Successful Blog

Picking the Right Partners to Do Business With

by

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.

How to Prepare for Your Wake-Up Call

by

My Academy Award slipped through my grasp when I was in college.

Although I was a Political Science major, I had signed up for Acting as an elective. Sure that I would accidentally become the next Meryl Streep, I emoted my guts out, hung around with artsy friends who were making student films, and made it into the school musical.

There was just one tiny problem.

I was a terrible actor.

In the same way the Hindenberg was a terrible blimp.

And I only realized it when my acting teacher told me I’d better withdraw from the class or she was going to fail me. (Seriously? Who flunks the acting elective?)

Sometimes it takes an outside, objective force to bring you to your senses when you’re in the throes of a bad idea. A wake up call.

wakeup call

Recognizing When to Pivot

Starting a new business is the ultimate gamble. You’re pulling up a chair to the poker table and pushing all of your chips to the center.

It takes a special kind of guts to go beyond having a great idea, and actually start something that creates value.

It’s wonderful to have guts.

But it’s more important to keep perspective on the situation. Blindly charging ahead without ever stopping to evaluate your strategy is not smart.

“Insanity: doing the same thing over and over again and expecting different results.” Albert Einstein

In gambling, you’re taking a calculated risk in order to potentially earn a big reward. Business is the same thing. You don’t have to put all of your chips on the table at once. You can test some ideas, play a few hands while you evaluate your fellow poker players.

When Odeo became Twitter, there was no guarantee that short, wonky status messages would become something that dominated the entertainment industry (hello, hashtag fever). The founders got the wake-up call that podcast subscriptions were about to be gobbled up whole by iTunes, and made a rapid course change.

Just because you decide to change direction, doesn’t mean success is guaranteed either. The jury is still out on whether Fab’s revamp from a social site to a shopping curation engine has worked.

The point is that when the wake-up call comes, you need to paying attention. You need to have resources you can marshal to respond to the call.

Make Sure You Recognize the Wake-Up Call

  • Have someone around who will speak the truth. Don’t hire yes men (or women).
  • Don’t fall in love with your own ideas. Keep an open attitude toward your creations, and allow the oxygen of alternatives into the picture.
  • Read, read, and read some more. Always be learning from others and improving your knowledge base.
  • Build in time to stop and evaluate the numbers. Look brutal reality in the eye on a regular basis.

Are you prepared for a wake-up call?

Author’s Bio: Rosemary O’Neill is an insightful spirit who works for social strata — a top ten company to work for on the Internet . Check out the Social Strata blog. You can find Rosemary on Google+ and on Twitter as @rhogroupee

Photo Credit: Alan Cleaver via Compfight cc

Tips to Successfully Selling a Business

by

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.

Extend Yourself

by

Skywalk
Grand Canyon Skywalk

All of the good stuff happens in the little moments where you just say to yourself, “heck with it, I’m going for it.” When you extend yourself beyond what you thought was possible.

You’ll never see what the Grand Canyon looks like from an eagle’s perspective unless you have the guts to step out onto the Skywalk.

And you’ll never know if you can run a successful business unless you decide, and take that first step.

The first step seems intimidating, but there are ways to start building momentum that don’t involve tightrope-walking across the canyon (even Wallenda carried a pole for balance). This is not an exhortation to quit your day job and recklessly hang out a shingle.

This is a call to action. Any action that takes you in the direction of your goal.

If your goal is to start a business of your own, there are many “first steps” you can take. The Small Business Administration offers these 20 Questions to Ask Before You Start a Business. That’s a good, thought-provoking starting point.

Extend Yourself Toward Starting Your Own Business

  • Consider embarking as a “lean startup,” as described by Eric Ries. Go out fast with the minimum viable product and iterate from there.
  • Post your concept on a crowdfunding site like Kickstarter. Get your supporters on board before you get too far down the road, and gauge interest in your idea.
  • Assess your key strengths (for example, using Strengths Based Leadership principles). This might give you insight if your struggling to decide among several different business ideas that inspire you.
  • Interview someone who is running a business like the one you want to start. Find out how they started out, what their roadblocks were, and what they learned along the way. Find small business owners to connect with at a site like AMEX Open Forum, and start building relationships.
  • Sit yourself down and bust out an actual business plan for your concept. Nothing takes off the rose-colored glasses like getting down to brass tacks. Who is your ideal customer? Exactly how will you reach them? What is your pricing structure? Do you need financing? Harvard Business Review offers an article called “How to Write a Great Business Plan,” along with lots of other resources.

It’s time to stop talking about starting your business, and start doing something. Get out of your comfort zone, extend yourself, and take that first step.

We’re here for you!

Author’s Bio: Rosemary O’Neill is an insightful spirit who works for social strata — a top ten company to work for on the Internet . Check out the Social Strata blog. You can find Rosemary on Google+ and on Twitter as @rhogroupee

Photo courtesy of Leonardo Stabile, via Flickr CC.

Working Moms That Are Making a Difference

by

Often that big idea strikes, and it’s those take charge people that follow them through to fruition to create a successful small business.

In many cases, those people are moms that see an opening and a need for a certain niche, and then turn it into something big.

In doing so, these women don’t give up their “momminess,” they just add “mompreuneur” as one of the many hats they wear.

It All Starts With Passion

The key to becoming a successful small business owner is doing something you love and find passion in. Being good at it helps, too.

Whether you are artistic, practical, crafty or persnickety, you probably have some good ideas rolling around.

Check out these notable moms who have started small businesses and then turned them into great big giant businesses:

  • Heather Allard is a mom of three and successful entrepreneur who, among other successes, is the inventor of Swaddleaze and Blankeaze, wearable swaddling blankets sold in more than 200 stores around the world, including some of the big name catalogs like One Step Ahead. She saw a need when her children were young to find something to help them sleep, and followed up on it, turning her blankets into a small business and then a thriving company with a worldwide market. She also began TheMogulMom.com, a community website for momprenuers.
  • Kelly Lester is another mom who saw a hole and filled it. She is the owner and creator of EasyLunchboxes.com and Art Plates. Art Plates was created after Kelly noticed the bland light switch plates everywhere, so she designed plates with a creative flair. Later, as her children brought their lunch to school, she wanted simple and healthy food without all the extra packaging, hence EasyLunchboxes. Now she owns a top seller on Amazon.com.

Both of these women used their momminess to spot a need for something useful to their families, and then used their drive and creativity to fill that hole, tuning a vision and a need into successful businesses.

Social Media is a Great Marketing Tool

Another thing both of these moms, along with many other small business owners, did was use the heck out of social media.

With blogs, websites, online ordering and social media, they marketed their product and themselves. Moms also usually have great networks, an essential piece of starting a business and getting your name and product out there.

Small businesses begin with a vision and a passion.

With those two things, and a thirsty drive and maybe a Facebook or Pinterest page, your creative insight could turn into a successful small business, and you will still be home to cook dinner for your family and maybe squeeze in a soccer game.

And if all goes well, your small business may end up being not as small as time goes on.

Photo credit: liberatingworkingmoms.com

About the Author: Heather Legg is a writer and mom of two, who covers a variety of topics ranging from parenting to social media to how to become a surrogate mother.

Accounting for the Right Business Software System

by

As a business owner, the chances are you’ll have to wear many hats.

One of them will most certainly be that of an accountant. Even if you have a dedicated accountant, you’ll still need to stay on top of the cash flow in your business.

Choosing the right accounting software can help you do just that, but how do you go about finding the right accounting software for you?

Why Does Accounting Software Matter?

Cash flow problems are one of the leading factors in business failure.

The right accounting software can help you to keep a much better handle on your cash flow, and help prevent problems later. Even basic accounting software means you can keep track of what goes in and comes out of your business, so you can see at a glance where your money is flowing.

That means you can see any areas where you are over spending, and where your strongest sources of income are, which all adds up to being able to see if your money is being spent wisely and well – a must for any business.

Software programs are available to help you with every aspect of accounting in your business, including inventory, tax reporting, budgeting, keeping track of sales, payroll capabilities, and sales forecasts.

For businesses that are able to invest a little more, industry specific software is available, with the cost usually including installation and a demonstration by a vendor.

How Do I Choose The Right Software?

To help you choose the right software, take some time to think about what you want your accounting software to do for your business. Which tasks do you need it to do?

Remember that software is a wonderful tool, but it doesn’t do the work for you – you still need to understand and input the raw information. As such, it’s important to consider which features will support you in working with the software.

It’s also important to consider the flexibility of the software – making the wrong choice now could cost you in the future, so allow for some future planning.

How would you like your business to grow? What would your software need to provide in order for it to be a good match in the future? Can the software be expanded if necessary, perhaps by upgrading to a more advanced package?

If you have an accountant or accounts department, take time to talk to them, and anyone else who will be involved in using and implementing the new system. The internet is also wealth of information and reviews; while specialist sites or software consultants can help you make a decision.

How Much Should I Invest?

Accounting software varies in price from a few hundred dollars to thousands.

In general, programs that you buy and use “as is” tend to be cheaper, as do packages with less functionality. On the other hand, more feature rich packages and industry specific packages tend to run higher.

To make the best choice for your business, take the steps suggested here to figure out what you need your software accounting to do for you. That way, you won’t end up with software that doesn’t meet your needs, or overspend on software that has features you don’t need.

Once you have your needs clear, you can search for software that meets them, and compare to find the most cost effective solution.

Good accounting software is an important investment for your business, saving you time and also paying for itself in terms of helping you control your cash flow.

Take your time, do plenty of research, and you’ll be able to invest in a tool that supports your business.

Photo credit: tedcor.com

About the Author: Tristan Anwyn is an author who writes on subjects as diverse as health, marketing, business, and SEO.