Beginners Guide for Business and Financial | Thesecretmeeting.com

Archive for February, 2011

“Find a job you like and you add five days to every week.”
-H. Jackson Brown, Jr.

Sometimes it’s an easy choice to leave a company. However, one of the most important choices that you can make in your career is to leave your current employer in the right way. Like any other relationship, there are faults and virtues with every company. At the end of a relationship, people tend to focus on the faults.

BREAKING UP IS HARD TO DO
When you leave a company, it is like breaking up with a boyfriend or girlfriend. Regardless of how you do it, there will still be emotions. The longer the relationship, the deeper the feelings. Keep this in mind during the separation. People express their emotions in different ways so be prepared to respond with compassion.

IT’S A SMALL WORLD
I’ve learned first hand not to burn bridges. In fact, I was hired by my former boss within two years of leaving the company. He had moved onto a bigger job with another company and thought of me when a position came open in his department. Since we already had a great relationship, the interview process was both short and painless. Also, the job was a significant step up for me both professionally and financially.

TO DO OR NOT TO DO?
Here are a few do’s and don’ts that may help make the transition a little easier for everyone.

DO write and give a simple resignation letter to your immediate boss and, perhaps, your Human Resources Director, if appropriate. By putting a few key items in writing, it memorializes your intention to leave the company. It also gives you a chance to pre-play the discussion with your boss. The letter should include the following: your last day on the job, open items that you need to complete prior to leaving, and any work that you will need to pass off to someone else.

DON’T say anything negative about the company or anyone working for the company. While this is a good policy to employ at all times, it is even more critical when you are leaving. Disgruntled employees may seek you out during this time to air their negative feelings about the company or people working for the company. Resist the temptation to entertain these conversations. It is likely that your comments will be shared with others.

DO give as much advance notice as possible to allow for a smooth transition. Typically, this is two to four weeks. Use your best judgment to decide how long you will need to give keeping in mind what’s best for the company. Be aware that is also possible that the company will ask you to leave immediately, especially if you’re going to work for a competitor. This is nothing personal and should not be considered an insult.

DO work hard until you leave. It’s perfectly natural to get “short-timer’s disease” as you have already mentally moved onto the new position. Whether discussing movies, books, or relationships; people generally remember the beginning and end more than the middle.

DON’T take anything that is not yours. Whether it’s a stapler, a book that belongs to the company, copy paper, or paper clips; leave them behind. While you’re at it, tidy up a bit.

DO make yourself available for your replacement. If the company hires your replacement before you leave, offer to train them. Even after you have departed, it’s a good idea to leave a phone number where you can be reach with times that it is acceptable to call.

DON’T abuse e-mail, the telephone, or the internet during your last days. Be sure to keep your communication as professional as you have during your tenure.

There’s no reason that you still can’t be friends when it’s over. If you are careful to maintain a good reputation with the company, their suppliers, their customers, and employees; it will pay off considerably. It may not happen right away, but your paths will cross again.

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As per many of the cases he has handled through his career, a large percentage of patients have had positive experiences with him. Neurosurgery is a complex field and to get such results can be quite a task and therefore one can trust Dr. Jeffrey to present positive results at least in many occasions. Again, the doctors practice reports are clear as he has not been involved in malpractices so far. To get a clean and reliable doctor is not a piece of cake and therefore in the occasion that one is found, you need to be thankful. Finally, the doctor is recognized by the state of New York and he is a member of various medical organizations like the AANS and CNS

Did you know that, in Australia, 60% of small businesses fail in the first twelve months? For those of us who would like to start a small business — maybe even work from home — that’s a very discouraging statistic.

Does that mean that your business idea is doomed to failure? Far from it! There are steps you can take that greatly increase your chances of success. With a little time and some serious research you can hit the ground running. Let’s start from the beginning…

The bright idea

First, of course, you need to come up with an idea. Typically, business opportunities can be divided into four groups:

1. Offering an existing product/service in an existing market.
2. Introducing an existing product/service to a new market.
3. Offering a new product/service in an existing market
4. Introducing a new product/service to a new market.

At this stage of the game the only limit is your imagination. Inspiration can come from anywhere — maybe you have a hobby that you’d like to turn into a full-time job; you may be on the receiving end of bad service one day and decide to try doing it better yourself; or you may have a talent that you’d like to capitalise on.

Once you’ve come across something that you’d like to do, it’s time to take a look at the market and see what’s on offer.

Passing the test

So you’ve had a great idea and you’re keen to roll with it; now it’s time to put it through its paces. For the purpose of the exercise, let’s say that you have a passion for healthy living, and that you want to distribute a range of lifestyle accessories that promote healthy living with a do-it-yourself approach.

Ask around: Is there a market for products that promote healthy living? What sorts of products are available? Who would you be competing with and what do your competitors offer? Do you have the necessary skills to run such a business and — more to the point — what would those skills be? Where would your business be located?

Once you’ve answered those questions you should have a fairly clear picture of what your business will look like.

You source some products and decide to do some further research into the range of lifestyle products offered by a company called Vitality 4 Life. Your own life experience plus some work you’ve done as a dietician has given you the necessary skill sets, and you think that you’ll be able to work from home, giving you more time for family. There is an existing market, but there’s room for expansion. Now it’s time to take a closer look.

To be or not to be?

It’s time to get down to the nuts and bolts. You don’t want to jump into something feet first and find out the hard way that the budget just doesn’t work.

To get started, sit down and work out if you need to hire staff, which means paying wages.

If you lease a premises you’ll need to be able to pay the rent, and your location will have to be suitable for your business and target market (which also means that you’ll have to think carefully about just what that target market is). You’ll also need to work out the likely demand for your product/service.

Ok… you’ve worked out that there is enough demand for good quality juicers, sprouters, water filters and other high end accessories to take a shot at a distributorship as a home-based business opportunity. Now you need to make some marketing decisions.

Look at me! Look at me!

Advertising can be costly so you’ll want to be sure that your advertising budget is spent wisely. That means more market research, this time one-on-one. Profile your customer groups so you can aim your marketing at the right group/s of people.

Draw up a questionnaire (a short questionnaire — people run out patience if you ramble for too long) and hang around outside a few of the local gyms (for our particular example). Come up with a mixture of open questions (What do you think of……..?) and closed questions (Do you have a gym membership? Yes/No.); sliding scales can be useful too.

For our health accessories business, a good question might be ‘How did you hear about this gym? Radio, tv, newspaper, word of mouth etc…’ Such a question would then give you an indication of the types of media that your target group responds best to.

Choose a business name, print up some business cards, buy some stock and get ready to trade!

Measure it, manage it!

A teacher of mine made the point that, in business, if you can’t measure it you can’t manage it.

You need to be able to plan ahead, and to do that you need to know — or to be able to accurately predict — your total sales. The equation is simple: number of customers x average sale x frequency of visits per customer per year = total sales. Remember it, revise it often, measure your business and you’ll be able to manage it!

Keep an eye on your bottom line and, most importantly, always be aware of your cash flow — the cold, hard cash that you have in the bank. Allow for invoice periods (14 days, 30 days etc) when you’re planning your budget.

The market place has a life of its own, and no one can prepare for every contingency. Put some thought into your idea; make sure that there’s a market for what you’re offering; research, research, research; promote your business effectively; always know what’s going on in your bank account and don’t forget about cash flow!

It’s not perfect but, if you follow these few simple steps, you’ll be miles ahead of many new small business ventures. If you’ve heard of a great home-based business opportunity, or have a product or service of your own to market, you’re off to a great start!