Challenges Faced By Small Business Operators

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For many, the idea of owning a small business is a dream come true. People conjure up images of working reduced hours and having a fistful of cash. Whilst this is definitely a possibility for long term success stories, the truth of the matter is that owning and operating a small business is very hard work, can be stressful and the owners are often stretched financially until the business gains momentum. It is, therefore, important for individuals who are contemplating owning or starting a business to be aware of the challenges and reality that can present in day to day operations. This article examines a few key areas operators will need to address.

Operating a small business requires an individual to draw on a diverse range of skills. Often, the owner has strengths in some core areas and has weaknesses in others. Hopefully, this was identified in the business plan. Irrespective, business owners must face facts that they will need to outsource or hire personnel when skill deficiency presents. Trying to be an expert in all the business facets can drain organizational resources and draw the business owner’s attention away from core business imperatives. Part of good business management is knowing how to focus and use your skills in the most appropriate and productive way.

Financial responsibility is an often overlooked and misunderstood area of business operations. This is often the case in organizations that are run by sales personnel who are strong at generating and closing business but not so good at running operations. Having a centralized accounting system with designated personnel or employing the services of a bookkeeping service can assist business owners to deal with the accounting side of the business. It is also important that the business owner consider outside advice from an accountant to assist with the financial and strategic direction of the organization.

Maintaining strong organizational culture has many fringe benefits for business operators. Staff who respect managers and are content with their work environment are inevitably more productive and do not take as many sick holidays. Lower staff turnover reduces staff replacement costs. Building a business requires dedicated and focused staff. Investing in staff training also raises operational IQ and allows managers to delegate tasks to individuals who have upgraded skills. This improves the overall organizational effectiveness. Maintaining good staff relations is an important and often overlooked area of small business management.

Ideas For Team Names

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Are you in the throws of building a new team? In that case, whether its a sports team, youth group, cultural group, or corporate team, youre going to need plenty of ideas for team names. Thats no easy task! So, here you have a few ideas as to how to go about choosing a terrific team building name.

First and foremost, the team leader should get together with all team members, and ask each individual for their ideas. Youre bound to be presented with many and varied suggestions, so it will be no easy task making the final choice. But, its extremely important that everyone has their say, and approves of the name picked. For, this is a team and, as such, youll want everyone to feel happy about the name, believing that each and every one of them has participated in its selection.

However, before letting your team loose on volunteering all their suggestions, you may like to mention the following tips to them.

Your team will need to consider its function, and come up with a name that complements this. If its sports oriented, a strong even aggressive name could be appropriate like the Chargers or Raiders. On the other hand, a cultural group might prefer a gentler-sounding name, whilst a corporate team would do better to choose something to match their business aims and standards.

To get some ideas, your team members may like to look at names chosen by well-known teams in their field. Sometimes these are names of birds or animals, like Panthers and Sharks, and may be accompanied by a colour. Often the names are based around different types of groups. For example, Pirates, Indians and Angels.

Is your team purely local? Then why not make the town or city part of the team name, accompanied by an appropriate adjective, noun, or color. Or, if the team is part of a company, why not use the firms name in the same way? Make use of words such as “champions”, “heroes”, etc.

A team name needs to be as short and snappy as possible. Dont worry about it sounding slightly exaggerated rather that than having it too mild and anaemic. And, consider using rhyming and alliteration.

Yet another way of coming up with team building names is to take the initials of all its members, juggle them around, and make them into suitable words. This way, everyone has a share in the name.

Once youve decided on a name, youll then want to come up with a suitable slogan for the team. To do this, take each letter of the name, and think of an appropriate descriptive word which begins with that letter. To give a short, easy example, if your teams name were the “Reds”, youd make your slogan something along the following lines:

R resolute E efficient D determined S steadfast

And, voil!… There you have your teams slogan or war cry, absolutely perfect for boosting morale, and making everyone feel part of a true team.

How To Select The Best Residual Income Business Opportunity

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A lot of people are actively looking for a lucrative residual income business opportunity, but they make critical mistakes. Heres how you can avoid those costly errors. The 3 key main factors to consider are:

1) the amount of monthly income generated
2) the amount of resources required to create that stream of residual income
3) the duration of the income, including whether or not the amount of income increases or decreases over time.

Most people make the error of, first, being introduced to a company and then, second, trying to see if it is a good residual income business opportunity. They fall into the proverbial trap of not being able to see the forest for the trees. They find the tree first, without knowing what kind of forest it is in. A better approach is to identify the ideal forest first, and then look for the best tree in that forest, second. Giant Sequoias are much much taller than pine trees, but you wouldnt see that if you only look in pine forests.

The kind of forest to look in for the absolute best residual income business opportunity is NOT that of the employee or the self employed. This includes traditional work-from-home businesses. In addition, some people think that network marketing is a good forest to look in, but there is so much competition in network marketing, both in selling products and in recruiting a downline, that the return on your efforts is almost guaranteed to be low. That is how micro-economics works: high competition = low margins of return. If you are looking for the absolute best residual income business opportunity, the proper forest to look in is that of the investor.

As an investor, you are able to leverage other peoples time and other peoples money, while retaining control. You dont have to sell any products or services in the midst of fierce competition. The amount of income created is directly related to the rate of return you are able to generate. You can even hire high-performing professional traders to do the active investing for you, on a pay for performance basis, so that you dont have learn how to become a full-time trader yourself. The amount of personal resources involved can be minimal, especially if you are using other peoples money. The most valuable resource is specialized knowledge, which can be learned, from the right source. And the duration of income can be multi-generational, recession proof, and increasing every year, due to the power of compounding returns.

One excellent, yet relatively unknown source for gaining the specialized knowledge, and careful guidance on how to apply it correctly, is The Financial Freedom Foundation. They are a non-profit organization dedicated to showing people how to become financially independent. With the resources they provide, you can grow your own personal forest of Giant Sequoia sized money trees with $100 dollar bills coming off of each branch, for you to use at your convenience. Theyll show you how to create up to $100K residual income within 12 months, and give you the knowledge of how to grow that to over $1M per year, within 5 to 10 years all this using other peoples time, talents, and money. That is the absolute best residual income business opportunity around. They even have a FREE REPORT that you can download from their website, to get an inside peek as to how you can do it yourself.

Ten Commandments Of Business Management.

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Outstanding leaders go out of their way to boost the self-esteem of their personnel. If people believe in themselves, it’s amazing what they can accomplish.”
Sam Walton

In 1962 Sam Walton opened the first Walmart in Rogers, Arkansas. By 1970 it became a chain of stores across the country.

From Walton’s Biography, Made In America: My Story, he outlines what he believes to be the ten commandments of business management.

1. Commit to your goals
2. Share your rewards
3. Communicate all you know
5. Value your associates
6. Celebrate your success
7. Listen to everyone
8. Deliver more than you promise
9. Work smarter than others
10. Blaze your own path

Walton firmly believe that “individuals don’t win, teams do.” When Walton died in 1992 he was the richest man in the world.

Petron named top philippine firm in sustainability – China PVC Business Cards – Mifare Smart Card M

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Petron, the country??s largest oil refiner and retailer, was named again as the top Philippine company in the 3rd Asian Sustainability Ratings (ASR) because of its efforts to combine profit goals with sustainability.

The oil firm also ranked seventh out of 29 Asian companies in the energy sector surveyed by the ASR.SR.

It also placed in the top 10 percent of the 750 companies surveyed in 10 Asian countries, namely Australia, China, Hong Kong, India, Japan, Malaysia, Pakistan, Philippines, Singapore and Thailand.

This is the second time that Petron topped the ratings board, which measures a company??s performance in key areas such as environment, social and governance (ESG).

??In a world where transparency and accountability are increasingly important, the ASR is the first ESG benchmarking tool to analyze the largest listed companies in Asia,? said a report prepared by CSR Asia, the body that conducted the survey.

??The ASR allows companies, investors and other stakeholders to understand the economic, social and governance activities of listed companies. It also encourages listed companies to address ESG performance through disclosure and realistic target setting,? the report said.

Petron chairman and CEO Ramon S. Ang noted that as Petron??s business grows, its initiatives in the areas of sustainability and corporate social responsibility likewise increase.

??We believe that adhering to sustainability across our operations is essential to the long-term viability of our business,? Ang said in a statement.

??If you take a look at the leading companies across the region, they have overcome business challenges by doing the right things. A strong company does right by its employees, customers and other stakeholders,? Ang added.

Launched in 2009, the ASR examines the publicly available information of leading listed companies in 10 Asian countries and provides investors, companies and other stakeholders with a view of the strategic sustainability of these companies.

Earlier this year, Petron also received two distinctions from the Management Association of the Philippines for integrating corporate social responsibility and sustainability into its daily business operations.

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