tag:blogger.com,1999:blog-19504140659400813222024-02-20T04:05:18.767-08:00SA Entrepreneurs BlogEntrepreneur and small business news views and interviews for South African business ownersbenhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.comBlogger22125tag:blogger.com,1999:blog-1950414065940081322.post-1429890932282066722023-12-14T08:13:00.000-08:002023-12-14T08:13:49.089-08:00Unleashing Business Potential: Navigating the Landscape of Growth Funding<p> <span style="caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; white-space: pre-wrap;">In the ever-evolving realm of business, growth is not just a goal; it's a necessity for survival and success. Whether you're a startup with innovative ideas or an established enterprise looking to expand your horizons, the key to sustainable growth often lies in securing the right funding. In this comprehensive guide, we'll explore the diverse avenues of <a href="https://caban.co.za/business-growth-funding-in-south-africa/">business growth funding</a>, offering insights and strategies to propel your venture forward.</span></p><p style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; margin: 1.25em 0px; white-space: pre-wrap;">Understanding the Landscape:</p><p style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; margin: 1.25em 0px; white-space: pre-wrap;">Before delving into the specifics, it's crucial to understand the diverse landscape of business growth funding. From traditional bank loans to cutting-edge crowdfunding platforms, entrepreneurs today have a plethora of options to explore. However, one term that resonates profoundly in this context is "business growth funding."</p><p style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; margin: 1.25em 0px; white-space: pre-wrap;">Business Growth Funding: The Heartbeat of Expansion:</p><p style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; margin: 1.25em 0px; white-space: pre-wrap;">Business growth funding is not just about financing; it's about fostering an environment where innovation thrives, and strategic initiatives take flight. As the heartbeat of expansion, effective growth funding fuels everything from research and development to marketing and infrastructure. To truly comprehend the significance, let's break down some of the primary avenues entrepreneurs can explore.</p><ol style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; counter-reset: list-number 0; display: flex; flex-direction: column; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; list-style: none; margin: 1.25em 0px; padding: 0px; white-space: pre-wrap;"><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; 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--tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box;">Traditional Loans and Lines of Credit:</strong></p><ul style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; display: flex; flex-direction: column; list-style: outside; margin: 0px 0px 0px 1rem; padding: 0px;"><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; display: block; margin: 0px; min-height: 28px; padding-left: 0.375em;">Unveiling the tried and tested methods of securing funds from conventional financial institutions.</li><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; display: block; margin: 0px; min-height: 28px; padding-left: 0.375em;">The intricacies of interest rates, repayment terms, and eligibility criteria.</li></ul></li><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; counter-increment: list-number 1; display: block; margin-bottom: 0px; margin-top: 0px; min-height: 28px; padding-left: 0.375em;"><p style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; margin: 0px;"><strong style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box;">Venture Capital and Angel Investors:</strong></p><ul style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; display: flex; flex-direction: column; list-style: outside; margin: 0px 0px 0px 1rem; padding: 0px;"><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; display: block; margin: 0px; min-height: 28px; padding-left: 0.375em;">Navigating the dynamic world of venture capital and understanding what sets it apart from angel investment.</li><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; display: block; margin: 0px; min-height: 28px; padding-left: 0.375em;">Crafting a compelling pitch that resonates with investors and showcases your business's growth potential.</li></ul></li><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; counter-increment: list-number 1; display: block; margin-bottom: 0px; margin-top: 0px; min-height: 28px; padding-left: 0.375em;"><p style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; margin: 0px;"><strong style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box;">Government Grants and Subsidies:</strong></p><ul style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; display: flex; flex-direction: column; list-style: outside; margin: 0px 0px 0px 1rem; padding: 0px;"><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; display: block; margin: 0px; min-height: 28px; padding-left: 0.375em;">Exploring the often overlooked but invaluable source of business growth funding provided by government initiatives.</li><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; display: block; margin: 0px; min-height: 28px; padding-left: 0.375em;">Navigating the application process and ensuring compliance with eligibility requirements.</li></ul></li><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; counter-increment: list-number 1; display: block; margin-bottom: 0px; margin-top: 0px; min-height: 28px; padding-left: 0.375em;"><p style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; margin: 0px;"><strong style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box;">Crowdfunding Platforms:</strong></p><ul style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; display: flex; flex-direction: column; list-style: outside; margin: 0px 0px 0px 1rem; padding: 0px;"><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; display: block; margin: 0px; min-height: 28px; padding-left: 0.375em;">The democratization of funding – a deep dive into the world of crowdfunding.</li><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; display: block; margin: 0px; min-height: 28px; padding-left: 0.375em;">Success stories, pitfalls to avoid, and strategies to stand out in a crowded marketplace.</li></ul></li><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; counter-increment: list-number 1; display: block; margin-bottom: 0px; margin-top: 0px; min-height: 28px; padding-left: 0.375em;"><p style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; margin: 0px;"><strong style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box;">Strategic Partnerships and Collaborations:</strong></p><ul style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; display: flex; flex-direction: column; list-style: outside; margin: 0px 0px 0px 1rem; padding: 0px;"><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; display: block; margin: 0px; min-height: 28px; padding-left: 0.375em;">Building mutually beneficial alliances to fuel growth.</li><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; display: block; margin: 0px; min-height: 28px; padding-left: 0.375em;">Negotiation tactics and the art of fostering long-term partnerships.</li></ul></li></ol><p style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; margin: 1.25em 0px; white-space: pre-wrap;">Crafting a Compelling Backlink:</p><p style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; margin: 1.25em 0px; white-space: pre-wrap;">Now that we've established the significance of business growth funding, it's time to connect you with a valuable resource that can further enhance your understanding and guide you on your journey. For in-depth insights, strategies, and expert advice on securing the right business growth funding for your venture, look no further than [Your Webpage] – your ultimate destination for unlocking the doors to sustained business expansion.</p><p style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; margin: 1.25em 0px; white-space: pre-wrap;">Conclusion:</p><p style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; margin: 1.25em 0px 0px; white-space: pre-wrap;">In the intricate tapestry of business growth, funding emerges as the golden thread that weaves dreams into reality. As you embark on the journey of expansion, armed with knowledge and strategic insights, remember that the right funding partner can be a catalyst for transformative success. Visit [Your Webpage] for a deeper dive into the world of business growth funding and take the first step towards unlocking the full potential of your enterprise.</p>benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-72171405565370583182023-06-25T04:00:00.001-07:002023-12-14T08:10:40.014-08:00Venture Capital in South Africa: Fuelling Growth and Innovation<p> <span face="Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"" style="caret-color: rgb(55, 65, 81); color: #374151; font-size: 16px; white-space: pre-wrap;">Venture capital (VC) in South Africa is a vital force that drives growth and innovation in the business ecosystem and provides business growth funding in South Africa which supports growth in the economy. . This essay explores the significance of venture capital as a catalyst for business expansion, technological advancement, job creation, and economic development in South Africa. By delving into the unique opportunities and challenges of the venture capital landscape, we highlight the transformative impact of VC in fueling entrepreneurship and fostering a thriving start-up ecosystem.</span></p><ol style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; counter-reset: item 0; display: flex; flex-direction: column; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; list-style-image: none; list-style-position: outside; margin: 1.25em 0px; padding: 0px 0px 0px 1rem; white-space: pre-wrap;"><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; margin: 0px; padding-left: 0.375em;">Empowering Entrepreneurship and Start-Up Culture:</li></ol><p style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; margin: 1.25em 0px; white-space: pre-wrap;">Venture capital plays a pivotal role in empowering entrepreneurship in South Africa. With its ability to provide capital, mentorship, and networks, VC enables aspiring entrepreneurs to transform their ideas into successful businesses. Start-ups often face hurdles in securing traditional funding due to their high-risk nature and limited operating history. VC bridges this gap by providing early-stage funding, allowing entrepreneurs to pursue their visions, refine their business models, and create sustainable enterprises.</p><ol start="2" style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; counter-reset: item 0; display: flex; flex-direction: column; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; list-style-image: none; list-style-position: outside; margin: 1.25em 0px; padding: 0px 0px 0px 1rem; white-space: pre-wrap;"><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; margin: 0px; padding-left: 0.375em;">Driving Technological Innovation:</li></ol><p style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; margin: 1.25em 0px; white-space: pre-wrap;"><a href="https://caban.co.za/venture-capital-south-africa/">Venture capital in South Africa</a> acts as a catalyst for technological innovation across various sectors. VC firms invest in disruptive technologies and cutting-edge ideas, propelling technological advancements that drive competitiveness and market disruption. Start-ups in sectors such as fintech, healthtech, agritech, and renewable energy receive funding from VC firms, accelerating the development and adoption of innovative solutions. This infusion of capital and expertise facilitates the commercialization of novel technologies, transforming industries and positioning South Africa as a hub for innovation.</p><ol start="3" style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; counter-reset: item 0; display: flex; flex-direction: column; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; list-style-image: none; list-style-position: outside; margin: 1.25em 0px; padding: 0px 0px 0px 1rem; white-space: pre-wrap;"><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; margin: 0px; padding-left: 0.375em;">Job Creation and Economic Growth:</li></ol><p style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; margin: 1.25em 0px; white-space: pre-wrap;">Venture capital-backed companies are known for their ability to create jobs and stimulate economic growth. By injecting capital into high-potential start-ups, VC firms facilitate their growth and expansion, leading to increased employment opportunities. These companies require a diverse range of talent, from skilled professionals to specialized technicians. The job creation potential of venture capital fuels economic growth, reducing unemployment rates and contributing to overall prosperity in South Africa.</p><ol start="4" style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; counter-reset: item 0; display: flex; flex-direction: column; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; list-style-image: none; list-style-position: outside; margin: 1.25em 0px; padding: 0px 0px 0px 1rem; white-space: pre-wrap;"><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; margin: 0px; padding-left: 0.375em;">Filling Funding Gaps and Mitigating Risks:</li></ol><p style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; margin: 1.25em 0px; white-space: pre-wrap;">Venture capital fills critical funding gaps in South Africa's entrepreneurial landscape. Start-ups often struggle to secure financing from traditional sources due to the perceived risks involved. VC firms, however, specialize in investing in high-risk, high-reward ventures. Their expertise in evaluating business models, market potential, and management teams helps mitigate risks and increases the chances of success for innovative start-ups. By providing patient capital and long-term support, venture capital encourages risk-taking and fosters an environment conducive to entrepreneurship and innovation.</p><ol start="5" style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; counter-reset: item 0; display: flex; flex-direction: column; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; list-style-image: none; list-style-position: outside; margin: 1.25em 0px; padding: 0px 0px 0px 1rem; white-space: pre-wrap;"><li style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgba(69,89,164,0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 transparent; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 transparent; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 transparent; --tw-shadow: 0 0 transparent; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; border: 0px solid rgb(217, 217, 227); box-sizing: border-box; margin: 0px; padding-left: 0.375em;">Access to Expertise and Networks:</li></ol><p style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; margin: 1.25em 0px; white-space: pre-wrap;">Beyond financial investment, venture capital provides start-ups with access to valuable expertise and networks. VC firms bring industry knowledge, mentorship, and connections to the table, guiding entrepreneurs in strategic decision-making, scaling operations, and market expansion. The networks established by VC firms connect start-ups with potential customers, partners, and investors, opening doors to valuable collaborations and growth opportunities. This ecosystem of support enhances the overall success rate and sustainability of VC-backed companies in South Africa.</p><p style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; margin: 1.25em 0px; white-space: pre-wrap;">Conclusion:</p><p style="border: 0px solid rgb(217, 217, 227); box-sizing: border-box; caret-color: rgb(55, 65, 81); color: #374151; font-family: Söhne, ui-sans-serif, system-ui, -apple-system, "Segoe UI", Roboto, Ubuntu, Cantarell, "Noto Sans", sans-serif, "Helvetica Neue", Arial, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 16px; margin: 1.25em 0px 0px; white-space: pre-wrap;">Venture capital plays a pivotal role in South Africa's business landscape, fueling growth, innovation, and economic development. By empowering entrepreneurs, driving technological advancement, creating job opportunities, and filling funding gaps, VC acts as a catalyst for positive change. The transformative impact of venture capital goes beyond financial investment, as it provides access to expertise, mentorship, and networks that enhance the success and sustainability of start-ups. As South Africa continues to foster an entrepreneurial ecosystem, venture capital will remain a crucial driver of growth, shaping the future of the country's business landscape.</p>benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-47042268584372648122022-02-02T04:28:00.001-08:002022-02-02T04:28:04.920-08:00test post<p> test post</p>benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-69581556816297056422021-10-27T05:31:00.003-07:002023-12-08T03:36:44.210-08:00Business Funding post covid-19<p> </p><h4 style="box-sizing: border-box; caret-color: rgb(33, 37, 41); color: #212529; font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Ubuntu, Cantarell, "Fira Sans", "Droid Sans", "Helvetica Neue", "Inter, sans-serif", sans-serif; font-size: 24px; font-weight: 500; line-height: 1.2; list-style-type: none; margin-bottom: 0.5rem; margin-top: 0px; white-space: pre-line;"></h4><h6 style="box-sizing: border-box; font-family: Inter, sans-serif; font-size: 1rem; font-weight: 400; line-height: 1.2; list-style-type: none; margin-bottom: 0.5rem; margin-top: 0px;">Has the covid-19 pandemic has changed the way we think about <a href="https://caban.co.za/small-business-funding">business funding</a>? This article looks at what has changed.</h6><br style="box-sizing: border-box; list-style-type: none;" /><span style="box-sizing: border-box; list-style-type: none;"><br style="box-sizing: border-box; list-style-type: none;" /><h6 style="box-sizing: border-box; font-family: Inter, sans-serif; font-size: 1rem; font-weight: 400; line-height: 1.2; list-style-type: none; margin-bottom: 0.5rem; margin-top: 0px;">Like nearly everyone, I’ve been working on a problem in business financing since the pandemic started, specifically in support of a digital marketing agency we launched in 2015. As the government and businesses have both tightened their belt ever since the global outbreak was declared, funding companies has had to reorganize operations in ways that may leave one income stream and one method of funding precarious. On November 22, <a href="https://www.cbre.com">CBRE </a>reported that the coronavirus pandemic’s nine-month impact on property acquisition financing was 8.9%. According to a well known business plan consulting firm, Finance & insurance was hit the hardest, particularly after the IPO of securities juggernaut AIG Health that saw its net income drop 55% from the previous year. Zillow projects that credit markets might be tightening even further, as lenders continue to hesitate loan requests and refinance demand. While some financing strategies may be affected most (such as private placements), the need for diversifying income streams through loans has never been greater. This shift towards a cash-based economy makes it more difficult to complete the type of project financing that has made real estate investing so lucrative. Some investors have jumped ship according to CBRE. While there are still deals that can be won—some of which may be harder to find—collateral is a competitive advantage for lenders that can mitigate the risk of lending out. To overcome a reduction in private placements, some property developers have simply shifted more of their crowdfunding efforts into other industries. Others, though, have turned to traditional investors for financing. Communities across the U.S. have turned to property investors for financing in growing numbers. </h6><h6 style="box-sizing: border-box; font-family: Inter, sans-serif; font-size: 1rem; font-weight: 400; line-height: 1.2; list-style-type: none; margin-bottom: 0.5rem; margin-top: 0px;"><br /></h6><h6 style="box-sizing: border-box; font-family: Inter, sans-serif; font-size: 1rem; font-weight: 400; line-height: 1.2; list-style-type: none; margin-bottom: 0.5rem; margin-top: 0px;">There have been more than 37 million individual property owners who—after signing a promissory note or mortgage—were directed to an investor—many other than the initial tenant—so they could buy a listed house. Granted, the exact numbers are harder to compile. But, centralized property ownership groups will typically base a mortgage request on information obtained from one single member of the group or possibly a single member alone to show that they are a suitable borrower, with the lender only seeking information on other profiles. Property investors on the whole are not new to lending. Hedge funds, like Horizons Capital or Auction Roadside Property Group, have staked their claim for decades. But crowdfunding has made many of these traditional methods more streamlined, driving down the cost of a loan. Whether using boards of directors, crowdfunding platforms, or traditional lenders, investors can work on projects that they otherwise wouldn't get access to. 815,795 loans were placed on local homebuyers last year. Of these, 82% were cash deals, ranging from $1,000 to $300,000, according to RealtyTrac. </h6><br style="box-sizing: border-box; list-style-type: none;" /><span style="box-sizing: border-box; list-style-type: none;"><br style="box-sizing: border-box; list-style-type: none;" /><h6 style="box-sizing: border-box; font-family: Inter, sans-serif; font-size: 1rem; font-weight: 400; line-height: 1.2; list-style-type: none; margin-bottom: 0.5rem; margin-top: 0px;">Broadly event-driven funding Traditional event marketing has been taking a nosedive over the past few years, and a lot of that acceleration has been driven by COVID-19. For years now, we've seen events increase in value as sponsorships, mule campaigns, virtual offerings, and other platform options become more plentiful, allowing brands to reach an ever-growing audience—the paid side. More recently, event companies have been adding affiliate marketing to their offerings to take advantage of forced affiliate mobility and the all-over pricing power of EMDs (earned media links). That's exactly the pattern obvious to anyone who follows the patterns in any of the "Big Four" digital ad ecosystems: Adweek's Digital Media Shift report notes the reach and quantity of paid digital advertising as well as the roles each is playing. </h6><h6 style="box-sizing: border-box; font-family: Inter, sans-serif; font-size: 1rem; font-weight: 400; line-height: 1.2; list-style-type: none; margin-bottom: 0.5rem; margin-top: 0px;"><br /></h6><h6 style="box-sizing: border-box; font-family: Inter, sans-serif; font-size: 1rem; font-weight: 400; line-height: 1.2; list-style-type: none; margin-bottom: 0.5rem; margin-top: 0px;">When American Airlines rebrands, it sends ledgers around the world full of money from the ad revenues alone. The globe-trotting assortment of digital ad inventory that now adorns digital TV, radio, Fitbit, and billboards is characterized more by connective tissue than ads per se, and I consider paid and sponsored content the brainchild of marketers more interested in events than transactional revenue. Meanwhile, driverism continues unabated. The gig economy, most importantly the aspect of it synonymous with contractors, is growing quickly, with widespread mistrust in the corporate world and a proclivity for individualism. That's left many potential users of dollars and hours with less need for brand loyalty, a less need for events with higher costs and lower attendances, and usually less money in their hands. Has an Event-Driving Business Model Been Imploded by COVID-19? When I was in my 30s and having lunch with other business owners who were aiming for the big leagues of sponsorship-based event-based revenue generation, one of the things that stood out to me was the zigzag nature of traditional event marketing. A recognizable entitysponsor an event that takes place somewhere in the world, the model is simple: Events for advertising placements are no longer unique to big chains or ambassadors of companies with big budgets; advertisers are seeing the value in the event itself. It's possible, and even probable, that there are similar patterns in the COVID-19 markets where it's increasingly hard for an entity to claim or fulfill any real-world business function. So, is it now only an asset market where sponsors are seeking the few earmarked slots at famous events to sell ads? Is it only an asset market where unique big brands are willing to take any and all ads everywhere they can to keep their mid-to-large audience engaged, curious, and, hopefully enthusiastic to pay them a single visit in the future? No. </h6><br style="box-sizing: border-box; list-style-type: none;" /><span style="box-sizing: border-box; list-style-type: none;"><br style="box-sizing: border-box; list-style-type: none;" /><h6 style="box-sizing: border-box; font-family: Inter, sans-serif; font-size: 1rem; font-weight: 400; line-height: 1.2; list-style-type: none; margin-bottom: 0.5rem; margin-top: 0px;">Or hasn’t. In March of 2020, the COVID-19 pandemic shut down the world’s economy. Unemployment soared, with millions of people out of work. The stock market had fallen nearly 25 percent by the end of March, wiping out billions in investor profits for the year. The Federal Reserve drastically lowered interest rates to zero in an attempt to stimulate the economy. With businesses unable to pay employees, increased number of corporate defaults and billions of dollars flushed down the toilet, the world went into a state of emergency. Confidence in the economy was shaken and people began to tighten their belts. To make ends meet, many took out loans to make businesses whole again. The Impact on Business Financing In contemporary times, business financing tends to be broken down into two basic parts: debt or loans and equity. Typically, businesses take out debt when the business needs capital to spend or grow, and they use equity to pay off debt when the business can hold on to it without paying any additional interest. In both cases, the government backs the loans. During the Great Recession, nearly 80 percent of business financing in the United States relied on debt, whereas only about 40 percent did so in the aftermath of the dot-com bubble in 2000. As the COVID-19 pandemic rolled out, financiers and businesses around the world scrambled to find funding ways to avoid defaulting on debts. Signs of Recovery As hopes of a quick “pandemic”-fueled rebound regained some steam in late March of 2020, the international shadow banking system began to slowly emerge. The delays and hesitations in global financial transactions that plagued the early days of the Coronavirus crisis seemed to resolve themselves by mid-April; various banks and payment systems began to function more smoothly. Across the United States, statistics suggested that labor-intensive industries were beginning to stabilize. The shadow banking system began to emerge (although still in a relative “shoulder-diving” stage), and for the first time in years, businesses seemed to be making profits. The subtleties of COVID-19 that had reared their ugly head made the economy receptive to the potential benefits of shadow banking and greater lending ease. Researcher Ryan Sweet of Regions Bank found that interest rates in coastal Asia—such as Hong Kong, Singapore, Japan, and Taiwan—fell to record lows. This was largely due to private investors taking on more risk and raising capital for businesses after the failure of major investment funds in the United States. Although this lowered borrowing costs, in terms of the rate of return on capital, it also put downward pressure on interest rates.</h6></span></span></span>benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-59897482476761002582012-09-24T03:38:00.003-07:002023-12-08T03:37:03.000-08:00Does Peer to Peer Lending Offer a Promising Future? Peer to peer lending has for the past ten years become more mainstream in supporting business to access <a href="https://caban.co.za/small-business-funding">business funding</a> in an alternative way.<br />
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As with any new lending or investing avenue, there were growing pains that caused different results than those that were expected.
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What Attracted Lenders
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Peer to peer lending is a simple concept that involves the use of other people's money by those needing to establish a loan. The reason it was attractive in the first place was the return on the money loaned was substantially better than could be expected from a savings account or investment of funds in stocks.
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Companies that sprung up to be the caretakers of this funding promised to be the watchdogs, do the credit checks, and make peer to peer lending safe for those who chose to invest or save in it. In the early phases, things did not work out well through some of these companies.
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What Actually Happened
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Many of the earlier firms that dealt out the money to borrowers did not concern themselves enough with credit checks on those requesting the money. Unlike banks, they took those who were higher risks, and many defaulted on their loans.
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Although the interest rates on the loans were attractive to lenders, they were markedly lower than what the borrowers were paying to credit card companies. This is why peer to peer lending was interesting to borrowers.
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The companies that were more conservative took the banks' lead and looked into the credit history of those requesting loans. Instead of maintaining standard rates for everyone who wanted to borrow money, they based the rates on payment history and credit scores. Those with extremely low scores didn't get the money, so it was less risky.
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Peer to peer lending was pictured as a way everyday people could help the little guy out while snubbing their noses at the big banks. That may have been the case in some instances, but it proved to be more popular with investors for wealthy families seeking a bigger return on assets and hedge funds.
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How Well Does Peer to Peer Lending Work
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After the early years, peer to peer lending began to undergo adjustments and lenders saw a reasonable return on their investments. Some borrowers still make up stories to get more sympathy or look more capable of repayment, but the checks and balances have improved so the defaults are greatly down from the inception of peer to peer lending.
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Lenders have a choice as to where they want to use their money. It is tempting to take a 10% to 14% return for a loan that is not as secure as some others are, but that is the trade-off for the better return offered. More conservative lenders don't get the big buck returns, but they are more assured that they will get their money.
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Even though peer to peer lending is in its infancy, it has already proven to be a way to earn a respectful return on money. Some investors are still waiting to see how well it will perform for another year or two.
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The interest rates are bound to level out some before the growing pains of peer to peer lending run their course. Of course, those who wait may see a great drop in earning potential before they make a commitment.
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From the borrower's side of the fence, peer to peer is a good avenue to pursue if there is a real necessity. The rates between credit cards and peer to peer lending are closer now than before, so it might not be advantageous to pay one debt to assume another. benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-14224417309857181412012-08-29T05:53:00.004-07:002022-10-25T13:30:16.114-07:00Using Social Media to Fund your Crowdfunding Campaign<br />
<div class="MsoNormal">
Almost everyone on the planet today is
connected to some form of website and many of the cosutmers we are selling totoday is online, working with<a href="http://1stcontent.co/seo-consultants/"> SEO consultants</a> have become so important.
These are sites that let people interact with their friends and family
no matter where they are in the world.
They are also the spark that lights the powder keg to make something “go
viral across the globe” What happens
when something goes viral is everyone who sees it, tells their friends about
it, who tell their friends, and so on until it has crossed the threshold from a
local story into national or world news. The website very quickly became a viral hit with South African across the world. Only social media has the ability to make this happen. If you want to get your crowdfunding campaign
out to the most people possible then using social media is a must. But not all social media is created equally. Here is a list of some of the best social
media sites to use to get your project to go viral and raise your <a href="https://www.caban.co.za">business finance </a>before you know it.</div>
<div class="MsoNormal">
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<div class="MsoNormal">
<u><span lang="EN-US"><a href="http://www.facebook.com/">Facebook</a><o:p></o:p></span></u></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US">If you walked down the street asking random
people “Do you have a Facebook account?” more than half of them would say
yes. It is the largest single social
media, networking site on the planet and something you must tap into to be
successful with your crowdfunding campaign.
The first thing you need to do is have something, a story or better yet
a video, that people are going to want to share with everyone they know. It has to tell your story and tug at their
emotions. Simple saying “I need money to
become an artist” is not going to cut it.
You have to sell yourself. Tell
people the struggle's you've been through, the sacrifices you've made for your
craft, what will set you apart from others in your field, what good to society
you plan on bringing with your work, etc.
These are things that not only open up people's hearts but their wallets
as well. Post this on your Facebook page
and invite everyone you know to watch it, ask them to “like” it and share it
with their friends. Before you know it
you will have hundreds of people spreading the word for you.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
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<u><span lang="EN-US"><a href="http://www.reddit.com/">Reddit</a><o:p></o:p></span></u></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US">Reddit is known as “the front page of the
internet”. If you can get your story on
Reddit and have people vote it up (basically the same concept as like on
Facebook), you will have thousands of people reading your story. They will then start to spread it among their
social networks and before long you will have to buy more bandwidth for your
server because so many people will be visiting your site. But be aware, Reddit readers can be a tough
crowd. If they think for a moment that
you are not being sincere or don't “buy” your story, then they will down vote
it completely off the site. The morale
of the story is make sure you have your story/video perfected before you start
your social media campaign. You only get
one chance to make a first impression with people, don't let yours slip away
over a shoddy pitch.<o:p></o:p></span></div>
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<u><span lang="EN-US"><a href="http://www.twitter.com/">Twitter</a><o:p></o:p></span></u></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US">Twitter is the latest incarnation of the
original text message. With Twitter you
can send a text message (up to 140 characters) to millions of people at
once. Of course to do that you need to
get people to first follow you on Twitter.
This is something that takes time and effort. You need to search through Twitter's profile
list for people that have the same interests as you or are in the same
field. Start following them. Many times they will follow you back. Then you need to start conversing with people
regularly throughout the day. Don't just
“tweet” about your project. This turns
people off. Talk about what's happening
in your field. Be an authority on your
subject. This will get more people to
follow you. Then you can start
“slipping” in tweets about your project.
It's all a matter of gaining people's trust first.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-20606168804046244002012-01-31T13:02:00.002-08:002023-12-08T03:38:05.078-08:00Business Ideas Investors are Investing In<br />
At a recent <a href="https://caban.co.za/business-finance/">business finance</a> meeting, well known business incubator owner and business finance provider <a href="http://ycombinator.com/">Paul Graham </a>was asked to comment on the type of <a href="http://caban.co.za/business-plan-consulting/">business plans</a> they are providing business finance for. Graham was very optimistic about the opportunity available to entrepreneurs and spoke about a wide range of of <a href="http://caban.co.za/business-plan-consulting/">business plans</a> they are interested to see more of. This is something very useful to be aware of as an entrepreneur and important to consider of you are wondering what type industry or business to go into.<br />
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Not all of the businesses on the list will surprise you especially considering that Graham is mostly interested in Tech type of businesses but a number of the suggestions may very well fit into your area of interest. It was also interesting that such a wide variety of businesses are being mentioned giving a good indication as to the vast amount of opportunity for business finance available out there.<br />
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1. A cure for the disease of which the RIAA is a symptom. Something is broken when Sony and Universal are suing children. Actually, at least two things are broken: the software that file sharers use, and the record labels' business model. The current situation can't be the final answer. And what happened with music is now happening with movies. When the dust settles in 20 years, what will this world look like? What components of it could you start building now?<br />
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The answer may be far afield. The answer for the music industry, for example, is probably to give up insisting on payment for recorded music and focus on licensing and live shows. But what happens to movies? Do they morph into games?<br />
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2. Simplified browsing. There are a lot of cases where you'd trade some of the power of a web browser for greater simplicity. Grandparents and small children don't want the full web; they want to communicate and share pictures and look things up. What viable ideas lie undiscovered in the space between a digital photo frame and a computer running Firefox? If you built one now, who else would use it besides grandparents and small children?<br />
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3. New news. As Marc Andreessen points out, newspapers are in trouble. The problem is not merely that they've been slow to adapt to the web. It's more serious than that: their problems are due to deep structural flaws that are exposed now that they have competitors. When the only sources of news were the wire services and a few big papers, it was enough to keep writing stories about how the president met with someone and they each said conventional things written in advance by their staffs. Readers were never that interested, but they were willing to consider this news when there were no alternatives.<br />
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News will morph significantly in the more competitive environment of the web. So called "blogs" (because the old media call everything published online a "blog") like PerezHilton and TechCrunch are one sign of the future. News sites like Reddit and Digg are another. But these are just the beginning.<br />
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4. Outsourced IT. In most companies the IT department is an expensive bottleneck. Getting them to make you a simple web form could take months. Enter Wufoo. Now if the marketing department wants to put a form on the web, they can do it themselves in 5 minutes. You can take practically anything users still depend on IT departments for and base a startup on it, and you will have the enormous force of their present dissatisfaction pushing you forward.<br />
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5. Enterprise software 2.0. Enterprise software companies sell bad software for huge amounts of money. They get away with it for a variety of reasons that link together to form a sort of protective wall. But the software world is changing. I suspect that if you study different parts of the enterprise software business (not just what the software does, but more importantly, how it's sold) you'll find parts that could be picked off by startups.<br />
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One way to start is to make things for smaller companies, because they can't afford the overpriced stuff made for big ones. They're also easier to sell to.<br />
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6. More variants of CRM. This is a form of enterprise software, but I'm mentioning it explicitly because it seems like this area has such potential. CRM ("Customer Relationship Management") means all sorts of different things, but a lot of the current embodiments don't seem much more than mailing list managers. It should be possible to make interactions with customers much higher-res.<br />
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7. Something your company needs that doesn't exist. Many of the best startups happened when someone needed something in their work, found it didn't exist, and quit to build it. This is vaguer than most of the other recipes here, but it may be the most valuable. You're working on something you know customers want, because you were the customer. And if it was something you needed at work, other people will too, and they'll be willing to pay for it.<br />
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So if you're working for a big company and you want to strike out on your own, here's a recipe for an idea. Start this sentence: "We'd pay a lot if someone would just build a ..." Whatever you say next is probably a good product idea.<br />
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8. Dating. Current dating sites are not the last word. Better ones will appear. But anyone who wants to start a dating startup has to answer two questions: in addition to the usual question about how you're going to approach dating differently, you have to answer the even more important question of how to overcome the huge chicken and egg problem every dating site faces. A site like Reddit is interesting when there are only 20 users. But no one wants to use a dating site with only 20 users—which of course becomes a self-perpetuating problem. So if you want to do a dating startup, don't focus on the novel take on dating that you're going to offer. That's the easy half. Focus on novel ways to get around the chicken and egg problem.<br />
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9. Photo/video sharing services. A lot of the most popular sites on the web are for photo sharing. But the sites classified as social networks are also largely about photo sharing. As much as people like to share words (IM and email and blogging are "word sharing" apps), they probably like to share pictures more. It's less work and the results are usually more interesting. I think there is huge growth still to come. There may ultimately be 30 different subtypes of image/video sharing service, half of which remain to be discovered.<br />
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10. Auctions. Online auctions have more potential than most people currently realize. Auctions seem boring now because EBay is doing a bad job, but is still powerful enough that they have a de facto monopoly. Result: stagnation. But I suspect EBay could now be attacked on its home territory, and that this territory would, in the hands of a successful invader, turn out to be more valuable than it currently appears. As with dating, however, a startup that wants to do this has to expend more effort on their strategy for cracking the monopoly than on how their auction site will work.<br />
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11. Web Office apps. We're interested in funding anyone competing with Microsoft desktop software. Obviously this is a rich market, considering how much Microsoft makes from it. A startup that made a tenth as much would be very happy. And a startup that takes on such a project will be helped along by Microsoft itself, who between their increasingly bureaucratic culture and their desire to protect existing desktop revenues will probably do a bad job of building web-based Office variants themselves. Before you try to start a startup doing this, however, you should be prepared to explain why existing web-based Office alternatives haven't taken the world by storm, and how you're going to beat that.<br />
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12. Fix advertising. Advertising could be made much better if it tried to please its audience, instead of treating them like victims who deserve x amount of abuse in return for whatever free site they're getting. It doesn't work anyway; audiences learn to tune out boring ads, no matter how loud they shout.<br />
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What we have now is basically print and TV advertising translated to the web. The right answer will probably look very different. It might not even seem like advertising, by current standards. So the way to approach this problem is probably to start over from scratch: to think what the goal of advertising is, and ask how to do that using the new ingredients technology gives us. Probably the new answers exist already, in some early form that will only later be recognized as the replacement for traditional advertising.<br />
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Bonus points if you can invent new forms of advertising whose effects are measurable, above all in sales.<br />
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13. Online learning. US schools are often bad. A lot of parents realize it, and would be interested in ways for their kids to learn more. Till recently, schools, like newspapers, had geographical monopolies. But the web changes that. How can you teach kids now that you can reach them through the web? The possible answers are a lot more interesting than just putting books online.<br />
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One route would be to start with test prep services, for which there's already demand, and then expand into teaching kids more than just how to score high on tests. Another would be to start with games and gradually make them more thoughtful. Another, particularly for younger kids, would be to let them learn by watching one another (anonymously) solve problems.<br />
14. Tools for measurement. Now that so much happens on computers connected to networks, it's possible to measure things we may not have realized we could. And there are some big problems that may be soluble if we can measure more. The most important of all is the defining flaw of large organizations: you can't tell who the most productive people are. A small company is measured directly by the market. But once an organization gets big enough that people on in the interior are protected from market forces, politics starts to rule, instead of performance. An improvement of even a few percent in the ability to measure what actually happens in large organizations would have a huge impact on the world economy, and a startup that enabled it would be entitled to a cut.<br />
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15. Off the shelf security. Services like ADT charge a fortune. Now that houses and their owners are both connected to networks practically all the time, a startup could stitch together alternatives out of cheap, existing hardware and services.<br />
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16. A form of search that depends on design. Google doesn't have a lot of weaknesses. One of the biggest is that they have no sense of design. They do the next best thing, which is to keep things sparse. But if there were a kind of search that depended a lot on design, a startup might actually be able to beat Google at search. I don't know if there is, but if you do, we'd love to hear from you.<br />
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17. New payment methods. There are almost certainly things whose growth is held back because there's no way to charge for them. And the people who could implement solutions don't realize how much demand there would be, precisely because this growth has been held back. So pretty much any new way of paying for things that's easier for some class of situations will turn out to have a bigger market than its inventors expected. Look at Paypal. (Warning: Regulated industry.)<br />
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18. The WebOS. It probably won't be a literal translation of a client OS shifted to servers. But as applications migrate to servers, it seems possible there will be something that plays a central role like an OS does. We've already funded several startups that could be candidates. But this is a big prize, and there will probably be multiple winners.<br />
19. Application and/or data hosting. This is related to the preceding idea, but not identical. And again, while we've already funded several startups in this area, it's probably going to be big enough that it contains several rich markets.<br />
It may turn out that 4, 18, and 19 all have the same answer. Or rather, that there will be things that answer all three. But the way to find such a grand, overarching solution is probably not to approach it directly, but to start by solving smaller, specific problems, then gradually expand your scope. Start by writing Basic for the Altair.<br />
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20. Shopping guides. Like news, shopping used to be constrained by geography. You went to your local store and chose from what they had. Now the space of possibilities is bewilderingly large, and people need help navigating it. If you already know what you want, Bountii can find you the best price. But how do you decide what you want? Hint: One answer is related to number 3.<br />
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21. Finance software for individuals and small businesses. Intuit seems ripe for picking off. The difficulty is that they've got data connections with all the banks. That's hard for a small startup to match. But if you can start in a neighboring area and gradually expand into their territory, you could displace them.<br />
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22. A web-based Excel/database hybrid. People often use Excel as a lightweight database. I suspect there's an opportunity to create the program such users wish existed, and that there are new things you could do if it were web-based. Like make it easier to get data into it, through forms or scraping.<br />
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Don't make it feel like a database. That frightens people. The question to ask is: how much can I let people do without defining structure? You want the database equivalent of a language that makes its easy to keep data in linked lists. (Which means you probably want to write it in one.)<br />
23. More open alternatives to Wikipedia. Deletionists rule Wikipedia. Ironically, they're constrained by print-era thinking. What harm does it do if an online reference has a long tail of articles that are only interesting to a few people, so long as everyone can still find whatever they're looking for? There is room to do to Wikipedia what Wikipedia did to Britannica.<br />
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24. A buffer against bad customer service. A lot of companies (to say nothing of government agencies) have appalling customer service. "Please stay on the line. Your call is important to us." Doesn't it make you cringe just to read that? Sometimes the UIs presented to customers are even deliberately difficult; some airlines deliberately make it hard to buy tickets using miles, for example. Maybe if you built a more user-friendly wrapper around common bad customer service experiences, people would pay to use it. Passport expediters are an encouraging example.<br />
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25. A Craigslist competitor. Craiglist is ambivalent about being a business. This is both a strength and a weakness. If you focus on the areas where it's a weakness, you may find there are better ways to solve some of the problems Craigslist solves.<br />
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26. Better video chat. Skype and Tokbox are just the beginning. There's going to be a lot of evolution in this area, especially on mobile devices.<br />
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27. Hardware/software hybrids. Most hackers find hardware projects alarming. You have to deal with messy, expensive physical stuff. But Meraki shows what you can do if you're willing to venture even a little way into hardware. There's a lot of low-hanging fruit in hardware; you can often do dramatically new things by making comparatively small tweaks to existing stuff.<br />
Hardware is already mostly software. What I mean by a hardware/software hybrid is one in which software plays a very visible role. If you work on an idea of this type you'll tend to have the field to yourself, because most hackers are afraid of hardware, and most hardware companies can't write good software. (One reason your iPod isn't made by Sony is that Sony can't write iTunes.)<br />
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28. Fixing email overload. A lot of people, including me, feel they get too much email. A solution would find a ready market. But the best solution may not be anything as obvious as a new mail reader.<br />
Related problem: Using your inbox as a to-do list. The solution is probably to acknowledge this rather than prevent it.<br />
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29. Easy site builders for specific markets. Weebly is a good, general-purpose site builder. But there are a lot of markets that could use more specialized tools. What's the best way to make a web site if you're a real estate agent, or a restaurant, or a lawyer? There still don't seem to be canonical answers.<br />
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Obviously the way to build this is to write a flexible site builder, then write layers on top to produce different variants. Hint: The key to making a site builder for end-users is to make software that lets people with no design ability produce things that look good—or at least professional.<br />
30. Startups for startups. The increasing number of startups is itself an opportunity for startups. We're one; TechCrunch is another. What other new things can you do?<br />
<br />
As mentioned these ideas were mentioned in an interview with Paul Graham from Y-Combinator, a site probably well worth checking out if any of the above may fall into your area of expertise or interest. Make sure that you do your homework on what they would want to have included in your <a href="http://www.sabusinessplans.co.za/">business plan</a> and financial forecasts. And as always be proactive!<br />benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-28770634918118644072012-01-14T02:42:00.002-08:002022-05-17T09:25:14.631-07:00Ground-Breaking Technology Takes Writing a Business Plan to a New Level<span face="Arial, Helvetica, sans-serif" style="background-color: #eef0f0; color: #333333; font-size: 12px;">For the first time ever entrepreneurs can now use the ground-breaking 1-Click Submit to Investors® technology when creating their <a href="http://www.businessplanwhiz.co.za/">business plan</a> or financial forecasts. Whether you provide<a href="http://1stcontent.co"> </a><a href="https://1stcontent.co">digital marketing services south africa </a>or any other services, you can write a killer business plan.</span><br />
<br />
<span face="Arial, Helvetica, sans-serif" style="background-color: #eef0f0; color: #333333; font-size: 12px;">Being an entrepreneur has always been an ideal for many people, transforming their vision into a successful venture. Entrepreneurship, being a vital part of any economy, empowers people, creates job opportunities, stimulates competitive market environments and aids in global economic integration.</span><br />
<br />
<span face="Arial, Helvetica, sans-serif" style="background-color: #eef0f0; color: #333333; font-size: 12px;">Getting your idea off the napkin or post-it and into a business plan which covers every aspect that investors might be interested in, has always been a significant struggle for first-time entrepreneurs to overcome or master.</span><br />
<br />
<span face="Arial, Helvetica, sans-serif" style="background-color: #eef0f0; color: #333333; font-size: 12px;">Globally, the Total Entrepreneurial Activity (TEA), measures the Entrepreneurial Activity as a percentage figure of GDP (Gross Domestic Profit) for a specific year, per country. The Gordon’s Institute of Business reports that between 2001 and 2009, South African TEA figures reported an average of 6.4%, which dropped significantly in the 2009/2010 economic retraction, with the result that SA figures reflected a 5% TEA. As a result of this, more emphasis is now being put on assisting entrepreneurs through various programs.</span><br />
<br />
<span face="Arial, Helvetica, sans-serif" style="background-color: #eef0f0; color: #333333; font-size: 12px;">SA Start-up Systems, a home grown and proudly South African company, launched a new product to assist you in overcoming the hurdles to success. With over twenty years of experience in financial and business planning as well as SME support, they are well versed in the requisites placed on a proper business plan.</span><br />
<br />
<span face="Arial, Helvetica, sans-serif" style="background-color: #eef0f0; color: #333333; font-size: 12px;">Business Plan Whiz was created on local soil, by entrepreneurs, for entrepreneurs. This unique software package includes a magnitude of features that will not only take your idea and put it into a business plan, but enhance it by adding value and giving you the complete solution with which to attract investors.</span><br />
<br />
<span face="Arial, Helvetica, sans-serif" style="background-color: #eef0f0; color: #333333; font-size: 12px;">Being in charge of your business plan creation puts you in the favourable position of knowing and understanding the procedure, thus enhancing your business plan even further, combining your knowledge with the expertise of Business Plan Whiz.</span><br />
<br />
<span face="Arial, Helvetica, sans-serif" style="background-color: #eef0f0; color: #333333; font-size: 12px;">Visually stimulating your potential investors with an exceptionally well executed plan is half the battle won and Business Plan Whiz does exactly that. Laying out your business plan in a visually pleasing yet straight forward format, it highlights</span><span face="Arial, Helvetica, sans-serif" style="background-color: #eef0f0; color: #333333; font-size: 12px;"> every aspect needed to portray your idea as a coherent and complete concept.</span><br />
<br />
<span face="Arial, Helvetica, sans-serif" style="background-color: #eef0f0; color: #333333; font-size: 12px;">The unique application will literally create the entire business plan for you based on information you provide.</span><br />
<br />
<span face="Arial, Helvetica, sans-serif" style="background-color: #eef0f0; color: #333333; font-size: 12px;">Featuring live and email support, Business Plan Whiz is there, every step of the way to assist your planning and offer instant access to business planning tools and guides.</span><br />
<br />
<span face="Arial, Helvetica, sans-serif" style="background-color: #eef0f0; color: #333333; font-size: 12px;">For more information on this and how to use the 1-Click Submit to Investors® technology visit </span><span style="background-color: #eef0f0;"><a href="http://www.businessplanwhiz.co.za/">Business Plan Whiz</a> </span><span face="Arial, Helvetica, sans-serif" style="background-color: #eef0f0; color: #333333; font-size: 12px;">and ask for a demonstration.</span>benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-24559547704195306942011-10-27T13:35:00.000-07:002023-12-08T03:42:06.203-08:00What determines success for Solo entrepreneurs<span class="Apple-style-span" style="font-family: monospace;"><span class="Apple-style-span" style="white-space: pre;"></span></span><br />
<span class="Apple-style-span" style="font-family: inherit;">As the majority of entrepreneurs in South Africa start out as solo entrepreneurs I thought it may be useful to consider what exactly it is that makes solo entrepreneurs successful. Its already well known hat effective market research the the creation of a well thought out <a href="http://www.sabusinessplans.co.za/">business plan</a> makes a real difference but so does the attitude and commitment of the entrepreneur. The point-of-view or perspective the solopreneur has on how to operate his/her business determines the speed at which he/she achieves the success he/she desires.<br />
<br />
<br />
1. Marketing is more important than mastery.<br />
<br />
Being a master of his craft, skill, or talent doesn't ensure<br />
that the solopreneur will be successful in his business. He<br />
can be the greatest at what he does, and if nobody knows about<br />
him, he's quickly out of business. Yes, it's important that<br />
he deliver a quality service. But it's even more important<br />
that he consistently and appropriately promote his business.<br />
<br />
<br />
2. Risk is always reducible.<br />
<br />
Everyone faces risk -- in life and in business. And risk is<br />
always reducible. The solopreneur may find that at times,<br />
even after she's reduced the risk, it is still too costly.<br />
Great! She just needs to find another path to the goal.<br />
Tip: Make sure your clients know that you're also helping<br />
them reduce risk -- it makes you more valuable.<br />
<br />
<br />
3. There is usually an easier or better way.<br />
<br />
No matter what strategy, process, or procedure is under<br />
consideration, there is usually an easier or better way. The<br />
solopreneur needs to think beyond the traditional ways of<br />
solving a problem, creating a deliverable, or accomplishing<br />
an outcome. Doing so will result in finding a new, better,<br />
easier, faster, less expensive, or less risky way.<br />
<br />
<br />
4. Delay is unacceptably expensive.<br />
<br />
Today the windows of opportunities open more often and shut<br />
more quickly than ever before. Delay lets those opportunities<br />
pass by without the solopreneur or his client being able to<br />
take advantage of them. When the soloprenuer reduces or<br />
eliminates delay in her business, it can have the added<br />
effects of reducing costs in projects, increasing her perceived<br />
value to her clients, and giving her more opportunities for<br />
success.<br />
<br />
<br />
5. Self-confidence can be arranged.<br />
<br />
The solopreneur doesn't need to rely on himself to create<br />
a sense of confidence. Nor does he need to wait until he has<br />
attained a high degree of mastery in his services. Instead, he<br />
can arrange for support structures and encouragement, and<br />
can design situations that feed him the confidence he needs.<br />
<br />
<br />
6. The answer is somewhere.<br />
<br />
Does the solopreneur have the answer? Does her client have<br />
the answer? Does a competitor have the answer? Is the answer<br />
on the Internet? The point is that it doesn't really matter<br />
where the answer is, but that there is an answer somewhere.<br />
And it's up to the solopreneur and her client to find it.<br />
Knowing that the answer is somewhere, but that she isn't the<br />
only source for the answer, releases the solopreneur from<br />
needing to be the "answer person." This, in turn, frees up<br />
her energy for collaborating with her client in finding the<br />
answer.<br />
<br />
<br />
7. Problems don't exist.<br />
<br />
Okay, this one might require a big shift in perspective.<br />
Especially if the solopreneur thinks of himself as a problem<br />
solver! Flip it over and what you have is an opportunity,<br />
not a problem. An opportunity for the solopreneur to showcase<br />
his magnificence. An opportunity to challenge his knowledge,<br />
perceptions, and beliefs. An opportunity to really get<br />
creative!<br />
<br />
<br />
8. Everything is a project.<br />
<br />
Regardless of what service the solopreneur provides to<br />
her clients, she is a project manager. Running a business,<br />
whether for one person or 500, is a series of projects.<br />
Creating the business identity is a project. Creating the<br />
web site is a project. Upgrading the company's technology<br />
is a project. So is creating and implementing a marketing<br />
plan. Successful soloprenuers use project management tools<br />
and techniques to save time and keep the business on the<br />
right track.<br />
<br />
<br />
9. The client is always right, or just say "No!"<br />
<br />
Enter the paradox. Successful solopreneurs don't "go<br />
along to get along" with their clients. As the hired-gun<br />
professional, the client wants the solopreneur's expertise<br />
and needs the solopreneur's insights. Although the client<br />
is always the final decision maker, she doesn't always<br />
know what's best. The solopreneur needs to tell the client,<br />
gently and gracefully, when she is going down the wrong<br />
path, misusing her resources, or being unreasonable.<br />
<br />
The solopreneur's Ideal Clients will love it when he<br />
says "No!" in this way. His Clients from Hell won't, but<br />
then these clients will receive the ultimate refusal from<br />
the solopreneur -- not to work with them again.<br />
<br />
<br />
10. It's all solvable, or it's not.<br />
<br />
When the solopreneur approaches her business, clients,<br />
and projects from the perspective that it's all solvable,<br />
her options open up. Determining that it's not solvable,<br />
for whatever reason, releases energy and resources for<br />
more appropriate action.<br />
<br />
<br />
11. Success requires mistakes -- lots of them!<br />
<br />
The solopreneur won't stay in business long if he hides<br />
his mistakes or blames them on others, the system, or<br />
the processes. Our best growth and most important lessons<br />
come from making mistakes and then correcting them.<br />
<br />
By the way, most people avoid even the possibility of<br />
failing (because they don't understand that failure is<br />
a requirement for success)!<br />
<br />
<br />
12. Creeping excellence beats perfection.<br />
<br />
The solopreneur can't afford the luxury of being a<br />
perfectionist -- and neither can many of her clients.<br />
Instead, the soloprenure who is successful has adopted<br />
the habit of creeping excellence, in which she ensures<br />
that everything she does is just a bit better than<br />
it was the last time, leaving everything better than<br />
when she found it. Creeping excellence reduces the time<br />
and costs racked up by perfectionism. Perfectionists<br />
spend 80% of their time and resources perfecting the<br />
last 20% of everything. Encourage the solopreneur to do<br />
what she does best and hire others to do the cleanup.<br />
<br />
<br />
13. Focus is power.<br />
<br />
"If you chase two rabbits, both will escape."<br />
Chinese Proverb<br />
<br />
Being a Jack-of-all-trades is a sure way to fail as<br />
a solopreneur. The solopreneur can't market his<br />
business to the entire world -- he doesn't have the<br />
time, money, or energy for that. Encourage the<br />
solopreneur to narrow it down to one market segment<br />
of Ideal Clients for whom he provides one primary<br />
service. That's not only doable, it's powerful!<br />
<br />
Another place to apply the power of focus in in<br />
stopping the multi-tasking. It takes 4 mintues to<br />
return to the same level of concentration each time<br />
a person is interrupted. Staying in the flow increases<br />
productivity, efficiency, and creativity.<br />
<br />
<br />
14. The goal's the thing, not the plan.<br />
<br />
To what does the solopreneur commit? The plan or<br />
the goal? If the solopreneur is getting the same<br />
unacceptable results over and over, he is committed<br />
to the plan. To change the results, get a new plan!<br />
<br />
<br />
15. Independent employment is joyous!<br />
<br />
What good is owning a business if it doesn't bring<br />
the solopreneur pleasure? When work is joyous for<br />
the solopreneur, her clients find her easier and<br />
happier to work with. And that increases their<br />
enjoyment in working with the solopreneur, which<br />
enhances her chances for a long-term, profitable<br />
relationship with them.</span><div><span class="Apple-style-span" style="font-family: inherit;"><br /></span></div><div><span class="Apple-style-span" style="font-family: inherit;">16. Choosing the right business funding.</span></div><div><span class="Apple-style-span" style="font-family: inherit;"><br /></span></div><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div style="text-align: left;"><span class="Apple-style-span" style="font-family: inherit;"><span style="caret-color: rgb(55, 65, 81); color: #374151; font-size: 16px; white-space: pre-wrap;">For solo entrepreneurs, selecting the appropriate <a href="https://caban.co.za/small-business-funding/">business funding</a> is a critical decision that can significantly impact the trajectory of their ventures. The right funding option should align with the unique needs and goals of a solo entrepreneur, providing the necessary financial support without compromising autonomy. Traditional avenues like bank loans may offer stability but often come with stringent requirements and lengthy approval processes. On the other hand, alternative options such as crowdfunding and peer-to-peer lending enable entrepreneurs to engage directly with their audience and secure funds more quickly. Bootstrapping, wherein the entrepreneur self-funds the business, offers unparalleled control but requires a careful balance to avoid limiting growth opportunities. Ultimately, the key lies in evaluating the specific financial needs, risk tolerance, and growth aspirations of the solo entrepreneur to determine the most suitable funding avenue that fosters sustainability and success.</span></span></div></blockquote><div style="text-align: left;"><span class="Apple-style-span" style="font-family: inherit;">
<br />
As many of the points above show, its not just the <a href="http://www.businessplanwhiz.com/">business plan</a>, product or service and the industry that determines the success of the business but much depends on the entrepreneur and the attitude and drive that s/he is showing in working towards making that dream become a reality.</span></div>benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-41373759100394728132011-10-04T06:29:00.001-07:002022-05-17T09:26:24.569-07:00Getting Your New Business Online – Not As Expensive As You Thought<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">If you are a new business owner, there’s a good chance you have realised that every business, new or established, simply has to have an online presence.<span style="mso-spacerun: yes;"> </span>Of course, that becomes trickier when you are working with the budget that most new business owners have – limited, and reserved for the truly important things in your business! With both websites,<a href="https://1stcontent.co"> digital marketing services</a> and even the creation of your <a href="http://www.businessplanwhiz.co.za/">business plan</a> becoming ever more affordable, few would be entrepreneurs still have a real excuse for not getting up and running with their business idea.</span></div>
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<span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">The good news is that as a new business owner, you can start working on your online presence right away, without spending a fortune, and in this article, we look at how you as an entrepreneur, can get your business start-up online without breaking the bank. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">The <a href="https://1stcontent.co/services">Cheapest Possible Websites</a></span></b></div>
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<span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">When most of us think about websites, we think of expensive monstrosities, with all the bells and whistles.<span style="mso-spacerun: yes;"> </span>We also think of the price tag that goes with hiring a team of technical people to do all the clever things necessary to make those websites happen. </span></div>
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<span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">The good news is that thanks to new technology, your website really can cost you less than twenty dollars. </span></div>
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<span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">The first step, which is unavoidable, is to register your business domain name.<span style="mso-spacerun: yes;"> </span>That could be the name of your company, or anything else you like.<span style="mso-spacerun: yes;"> </span>Depending on who you register your domain with, and which type of domain extension you choose for your new business website, that could cost anything from 99c to around $20. </span></div>
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<span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">Once that’s done, you could use one of the site builder services, like Yola, Webs or Weebly to create a site, using the very simplest drag and drop interface you can imagine, or if you’re a little more tech savvy, a free host, and a Joomla, Mambo or Wordpress site. </span></div>
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<span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">All of these website options allow the new business owner to have a brand new website, in a matter of hours or days, for less than the cost of a meal in a take out restaurant. You cannot beat that. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">Getting Social</span></b></div>
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<span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">Another valuable tool for building an online presence, when it comes to new businesses with limited budgets, are social networks.<span style="mso-spacerun: yes;"> </span>Whether it is a group on <a href="http://www.facebook.com/#!/pages/BusinessPlanwhizcom/113016722117899?sk=app_106171216118819">Facebook</a>, or connecting with business leads on <a href="http://www.linkedin.com/groups/SA-Entrepreneurs-Blog-2751153.S.43112770">Linked In</a>, or networking on <a href="http://www.twitter.com/bizplanwhiz">twitter</a>, most social networking is free, and can help you to build an online following, without spending a cent.</span></div>
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<span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">Start small, by inviting friends and family, or by adding links to your group and other pages to your website, and as links on the bottom of your emails. Over time, you should find that it is a nice way to connect with your customers, with potential customers, and with all kinds of other interested parties. </span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">Directories and Places</span></b></div>
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<span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">Finally, for the cash strapped new business owner, there is another great free way to boost interest in your business.<span style="mso-spacerun: yes;"> </span>There are many directories, both local and national, and even some global directories, that allow you to have a basic listing for your business at no charge. </span></div>
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<span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">You can also add your site to free services like Google Places, DMOZ, and of course submit it to all the search engines.</span></div>
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<span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">The truth is, it is cheaper than ever to get an online presence for your new business.<span style="mso-spacerun: yes;"> </span>It does not have to cost you a fortune, and you do not have to be a rocket scientist to do it.<span style="mso-spacerun: yes;"> </span>Since your web presence can help to keep you in contact with existing customers, and expose you to new customers, or even become a sales portal all on it’s own. </span></div>
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<span lang="EN-ZA" style="mso-ansi-language: EN-ZA;">Do not write off the internet as a marketing or sales tool just because yours is a new business.<span style="mso-spacerun: yes;"> </span>Look for the cheaper and free options, and do it yourself.<span style="mso-spacerun: yes;"> </span>You can always upgrade later, and it is never too early to start!</span></div>
<a href="http://www.yola.com/">http://www.yola.com/</a>benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-30912516276567614162011-04-06T06:34:00.001-07:002022-04-12T06:59:11.621-07:00Overcoming the Fear of Entrepreneurial FailureEntrepreneurial failure has long been a major barrier to talented and experienced individuals taking the leap from long time employee to business owner. The perceived risk may often simply be to big, with financial and family commitments considered, many a new idea is often suppressed even before it has the opportunity to see the light. Banks and <a href="http://www.investorsnetwork.co.za/">small business investors</a> today see the <a href="http://caban.co.za/business-plan-consulting/">business plan </a>as a major move forward in ensuring the risk is reduced as the <a href="http://entrepreneurblogsa.blogspot.com/">entrepreneur</a> gets to thin and work through the various issues prior to the business starting. Still <a href="http://entrepreneurblogsa.blogspot.com/">entrepreneurs</a> feel that more can be done to address this issue.<br />
<br />
<a href="http://www.ybsa.org.za/">Young Business for South Africa</a> (YBSA) is helping young entrepreneurs to confront their fear of failure. On 17 March 2011, YBSA is hosting a "Fail Fast, Fail Forward: How failure makes successful entrepreneurs" at the Gordon Institute of Business Science in Illovo, Johannesburg.<br />
<br />
Telana Simpson, YBSA Director and entrepreneur, will be chairing a panel of experts gathered to dispel the myths around failing in entrepreneurship, and to start changing the mindsets of our young leaders towards failure.<br />
<br />
Sitting on the panel are Yashivan Govender of FirstStep.me (Entrepreneur and author of the 'Fun Side of Being Serious'), Danny Tuckwood of MetaCo (professional Leadership & Entrepreneur Coach), Allon Raiz of Raizcorp (founder and CEO of Raizcorp, the only privately-held, unfunded, profitable business incubator on the African continent), Dr Marius Pretorius (Associate Professor of Strategy, Leadership and Turnaround at the University of Pretoria). The panel will discuss what attitudes would be more beneficial for encouraging entrepreneurs and those who support them, to develop business in our country.<br />
<br />
The event is free to all YBSA members and R100 for non-members at the door (membership enquiries can be directed to admin@ybsa.org.za). Please note that booking is essential as the seats are limited.<br />
<br />
Attitudes and Perceptions about Entrepreneurship<br />
<br />
The Global Entrepreneurship Monitor (GEM) Global Report 2010 states that "if the economy in general has positive attitudes toward entrepreneurship, this will generate cultural support, financial resources, networking benefits and various other forms of assistance to current and potential entrepreneurs." Their investigation reveals that in South Africa, 29% of respondents have a fear of failure and only 16.7% have entrepreneurial intentions.<br />
<br />
In the report South Africa and a further 23 other countries are classed as efficiency driven economies. When it came to indicators of attitude, GEM noted that in SA 40.9% of respondents' perceived opportunities in the entrepreneurial arena, and that South African's were 2.7% less fearful of failure than the un-weighted average. 77.5% of people surveyed thought entrepreneurship was a good career choice, yet only 16.7% of respondents had entrepreneurial intentions, 6.5% below the un-weighted average for this category.<br />
<br />
With perceptions indicating that a high status is given to successful entrepreneurs and that there is a great emphasis placed on entrepreneurial endeavours in the media, why are our entrepreneurs still battling to find support?<br />
<br />
Some of the most influential people of our time include; Richard Branson, Bill Gates and Donald Trump. They all failed to some degree before they got their formulas right and achieved the heights of success they enjoy today. Why is it in South Africa we are still battling to see failure in a positive light, as a learning device instead of something of which we should be ashamed?<br />
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Endeavour's white paper on "The State of Entrepreneurship in SA" in 2009, highlights the concern that there is a low tolerance for entrepreneurial failure in South Africa. "People disassociate themselves from them, banks shut them down and the press demonises them" (pg.11). Entrepreneurial failure is an experience that financers in other parts of the world look for in entrepreneurs that they consider funding. This culture in South Africa of not supporting entrepreneurs who have failed needs to be confronted if we are to create an environment conducive to fostering more entrepreneurial activity.benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-16451030386287882492011-03-24T05:26:00.001-07:002022-03-06T09:31:41.819-08:00Top Female entrepreneur shows entrepreneurial spiritIts interesting to look at the motivation and inclination of <a href="http://www.enterpriseforum.co.za/">entrepreneurs in South Africa</a>. Entrepreneurs are those who are passionate and driven about the business plan that they intend to implement. Neither a shortage of <a href="https://www.caban.co.za">business funding</a>, not the opinion of others will stop them from what they know they can achieve. If you compare them with the rest of the population we will quickly find that entrepreneurs are go getters, not blaming anyone for their situation and not waiting for anyone else to improve it. For entrepreneurs the use of <a href="http://1stcontent.co">digital marketing services </a>will also be crucial. These are people who take responsibility for their actions and futures. A great example of this was one of the finalists of the country's most prestigious empowerment awards program<br />
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Unique motivation has powered Design Communications Group CEO Zoë Molapisi into the finals - a burning desire to encourage South Africa's 'no capital, no connections' entrepreneurs.<br />
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"I'm honoured to be a finalist," said Zoë Molapisi. "The accolade is for personal achievement, but I won't be at the finals in my personal capacity. I will be there for all the start-up entrepreneurs who began with no capital and no connections and asked for no favours.<br />
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CEO of By Design Communications Zoe Molapisi<br />
"It's important a strong message goes out that you don't need patronage and a handout to succeed in business. You can do it by hard work and perseverance; by holding your head up and never holding your hand out.<br />
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"It's satisfying to be recognised for that type of success and a great opportunity to give encouragement to self-starters, hard workers and go-getters that have very little else going for them."<br />
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Eight years ago, Zoë Molapisi launched her 'one-stop' communication group By Design as a one-woman start-up with no seed capital and no contracted clients. Today annual turnovers are fast approaching the R100 million mark and clients include major brands and institutions such as Coca-Cola, Telkom, Cell C and many blue chip clients across different sectors.<br />
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In addition to local communication and promotional projects, By Design organizes conferences and travel incentive programmes in several markets in sub-Saharan Africa and island territories in the Indian Ocean.<br />
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Expansion to South America is being explored.<br />
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"My message to tomorrow's entrepreneurs is simple," said By Design's founder. "You don't need government incentives. You don't need hand-holding by some official program. You don't need to be well connected.<br />
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"You need passion, commitment and the sort of commonsense that tells you to keep overheads low and service standards high. You can make it. I know ... because I did."<br />
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This is certainly a very important lesson for many who see their futures relying on others. When speaking to young people about their futures this is a key message I try to get across. Yes of course you need to connect with and work with others to get where you want to be but no one else is responsible for your future success other than yourself.benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-78577589568261116192011-03-02T07:25:00.002-08:002022-04-12T06:59:51.241-07:00Steps to becoming an entrepreneurFor many, pursuing their <a href="http://caban.co.za/business-plan-consulting/">business plan</a> and becoming a successful entrepreneur is a dream prevented from coming true by fear of risk, the uncertainty of irregular income and perhaps also a lack of business finance. Having access to <a href="http://1stcontent.co">digital marketing consulting services in South Africa</a> will of course also be important. Despite this many are so passionate about their ideas that decide to take the leap, often with rewards of self fulfillment, independence and the freedom to run the business in the way they may choose. But of course starting a new business is not always that straight forward and even the best known entrepreneurs out there have not achieved what they have without good business planning, plenty of hard work and a strong sense of commitment and flexibility in working towards their dream.<br />
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So what does this mean for you? What can we learn from those who have gone before us?<br />
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Here are some entrepreneurial skills that you can work at developing as you learn how to become an entrepreneur.<br />
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1. Create your new entrepreneurial mindset. Before you can become successful, you have to create a new mindset to achieve the things you want in your life. Examine your current mindset, and how that way of thinking has gotten you to where you're at right now. Be honest with yourself when looking over your current results, because this will give you an accurate measure of the choices that you have made over the years. Only then will you begin to see for yourself that it is time for you to work on your new mindset in order to start living the life you want to experience, regardless of your current circumstances. Once your new entrepreneurial mindset is in motion, you will start making very creative choices to move you faster to your desired goals. Find three to four successful entrepreneurs that have the lifestyle that you want, and ask them if you can interview them individually to understand the reasons why they are so successful at what they do in their current business as an entrepreneur. While you are listening to them, take notes, examine what they say to you about themselves and their success, and grasp what type of mindset they have now in their lives. This will propel your own success in so many different ways because you will be able to apply what you have learned to your own mindset.<br />
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Apply personal development in your daily life starting today. For example, read good self-help books like the one mentioned at the end of this article. Listen to self-improvement tapes, CDs, and as an extra bonus, attend a least one personal development seminar a year to help grow, maintain and keep your new entrepreneur mindset growing everyday. Your level of awareness will increase greatly with the new mindset that you are creating to go after the things you want in your life. Having an open mind as an entrepreneur will also help you make better decisions quickly, and become more creative.<br />
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2. Get out three blank sheets of white paper and a pen or pencil. Take out three blank sheets of white paper and a pen or pencil. You are going to write down your new mindset as an entrepreneur on your sheets of paper. Writing down what you want (and what you are going to achieve as an entrepreneur) is a very powerful activity that you are making a habit of now. Taking out your sheets of paper right now is a serious gesture that you are making to let your subconscious mind know you are a person of action. This step will help propel you on your new journey, the journey of taking the necessary steps needed to achieve your desired goals. These three blank sheets of paper represent your future. As an entrepreneur with a new mindset you can paint any picture you want to on the three sheets of paper, regardless of your current circumstances.<br />
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3. Write down all of your new ideas as an entrepreneur on the first sheet of paper. Label the first blank sheet of paper you have as number one. You have been spending some time changing the way you think, and creating a new entrepreneur mindset: Start writing down all of the new ideas that you have as an entrepreneur now. The entrepreneur ideas that you are writing down now are the ones that you have been thinking about in your mind that you want to create and achieve in your physical presence now. For example, if you have a burning desire in your heart to start your own daycare center, restaurant, hotel, or create a product for people to buy, then write down all of your ideas in every detail. Write down how big the daycare center is going to be, where it is going to be located, what color the building is going to be, how many children you will allow to be kept in your daycare, how many people you will staff, what type of services you will provide to the parents and children coming to the daycare. This is a perfect example of how you can start writing down all of your ideas as an entrepreneur on the sheet of paper now.<br />
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4. Write your short-, middle- and long-term goals down on the second sheet of paper. A short-term goal is something you want to achieve in one day, one week or one month. A middle-term goal is something you want to achieve in ninety days to six months. A long-term goal is something you want to achieve in one year or more. Write down what you want to achieve as an entrepreneur on the second blank sheet of paper. List them in the categories stated above as short-, middle- and long-term goals. At the top of the paper, you can have your short-term goals, in the middle section of the paper, you can have your middle-term goals, and at the bottom of the paper you can have your long-term goals (if necessary use the back side of the sheet of paper). Be creative when writing down your goals because this is your life that you will be experiencing in the near future. This is one of the biggest reasons why 1% of our population is earning around 96% of all the money that’s being earned in our world today. They set goals, and they keep at them until they have seen them through into their physical manifestation.<br />
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5. Write down fifty things you want to experience in your life now on the third sheet of paper. Write down fifty things that you want to experience in your life now on the third blank sheet of paper. You can start really having some fun in this step by writing down fifty things that you want right now regardless of your current bank account, job, business or relationships in your life now. Those fifty things that you write down will help you to understand that you can have whatever you want in your life as an entrepreneur. However, you have to first know what you want in detail. For example, you might want a brand new house in the city that you are currently living in. If you write down that you want a brand new house, however, that is not what you really want, and it is not in enough detail for you to realize that you can have what you want now. If you write down that you want a brand new two-story house that has five bedrooms, and four bathrooms with a whirlpool Jacuzzi in the master bedroom upstairs, and brown hardwood floors all throughout the downstairs of the house, now you are really writing about wanting that house! You can see it clearly in your mind, and you will surely take the necessary actions when the time comes to buy that home (without violating the rights of others in achieving your goal). This will surely move you in the direction of taking the steps necessary to meet your goals. Many wealthy entrepreneurs get what they want every time because they write it down on paper first; then, they go after it in their daily life.<br />
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6. Integrate personal development into your daily lifestyle. Start applying personal development everyday in your daily life. With the new mindset you have now, you should continue to feed your mind everyday with personal development. For instance, you can take out three minutes in a day and meditate on goals or just clear your mind of everything for the moment. Read a good book on personal growth, listen to meditation music, have a conversation with a positive person and people or obtain a personal development program to help keep your mind on track in accomplishing your goals. The meaning of personal development can be found in the term "self-help," which means any practice whereby an individual or a group attempts self-guided improvement—economically, intellectually or emotionally. So you see this is some great stuff to add as a part of your daily life and it will certainly help move you in the right direction. Successful entrepreneurs apply personal development in their daily lives everyday. They work ninety percent on themselves, and ten percent on their businesses. So with that in mind, personal development is a must to achieve success as an entrepreneur.<br />
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7. Give yourself a command and follow it. Now that you have been thinking and writing about your goals, the things you want, and your ideas as an entrepreneur, give yourself a command on what you want to achieve first as an entrepreneur, and follow it until you see it through to the finish. Then you can move on to something else that you want to focus on and achieve. You will continue the same process over and over--whatever you decide you want to achieve, give yourself a command and follow it until it is achieved. This is part of achieving entrepreneur success.<br />
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8. Keep your new mindset positive by hanging around like-minded individuals. Hang around more like-minded individuals daily, monthly and yearly to keep a positive mindset. Hanging around individuals that have the same entrepreneurial concepts that you do will keep your mindset in a positive state, and on the right track to achieve your goals. You can hang around like-minded individuals by either listening to a group of individuals on the phone via conference calls, attending seminars, being part of an online forum of positive people like yourself, and keeping in contact with the positive like-minded people you have formed a relationship with on your journey in achieving your goals. The more positive like-minded people you associate with regularly, the more it will certainly keep moving you in the direction of becoming successful as an entrepreneur.<br />
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9. Take seven minutes out of everyday to visualize the end result of your goal in your mind. Take seven minutes out of your day to visualize the end result of your goal that you have decided to achieve within a specific time frame (as mentioned in step number three). For example, if you decided to own your own daycare center, then you could spend seven minutes in the day visualizing about every aspect of your daycare center as if you currently owned it in the present moment. You can also start off visualizing everything that you wrote about the daycare center in step number three. Then you can work your way to the end result of having the daycare center in your possession now. For instance, visualize the amounts of checks that you are receiving from your customers now that you have the daycare center, visualize different cars parked at your daycare center parking lot, visualize the joint ventures that you have created with other daycare center owners in your area in providing better services in your city. Before successful entrepreneurs became successful, they first visualized the end result of their goal, and continued to dwell on that end result a few minutes of everyday until it became a part of their experience in life.<br />
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10. Put four positive affirmation statements on a sticky note around your home, office, and work area in times when you need to be encouraged as you move forward with your new idea. Place your affirmation statements in a specific area in your home, office, and work area to help continue your encouragement in accomplishing your new ideas. Affirmations should always be written as positive statements in the present tense. Placing four affirmation statements on a sticky note around an area that you visit most often will further your actions toward your goal because your affirmations will began to work as supportive thoughts, and a placeholder for a more positive mindset in your daily life. Your affirmation statements should always be written in present tense such as, "I own a daycare center in South Africa," or you can write, "I am a daycare center owner in South Africa." Keep your affirmation statements short, positive, and to the point of what it is that you want to see manifested as an entrepreneur in your life now. You will definitely be putting yourself in the 1% bracket of our population that gets everything they want out of life.<br />
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11. Sign your name to the sheets of papers with your new ideas, goals, and the things you want in your life as an entrepreneur. Put your signature on the end of the sheets of paper where you have written down all of your new ideas, goals and the things you want to experience in your life as an entrepreneur. By doing this step, it will promote a sense of seriousness within yourself, that you mean business in accomplishing your ideas, goals and what you want. You also will feel that you have already completed your aspirations by signing your documents of personal achievement. Your signature represents a decided heart and a new mindset. Eric Rodriguez<br />
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12. Make a decision to yourself that you will never give up on your new ideas and goals until you see them manifest in your life. Do yourself a huge favor right now and go ahead make the decision to never give up on your new ideas, and goals until you see them manifested in your life as an entrepreneur. Many unsuccessful entrepreneurs in today’s society give up on their goals and ideas at the first sign of temporary defeat. There is no such thing as failure, only temporary defeat in life, period. When a successful entrepreneur has a temporary defeat, he remains calm, relaxed, and confident in his quest to achieve his goal because he understands that every temporary defeat is backed by a great or equal number of successes in his life. That’s why many successful entrepreneurs always get what they want in life; they never give up on what they want.<br />
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13. Take action on your new ideas and goals as an entrepreneur. You have been taking action all throughout this article in the steps listed above, so now it is time for you to take the necessary action to make it happen. This step is the meat and potatoes or the salad and yogurt (if you are watching what you eat, you get the picture). Take action everyday on your new ideas and goals as an entrepreneur. You deserve the best that life has to offer, so the only gap between knowing what to do and doing it, is action. Take action everyday regardless of your current circumstances in life. As an entrepreneur with a new mindset, you are the leader, and it's time for you to start living successfully as an entrepreneur in today’s world.<br />
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These ideas may not all be straight forward and perhaps not what you see as important to secure business success but the key issue here is that we have to learn from both the best and worse who have gone before us to ensure our own changes of success increases.benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-7202672849991696792011-02-19T15:15:00.001-08:002022-03-06T09:33:26.055-08:00Cash Flow Management for Small BusinessFor any small business the availability of cash and a healthy <a href="https://www.caban.co.za">business funding</a> in the business is probably one of the most important elements. As the <a href="http://www.sabusinessplans.co.za/">business owner</a>, its crucial that you manage both the money going out and of course the money coming into the business. To often as entrepreneurs we are just so thankful to be making sales without having a clear <a href="http://1stcontent.co">digital marketing services</a> strategy in place that we will happily be giving both discount and credit to those kind enough to be purchasing out products or services. If you are selling products, you may as well be asking people to take your money and hope they are in the position to give it back at some point in te future. Of course their are also a number of other key cash flow practices necessary in small firms to ensure first of all existence and hopefully later growth. We will be looking at the issues involved in this in te rest of the article.<br />
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What is cash?<br />
Cash flow is the measure of your ability to pay your bills on a regular basis. It depends on the timing and amounts of money flowing into and out of the business each week and month. Good cash flow means that the pattern of income and spending in a business allows it to have cash available to pay bills on time.<br />
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Your available cash includes:<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>coins and notes<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>money in current accounts and short-term deposits<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>any unused bank overdraft facility<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>foreign currency and deposits that can be quickly converted to your currency<br />
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It does not include:<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>long-term deposits (if these cannot be withdrawn)<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>money owed by customers<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>stock<br />
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Difference between cash and profit<br />
It is important not to confuse cash balances with profit. Profit is the difference between the total amount your business earns and all of its costs, usually assessed over a year or other trading period. You may be able to forecast a good profit for the year, yet still face times when you are strapped for cash.<br />
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The importance of cash<br />
To make a profit, most businesses have to produce and deliver goods or services to their customers before being paid. Unfortunately, no matter how profitable the contract, if you don't have enough money to pay your staff and suppliers before receiving payment from your customers, you'll be unable to deliver your side of the bargain or receive any profit.<br />
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To trade effectively and be able to grow your business, you need to build up cash balances by ensuring that the timing of cash movements puts you in a positive cashflow situation overall.<br />
But bear in mind that having a lot of cash in your bank does not necessarily make good business sense. If you do not need to use it immediately, put spare cash into an account where it will earn a higher rate of interest, or use it as capital for short-term investments.<br />
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Cash inflows and cash outflows<br />
Ideally, during the business cycle, you will have more money flowing in than flowing out. This will allow you to build up cash balances with which to plug cashflow gaps, seek expansion and reassure lenders and investors about the health of your business.<br />
You should note that income and expenditure cashflows rarely occur together, with inflows often lagging behind. Your aim must be to speed up the inflows and slow down the outflows.<br />
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Cash inflows<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Payment for goods or services from your customers.<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Receipt of a bank loan.<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Interest on savings and investments.<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Shareholder investments.<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Increased bank overdrafts or loans.<br />
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Cash outflows<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Purchase of stock, raw materials or tools.<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Wages, rents and daily operating expenses.<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Purchase of fixed assets - PCs, machinery, office furniture, etc.<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Loan repayments.<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Dividend payments.<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Income tax, corporation tax, VAT and other taxes.<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Reduced overdraft facilities.<br />
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Many of your regular cash outflows, such as salaries, loan repayments and tax, have to be made on fixed dates. You must always be in a position to meet these payments in order to avoid large fines or a disgruntled workforce.<br />
To improve everyday cashflow you can:<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>ask your customers to pay sooner -<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>chase debts promptly and firmly -<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>use factoring -<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>ask for extended credit terms with suppliers -<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>order less stock but more often - see our guides on<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>lease rather than buy equipment -<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>improve profitability -<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span><br />
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You can also improve cashflow by increasing borrowing, or putting more money into the business. This is suitable for coping with short-term downturns or to fund growth in line with your business plan, but shouldn't form the basis of your cash strategy.<br />
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The principles of cashflow forecasting<br />
Cashflow forecasting enables you to predict peaks and troughs in your cash balance. It helps you to plan borrowing and tells you how much surplus cash you're likely to have at a given time. Many banks require forecasts before considering a loan.<br />
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Elements of a cashflow forecast<br />
The cashflow forecast identifies the sources and amounts of cash coming into your business and the destinations and amounts of cash going out over a given period. There are normally two columns listing forecast and actual amounts respectively.<br />
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The forecast is usually done for a year or quarter in advance and divided into weeks or months. In extremely difficult cashflow situations a daily cashflow forecast might be helpful. It is best to pick periods during which most of your fixed costs - such as salaries - go out. The forecast lists:<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>receipts<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>payments<br />
<span class="Apple-tab-span" style="white-space: pre;"></span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>excess of receipts over payments - with negative figures shown in brackets<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>opening bank balance<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>closing bank balance<br />
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Note that all forecast figures must relate to sums that are due to be collected and paid out, not invoices actually sent and received. The forecast is a live entity. It will need adjusting in line with long-term changes to actual performance or market trends.<br />
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Accounting software<br />
Accounting software will help you prepare your cashflow forecast, allowing you to update your projections if there's a change in market trends or your business fortunes. Planning for seasonal peaks and troughs is simplified and you can also make 'what if' calculations. Most banks require profit and balance sheet forecasts as well as cashflow. Many accounting packages will assist with preparing these documents.<br />
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Manage income and expenditure<br />
Effective cashflow management is as critical to business survival as providing services or products. Below are some of the key methods to help reduce the time gap between expenditure and receipt of income.<br />
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Customer management<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Define a credit policy that clearly sets out your standard payment terms.<br />
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<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Issue invoices promptly and regularly chase outstanding payments. Use an aged debtor list to keep track of invoices that are overdue and monitor your performance in getting paid.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Consider exercising your right to charge penalty interest for late payment.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Consider offering discounts for prompt payment.<br />
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<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Negotiate deposits or staged payments for large contracts. It's in your customers' interests that you don't go out of business trying to meet their demands.<br />
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<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Consider using a third party to buy your invoices in return for a percentage of the total.<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span><br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Supplier management<br />
Ask for extended credit terms. Giving your suppliers incentives such as large or regular orders may help, but make sure you have a market for the orders you're placing.<br />
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Cashflow problems and how to avoid them<br />
No matter how effective your negotiations with customers and suppliers, poor business practices can put your cashflow at risk.<br />
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Look out for:<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Poor credit controls - failure to run credit checks on your customers is risky, especially if your debt collection strategy is inefficient.<br />
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<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Failure to fulfil your order - if you don't deliver on time, or to specification, you won't get paid. Implement systems to measure production efficiency and the quantity and quality of stock you hold and produce.<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Ineffective marketing - if your sales are stagnating or falling, revisit your marketing plan.<br />
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<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Inefficient ordering service - make it easy for your customers to do business with you. Where possible, accept orders over the telephone, email or internet. Ensure catalogues and order forms are clear and easy to use.<br />
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<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Poor management accounting - keep an eye on key accounting ratios that will alert you to an impending cashflow crisis or prevent you from taking orders you can't handle.<br />
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<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Inadequate supplier management - your suppliers may be overcharging, or taking too long to deliver.<br />
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<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>Poor control of gross profits or overhead costs - assess where you can cut costs.<br />
Consider outsourcing non-core activities such as payroll services. Review your utilities contracts to see whether it is possible to reduce costs by switching tariff or supplier.<br />
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Using your cashflow forecast as a business tool<br />
A cashflow forecast can be an invaluable business tool if it is used effectively. Bear in mind that it is dynamic - you will need to change and adjust it frequently depending on business activity, payment patterns and supplier demands.<br />
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It's helpful to set up a regular review of the forecast, changing the figures in light of your sales, purchases and staff costs. Legislation, interest rates and tax changes will also impact on the forecast.<br />
Having a regular review of your cashflow forecast will enable you to:<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>see when problems are likely to occur and sort them out in advance<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>identify any potential cash shortfalls and take appropriate action<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>ensure you have sufficient cashflow before you take on any major financial commitment<br />
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Using a cashflow forecast to avoid overtrading<br />
Having an accurate cashflow forecast will help ensure that you can achieve steady growth without overtrading. You will know when you have sufficient assets to take on additional business - and, just as importantly, when you need to consolidate.<br />
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It is important that you incorporate warning signals into your cashflow forecast. For example, if predicted cash levels come close to your overdraft limits, this should sound an alarm and trigger action to bring cash back to an acceptable level.<br />
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Ideally, you should always have a contingency plan, such as retaining a minimum amount of cash in the business, perhaps in an interest-earning account. This 'rainy day' money can be used to meet short-term cash shortages.<br />
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Refinements to a simple cashflow forecast<br />
There is no single best way to set out a cashflow forecast. However, some refinements to the most basic ways of setting out the information will give you a more sophisticated view of your business' situation.<br />
You could, for example, separate cashflow for business operations from funding cashflow. This gives a clearer picture of the actual performance of your business and is a format that many accountants prefer.<br />
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Cashflow from operations<br />
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Includes inflows such as:<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>cash sales<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>receipts from credit sales in earlier periods<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>interest on savings<br />
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Includes outflows such as:<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>payments to suppliers<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>hire purchase and lease payments<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>expenses - rent, rates, insurance, utilities, telephone, etc<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>wages<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>taxes and National Insurance contributions<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>interest on loans and bank charges<br />
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Funding cashflows<br />
Includes inflows such as:<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>loans from banks<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>increase in share capital<br />
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Includes outflows such as:<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>dividends paid<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>•<span class="Apple-tab-span" style="white-space: pre;"> </span>loans repaid<br />
With these two types of cashflow separated you can gauge how self-sufficient the day-to-day working of your business is. A net outflow in operational cashflow is usually an indicator of problems that need to be addressed quickly.<br />
<div><br />
</div>benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-22783908682889790012011-02-16T07:10:00.000-08:002011-02-16T07:10:46.267-08:00Sales for start-up's: why it will make or break your business?Often overlooked in both the minds and <a href="http://www.sabusinessplans.co.za/">business plan</a> of an entrepreneur, sales is what will bring revenue into your business. For that reason it seems odd that you will invest time, money and effort into a business for which you have not planned to sales process and strategy. If you look at the more successful businesses out there today, one thing will be clear, sales will be at the forefront of what they do. <br />
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Prior to starting the business marketing research will focus on what type of product/price/delivery combination will result in the most sales. During the growth stages of your business once again, projected sales and the strategies involved in increasing this in such a way that the business will grow will be at the heart of the choices made in the business. Yes of course product/service quality is important and yes of course your clients need to become return buyers by treating them right and giving them the support they need, but at the end of the day, sales will define if the business survives and grows.<br />
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At my first company, we had four or five sales reps who’d been around since the early days. They intuitively knew how to position the company and how to sell the products; they didn’t need (and we didn’t have) sales materials or pricing strategies.<br />
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We then increased the sales staff to about 10, and even hired an manager of global sales and marketing. Because he was a big-company sales exec, he was very critical of some of the missing tools at my company. He pushed for more standardization of pricing, marketing collaterals, sales processes, etc.<br />
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He told me, “There’s no standardized way for me to on board new people. There’s no way for us to easily roll out changes to pricing, positioning relative to competitors or new sales tools. We need standardized tools to arm our sales teams with the information they need to effectively do their jobs, and we need to better aim them at the right opportunities.”<br />
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I was stuck in startup culture, and he was stuck in big-company culture. There was a chasm between us that couldn’t be bridged. But he was right about one thing: We needed to change as we grew. I think this happens at a lot of startups. Like my company did, startups get stuck in this middle ground where process and tools become more important.<br />
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This is the first in a three-part series in which I’m going to talk about some of the scaling issues startups face. In this first post, we’ll talk about aiming your sales staff at the opportunities most likely to pay off.<br />
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Review every deal in your sales pipeline.<br />
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Very early-stage startup people are used to rigorous prioritisation, and they need to apply this same approach with the sales deal pipeline. I did this through regular pipeline reviews.<br />
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In order for a deal to be forecast in the current quarter, the sales team had to have done four things:<br />
<br />
* Identified a champion on the team<br />
* Identified a budget holder with money to spend<br />
* Presented the customer with an ROI (return on investment) calculation of the benefit of using our product<br />
* Determined the customer was in an active review of choosing a supplier of document and collaboration services (the product we offered).<br />
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By having the salesperson walk me through each deal, I could often tell when he couldn’t defend having the deal be listed as an “A deal” (and thus have a high forecast percentage). When I got busy and only had time to review spreadsheets or output from Sales force.com, it was impossible for me to know which deals were “real.” The reason, I learned, is that many salespeople take meetings with customers who are willing to meet them and give all the right messages. But many of these people they’re meeting with are NINAs (no influence, no authority), and thus, aren’t qualified.<br />
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Qualify, qualify, qualify your sales leads.<br />
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Inexperienced salespeople spend too much time with people who are nice to them and talk a good game about being interested in their products, but don’t have the budgets. I learned this the hard way. Either we’d have deals that seemed stuck (for example, they were in the “closing within three months” pipeline for nine months), or we’d have sales reps who constantly kept adding new deals and taking out the old “sure deals” that never closed.<br />
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The most experienced sales reps were the ones who knew the three most important things to do with a sales lead were to qualify, qualify, qualify. Lead quality matters, because the most scarce resource for a sales rep is time, and no matter how much you want to sell your products, you can’t push them on a customer who isn’t ready to buy. They might have other initiatives, budget constraints or just need more time to evaluate your space. As the best sales leaders will tell you, “you have to align a company’s sales cycle with a prospect’s buying cycle.”<br />
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Aim for the A deals.<br />
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After the sales rep walks through the deal, management has to step in and help with aiming. As the company grows, this task can be shared between the Sales manager, Marketing manager and the business owner/manager. Part of this is standardizing the assignment of territories, industries and accounts, but part is focusing efforts on the most likely sales.<br />
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“A” deals — those that have a realistic shot of closing in the next three months — should get much of the sales person’s time (say 66-75 percent). “B” deals, forecast to close in 3–12 months, should get the remainder of sales reps’ time. Each sales rep needs to build their pipeline with these, and many bigger deals take time. However, the key to scaling is that “C” deals — deals that are unlikely to close within 12 months — get no time from sales. Marketing should own those.<br />
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Let marketing nurture the C deals.<br />
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Marketing has two roles in managing pipelines. First, they need to fill the top end of the funnel with new “qualified” leads (e.g. converted from “suspects” to prospects). Second, they need to manage C deals. Today’s C deals are obviously tomorrow’s As and Bs.<br />
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So the best-run companies have marketing running activities, such as the following, to nurture their C deals.<br />
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* Newsletters. One of the goals of newsletters is to keep your company and its products in the consciousness of your suspects or future buyers. C deals go in the newsletter bucket and should be identified as C-deal newsletter companies. The information you send them should be different from the newsletters you send to existing customers, for example.<br />
<br />
* Customer events. It’s far easier to get potential customers interested in your products when they hear actual customers talking about your products and how they are using them. Suspects and prospects are often in search of success stories from their peers to hear how they’re improving internal operations. So one of the smartest things we did at Sales force.com was run “city tours,” in which we had our existing customers talk about how they were using our products and had our product management teams talking about future innovation and development. Customer events are a great way to market to your C deals to keep them informed and try to raise their interest levels<br />
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* PR. Some companies are excellent at PR, and others don’t put much effort into it at all. I think PR is an incredibly important activity for technology companies, but most companies aren’t very good at it. (I wrote a post recently about how to better manage journalist relations.) The reason many companies don’t put enough effort into PR is that PR doesn’t have an immediate translation into sales. It’s mostly a “C deal” activity.<br />
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* Analyst relations. In many technology fields, analysts are hugely influential in determining enterprise budgets. I sometimes find it funny, since 73.6 percent of all statistics are made up, but the truth is, many analysts are great and help customers frame the decisions they need to reach. Spending time with analysts and getting into their “innovator quadrants” will help you manage your C deals and pull them forward to Bs and As. This is obviously a marketing and CEO activity.benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-16805681646035158302011-02-03T10:19:00.002-08:002022-03-06T09:35:07.974-08:00Starting a business: it takes more than just an idea.It all starts with a great idea and in may ways that is the crux of it, the idea really is just a start. I'm often surprised as to the amount of new entrepreneurs being extremely precious over their ideas. Yes of course there may be merit in this if you have come up with a new technology or invention but nine times out of ten the idea is out there. Access to high quality <a href="http://1stcontent.co">digital marketing services</a> will also be important. The key element of business success is not so much the idea or the business plan, but the various processes, the people and the commitment that goes into the business becoming a success. The and of course the ability for te business to gain access to <a href="https://www.caban.co.za" target="_blank">business funding</a> when they needed it. Give the same idea to 10 people and only one or two will make a success out of it. If you have a look at the way <a href="http://www.virgin.com/richard-branson/">Richard Branson </a>and his <a href="http://www.virgin.com/">Virgin</a> group of companies have created success then its mostly the way that they took existing ideas and added value to it. <br />
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Your business may be based on a hobby or skill, but to make it a success you need a market big enough to support it. Research potential markets thoroughly from the very beginning.<br />
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In addition, joining business forums will help you network and grow your customer base. Social networking sites, for example, are becoming an increasingly popular means of reaching out to new markets in order to find new clients.<br />
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It might sound obvious, but it is important to know what it is that you offer. There will be countless competitors around the globe eager to service your customers. You should also be thinking about positioning yourself in and around their territory. What is your unique selling point? What can you offer to make your business more attractive than your competitors? Put yourself in the shoes of a potential customer - why should your target audience buy from you? To grow smoothly and stand out from the crowd, you need to know what makes you different from the rest.<br />
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Base your prices on what people are prepared to pay, not your costs. Add value to what you provide wherever possible. Remember that, while everyone likes a bargain and customers want as much ‘bang for their buck’ as possible, few people associate bargain basement prices or free offerings with value. Equally, they are unlikely to want to buy in bulk at exorbitant prices.<br />
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Knowing the price your competitors charge and bettering them is key to you retaining existing customers, as well as attracting new ones. Charging more than what your market can afford will only mean what you provide will be harder to sell.<br />
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Taking your product or service to market is never a one-off task. In order to secure and successfully grow sales and orders you must continually approach potential customers without alienating them.<br />
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A famous quote has it that advertising “works 50% of the time - the trick is to work out which 50%”. It is crucial to adopt a strategic approach to advertising. Think of your target markets: which publications do they read? What television and radio programmes do they consume? Think laterally - where do they socialise? Who do they talk to? Work out the answers to these key questions – and of course decide on your budget – before planning an advertising campaign.<br />
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With PR, there is always the possibility of achieving publicity in local and even national newspapers and trade magazines. However, this is dependent on you having a good story. Understand what journalists (even business journalists) want. Don’t try and pass off a thinly concealed or obvious product promotion for your business as a story. Reporters are a savvy bunch. Your press release will be deleted or binned and you will quickly get a bad name.<br />
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Ask yourself: what is the real-world problem being solved or made better thanks to you and your company? What are the political, commercial and economic threats or barriers that get in the way?<br />
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The benefit of proactive PR over direct advertising is cost. It can be much less expensive, even if you employ a PR agency or consultant. The downside is that you do need to make more of an effort to be relevant. As well as general news stories, you can also consider writing expert columns. These may not be of interest to the print media at a time when paginations are well down, but there are many websites that will readily take well-written and credible articles.<br />
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With the emergence of the internet as a major force in new media, having a website is one of the cheapest, most cost effective ways to grow and promote your business. Even if you cannot afford a fancy website, a single page with your contact details is better than nothing. To repeat, social media and online networking are increasingly being seen as invaluable ingredients in the ‘marketing mix.<br />
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Your drive, commitment and determination to succeed as an entrepreneur is in many ways 90% of what will make or break your business. Find something that inspires you and make you come alive, assign the necessary commitment, drive and energy to it, understand your clients needs and what will make them buy and you will find that half the race is won already. Enjoy!benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-6519200530256078392011-01-29T14:19:00.000-08:002011-01-29T14:58:00.786-08:00Reasons to Become an Entrepreneur<div style="font: normal normal normal 15px/normal Georgia; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: inherit; font-size: x-small;"><span class="Apple-style-span" style="line-height: 22px;"><b></b></span></span><br />
<span class="Apple-style-span" style="font-family: inherit; font-size: x-small;"><b><span class="Apple-style-span" style="font-weight: normal;"><b></b></span></b></span><br />
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
<div style="font-size: small; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Starting a business of your own is the dream of many a South African. In a country like South Africa where many of us are already fairly entrepreneurial it surprising that not many more decide to back their<span class="apple-converted-space"> </span><a href="http://www.sabusinessplans.co.za/">business plan</a><span class="apple-converted-space"> </span>and commit to being their own boss. Whether the reason is<span class="apple-converted-space"> </span><a href="http://www.investorsnetwork.co.za/">small business finance</a>, the way we are brought up, to much risk or a lack of support, who knows, but there are still not enough South Africans making it as entrepreneurs. <o:p></o:p></span></div><div style="font-size: small; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">I recently found this great article at the guys from<span class="apple-converted-space"> </span><a href="http://inc.com/">Inc.com</a><span class="apple-converted-space"> </span>talking about just what is so fantastic about starting your own business. If this does to inspire you then I'm not sure at will. Enjoy!<o:p></o:p></span></div><div style="font-size: small; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p> </o:p></span><span class="Apple-style-span" style="font-family: Calibri, sans-serif; font-size: 12.5px;"> </span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">1. You Control Your Own Destiny</span></b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Many entrepreneurs consider themselves "Type-A" personalities, folks that like to take control and make decisions. In other words, owning a business saves them from having to work for anyone else. "One reason to own a small business is the ability to direct the culture of your company," says<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Kasey+Gahler">Kasey Gahler</a>, a certified financial planner in<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Austin">Austin</a><span class="apple-converted-space"> </span>who left a big company to start his own business<span class="apple-converted-space"> </span><a href="http://www.gahlerfinancial.com/"><span style="color: #0c3793;">Gahler Financial</span></a><span class="apple-converted-space"> </span>three years ago. "When you're in the driver's seat, you are making the decisions on how best to steer your company into the future. This might be overwhelming for some and one must know when and how best to delegate. However, when you are able to make your own decisions about how best to operate day-to-day, this leads to creating a culture, a brand and an organization."<o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">2. You Can Find Your Own Work/Life Balance</span></b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">One of the most oft-cited benefits of owning your own business is the flexibility that comes with it, whether that be working from wherever you want, setting your own hours, wearing a nightgown or even sitting next to your pet while you work. "I get to carry a knife, drive a pickup truck and hang out with my dog a lot more – what can be better than that?" says<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/David+Winters">David Winters</a>, who owns a mobile screen repair business called<span class="apple-converted-space"> </span><a href="http://www.screenmobile.com/"><span style="color: #0c3793;">Screenmobile</span></a><span class="apple-converted-space"> </span>in<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Charlotte+(North+Carolina)">Charlotte, North Carolina</a>. Just as important, entrepreneurs say that owning their own business lets them set their priorities. "I make my own schedule, allowing me to spend time with the most important purpose in my life and the inspiration behind my company--my son, Zachary," says<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Yamile+Jackson">Yamile Jackson</a>, whose company,<span class="apple-converted-space"> </span><a href="http://www.inc.com/www.nurturedbydesign.com"><span style="color: #0c3793;">Nurtured by Design</span></a>, makes ergonomically designed products for babies and toddlers. "He went from having such a traumatic experience at birth (weighing less than two pounds and losing power to his life support equipment) that his story was featured in the TNT movie 14:Hours. He is now my company's CIO (Chief Inspirational Officer) and my healthy 9-year-old boy."<o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">3. You Choose the People You Work With</span></b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">When you work for someone else, you rarely get to choose whom you work with. If you don't like your co-workers you'd better start sending our resumes. That's not the case when you own your own business, since you get to make the decisions about who to hire (and fire). "Over the years, I've hired dozens of personal friends, family members and former business colleagues to work with me in different capacities," says serial entrepreneur<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Christine+Clifford">Christine Clifford</a>, whose<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Eden+Prairie">Eden Prairie</a>,<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Minnesota">Minnesota</a>-based businesses include<span class="apple-converted-space"> </span><a href="http://www.cancerclub.com/"><span style="color: #0c3793;">The Cancer Club</span></a><span class="apple-converted-space"> </span>and<span class="apple-converted-space"> </span><a href="http://www.divorcingdivas.net/"><span style="color: #0c3793;">Divorcing Divas</span></a>. "Why? Because they care about me. Surround yourself with positive people who give you the confidence and optimism you need to keep moving forward. Weed out the people that put out negative vibes. The smaller your organization, the larger choice you have about who you work with."<o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">4. You Take on the Risk – And Reap the Rewards</span></b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">There's no question that owning your own business is a risky proposition. But, with risk comes reward. Said another way, the better you are at managing risk, the more rewards you can reap. "The thing I enjoy most about the company is playing the 'game' of business," says<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Mark+Dinges">Mark Dinges</a>, who owns a<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Tustin">Tustin</a>,<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/California">California</a>-based business called California Creations that makes sophisticated windup toys called<span class="apple-converted-space"> </span><a href="http://www.zwindups.com/"><span style="color: #0c3793;">Z Windups</span></a>. "It's like combining high stakes poker with the greatest strategy game ever. There are an unlimited number of variables in almost every aspect of the company, and as soon as you think you have things under control in an area, everything changes. Specifically, I like having my own money at risk, then having to live with the consequences of my decisions (good or bad). Like every other great game, the more you play, the better you get. You learn to recognize good opportunities from bad ones. You learn how to look like you are committed to new products, without actually financially committing to it until you have feedback and orders from your customers. You also learn to create exit strategies for bad situations and how to maximize the good ones. The most fun is to work on a project for several years with your team, overcoming all of the obstacles, and then millions of people enjoy it around the world."<o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">5. You Can Challenge Yourself</span></b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Some people thrive on the routine of their job – performing the same tasks day after day. As an entrepreneur, you can bet that each day will be filled with new opportunities to challenge yourself, be creative and learn something new. "The great thing about owning a small business is I rarely experience the same day twice," says<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Michael+Wilson">Michael Wilson</a>, co-founder of<span class="apple-converted-space"> </span><a href="http://maddancer.com/"><span style="color: #0c3793;">Mad Dancer Media</span></a>, a web design and brand management firm in<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Franklin+(Tennessee)">Franklin, Tennessee</a>. "Because every day, I learn something new about the act of owning a business. Whether its something about taxes, about accounting, or the plethora of other things that go into running a company, I am always fascinated by the parts and pieces of knowledge that I learn every day just to keep the business on track."<o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">6. You Can Follow Your Passion</span></b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Many entrepreneurs say the long hours they invest in growing their business doesn't feel like work because they're actually having fun in what they're doing. "For me, it was a very conscious choice to make a living doing what I love," says<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Trish+Breslin+Miller">Trish Breslin Miller</a>, who started her craft retail store<span class="apple-converted-space"> </span><a href="http://www.thislittlegallery.com/"><span style="color: #0c3793;">This Little Gallery</span></a><span class="apple-converted-space"> </span>in 1989 at the age of 27. "I figured I'd spend more hours of my life working than anything else I'd ever do, so why not make it my passion? I enjoy the satisfaction of promoting and supporting something I truly believe in; American crafts handmade in the<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/United+States">USA</a>."<o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">7. You Can Get Things Done – Faster</span></b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Entrepreneurs as a whole seem to have an allergy to red tape. Rather than wait for approval – or for the guidebook to be written about how to do something – small business owners salivate at the chance to get things done. "Most large companies are too busy being big to be proactive," says<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Darren+Robbins">Darren Robbins</a>, who owns a screen-printing business in Austin called<span class="apple-converted-space"> </span><a href="http://www.bigdcustom.com/"><span style="color: #0c3793;">Big D Custom T-Shirts</span></a>. "The best that most can do is react quicker than the other big companies when the wave comes at them. My company, on the other hand has the flexibility to be proactive, to run new things up the flagpole and be at the forefront of new products, techniques, or promotional strategies. Never underestimate the ability to truly be proactive."<o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
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</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">8. You Can Connect With Your Clients</span></b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">There are few things that get entrepreneurs as excited as when they get to interact with their customers. Rather than hiding behind a series of automated greetings, small business owners thrive on dealing one-on-one with their best clients – or making the decision to get rid of those customers they don't like. "You don't have to deal with customers who are jerks - you can even fire them," says<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Brett+Owens">Brett Owens</a>, whose software company<span class="apple-converted-space"> </span><a href="http://www.chrometa.com/"><span style="color: #0c3793;">Chrometa</span></a><span class="apple-converted-space"> </span>makes time-tracking applications. Seriously, we did this once. Back when I did customer service related stuff for larger companies, I had to abide by the mantra of, 'The customer is always right' and there are some rare instances where that is complete BS!"<o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">9. You Can Give Back to Your Community</span></b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Many entrepreneurs love the idea that in building their business, they can give back to the community or communities they operate in the form of the products and services they offer, by donating to charities and especially the ability to create jobs, which is particularly important these days. "I take great pride in knowing that I'm solving a problem others have and creating opportunities for people to have jobs that they love," says<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Chris+Brusznicki">Chris Brusznicki</a>, founder of a sports vacation rental business called<span class="apple-converted-space"> </span><a href="http://www.gamedayhousing.com/"><span style="color: #0c3793;">GamedayHousing</span></a>. "There's nothing more American than that."<o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">10. You Feel Pride in Building Something of Your Own</span></b><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">One of the biggest differences in owning your own company as opposed to working for someone else is the sense of pride you establish in building something of your own. "There is nothing like being successful through your own leadership, abilities, ideas and efforts," says<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Peter+Leeds">Peter Leeds</a>, who coaches investors through his business, the<span class="apple-converted-space"> </span><a href="http://www.pennystocks.com/"><span style="color: #0c3793;">Penny Stock Professional</span></a>. Not only are there benefits from such self-actualization – you also get to brag about what you do. "One really cool thing about owning a small business is that people are interested in you and your story," says<span class="apple-converted-space"> </span><a href="http://www.inc.com/topic/Steve+Silberberg">Steve Silberberg</a>, who owns a weight-loss backpacking adventure firm called<span class="apple-converted-space"> </span><a href="http://www.fatpacking.com/"><span style="color: #0c3793;">Fatpacking</span></a>. "Not that I have some egomaniacal need to talk about the business or myself all the time, but it's still nice that people are interested."<o:p></o:p></span></div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><br />
</div><div style="font-size: small; line-height: 16.5pt; margin-bottom: 0.0001pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm;"><span style="color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">So what are you waiting for? Get that<span class="apple-converted-space"> </span><a href="http://www.businessplanwhiz.co.za/">business plan</a><span class="apple-converted-space"> </span>written, find the resources you need and start to get that business going or you will be dreaming forever.<o:p></o:p></span></div></div></div>benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-52133906842119672502011-01-24T05:59:00.000-08:002011-01-24T05:59:24.585-08:00New Years Resolutions for the EntrepreneurThe start of the year brings a new mind set, a fresh start. As an entrepreneur its the perfect opportunity to renew your passion and enthusiasm for the business that you are running or are looking to start. Many would be entrepreneurs will take this opportunity to get your <a href="http://www.sabusinessplans.co.za/">business plan</a> written, find the <a href="http://www.investorsnetwork.co.za/">business finance</a> that you need or look for that business partner that will get you past the obstacles you have been facing thus far.<br />
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In many ways this is also the best time to forget about failures and ensure you move on and improve the way you do things the next time round. Its time to evolve as an entrepreneur. And that needs to start now!<br />
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So what are some of the resolutions you may be making?<br />
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<b>Focus on the client</b><br />
Relentless focus on what the client wants will ensure that you not only take time to understand your clients but also that you give them WHAT THEY WANT. To often do we get caught up into what we want to/can provide while not focusing on what the client wants. Whatever your views on clients - they are the source of revenue for your business so they have to come first.<br />
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<b>Take a Risk</b><br />
Over the past two years, it may have felt that every business decision you made was a risk. Since the market was topsy-turvy and the stocks were diving, you might have felt that just being in business was success enough. It’s not. If you want to thrive in your market, no matter what it is, you need to step up, take a deep breath, and take a risk. You need to do something or say something that NO ONE else has thought of. Or you might want to just do something so insane that people can’t help but talk to you. Risks are exactly why you became an entrepreneur…stop playing things safe this year.<br />
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<b>Be Ready for a Stormy Day</b><br />
That said, having some funds saved up for a rainy day is a good idea too. You want to take risks without having to resort to Ramen noodles for your meals. Each time you get paid, pay your savings account first, then the rest of your bills. It’s going to seem like a lot at first, but once you see that nest egg grow and your blood pressure go down, you’ll see just how important it is to stop spending it all today. You want to have a future, don’t you?<br />
<br />
<b>Know Your Market</b><br />
If you don’t know your market by now, you need to start yesterday. Each and every person that comes to your website, your store, or your Facebook page needs to be someone you know. Even if you don’t know what their middle name is, you need to know their hopes, their dreams, their education level, their income, etc. You need to know who you’re trying to persuade to buy your products. If you don’t know who you’re selling to, you may not be using the most effective sales tactics. For example, if you’re trying to market to a group that’s never on Facebook via a Facebook fan page, you’re not going to get a lot of return on that investment. Get to know your customers through surveys, market research, and talking to loyal customers.<br />
<br />
<b>Adapt, Adapt, Adapt</b><br />
You can’t simply put something out into the market and expect it to be perfect forever. You change, the market changes, and the world changes. For example, today, you can buy your books to read on an e-reader. While this doesn’t seem like a big change, this also means that you should sell any informational products in that e-reader format since that’s what customers will be looking for. Be aware of the changes in your market, adapt your services to them, and see what happens. You don’t have to change your entire business to stay effective.<br />
Look at what the market wants, what the market has, and how your business can stay caught up.<br />
<br />
<b>Spread Out</b><br />
If the last few years taught businesses anything, it’s that you need to spread your marketing out. You need to make sure that you’re not just advertising via mailing lists, but also on Facebook, on Twitter, etc. There are a number of ways you can post your information in all of these spots at the same time, so don’t think this is going to take up a lot of your time. That’s not an excuse. What you will want to do is to find as many social media markets as possible and make sure that your company message and brand are there. You can’t be singularly minded anymore.<br />
<br />
Take some time to think of and put an action plan in place to ensure you resolutions are not left behind the first time the going gets tough. Entrepreneurs are a hardy bunch and if you are really passionate about your business you will start TODAY!benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-14179381316976486222011-01-21T09:19:00.003-08:002022-09-08T07:56:09.007-07:00Finally starting your businessEvery day we read about new and exciting new businesses in the press or online. Just yesterday there was a story about <a href="http://www.amazon.com/">Amazon</a>, who through their expertise in <a href="https://1stcontent.co">digital marketing</a> are now dominating the ecommerce space, buying LoveFilm. Amazon already owned 42 percent of Lovefilm. The LoveFilm service and website will remain live, but no other details of Amazon’s plans for the service have been released. If only you wrote that <a href="https://www.caban.co.za/business-plan-consulting/">business plan</a> and looked for <a href="http://www.caban.co.za">business finance</a> two years ago when you thought of your great idea the first time then who knows what could have been! Whethr you are starting a business providing <a href="https://bonuspavinggauteng.co.za/commercial-paving-services-in-johannesburg/">commercial paving services</a> , or a fintech or renewable energy business, the fact remians that planning, execution, resilience and a bit of luck, is always need for a business to succeed. <br />
<br />
Lovefilm is the top DVD-rental subscription service in Europe. As with <a href="http://www.netflix.com/">Netflix</a>, users sign up for a subscription online and then request DVDs, which are sent by mail. A digital streaming service to PCs, Internet TVs and the Playstation 3 is also available. LoveFilm offers 70,000 titles and has nearly 1.6 million members across the UK, Germany, Sweden, Denmark and Norway.<br />
<br />
You also may have been reminding yourself of what could have been by now if you started that great idea you thought of a few years a ago. If you could only get the money together to actually start the business then you may be the next business attracting interest from Amazon or Google or Yahoo, who are all seemingly interested in buying promising start-ups at the moment. So how do you go about it? Where do you get the business finance you need?<br />
<br />
Here is a list of four suggestions that have helped me and will help you be successful when raising money from Angel Investors:<br />
Honesty: Angels, partners and investors appreciate frankness when talking about the business they might invest in. Being an optimist is good, but give honest answers, even if it may hurt your chances of having them invest. Bad news is always better than no news or incorrect news.<br />
<br />
Communicate: Go out of your way regularly to communicate after investment. Too many people raise money and then fall of the Earth. Investors are left guessing (unless they call a lot) how things are going. It’s is better to over-communicate about the up’s and down’s of your business. No one likes bad news – but surprises are even worse. Take the time to keep your partners updated with exactly what is going on in your business. This takes a lot of discipline as it is easy to fall out of the habit. If you are willing to keep up with it, and your partners make money, then it will be more much more likely they’ll invest with you again.<br />
<br />
Understand before being understood: Before trying to get someone to understand your perspective, first try understanding their perspective. Many entrepreneurs only see the up side to their company and its future value. They tend not to see the down side of their idea. Keep this in mind when you are coming up with potential partnership structures. The risk really should equal the reward. I read recently about an angel that owned 100% of the companies he invests in until a certain return is achieved. Once reached, the Angel converts to 20% permanent equity and hands the business over to the entrepreneur as the instant 80% owner. Although some may hate this idea, it’s this type of creativity that may attract angel investors for your new business idea.<br />
<br />
Cash is king: No matter how much time and effort you put into a business it will never be worth more than cash. Never. You will be in for a tough sell with any respectable Angels if you try to convince them that you have a lot to lose (your time and effort) if things don’t go well. This is crap! You will feel hurt, disappointment and some pain, but you can get a job or start another company and they are left with a hole in their pocket. Be respectful of this fact and you will be more successful in your negotiations.<br />
<br />
Make sure your business plan is well researched and chances are you will actually get the funding you need. Who knows what may lie on the horizon for you and your business?benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-46498365218746892792011-01-10T15:11:00.007-08:002022-06-29T12:45:09.480-07:00The Challenges of Business GrowthGrowing your business will be what you have in mind once the business starts to show potential of getting beyond the start-up phase. Most entrepreneurs would have dreamt of business grown long before it even started and when it comes to growth there will need to be serious consideration as to what the strategy will be to get to where the business wants to be. You could be the founder of a new fintech startup and are looking for a <h3 class="elementor-post__title" style="--fontsize: 30px; --fontweight: 700; --lineheight: 1.5; -webkit-text-decoration: var(--textDecoration); border: none; box-sizing: border-box; caret-color: rgb(255, 255, 255); font-family: Lora, sans-serif; font-size: 20px; letter-spacing: -0.3px; line-height: 1.3em; margin: 0px 0px 25px; overflow-wrap: break-word; padding: 0px; text-transform: capitalize;"><a href="https://1stcontent.co/marketing-strategy-for-fintech-startups/" style="-webkit-box-shadow: none; -webkit-text-decoration: var(--has-link-decoration, var(--textDecoration, none)); box-shadow: none; box-sizing: border-box; letter-spacing: -0.3px; line-height: 1.3em; text-decoration: none; transition: var(--transition);"><span style="color: black;">Marketing Strategy For Fintech Startups</span></a></h3>
There will be key challenges that you face when growing your business. Here are a few of the most important ones and suggestions of how to overcome these issues.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>1.<span class="Apple-tab-span" style="white-space: pre;"> </span>Lack of <a href="http://caban.co.za/venture-capital-south-africa/">venture capital</a> is often the most critical challenge that a successful SME faces as its very success creates this and it quickly becomes a vicious circle.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>2.<span class="Apple-tab-span" style="white-space: pre;"> </span>Without very diligent cash flow management and/or raising of more capital, including debt, the business often is constrained by capital as it grows. Often the profit in one operating cycle is insufficient to fund the extra working capital required for the next operating cycle.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>3.<span class="Apple-tab-span" style="white-space: pre;"> </span>This is especially the case where a business is either inventory or receivables intensive and/or the operating cycle is a long one. (The operating cycle is the average time that it takes from the first receipt of inventory to when the customer pays for the goods sold.)<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>4.<span class="Apple-tab-span" style="white-space: pre;"> </span>This can be made even worse where capital goods are required to process the goods and the company cannot finance the acquisition of these capital assets. Many capable entrepreneurs cannot overcome the obstacles in their businesses cash flow cycle and cannot understand why bankers and other lenders often cannot provide the financing as the SME often does not have the security to support the debt.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>5.<span class="Apple-tab-span" style="white-space: pre;"> </span>The solution is often easier than most entrepreneurs realize. It often starts with a plan to see what your cash needs are and when your cash needs arise. Then one is in a position to manage it and focus on the cash management techniques most likely to be successful in your business.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>6.<span class="Apple-tab-span" style="white-space: pre;"> </span>Lack of management skills Lack of management skills is a problem that is very difficult to deal with in most SMEs as the size of the senior management team is necessarily limited. These areas of weakness could be in finance, human resources, marketing … any area where the current management does not have the expertise, or the time to deal with the issues.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>7.<span class="Apple-tab-span" style="white-space: pre;"> </span>The solution is to determine what those areas of weakness are and then to develop a plan for dealing with those challenges. Once you spend the time to recognize a weakness -- as long as it is not in a core area for the specific business -- it often can be compensated for without a lot of time, effort or money.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>8.<span class="Apple-tab-span" style="white-space: pre;"> </span>Solutions can be as simple as assigning the responsibility to an existing manager with a requirement to watch for the obvious pitfalls, to hiring a person part-time or a consultant. The solutions are often obvious if one spends a little time planning and assigning responsibility. And yes, it often is effective to assign that responsibility to yourself as you then know that you have to deal with the issues rather than waiting for an issue to become a real problem.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>9.<span class="Apple-tab-span" style="white-space: pre;"> </span>Lack of information about what is - and isn't - working Lack of information about what is working, and what is not working, in the business can be an issue. Often companies do not measure their results and when something specific causes a blip (positive or negative) in results they do not know what has caused the success or problem.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>10.<span class="Apple-tab-span" style="white-space: pre;"> </span>Implementing a process for measuring and tracking key performance indicators (KPIs) on a weekly, or at least monthly, basis is key to enabling management to react to challenges and opportunities alike. The old saying that you cannot manage what you do not measure is so true. If nothing else, it often alerts you to a change from the norm much sooner than waiting until you otherwise become aware of it. Once awareness is established, solutions are easier to find.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>11.<span class="Apple-tab-span" style="white-space: pre;"> </span>Lack of a plan Lack of a plan is often a fundamental problem for many SMEs. The arguments for planning are many and irrefutable and yet this is a very common failing for most SMEs except those that are enjoying very rapid growth.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>12.<span class="Apple-tab-span" style="white-space: pre;"> </span>In my opinion there are three very fundamental reasons for implementing a planning process:<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>1.<span class="Apple-tab-span" style="white-space: pre;"> </span>If your plan sets out certain objectives you are much more likely to achieve - or exceed - them than if you just keep barreling along. Research has often shown this to be true and it stands to reason that having a plan will enable you to often think through and implement the steps necessary to achieve that plan;<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>2.<span class="Apple-tab-span" style="white-space: pre;"> </span>Most SMEs spend so much time dealing with the "alligators" that are snapping at their rear end that it is difficult to recognize the steps necessary to achieve your long-term objectives. A plan disciplines you to look "beyond the weeds" from time to time; and<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>3.<span class="Apple-tab-span" style="white-space: pre;"> </span>A plan can often alert you to inconsistencies that need to be managed e.g. a lack of capital or other resources necessary to fund the growth projected. Once recognized you are in a position to better manage the limiting factor.<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>4.<span class="Apple-tab-span" style="white-space: pre;"> </span><br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>13.<span class="Apple-tab-span" style="white-space: pre;"> </span>Poor procedures Poor procedures are a constant challenge for a SME trying to manage with limited resources. Most entrepreneurs do not realize that the procedures in place for managing the business need to be well designed to reduce the incidence of errors. Error correction is often a major waste of time and particularly management time.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>14.<span class="Apple-tab-span" style="white-space: pre;"> </span>Good procedures with a little time and effort invested up front will usually pay enormous dividends in time and cost savings on an ongoing basis.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>15.<span class="Apple-tab-span" style="white-space: pre;"> </span>Ignoring risks in their assessment of alternatives and opportunities Many entrepreneurs ignore risk in their assessment of alternatives and opportunities. A business is about taking managed risks and one cannot insure for or avoid risk if one is in business. However in my experience few, once they have chosen a course of action, pause to consciously think of ways to manage the risk and determine procedures or steps that can be taken to reduce the risk and increase the chances of success.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>16.<span class="Apple-tab-span" style="white-space: pre;"> </span>Often, this is as simple as "diarizing" to follow-up on an issue so that it does not get forgotten or having a second person review something to reduce the risk of error.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>17.<span class="Apple-tab-span" style="white-space: pre;"> </span>Lack of focus Lack of focus is often a real challenge for an entrepreneur in a SME as there are constant changes in priorities, issues that need attention and other fires to be extinguished. Often opportunities present themselves and it is difficult to say "no" to a short-term opportunity that will distract you from your long-term goals.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>18.<span class="Apple-tab-span" style="white-space: pre;"> </span>Be clear on your long-term objectives and the opportunities that will facilitate your achieving this. Then evaluate other opportunities by the extent to which they draw resources away from your ability to achieve those long-term goals.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>19.<span class="Apple-tab-span" style="white-space: pre;"> </span>Failure to plan for issues absorbing the majority of your time.<br />
Each of the above potential mistakes are common and are often encountered in businesses that could do lot better. However, the greatest failing that I encounter is an owner/manager not pausing to plan for the issues and solutions that are absorbing so much of his/her time and energy.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>20.<span class="Apple-tab-span" style="white-space: pre;"> </span>Probably the scarcest resource in most businesses is the time of the owner/President and a little time developing a strategy can often free up the opportunity to focus on real priorities.<br />
<br />
Make sure you consider these issues carefully in your <a href="http://www.businessplanwhiz.co.za/">business plan</a>. There are a number of business support bodies in South Africa which may be able to provide support. <a href="http://www.seda.org.za/">Seda</a>, the <a href="http://www.idc.org.za/">IDC</a>, <a href="http://www.savca.co.za/">SAVCA</a>, <a href="http://www.investorsnetwork.co.za/">Investors Network</a> and <a href="http://www.sabusinessplans.co.za/">SA Business Plans</a> are all organizations geared towards supporting entrepreneurs. If you need support, don't be to proud to ask.benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-6458726212114052522011-01-10T15:11:00.005-08:002022-03-06T09:36:12.446-08:00The Challenges of Business GrowthGrowing your business will be what you have in mind once the business starts to show potential of getting beyond the start-up phase. Most entrepreneurs would have dreamt of business grown and are perhaps supporting this through gaining access to <a href="http://1stcontent.co">high quality digital marketing services</a> long before it even started and when it comes to growth there will need to be serious consideration as to what the strategy will be to get to where the business wants to be.<br />
<br />
There will be key challenges that you face when growing your business. Here are a few of the most important ones and suggestions of how to overcome these issues.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>1.<span class="Apple-tab-span" style="white-space: pre;"> </span>Lack of capital Lack of capital is often the most critical challenge that a successful SME faces as its very success creates this and it quickly becomes a vicious circle.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>2.<span class="Apple-tab-span" style="white-space: pre;"> </span>Without very diligent cash flow management and/or raising of more capital, including debt, the business often is constrained by capital as it grows. Often the profit in one operating cycle is insufficient to fund the extra working capital required for the next operating cycle.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>3.<span class="Apple-tab-span" style="white-space: pre;"> </span>This is especially the case where a business is either inventory or receivables intensive and/or the operating cycle is a long one. (The operating cycle is the average time that it takes from the first receipt of inventory to when the customer pays for the goods sold.)<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>4.<span class="Apple-tab-span" style="white-space: pre;"> </span>This can be made even worse where capital goods are required to process the goods and the company cannot finance the acquisition of these capital assets. Many capable entrepreneurs cannot overcome the obstacles in their businesses cash flow cycle and cannot understand why bankers and other lenders often cannot provide the financing as the SME often does not have the security to support the debt.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>5.<span class="Apple-tab-span" style="white-space: pre;"> </span>The solution is often easier than most entrepreneurs realize. It often starts with a plan to see what your cash needs are and when your cash needs arise. Then one is in a position to manage it and focus on the cash management techniques most likely to be successful in your business.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>6.<span class="Apple-tab-span" style="white-space: pre;"> </span>Lack of management skills Lack of management skills is a problem that is very difficult to deal with in most SMEs as the size of the senior management team is necessarily limited. These areas of weakness could be in finance, human resources, marketing … any area where the current management does not have the expertise, or the time to deal with the issues.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>7.<span class="Apple-tab-span" style="white-space: pre;"> </span>The solution is to determine what those areas of weakness are and then to develop a plan for dealing with those challenges. Once you spend the time to recognize a weakness -- as long as it is not in a core area for the specific business -- it often can be compensated for without a lot of time, effort or money.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>8.<span class="Apple-tab-span" style="white-space: pre;"> </span>Solutions can be as simple as assigning the responsibility to an existing manager with a requirement to watch for the obvious pitfalls, to hiring a person part-time or a consultant. The solutions are often obvious if one spends a little time planning and assigning responsibility. And yes, it often is effective to assign that responsibility to yourself as you then know that you have to deal with the issues rather than waiting for an issue to become a real problem.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>9.<span class="Apple-tab-span" style="white-space: pre;"> </span>Lack of information about what is - and isn't - working Lack of information about what is working, and what is not working, in the business can be an issue. Often companies do not measure their results and when something specific causes a blip (positive or negative) in results they do not know what has caused the success or problem.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>10.<span class="Apple-tab-span" style="white-space: pre;"> </span>Implementing a process for measuring and tracking key performance indicators (KPIs) on a weekly, or at least monthly, basis is key to enabling management to react to challenges and opportunities alike. The old saying that you cannot manage what you do not measure is so true. If nothing else, it often alerts you to a change from the norm much sooner than waiting until you otherwise become aware of it. Once awareness is established, solutions are easier to find.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>11.<span class="Apple-tab-span" style="white-space: pre;"> </span>Lack of a plan Lack of a plan is often a fundamental problem for many SMEs. The arguments for planning are many and irrefutable and yet this is a very common failing for most SMEs except those that are enjoying very rapid growth.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>12.<span class="Apple-tab-span" style="white-space: pre;"> </span>In my opinion there are three very fundamental reasons for implementing a planning process:<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>1.<span class="Apple-tab-span" style="white-space: pre;"> </span>If your plan sets out certain objectives you are much more likely to achieve - or exceed - them than if you just keep barreling along. Research has often shown this to be true and it stands to reason that having a plan will enable you to often think through and implement the steps necessary to achieve that plan;<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>2.<span class="Apple-tab-span" style="white-space: pre;"> </span>Most SMEs spend so much time dealing with the "alligators" that are snapping at their rear end that it is difficult to recognize the steps necessary to achieve your long-term objectives. A plan disciplines you to look "beyond the weeds" from time to time; and<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>3.<span class="Apple-tab-span" style="white-space: pre;"> </span>A plan can often alert you to inconsistencies that need to be managed e.g. a lack of capital or other resources necessary to fund the growth projected. Once recognized you are in a position to better manage the limiting factor.<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>4.<span class="Apple-tab-span" style="white-space: pre;"> </span><br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>13.<span class="Apple-tab-span" style="white-space: pre;"> </span>Poor procedures Poor procedures are a constant challenge for a SME trying to manage with limited resources. Most entrepreneurs do not realize that the procedures in place for managing the business need to be well designed to reduce the incidence of errors. Error correction is often a major waste of time and particularly management time.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>14.<span class="Apple-tab-span" style="white-space: pre;"> </span>Good procedures with a little time and effort invested up front will usually pay enormous dividends in time and cost savings on an ongoing basis.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>15.<span class="Apple-tab-span" style="white-space: pre;"> </span>Ignoring risks in their assessment of alternatives and opportunities Many entrepreneurs ignore risk in their assessment of alternatives and opportunities. A business is about taking managed risks and one cannot insure for or avoid risk if one is in business. However in my experience few, once they have chosen a course of action, pause to consciously think of ways to manage the risk and determine procedures or steps that can be taken to reduce the risk and increase the chances of success.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>16.<span class="Apple-tab-span" style="white-space: pre;"> </span>Often, this is as simple as "diarizing" to follow-up on an issue so that it does not get forgotten or having a second person review something to reduce the risk of error.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>17.<span class="Apple-tab-span" style="white-space: pre;"> </span>Lack of focus Lack of focus is often a real challenge for an entrepreneur in a SME as there are constant changes in priorities, issues that need attention and other fires to be extinguished. Often opportunities present themselves and it is difficult to say "no" to a short-term opportunity that will distract you from your long-term goals.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>18.<span class="Apple-tab-span" style="white-space: pre;"> </span>Be clear on your long-term objectives and the opportunities that will facilitate your achieving this. Then evaluate other opportunities by the extent to which they draw resources away from your ability to achieve those long-term goals.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>19.<span class="Apple-tab-span" style="white-space: pre;"> </span>Failure to plan for issues absorbing the majority of your time.<br />
Each of the above potential mistakes are common and are often encountered in businesses that could do lot better. However, the greatest failing that I encounter is an owner/manager not pausing to plan for the issues and solutions that are absorbing so much of his/her time and energy.<br />
<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>20.<span class="Apple-tab-span" style="white-space: pre;"> </span>Probably the scarcest resource in most businesses is the time of the owner/President and a little time developing a strategy can often free up the opportunity to focus on real priorities.<br />
<br />
Make sure you consider these issues carefully in your <a href="http://www.businessplanwhiz.co.za/">business plan</a>. There are a number of business support bodies in South Africa which may be able to provide support. <a href="http://www.seda.org.za/">Seda</a>, the <a href="http://www.idc.org.za/">IDC</a>, <a href="http://www.savca.co.za/">SAVCA</a>, <a href="http://www.investorsnetwork.co.za/">Investors Network</a> and <a href="http://www.sabusinessplans.co.za/">SA Business Plans</a> are all organizations geared towards supporting entrepreneurs. If you need support, don't be to proud to ask.benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0tag:blogger.com,1999:blog-1950414065940081322.post-58022629230762891762010-11-20T15:30:00.000-08:002011-01-21T15:32:44.206-08:00A Unique Business Opportunity: Is it really that important?As a business owner or entrepreneur you are often reminded that you need to be different or unique in order to be successful. You need to have Unique selling proposition any consultant will tell you and you need to be doing something different from all the other businesses out there. While there will of course be some merit in this advice, its not necessarily the holy grail when it comes to starting up a new business.<br />
<br />
When it comes to raising business finance many business angels and VC firms will be happy of there are a number of other already successful competitors out there. This after all will mean that there is demand and a real possibility that if you do things right your business may also be raking in the profit soon.<br />
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There's no question that an element of uniqueness in your marketing can make your business more memorable, competitive, and special to your target audience. These are all reasons why being different can be good. But how different should you be?<br />
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A student in one of my classes had noticed there were no display ads for management consultants in his local Yellow Pages. "What a great opportunity," he thought, "to make my business stand out to prospective clients." He spent over R2000 per month on a large ad for a full year. The result was not a single phone call, unless you count the ones from vendors trying to sell him photocopiers and phone systems.<br />
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He had neglected to ask his consulting colleagues WHY none of them had ads in the Yellow Pages. It seemed like a good idea to him, and no one else was doing it, so he pulled out his checkbook. What never occurred to him -- and what any experienced colleague could have told him -- was that companies don't choose management consultants from ads in the phone book.<br />
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Sometimes you can be too unique for your own good. There's a lot in sales and marketing that is tried and true. If you decide to forge a completely new trail, you may be attempting an experiment that many others in your field have already tried with no success.<br />
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It's not always just your marketing techniques that are a little too different. The same problem can afflict the product or service you are marketing.<br />
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I met a fellow while networking who had a "unique process" for helping companies resolve conflicts between employee groups. When I asked him to explain his process, he said I would have to experience it to understand it. I inquired how it compared to solutions like mediation or team building, and he told me it was a totally different approach that defied comparison.<br />
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Since I knew a company that needed help with a problem like the one he described, I would have liked to refer him. But I couldn't picture myself calling my friend at the company to say, "Hi, I know someone who says he can fix your problem, but he can't explain how. You'll just have to hire him and see."<br />
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Being noticeably different from the competition can help you attract customers and close sales. But claiming that you have no competition is naive. Comparisons to a known quantity can help prospective customers understand where your product or service fits in the range of solutions they are considering. If they can't compare it to anything, it's doubtful that they will be able to see how your offering could work.<br />
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Your market, too, needs to be a group of people who already exist and can be readily identified. A reader once wrote to ask me for some advice on getting her new book published. I asked what market category it fell into, and she replied that she hadn't really thought about it.<br />
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I pressed her bit, explaining that her book needed to be categorized in order to be marketed and sold. Even something as simple as where to shelve it in a bookstore depended on having a category to print on the back cover. Was it self-help, spirituality, careers, business? Who did she see as the audience for her book?<br />
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She asserted that she was creating a new paradigm, and if I was going to help her, I needed to think more creatively. My reply was to tell her I couldn't help her at all. Her idea may have been brilliant, but no publisher was going to touch her project.<br />
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Creating the perception that your product or service is one of a kind can help you capture people's attention and make them remember you. But you have to be able to identify the people you want to reach and communicate how you can be of service in words they can understand.<br />
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You know those car commercials that go, "Zoom, zoom, zoom?" I had to see those ads dozens of times before I could remember that the car being advertised was a Mazda. "Zoom" was unique alright, but what did it have to do with Mazda? Or with the benefits of owning one? A catchy slogan like "Inspiration Beats Perspiration" may be clever and unusual, but what the heck is it marketing?<br />
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Definitely look for a unique way to express the benefits you offer to your clients, but make sure it still communicates what you actually do. It's okay to get creative with your marketing, but don't bet the rent money on untried techniques.<br />
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If you really want to make your marketing more effective, cheaper and less stressful, stop re-inventing the wheel. Find models that work and replicate them. I'm not suggesting that you plagiarize your competitors' marketing copy, but when you see someone successful in your field, find out what they are doing right, and follow their lead.<br />
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Don't let your business be a victim of "terminal uniqueness" -- the belief that you are so different from anyone else that none of the rules apply to you. Being distinctive is good; being eccentric can be unwise.benhttp://www.blogger.com/profile/07281810021804471829noreply@blogger.com0