Blair Stover

Small Business and Entrepreneurship

Posts Tagged Business

3 Types of People You Should Hire

Jan 15

Posted by Blair Stover in Business | No Comments

There are certain mindsets found in people that every company should consider hiring. These are the types of people who have proven to successfully and consistently introduce new products and services. Furthermore, these are the sort of employees who tend to work well in teams and support co-workers. Additionally, creativity and industry changing ideas tend to be launched by this kind of employee.

Firstly, look for a challenging coach who can be a mentor. Hold out for the employee who will challenge co-workers when their best foot is not forward. Yet, also look for someone who will be willing to assist in the improvement. Your company needs that person who will see the potential in other workers when they feel they are out of ideas and get employees to believe in themselves. Having such a person on your team will encourage others to take the chances they may not have. This is a person who sees opportunity in failure and keeps the train moving.

Nextly, you will want to hold out for the entrepreneur. This type of person enjoys resolving tough challenges. This is where the best creations are born. Where some may perceive tribulations, the entrepreneur views opportunity. A person in this mindset feels power over the outcome of their choices. They feel in control of their destiny.

Finally, you will want to search for your opposite. Create a balance for your company. If your company is full of creativity, you will not fall short in the creative department, but you may be lacking in the ‘get-it-done’ type of employee. Without a balance, things may not get done. Find the employee who will keep you in balance.

Keep the diversity in your company. Hold out for the inspiring and the best so that your company can reach its potential.

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Tips on Becoming a Better Negotiator

Dec 28

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Negotiation is an art form that is a skill individuals can learn to use to their advantage in both home and work life, if they know where to begin and where they want to be. One of the best ways to turn a negotiation to your advantage is to be the first one to toss out an idea or a figure or what you’d like the ultimate outcome to be.

Studies show that the one who makes the first offer sets the anchor for the negotiations – the starting point – and then the compromise in the negotiations will begin. Once you’ve set the anchor for the negotiations, stand back and let the other party mull it over. This is your time to be quiet and in many cases because we have so much riding on the outcome, it is hard to simply sit back and wait.

Resist the urge to fill the silence with chatter while the other party is considering your offer. Once you do speak again, make certain your questions are open-ended. See if you can meet in the middle and come to a point that is agreeable for both of you.

Don’t ever begin a negotiation before you know exactly what you want. If you don’t know the ultimate outcome you’re looking to achieve it’s possible you’ll be talked into a different position or not achieve the goal you sought.

If you can avoid it, you don’t want to have to make concessions. If the person you’re negotiating with asks you to lower your prices or cut the services which you’re providing, you need to ask for something in return to make it appear you’re not giving in, but making a decision that is in your best interests. Negotiation is an art form that, with practice, you can excel at.

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Downsizing Mistakes to Avoid

Sep 12

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If you’re one of the many business owners that have had to face the hardship of letting employees go as a way to remain viable during the recent economic downturn, you know it is not an easy task to undertake. When it comes down to the task of downsizing, there are steps you can take to make it easier for everyone involved. The need to tighten belts, control your company’s expenses and remain viable may be inevitable and layoffs may be part of that new reality.

While there are reasons for downsizing that range from wanting to grow your business (which may mean cutting staff so you can direct company funds in another direction) to taking the company in a new direction, it is a difficult time for both employer and employee. We offer a few steps to take to make it a bit less traumatic for both parties.

Cutting entire departments or stopping production of particular lines of your operation may not be the way to go. Unless you are 100% certain you will never be reopening a division, you may want to consider halving the workforce. Put a realistic plan in place for downsizing and while it may seem easier to cut an entire department across the board, your business may suffer.

Don’t make unrealistic promises to your staff. You will certainly hope that the economy will turn around and that you will be able to rehire your staff but the fact is it may not happen. Growth and bouncing back from the recession could be a long process and you don’t want to give your employees false hope. Bottom line, you may find that when you downsize, your company may be better able to operate once you’ve shifted the work around to the remaining staff.

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Keep your employees in the loop. Believe us, your employees are talking around the water cooler and they see the writing on the wall. Quell gossip and offer your employees the truth and let them voice their fears. Again, don’t offer false hope but then that doesn’t mean you have to be all doom and gloom – be straightforward and honest.

Layoffs are not easy, but you need to handle them with care and hand your employees their “pink slip” face-to-face. Too many business owners have been known to offer their employees a lay off notice via email. This is not the time for hands-off communication. Remember, your remaining employees want to know that you care even though you are unable to keep them on board. Also, if you’re letting your employees go make certain the cost cuts aren’t being used in other areas of the company. If you lay off employees and then upper management goes on an all expense paid Hawaiian work retreat, it is not sending a good message.

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Advantages and Disadvantages of Business Partnerships

Aug 17

Posted by Blair Stover in Business | No Comments

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Creating a business is an exhilarating venture that might also be overpowering. Some of the pressures that come along with starting a business could be alleviated by sharing the business with a partner.

Sharing accountability with a business partner may provide a little relief. Part of the work load and management can be taken on by a partner. Moreover, start-up costs or initial investment are shared, along with business expenses and risks. On the other hand, as expenses are shared, profits are too. In a partnership, partners are jointly, as well as individually liable for the other’s decisions, business actions and debts. With a

minimum of two partners, equity could sooner be seen over debt. A written partnership agreement is advised and should be signed by all partners.

Partnerships are simple to form and searching for a partner with harmonizing skills can be to the advantage of the business. In the midst of two minds instead of one, ideas are better and more scrupulously thought through. Nevertheless, unification with a partner additionally means business decisions are mutual. Beginning a new business could be emotional and for this reason some friendships do not outlive a partnership.

Different types of partnerships exist, for example Limited Partnerships, General Partnerships, and Limited Liability Partnerships. Equal rights to the business and responsibilities are given when two or more partners join in sharing General Partnerships. Limited Partnerships involve a partner which invests in the business although does not take part in management decisions of the business. This type of partner obtains a pre-determined quantity of the profit. A Limited Liability Partnership, otherwise known as an LLP, is an association where partners each take an active part in daily business decisions. A Limited Liability Partnership limits the total to which each partner may be held liable, presenting the partners some type of protection.

Various options exist when considering the kind of business partner one might want to take on. Items to think over are the sum of liability one is willing to risk, the initial investment or start-up available and the amount of management activity anticipated by each partner. Moreover, it is of consequence to partner with a person compatible to oneself.

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Advantages of Working From Home

Apr 18

Posted by Blair Stover in Business | No Comments

There are a number of reasons why working at home is a good thing. Here’s a summary of those benefits:

First, you relieve yourself of the burden of commuting. This means you won’t waste time traveling, getting up early in the morning to catch the bus, or spend half a day finding a good parking space.

Keep in mind that the average commuting time to work is about 30 to 45 minutes. Sometimes this can take 90 minutes in heavy traffic. Multiply that number by two to get back home and you’ll discover that you have spent about 10 percent of your day just to get to the office. If you work at home, you save time, can sleep longer in the morning, and can attend to other activities in the evening.

Since you do away with commuting if you work at home, you save money on transportation. You save on parking fees, gas, vehicle maintenance, bus and subway fees, and insurance expenses to name a few. In fact, you may not even need a car at all. In effect, you save $300 to $400 monthly. Simply not taking the bus or subway will slash $50 to $100 per month from your transportation allowance alone. You also make the world a better place since you don’t contribute to pollution.

Another benefit of working at home is you save money on lunches and shopping. Food expenses can eat up a big chunk of your budget when you’re working in the office. Since it’s not always feasible to bring a packed lunch everyday, your next recourse is to eat out and that’s when you start to lose money.

To make matters worse, after eating outside, you look around and visit stores and boutiques during breaks. This means you’re more likely to spend money on impulse buying – something that won’t happen if you’re working from home.

Finally, working from home protects you from getting sick easily. If you go outside or stay in the office, you’re exposed to the elements and can easily catch a cold or the latest virus that’s affecting your co-employees. Because of sickness, you can lose about seven to 10 days a year. If you stay home, you’re less likely to get sick and can save money on doctor’s bills and medication.

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Things to Consider When Starting a Home Business

Mar 17

Posted by Blair Stover in Business | No Comments

Many people out there are looking into starting a home business, but many of them fail to succeed in the long run.  This happens because they don’t think things through.  If you want to have a successful home business there are some things to consider.

First you need to find something that you can effectively use your specific talents and skills on.  Everyone has special talents and skills.  Most people’s skills are derived from a talent such as communication or creativity.

You then start brain storming for business ideas that build off of those talents and skills that you have.  Start thinking about what type of business models will most effectively use your skills.  Do not limit yourself.  At this point in the process think of as many ideas as you can.

After your first brain storming session, start to think about your business ideas in more detail.  The fact is that not all businesses are going to work out of your home.  This is where many people give up, but don’t give up here!  Keep following the process.

The last two things to do are to determine a profit angle and then draft up a business plan to see if your home business is truly viable.  Remember that starting your own business doesn’t come easy, but if you put your skills and talents into an appropriate business model you can be very successful.  So don’t try the next home business scam short cut, there is no short cut to a successful home business.  It just takes hard work.

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How to Create a Company Culture that Inspires

Feb 15

Posted by Blair Stover in Business | No Comments

While creating a company culture during a recession is one of the cheapest ways to get the most out of an employee, but requires a company to inspire an employee to not only Blair Stover on Businesswork but to work well. Certainly it’s not the company’s responsibility to be an acting muse for an employee, however taking these four steps will enhance productivity, and better the retention rate of your business.

The first step for any corporation to take is to create a mission. Ask the employees to help create this, adding in a buy-in, making them feel a part of it. This creates a direction for the company to go and where the employees should lead it.

A corporation must then lead the charge, clearly verbalizing the vision and direction the company needs to go. This helps to build the excitement for the new culture, and makes the employees truly want to be a part of it. Posting this vision around the office and discussing it in a staff meeting, being sure to include where their ideas were included and tied-in, helps to do this.

Once the clear vision has been created, creating an award program that bribes employees to further buy into this new culture is a smart, if not necessary move. Celebrate when an employee does a job well, when they’ve been employed with a company for an ongoing number of years, and simply appreciate that they work there. You might also benefit by creating goals tied to accomplishments, which will create leaders within the organization who not only want to work towards creating this culture, but also want to live it.

The final step has little to do with the employees and everything to do with the employers. This is where you take a look at yourself, setting up reflection time, and make sure you are on track for what your original intention was. Inspiring your employees is one thing, but knowing the ‘why’ behind it is another. Taking the ‘why’ and analyzing how far your organization has gotten as to achieving it is critical. Be sure to scold yourself if an idea or direction isn’t leading you where you want to go. Also be flexible to make changes as needed to better get you to your goal.

Regardless of your reasons behind wanting to inspire your employees, doing so does help your company prosper, and is something that you cannot be successful without.

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Stay On Top of Changing Consumer Values

Aug 16

Posted by Blair Stover in Business | No Comments

As a savvy business owner, you are probably aware of the many changes the economy takes over the course of a lifetime. When the economy has a downturn or an upswing, consumer priorities shift. In addition to changing economic climates, changes in things such as technology or political atmosphere impact how consumers determine where to spend and invest their hard-earned dollars. In an economy like the one we are currently facing, consumers are looking for the biggest bang for their buck. They want value as well as longevity.

These changes mean that you should sit down and reflect on your current business and marketing strategies. Are you seeing slumping sales? Having trouble reaching your target audience? You may want to try unusual avenues for marketing. Rather than traditional advertising, for example, you may want to invest more time in money in online marketing, social media or public relations. All are unique avenues in order to reach your audience and convey to them that you are a company with expertise in your industry.

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What to Consider When Buying a Business

Aug 3

Posted by Blair Stover in Business | No Comments

Buying an existing business can be your easy route to success for a number of reasons. First, it is less risky than starting your own. It also has important documents in the form of financial statements that reveal its past performance and tell you how well it can operate in the future.

Because information regarding its performance is readily accessible, an established business is easier to finance. Lenders are more open to a buyout since they can quickly examine its track record. Still, there are a number of things to consider before purchasing a business. After all, there are good and bad businesses for sale and you have to choose the right one.

If you know an accountant, now is the time to get his services. Let him check the figures of the business you’re buying. That way, you can tell if there are any problems. Next inspect the trading hours to see if the company is making a profit. Nothing can be more frustrating than buying a business only to find out later that it has a lot of problems and you have to work longer to fix them. If stock is involved, ensure that its not outdated or damaged.

Ask yourself the following questions:

  • Is the business right for you?
  • Does it interest you?
  • Will it enable you to use your skills and knowledge to make further improvements?
  • Does it suit your personality?
  • Will you be able to deal with the kind of customers and employees that the business has?
  • Are you aware of the existing and potential problems you may face with this kind of business? Do you know the current assets and liabilities of the company?
  • Do you know why the business is being sold?
  • Do you think the business is profitable and has the potential to grow?

Knowing the answers to these important questions can tell you whether buying a business is right for you.

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Why Buy an Existing Business?

Jul 12

Posted by Blair Stover in Business | 2 Comments

Entrepreneurship can be risky. After all, it’s no joke starting your own business. To reduce your risk, why not buy an existing business? You’ll have fewer problems if you get one that already operational and has existing customers. However, be prepared to spend more for this purpose.

Buying an established business has its own perks. For one, you can easily acquire capital from lenders who may be reluctant to give you money if you start from scratch. That’s understandable since 60 percent of start-up businesses fail within the first three years and it generally takes two years for start-ups to make money.

With an existing business, you reduce the financial risk you and your partners face since the company already has proven track record. All the unknown details have been ironed out by the previous owner and are ready for you to use. What’s more, an established business has a good customer base and an experienced management team at your command. Even if the company didn’t make a lot of money previously, your expertise and marketing skills may turn it into a profitable venture.

You can easily discover what the company did in the past and correct any mistakes. You can consult employees who know the business and get suggestions to improve it. Best of all, you’ll have peace of mind knowing that the business you purchased has a bigger chance of success.

However, the biggest obstacle in purchasing a business is the cost. This is because you’re buying the business concept, customer base, brands, and other components that have already been worked out. That’s why it’s normal for an existing business to cost more than a new one. To avoid trouble, take time to know what you’re getting. Research the company you are considering. Know if the business has any hidden problems. Check if receivables are collectable. This will prevent you from buying something that will give you problems later.

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