Manage Online Business

Building your own online business is awesome and doing it gives you a tremendous sense of accomplishment. It affords you many benefits including the obvious monetary gains. It allows you the freedom to work as and when you please.

When you are settled on the actual area of online or home business to go into, there are a couple of things that you can do to make your daily tasks much easier.

One thing to take a look at is your working space. Do you feel as though your office or working area gives you the "right feel" and does it provide an atmosphere that promotes work, rather than relaxation? If not, consider keeping a desk that has the necessary papers and tools available within easy reach so that you do not have to waste time looking for things. Recommendations are: a blotter with dates, a stapler, a filing system with trays or with folders, pens, CD discs, a phone, a scanner and printer. You can have a mailing station set up on another table if you do a lot of mailing packages, tapes, or cds. Have all the accessories you need such as mailing envelopes, tape, address labels, zip code directory, etc. available and within easy reach. Keep your main desk clean and use space so that there is a feeling of "productivity" when you sit at your computer.

Do not have schedules of the kids and other things in your life imposing on your work environment. When you are at your desk, spend the time contemplating your work and what you want to accomplish for that time because it is so very easy to wake up and find you have spent two hours reading email and checking out links.

Make a check list the night before to keep on track of your next day's activities. This is great for helping you to accomplish more. Every time you cross something off your list it instils a sense of accomplishment and pride. This builds up momentum and carries you through all of the coming tasks that need done both in the immediate outset and the long term. Keeping the list in priority status also keeps you on track and gets the most accomplished for the day.

A benefit of the home environment is the ability to set the environment to a standard that keeps you in a good frame of mind. You could try just having nice background music playing while you work.
It is also a good idea to get up and stretch once in a while. Go to the refrigerator for a water or get an apple to eat while you contemplate the computer screen and your work. Remember, you are your own boss, so there is no one to tell you that you cannot eat at your desk! However, there is also no one to tell you that you should not spend working time playing games online, either, so you have to make yourself do what is on your schedule and your priority list to grow your business. It is just a matter of learning the appropriate methods to enable you to work in the manner that seems best and most efficient for you.

Once you are serious about your work and your workday, you will find a tremendous sense of confidence and pride and will know that your abilities are more than enough to fulfil your life's dream and ambition.

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History of Business Models

The concept and type of business models have constantly evolved throughout the years and have had a long history that dates back to several years. A very basic and popular model, since ancient times, has been the "shopkeeper model", which involves establishing one's store in such a location that is most likely to fetch potential customers and that makes it easier to advertise the products or services being offered.

The "bait-and-hook business model", also known as the "tied-products business model" and the "razor-and-blades business model", emerged in the first half of the 20th century. This model often involves presenting a common good at an extremely low price that in fact puts the seller at loss (bait), and then asking for compensatory recurring sums for associated products, services, or refills (hook).An interesting example of such a model is offering the software developer along with a free word processor reader and charging hundreds of dollars for the word processor writer.

In the decade from 1950 to 1960, revolutionary business models were introduced by Toyota and McDonald's Restaurants. Following these, in 1960s, Hypermarkets and Wal-Mart came up with another set of interesting models. In the 1970s, Toys R Us and FedEx were the innovators. The 1980s saw new models from Home Depot, Dell Computer, Intel, and Blockbuster; and 1990s from Netflix, Amazon.com, Starbucks, and Blockbuster. Poorly designed and inadequately thought out models constituted a major problem for many dot-coms.

Today, the emerging types of models depend largely on what new technology is being invented and how it is being used. For instance, nowadays, entrepreneurs operating over the Internet are also creating entirely new business models that depend completely on the emergent or existing technology. By using such technology to create models, businesses have a better scope to reach large audiences within minimal costs.

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Cover Letters and LinkedIn

What do Twitter, LinkedIn, and Facebook have in common with job hunting and your resume cover letters? All three of these social networking sites can create initial contacts for getting job interviews. By using social networking job search methods you can find out about job openings before they are ever advertised or posted. Your resume cover letters are about marketing and making connections with employers or individuals at companies. Social networking for job hunting is the same.

LinkedIn
LinkedIn is a one of the many social networking sites available online. Similar to Facebook and Twitter, LinkedIn allows people to connect with those they may have lost touch with or those they share similar interests with; unlike other sites, though, the largest group is businesses, who use this resource for many reasons, including advertising and job recruitment. This site is one of the fastest growing networking sites on the web with estimates of over 80 million members, is available in six languages and accessible in almost every country imaginable; there is no charge to set up a basic account, but there are some upgrades that you can purchase for your page.

The job market today, as well as the increasingly global nature of business, has led employers and job-seekers alike to try new and different methods of hiring employees or finding a job. Social networking sites are rapidly becoming the place where more and more people involving in the job market in some way or another are able to connect to people worldwide and exchange information quickly. Though not quite ready to replace online job-hunting sites or other job positing sites, social networking sites can be invaluable in both the hiring process and the job-hunting process; by not knowing about these sites, you run the risk that you may miss out on that "perfect" job simply because you did not know where to look.

Just as with any other social networking sites, LinkedIn has some unwritten (and written) rules of how one should conduct themselves on the site. One of those unwritten rules is that you should not contact anyone that you don't know personally. As with any rule, of course, there are exceptions; for example, sending a connection request to a friend of a friend who is the hiring manager for your dream company isn't considered to be "bad" etiquette, especially if that friend is one of the references listed in your profile. However, if you are sending connection requests to people you don't know on a regular basis, the site may identify you as a "spammer" and block all of your future requests, if not close your account completely. These types of connection requests are initial contacts much like job hunting cover letters.

There are two types of connections which are first and second degree connections. A first degree connection is someone you know and who knows you such as a friend, associate, former teacher or boss, and so on. A second degree connection are friend of friends, recommendations, or someone with which you have a mutual friend or associate. Connections often have information about job openings or know someone who does.

View your professional initial contacts as resume cover letters. You want to explain why you are contacting the individual, briefly describe your skills and situation, and refer them to more information such as your profile and website or publications you have written or about you. Then decide what action you want them to take. Requesting a referral person within their company to whom you might forward a resume or of they know of anyone looking for your particular skills.

Your Profile
Because this networking site is aimed at the business sector rather than personal socializing, keep your profile professional. Bad language, spelling and grammar are a big turn-off; keep your postings grammatically correct and free of punctuation mistakes.
You can also use the job search function for employers with openings. You can refine your search by location, country, or the world. In this case you commonly do not send a connection request to the company. Look for a link to the company's website or hiring page where you can complete an online application or submit your cover letters and resumes.

Want to help people find a job,do something meaningful and make a difference in other peoples life by starting your own recruitment business? Check out Dougles Chan inspirational recruitment stories.

Teens - Career Counseling for Teens

Having been a headhunter and thus a career counselor for more than 20 years, I have come to the conclusion from my observations that if proper career counseling is done successfully in high school, job loss or career change in the future would not be as traumatic as it has become for either teens or experienced executives.

Like everything else in life, if you want to do something the right way, you have to have the basics to succeed. You can't add 1,000 + 1,000 until you know that 1+1=2. The same goes for finding your first high school job. You must have the basics.

If you have a high school program that is dedicated to providing you with career counseling for teens then you are one step ahead of everyone else who doesn't. A good high school career counseling program should provide hands-on training where the student is required to create a resume and cover letter from scratch and learn the importance of building a networking file. They must also be taught how to dress for success and how to respond in an interview. All of these things are important, but the most important key to success is the network they being to build while in high school.

Networking is a natural part of life. When you go to a movie and you tell your friend how great it was, your friend goes to see it based on your recommendation. After your friend sees the movie and likes it, your friend tells another friend and so on. You now have several people who have "networked" with each other. They have "spread the word" about a great movie and have gotten lots of their friends to go see it too. That is a very simple explanation of what networking is. When you attempt to find your first job, career networking will be your first source to call on.

When providing career counseling for teens it is critical that you help the high school student develop this important skill. Networking can begin simply as writing down the name and phone number of the first person that you interviewed with when you are applying for a job. If you don't get the job, you still have the person's name as a point of contact for the future. If you do get the job, you now have a valuable source who may be able to lead you to other people or positions that may be beneficial to you in the future.

There is so much more on the subject of networking that is important in career counseling for teens. You will want to read more about this subject by reading career advice for teens. A great place to start is with Job Search 101. You can find out more about career counseling for teens by visiting this webpage full of teen job search advice. Click here.

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How To Efficiently Manage Your Business Accounts Receivables

Accounts receivables are the amount of money that a consumer owes a company for a service or product obtained on credit. Accounts receivables are therefore a company's sales that have not yet been paid in cash. While accounts receivables are considered as currents assets, it remains difficult to consider a product or a service as sold or purchased unless it has been paid in cash. If your company regularly makes a sale on credit and you do not implement and maintain an efficient accounts receivable system, the cash flow in your company will be negatively affected.

This can have unwanted implications in the operation of your business. It is therefore crucial that a company observes proper and efficient account receivable management. The following are valuable tips and guidelines to help you efficiently manage your business' accounts receivables:

Make a background check on your client before you establish a credit account. It will be to your advantage that before you allow a client to purchase goods and services from your company on credit, you make a detailed background check on the client. Among the things that you need to know are the demographic and credit information of your client. Making a background check is most helpful for you to avoid clients who you will have a hard time collecting bills in the future. The social security number of a person, for example, can be a very helpful determinant in knowing whether a client will be dependable enough to have a credit account in your company. This will save you from the hassles of spending time and money collecting unpaid balances from hard paying clients.

Enter into a signed agreement. It will be helpful if your client and you get into a signed agreement regarding your company's terms on accounts receivables. It will be best if you include in your agreement the payments terms and conditions which will help expedite the collection of dues. Identifying the collection cost reimbursement will also be advantageous relative to your client's past due accounts.

Maintain communication. Communication is crucial in any business transaction. It is therefore advised that you maintain communication with clients who have credit accounts in your company.
This means that you have to contact your client to ensure prompt payments and to identify reasons that have caused payment delays. Communication will not only build rapport between you and your client but will also ensure a more efficient collection of accounts receivables.
It is crucial that your business efficiently manages its accounts receivables. You can implement this by making a background check on your client before you establish a credit account; entering into signed contracts and agreement; and maintaining communication with your client.

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Moving to a Customer Centric Business Model

Organizations are increasingly finding the futility of continuing with a product centric business model. The days of mass marketing to push a product to many customers are coming to an end. Customers have started demanding products that fulfill the different needs.

Take an example of mobile phone. The basic need of communication has just become basic.

Customers want to play games, do office work, manage appointment, entertain themselves, share updates with family and friends and what not. Is it possible to fulfill all these needs by one company or enterprise? The answer is NO. But what organizations can create is an eco-system where everybody has can contribute to development of products or services that fulfill these needs. Apple iTunes or Android Marketplace is the perfect example of these eco-systems in the mobile space.

How about other domains - Automobiles, FMCG, Retail, IT Services? What can companies do in these domains to create a similar ecosystem? How can the companies can adopt customer centric model and be able to forecast and meet plethora of demands from the customer?

The organizations need to adopt the following measures to successfully move and engage the customer

"Only when the customer is successful, that I will be successful" - What does that mean for my organization? It means the organization needs to make customer as the core focus of all strategies.

Everything needs to be measured in customer terms. It is no longer about brand equity; it's about customer equity, not about sales but customer lifetime value.

How can you make customer the center of the organization?

· Start from the customer facing functions. Departments like R&D, Market Research, CRM collect lot of information about customers. What all customer insights does this data provide?
· Are my products over-engineered? Does my market research take into account the needs of customers?

· Am I using customers to help decipher their needs and using their vision to design new products.
Till you focus on the customer, you will never be able to achieve long lasting success.

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Why Build a Business Strategy?

Yogi Berra once said that "if you don't know where you are going, you will likely end up somewhere else." The same is true in business. Unless you have a carefully crafted business strategy, you are essentially flying blind.

Former U.S. President and military commander, Dwight D. Eisenhower, remarked that "a finished plan is generally worthless, but careful planning is absolutely essential." In other words, while a given plan may change based on what happens with your business, taking the time to thoroughly examine where your firm is now and where it is headed gives you the information to make course changes intelligently, against the backdrop of a clear business strategy.

Kmart, a leader in the discount retailing industry in the late 70's, had close to 1900 stores and average revenues of well over $7 million per store. Wal-Mart, on the other hand, was a much smaller retailer with just over 200 stores and average revenues per store only half those of Kmart. But just ten years later, Wal-Mart had become the largest and highest profit retailer in the country with an annual growth rate at 25% per year with a 32% return on equity.

What happened? Kmart's response to business challenges was to try to seal off and defend its markets, a common tactic years ago when the industry was characterized by defined markets, stable customer needs and clearly defined competitors. Wal-Mart found competitive advantage by realizing that success would not come from capturing and holding a market but by being nimble and responsive to changing market conditions. It built business processes and core competencies in such areas as transportation and information sharing which allowed it to respond to rapidly changing conditions and move inventory quickly to serve store-by-store customer demand.

Kmart's inability to respond to changing market conditions and to continue to ride a dead strategy eventually led to its reorganization under Chapter 11. It's a fact that those organizations that adapt to changing conditions thrive and grow. Those that remain unaware or misjudge these challenges and opportunities and fail to develop a new business strategy eventually die.

Why Build a Strategic Plan? In a word, the answer to this question is focus. Strategy creates context for operating decisions. It establishes the playing field and provides guidance for decision-making about the types of experience and skills needed by employees, how marketing and advertising should be positioned, the priority of initiatives, how to structure the organization, and a host of other issues. A plan is necessary to guide decision-making, channel resources and define direction. Because of that, building a strategic plan should be well worth the time it will take to develop it, debate it and secure agreement on its direction.

Strategy is the way in which an organization meets the challenges and opportunities of its environment. It is often an overused and misunderstood concept. Strategic thinking does not necessarily imply long term. In some industries, long term is less than one year. It is not tactics, though strategy needs to be supported through tactics. It doesn't necessarily imply something big. The decision to move across town may have more human impact than the decision to do business in another city.

Strategy is a set of choices that defines the nature, direction and value system of an organization. It is not a document. It is a mindset which should be understood by every person in the organization and used to guide all decision-making within the organization. In developing strategy, leaders make conscious and informed choices about who they are and what they stand for:
* What are our core values and beliefs?

* What markets and customer groups will we serve?

* What products or services will, or will we not, deliver?

* What competitive advantages will cause us to succeed?

* What core competencies must we have to fuel our growth?

* What infrastructure, core processes and resources must we have to succeed?

* What financial results will we achieve?

* What should be our planning horizon?

* What is the quality-of-life contribution we want to make to our customers, our employees or the places in which we operate?

Next, and the hardest part, is plan implementation. In the United States, the average firm only achieves about 63% of its strategic plan. Studies also show that 90% of strategies that fail do so because of lack of execution. Research in the last several years has pinpointed many reasons why business plans fail, including the following:

1. Poorly understood strategy -- most organizations have a strategy but, according to one study, fewer than 5% of their employees know what the strategy is.

2. Weak strategy execution -- Studies show that up to 90% of strategies fail due to execution.

3. Inability to adapt to change -- Once a business makes plans, the chaos of everything changing around it may gradually erodes those plans unless the organization can adapt. Many cannot.

4. Lack of a systematic approach - When an organization reaches a certain size, lack of alignment between different people or departments who handle different functions may hamper success.

5. People are not engaged - An engaged worker is one who is personally committed to the goals of the company. Unfortunately, 90% of the time what passes for commitment is compliance. If you cannot get people engaged, no improvement will last.

6. A gap between knowing what to do, and doing it. Many things can get in the way including substituting talk for action, employee fear or mistrust of management, using the firm's history instead of sound judgment to dictate action, and badly designed or complex measures.

In the end, a solid business strategy and implementation plan may not solve all of your problems but those firms that do plan enjoy a much brighter track record. Plan well and beware of the pitfalls in implementation and you can enjoy your best year yet.

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