtain a loan. The same holds true in looking for your first or an additional credit card.

Whether you get your information from CreditSesame.com or another such provider, your score will go a long ways in determining whether you get the funds you seek.

For starters, do you know where you stand when it comes to your credit score?

While the number range can fluctuate to a degree, the following scores mean:

  • 630 or below (Bad credit) – This range means you likely have missed some credit card payments, you have no credit card history, or you at some point filed for bankruptcy (personal reasons such as high medical bills and/or a small business that has gone under). One of the down sides to numbers in this range is that you will have to deal with larger interest rates and fees moving forward;
  • 630 to 689 (Average credit) – This range puts you in with millions of other Americans. While not the worst, your credit could be better if you did away with a sizable portion of bad debt hanging around. Numbers in this range can make it difficult to get a loan;
  • 690 to 719 (Good credit) – This range allows you to be eligible for a variety of different credit cards, with lenders also viewing you as a good risk in most cases;
  • 720 to 850 (Excellent credit) – This range is as good as it gets for consumers. Many will have the opportunity to receive cards that offer great rewards.

Check Your Report in Detail

When you get a copy of your credit report, make sure you go over it with a fine tooth comb.

Look for any inaccuracies, especially given today’s world of identity theft.

If you find something amiss, reach out immediately to the fraud departments of those you do business with and have your account placed under review, making sure no money can be withdrawn until the matter is cleared up. You should also have a security hold placed on your credit report.

Whether for personal or professional use (running a business etc.), your credit report and your history of handling credit will go a long way in determining your financial future.

Photo credit: Image courtesy of Stuart Miles at FreeDigitalPhotos.net

About the Author: Dave Thomas writes for a variety of websites on topics such as marketing and small business.

Is Starting a Small Business a Health Insurance Headache?

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multi-ethnic-team-during-meeting-10066408If you’ve been thinking about turning your hobby into a small business or even buying an existing business, you may be hesitant after you start looking into the health insurance aspects of hiring employees.

Thanks to Obamacare, more small businesses are now required to provide health insurance plans.

That’s all well and good for owners who have the resources necessary to fund such plans, but it bodes ominous for startups that are bootstrapping their business.

In fact, the sole requirement for a health plan can deter new businesses from starting up in the first place.

Don’t worry.

Starting a small business doesn’t have to be a health insurance headache.

There are ways around the Obamacare mandate, just as there are ways to comply with the law in ways that won’t negatively impact your business finances.

Here are some effective ways to get your small business up and running – and keep it running – while dealing with health insurance requirements:

How to Get Around the Requirement

If you have zero funds available for a health insurance plan, yet still need employees to operate the day-to-day tasks of your business, hire independent contractors. Independent contractors are in business for themselves.

As such, they are responsible for their own taxes and health insurance.

They work for you on what’s called a “work for hire” basis. You assign them tasks based on their expertise and specialties, and they invoice you for work that is satisfactorily completed.

Independent contractors don’t technically work for you, and are not your employees. Thus, you are not liable to provide health insurance for them.

The management of your independent contractors needs to be systemized so that in itself doesn’t become an organizational headache.

If this is an avenue you’re interested in pursuing, consider hiring a project manager and investing in some kind of online collaborative software to ensure projects get done on time and under budget.

Keep in mind that if you want or expect your business to grow, eventually you’ll need to move to a traditional employee model.

At that time, you will need to implement a health insurance plan for them, and you’ll need to save in order to manage that scenario.

How to Work With the Requirement

The fact is, there are so many complicated requirements within the Obamacare mandate that it can be compared to the complexity of the overall tax law in general.

As the following article shows, a small business owner, will be hard pressed to research and understand the basic key health insurance terms, let alone come up with a health plan by themselves that satisfies the vast legal requirements.

Your best course of action is to outsource your health insurance plan management to a professional company that specializes in working with small businesses like yours.

Otherwise, the vast amount of your time and the time of your admin team will be spent trying to navigate the minefield of employee health insurance.

Whatever you spend on the health plan management company is tax deductible and the return on investment will prove substantial, even in the short term.

As a small business owner, how are you dealing with the new health insurance requirements?

Photo credit: Image courtesy of Ambro at FreeDigitalPhotos.net

About the Author: Kate Supino writes extensively about best business practices.

The Business of Preventing Fraud

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fraud-calculator-indicates-rip-off-and-calculate-100303071While both large and small businesses can fall victim to fraud, its small businesses that are at the highest risk, with a frequency around 31 percent, according to Association of Certified Financial Examiner’s (ACFE) 2012 Report to the Nations.

The report states that the most common types of fraud amongst small businesses are billing fraud, corruption, check tampering, skimming and expense reimbursement fraud.

Sadly enough, close to half of the fraudulent individuals had been with the company between one and five years.

Breakdown of fraud in the workplace: The ACFE found that of those that are guilty of fraud, 42 percent are employees, 38 percent are managers and 18 percent are business owners or executives.

Fraud Can Occur Just About Anywhere

Surprisingly, even physicians can be affected by fraudulent acts.

The article “Physicians and Stolen Tax Returns: Avoiding medical malpractice fraud” states that physicians in Texas, in addition to other states, are victims of bogus filers that are trying to scheme millions of dollars from the federal government.

While typically the physicians aren’t responsible for these acts, being a victim of fraud takes a tremendous toll on one’s life by adding an immense amount of stress that could have been avoided.

How to Stay a Step Ahead of Fraud

For individuals, such as the physicians mentioned above, they can protect themselves by contacting the Identity Protection Specialization Unit and filing a complaint with the Federal Trade Commission, the US Department of Justice and the Social Security Administration.

Businesses can protect themselves by:

  • Use highly-secured computers – For all banking and financial duties, you should have a computer strictly for those needs and those needs only. No surfing the web, no sending emails and no playing games. Install antivirus software on the computer to prevent your information from being hacked.
  • Keep tabs on your money and personal information – Never wire money unless you know for sure that the recipient can be trusted. Also, do not give out your personal business information to those that you do not know. Check all your bank statements on a regular basis to make sure there is nothing sketchy going on with your accounts.
  • Always perform background checks on employees – Ensure that their past is clear by performing background checks on all potential employees.
  • Insist employees take time off – A main characteristic of a fraudulent employee is someone who insists on never taking any time off of work. The reason being is that they do not want anyone else doing their job for them and perhaps catching them in their fraudulent activities. Have employees work in teams and check each other’s work regularly.
  • Encourage an honest environment – By encouraging honesty throughout your company, keeping tabs on employees and even setting up an anonymous “fraud tip” phone line, you lesson your business’s chances of falling victim to fraud.

While fraud cannot always be prevented, it does tend to happen more often in businesses that are not actively trying to avoid it.

Always have your guard up, follow your accounts closely and if you suspect something suspicious, confront that employee immediately.

Photo credit: Image courtesy of Stuart Miles at FreeDigitalPhotos.net

About the Author: Sarah Brooks is a freelance writer living in Charlotte, NC. She writes on a variety of topics including small business, social media and personal finance.