Business – Page 62 – The Big Words Blog Site

Essential Tips For A Smooth Office Relocation

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. At some point, most businesses have to relocate. The key is executing the move in the best possible way for your operations. The following contributed post is entitled, Essential Tips For A Smooth Office Relocation.

* * *

Picture – CC0 License

Running a business can be stressful, even at the best of times. Although the job is exciting, as well as extremely rewarding, there are many challenges you must face. Among the most difficult you will encounter is relocating the business. Moving to a new office is even more complicated than moving to a new house. After all, you have an entire team of employees to consider, rather than just your family. There is also very little time to get everything done, especially if you want to avoid downtime. With that in mind, here are ten essential tips for a smooth office relocation.

Pick The Right Time
Although you can certainly try, there is no way to avoid disruption when relocating the business. All you can do is attempt to lessen it. This is done by picking your moving date with care. Every industry has busy periods, with every company within that industry having peak trading days and hours. Picking a day that conflicts with those times will mean the business losing a significant amount of money. When planning your moving timeline, make sure you plan for potential delays.

Start Your Planning Early
A project as large as a relocation will take a while to plan. If you leave doing so until the last minute, you are likely to make mistakes that result in costly delays. Because of this, it does help to pick a moving date well in advance. Make sure you give yourself at least a few months, but you’ll benefit from having longer. Begin the planning process by listing the moving tasks that need completing. With that list, you can write an office move timeline for the entire company to follow.

Talk To The Team
The decision to move premises doesn’t affect just you. Although you’re the one in charge, your employees are the backbone of the business, so relocating impacts them too. This is why you must keep your team in the loop. As soon as you have a plan, you have to share it with your staff. Letting them know about the move early will give them a chance to ask questions and think things through. It will also allow them to make plans of their own if they’re unable to move too.

Delegate Tasks To Staff
Relocation is a huge undertaking, which means it’s one you shouldn’t tackle alone. Rather than attempt to do so, you should delegate tasks to your team. Perhaps a few of them could pack boxes, for example, while others clean empty rooms. Make sure you also give your staff time to pack away any personal items they keep in their desks. While the office is chaotic, it can help to ask some employees to work from home. This means the company won’t come to a standstill.

Bring In The Experts
Even with employees to lend a hand, moving is a difficult process. For this reason, you must ensure you have the assistance of professionals. Instead of carrying boxes and furniture yourself, you should call in a removalist. Make sure you also have an IT company to change over any technology and equipment. Without this help, you may not be able to get back online, which would cause huge issues. When picking your experts, remember to shop around.

Picture – CC0 License

Put Someone In Charge
Most entrepreneurs are in charge of all aspects of their company. However, a relocation is one you may want to step back from. With so much pressure already on your shoulders, you don’t want to add a move to the mix. Instead, you should put somebody you trust in charge. This could be a trusted member of your workforce or a professional project planner. Either way, this person will oversee the entire move and be the person all others involved in the relocation report back to.

Update Your Contact Details
The little things often matter much more than you realize with a project like an office relocation. While changing the address of the business probably isn’t at the top of your to-do list, it’s a task you can’t afford to forget. Unless you update the address, customers might try to contact you at the previous one. Getting no response could cause them to take their business elsewhere. To spread the news of your move, you should write about it on social media and speak to the press.

Clear Out Any Clutter
Just like moving house, you shouldn’t take everything from one office to the other. Depending on how long you’ve been in your building, you will have accumulated a lot of clutter. Attempting to move all of this will complicate the process, as well as result in additional costs. From outdated equipment to old documents, there are many things you can throw away. Make sure that you shred those old documents first so that sensitive data doesn’t get into the wrong hands.

Move Non-Essentials First
The less stuff you have to relocate on moving day, the easier it will be. For this reason, you should begin moving non-essential things over as soon as you can. This might include plants, office supplies, and artwork. While these items have use, they aren’t necessary for the day to day running of your business. This means they won’t be missed for a few days. Getting them set up in the new office early will take the pressure off when moving day rolls around.

Picture – CC0 License

Work On A Budget
Funds are limited for every company, especially small businesses. This means you can only spend so much on your relocation. Rather than risk running out of money, you should create a moving budget. Make sure that you consider all expenses involved in the move and add a cash cushion for any unexpected ones. It also helps to secure credit before you move. After all, most lending companies are less willing to hand over money to businesses when they need them.

Relocating your business will never be an easy process, but with the advice above, it can be a smoother one.

7 Ways To Reach Your Full Entrepreneurial Potential

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. When you become an entrepreneur, it will become very important to hit on all cylinders so that your maximizing your full potential. The following contributed post is entitled, 7 Ways To Reach Your Full Entrepreneurial Potential.

* * *

Reaching our real potential life is a sore spot for most people. Each and every one of us can do something great in our lives. However, whether or not that capacity is reached depends on us! Beyond excuses, setbacks, and struggles, taking the initiative to begin reaching your full potential takes hard work. If you’re wondering how you can achieve your full potential as an entrepreneur, here are 7 points to think about.

Aim High

Picture by Carl Heyerdahl from Unsplash – CC0 Licence

The issue with aiming low as an entrepreneur is that you can either expect that what you’ll achieve your goal or less than this. Therefore, if you intend to only breakeven at the end of your first year in business. You can expect that your efforts will either help you to achieve your aspiration. Or worse, help you to accomplish less than this. To maximize your full potential, aim high with your business goals. This will prevent you from limiting your capabilities and stretch your comfort zone, enabling you to strive for better results. Stepping out of your safe zone is the only way you’ll ever know what you’re truly capable of achieving.

Practice Resilience

One thing you will never, ever avoid as an entrepreneur is setbacks and failure. It’s part and parcel with the occupation, and so it’s something you need to get used to. Although it may seem in the moment as though the prospect of running your new venture is crumbling, you must focus on the positives. Successful business people see issues as opportunities, failures as a chance to show themselves and the world what they’re made of. Until you start getting back up from your setbacks, you will never reach your full potential as an entrepreneur. Your resilience levels will remain the same, and your personal growth will suffer too.

Don’t Get Comfortable

This section ties in with aiming high. If you aim low to achieve a set goal, and you produce it, you may think its an opportunity to take your foot off the pedals and cruise for a while. After all, you’ve reached what you set out to achieve, so what more is there to do. Maintaining a small perspective of success will only stunt you from reaching your full potential. Don’t stop trying and working just because you’ve surpassed your competitors. Or because going further fills you with fear, or because you’re not sure about where to go next. Start carving a new path and new goal to accomplish, even if it seems impossible.

Invest In Your Biggest Asset

Picture by x ) from unsplash – CC0 Licence

You, as the entrepreneur, are the biggest asset and so you must grow and learn continuously. There is an abundance of resources out there at your fingertips. However, not many entrepreneurs are utilizing these and remain stuck in their old ways of thinking. With an ever-changing world and business sphere, you must change too. To bring innovative ideas and to find new ways of doing things and new ways of helping others through your business. If you stay stagnant in both knowledge and experience, you will not reach the potential of becoming a great business person.

Think About Your Values

It’s incredibly essential to inspire self-motivation, particularly when we’re feeling down or exhausted. A more efficient way of becoming motivated against the odds is to create a business that matters. This requires assessing your values and what matters most to you as an individual. For instance, Cynthia Telles invests some of her time and effort into Operation Splash, to help disadvantaged communities swim or learn how to become lifeguards for free. This is a project that allows poor communities to improve their skills, but also to save other people’s lives too. Another example of a venture with meaning is a property developer that seeks to create more than just housing developments. For instance, the intention behind the architecture they choose to sell to the working-class could be to create a visually pleasing and safer community. Once you know your values, you can create a purpose thread throughout your entrepreneurship. This will give you unrivlled motivation and perseverance through tough times as you attempt to pursue your purpose.

Develop A Routine

There are habits in your existing routine that you do on autopilot every day. Whether making breakfast or driving your car. After practicing these for so long, they become ingrained into your brain that you know longer have to really put any thought into them. To reach your full potential as an entrepreneur, you need to create consistent healthy and smart habits. From waking up early every morning to go to the gym and start work while the house is peaceful and the children are asleep. Or blocking out your working week, a week in advance, with networking events, sales calls, and segments for learning and development. Creating a routine is what will get rid of the worry anxiety of ‘what should I do now.’ Above all, it saves you wasting time and shall allow you to reach your full entrepreneurial potential.

Self Love

You are your company’s biggest asset. You’re the ideas and the leader that shall lead your concept to creation, and so nurturing you is essential. From what you eat, the amount of sleep you get, to socializing and connecting with loved ones, it’s vital to take care of your physical and mental health. In doing so, you will have the strength, creativity, and willingness to return to your business fighting fit each and every day. It can be as simple as scheduling routine exercising to keep active and endorphins flying. But also to prioritize healthy eating and plenty of water over eating takeaways. Failing to prioritize your mind and body, will eventually impact your entrepreneurship. So be the best you can be, and take care of yourself.

Reaching your full potential and as an entrepreneur doesn’t just happen. It takes a conscious effort to implement the above. To make sure you’re making the most out of each and every day. To make sure you are allowing yourself to grow as an individual, and to seek business opportunities that hold value.

Why Your Business Needs To Outsource IT

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. When in business, it’s important to understand which functions to retain in house and which ones to outsource. Many business outsource their Information Technology services (IT), and as out technology continues to rapidly evolve, this often makes the most sense. The following contributed post is entitled, Why Your Business Needs To Outsource IT.

* * *

Image Credit Pixabay.com License cc0

If you want a thriving business, you need to be in control. If you want success in everything that you do, you need to be innovative. If you’re going to beat your competition and lead the market, then you need to be a leader within your organization. But how productive are you really? How many of these areas are you slipping in because you’ve not got the time and resources free to do them? How much of your day is taken up with other areas such as dealing with IT problems, or managing administration, recruitment, and payroll?

If the answer is that you are not spending time on the core aspects of your business, then you need to start making some changes. You need to free yourself up, along with your other significant team members. You need to have the time on your hands to worry about the things that make you profit.

Yes, all of the areas mentioned are significant. Without payrolling, your staff would not come to work. Without recruitment, they would not exist. And importantly, without an IT system, your company would operate very slowly and fail to capture any business in this digital era.

But you can have all of those things, and not do them yourself. Employing teams of staff to handle these parts of your business can be very costly. However, there is a much easier option. Outsourcing your business support tasks can be a constructive way of freeing up your resources to allow you to become much more productive.

Outsourcing Your IT Needs

Whether you need support managing your Microsoft Office 365 accounts or your cloud-based systems, bringing in the services of an outside IT company could improve your business immensely. You may need someone to keep your network secure or to carry out regular audits to make sure you are fully compliant with data protection regulations. Handling your customer’s information is a big responsibility, so having experts to help you with this can relieve much of the burden.

Expert Support When You Need It Most

Having someone with the highest level of experience available to you at all times will no doubt take a great deal of the pressure of you. It will give you a huge peace of mind that your business is in safe hands. To employ a team of people with the experience needed to run your IT systems in the manner that you require would be a costly and timely undertaking. Having managed IT services will mean you get access to this skill level at a fracture of the cost.

Move With The Times

The times are always changing, and tomorrow’s significant innovations in the tech world will be making your competitor’s businesses even more successful before you know it. If you want success, you will need to be ahead of the game. Having the support of a leading tech support company will help you to learn about and incorporate innovations that may be of benefit to your organization before it is too late.

Take These Steps to Get The Best From Your Employees

The first principle of my blog is Creating Ecosystems of Success. Two of its key focuses are Financial Literacy/Money and Business/Entrepreneurship. One of the keys to success in business or any business is keeping your employees happy. Getting the best from your employees will bode well for your organization. The following contributed post is entitled, Take These Steps to Get The Best From Your Employees.

* * *

(Pixabay CC0)

When it comes to your workplace, we can guarantee two things are true.

1. You want your employees to work as hard as they possibly can.

And…

2. Your employees want to live up to their potential.

However, problems arise when your employees aren’t given the tools they need for the jobs they have to do. When they are underequipped to take on certain tasks, slowdown will occur. And the upshot of all this?

1. Feelings of frustration from yourself when your employees underperform.

And…

2. Feelings of frustration from your employees when they are prevented from being the best of themselves.

And the upshot of this?

You get annoyed with your employees, and your employees become disgruntled when you complain to them. They might then become less productive because of their inevitable low morale.

To alleviate the problem, you need to take the relevant steps.

Step 1: Provide your employees with the correct tools

It’s not just about giving them the obvious. If you run an office-based business, you know you need to give your employees a computer. Its also about giving your employees the tools they need to work efficiently. It’s about giving your employees the tools they need to make light work of any tasks they find complicated. With the correct tools, your employees will get work done, and they will then feel a sense of accomplishment. You will be happy; they will be happy.

So, think about the people you employ and provide them with the relevant tools and tech for the jobs they have to do. As examples, you might provide your sales team with CRM software, as used correctly, this will give your employees the ability to identify sales opportunities. They will then stand a better chance of meeting the targets you have set them. And you might simplify administrative processes in your HR department with HR management software. This is useful for your team, as the software will streamline their day and help them work in a more efficient way. They will then have the ability to get through their to-do lists without having to commit to overtime. The result of both of these examples? Happier employees, a happier you, and a better business.

Extra tip: The linked software is also good for analyzing employee performance, so use this tool to ensure you are able to get the best from them. This might include an adherance to the suggestions in this article.

Step 2: Ensure your employees work to their skillset

When your employees are taking parts in jobs they are skilled to manage; you can guarantee better staff morale and greater productivity. The opposite is true if you give them tasks they are ill-equipped to handle, as they will work at a slower pace, make mistakes, and consequently, feel dissatisfied in their roles. You will feel dissatisfied too when work doesn’t isn’t completed on time and to a quality level.

So, ensure your employees work to their skill set. Don’t give them tasks that are far removed from the responsibilities you set out on their job descriptions. With a view to the advice we gave you in this article, outsource those tasks that aren’t able to be completed successfully in-house, or if you have the budget to do so, employ new people onto your team with the additional skills that are needed. Your employees will then experience greater job satisfaction when they are allowed to get on with the jobs they are proficient in, and there will then be an upturn in staff morale when you then praise rather than complain to them about the work they have turned in. Consequently, they will have the motivation to give your business the best of themselves because you have given them the opportunity to be the best of themselves!

Finally

It only takes a couple of simple steps to get the best from your employees, so follow our suggestions, and relate them to your business. Then, as your employees experience success, so will you when your business grows as a result of their improved efforts at work.

Thanks for reading.

Securing A Regular & Repeatable Customer Experience Every Time

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. One of the keys to being successful in business is assuring a quality experience for your customer base every time. Doing so will increase the likelihood of their repeat business and drawing new customers. The following contributed post is entitled, Securing A Regular & Repeatable Customer Experience Every Time.

* * *

Pexels – CC0 License

There are many ‘R’s’ in business life. Respectability, restraint, results, restructuring, but perhaps chief among them all is the term ‘reliability.’ As a firm, more than the highest-quality products, the cheapest offering, the most prestigious reputation, you should value reliability. Now, this must be viewed in a positive light of course. To be reliably awful or reliably underdeliver is not a solid way to success, but again, it is reliable in how it will lead to those results.

As a firm, reliability in a positive sense is everything. You need the tenth time a customer opens your product to be as worthwhile as the first time. You need to ensure that your safety standards are exceptional to the point where they can be relied upon time and time again. For this and more, it is important to understand how to integrate worthwhile systems into your manufacturing process, to ensure that your customer experience is a reliably positive one every single time. Let us consider how that might be achieved, and with the following advice, better your development:]

Consider Every Step Of The Customer Experience

Considering every single step of the customer experience is vital if you are to make the best decisions going forward. For example, how is the item packaged? How might it be delivered to the customer? How will they unveil the package, or how are they greeted when they come into the store? Are the prices consistent between your online presence and your in-store goods? Do your service professionals offer a refreshment every time in business meetings that are applicable? When you consider each step of the customer experience, you are much more likely to find smaller inconsistencies and consider if they are welcome or not.

Utilize Great Suppliers

You’d be surprised how a learned customer can detect changes in your supply. For example, if a restaurant switches from fresh to frozen calamari, almost everyone will notice it, despite how much money the head chef could be saving at that point. This is why excellent providers that give a completely professional service, such as Mobile Paint, can make the true difference over time. It’s more than just a simple game or a means of placating the most discerning of your customers. It’s something within which you depend on, and additionally, the better suppliers can help you curate your protect to only upgrade, never downgrade your offering if making changes.

Keep Investing In Your Support

The hallmark of any great business is how effective they are at providing their customer support. Securing a regular and repeatable customer experience every time is indicative of staff that are well trained, hold times that are acceptable, and solutions that are always necessary and compromising in their output. This requires investment. It also requires careful manage of your metrics, such as considering how many support tickets were resolved successfully in a given year, and using that information to inform your future changes.

With this advice, you will become that reliable firm you hope to be.

What Can Help To Make A Business More Efficient?

Buffer

“Efficiency has always been a key term in the world of business, and it’s not hard to find out why.”

Buffer

Two of the focus of my blog are Financial Literacy/Money and Business/Entrepreneurship. A key running a successful business in making it more efficient so that it runs like clockwork. There are a couple of keys to pay attention to. The following contributed post is entitled, What Can Help To Make A Business More Efficient?

* * *

Efficiency has always been a key term in the world of business, and it’s not hard to find out why. After all, the key point of any business is to make as much of a profit as possible out of whatever you are selling or whatever service you are offering. And that is something that relies heavily on working efficiently. Without a high efficiency, you are simply not going to make as much money as compared to how much you have spent, it really is that simple. Moreover, when a business is highly efficient, it makes life easier for the management, for the staff, and for the customers who need some help or need to make a complaint. With so many good reasons to be as efficient as possible, it can be hard to actually make it a reality. So what can you do to ensure that your business is running more efficiently?

Image Credit – CCO Licence

Strip Out Unnecessary Processes

It is worth having a kind of self-audit of the processes within your business if you want to make sure that it is being run as efficiently as possible, as you are likely to discover a few loose ends here and there. This is normal, but it is certainly something you will want to try and do something about if you want your business to be efficient. If you can identify any unnecessary processes which have accidentally been generated or have simply been forgotten about, you will find that you have a great opportunity in front of you: namely, to strip out and get rid of those processes, so that everything becomes simpler and easier. Any work that is unnecessary is taking away from the potential efficiency of your business, so this is important to bear in mind.

Collect & Analyze Data

If you are struggling to make it work, you might find that it is going to be a help to find some kind of way to collect and analyze data within your business about how you operate. Of course, that is the kind of thing that is much easier done with a readymade tool such as various business efficiency applications, so it’s worth looking into whether you could benefit from any of those. You might be surprised as to how much you can get from them, and that can really be a great way to ensure that you are making your business run much more efficiently in no time. In a sense, you are automating the automation, which only makes sense to do here.

Image Credit – CCO Licence

Better Staffing

The way that you staff your business says a lot about your potential for efficiency. Too many people means that you are not going to get things done right, and too few is going to be stressful and inefficient. So play around with the numbers until you get it right, and make sure that you hire the best of the best – the people who are going to actually work the hardest, and make the best job of it.

Optimize Your Resource Management

An efficient business will make the most of its resources. Whether we are talking about time, money, or materials, they know that it is all precious. Reducing waste and streamlining energy usage can significantly cut costs and boost your overall productivity. For example, for industries relying on precise gas usage, a gas flow meter will help you to monitor consumption. It will also help with preventing leaks and improving overall efficiency. Even small adjustments across different areas of the business will guarantee long-term savings and smoother operations.

Pruning Your Own Business Operations Leads To Efficiency

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. One of the keys to your business thriving over time is keeping all aspects of its operations as efficient as possible. In order to build and maintain efficiencies in may involve pruning certain aspects of its operations. The following contributed post is entitled, Pruning Your Own Business Operations Leads To Efficiency.

* * *

Image Pixabay License CC0

The day that you started your business, your goals were clear. You knew how you would make your money, and you knew all about the type of service and products that you had chosen to delivery. Your ideals were fully intact, and you knew where you were going.

Over time, when you are starting in business, you will meet a significant number of hurdles that you will have to face. These may require you to add more strings to your bow and undertake more tasks to support the operational functions of the business. Pretty soon, your business will need to consider areas such as day-to-day record keeping, IT support, payroll, recruitment and HR, logistics, warehousing, and building maintenance. The escalating costs and drain on your time and resources can be immense.

Farm Out Your Workload

Having all of these functions in-house requires you to have a full set of policies and procedures to govern each business function. You may be required to meet strict regulations, and this will mean additional training for you and your team.

However, there is an alternative to managing these areas of your business in-house. By outsourcing as many aspects of your day-to-day operations to other companies, you could save yourself the need to spend time on them.

For example, you could use a company such as Hudson Valley IT Services to provide support for your technological requirements. You will get access to a high level of experience through a well-trained team. You would be able to take advantage of systems and software that may not have been within your scope if you were to run these functions in-house. You will do this without the need to regulate or manage the team responsible for delivering it. You will be the end-user, and as such, enjoy the benefits that come with being the customer.

Streamline Your Functions

Another way that you could address the level of commitment that you are showing to your primary business aims is to undertake a full review of how and why you do everything in your operation. Often, over time, the reason that tasks are carried out is lost. You may be handling or processing data that is not useful to you. All of these things can multiply and mean that a great deal of time and money is being wasted. All of this detracts from your business aims, and ultimately from your bottom line.
Spending time refocusing and retraining your team, you can bring these areas of concern under control. You should create a culture where the only work that is carried out is designed to meet a company objective. If there is no return on your investment in an aspect of the business, then you should remove it.

Hold Yourself To Account
As well as reviewing the practices of your team, if you are to be a great and successful business leader, you need to consider the way that you go about business too. If you are not focused on delivering the services that you set out to, then you are failing. By redressing this balance, and continuing to review your performance, you may well find the route to true success.

Tips that will Help you to Effectively Market your Small Business Website

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. A key aspect of successfully running a business is its marketing much of which today is done using websites. Successfully marketing, in this case using websites is often what separates the businesses that survive from those that perish. The following contributed post is entitled, Tips that will Help you to Effectively Market your Small Business Website.

* * *

Marketing can be complicated, after all, you have to think about your target audience, your website, and even your budget. Luckily, there are ways for you to try and simplify the process and if you take the below tips into account, then you’ll soon find that it’s easier than ever for you to drive results.

Focus on Lead Generation

Every single page on your site should be focused on capturing new leads. It’s important that you have a newsletter and that you also offer great content. This will help you to obtain the name and email address of anyone who accesses your site, and it will also give you way more opportunities to convert too.

Source: Pexels (CC0 License)

Cart Abandonment

Cart abandonment is very common in the world of eCommerce. If you want to make the most out of your site, then you have to send out emails whenever someone leaves something in their basket. You could offer them a discount code if they checkout within the next hour or you could simply remind them that they never completed their purchase. Little things like this will help you to stay connected to your customers and it also keeps that open line of communication too.

Blog Frequently

Blogging is a fantastic way for you to market your business. Your prospective customers use Google every single day to try and find what they want, and if you have a blog then you increase your chances of being found. If you’re stuck when it comes to blogging or if you just don’t know what to say then consider researching your competitors, or even post about any industry changes that are happening right now. Little things like this can go a long way and it will also make it way easier for you to establish an online presence.

Invest in the Right SEO

There are plenty of SEO techniques out there that will actually do your site more harm than good. If you invest in the wrong techniques, then this will make your site less reputable and it will also give your customers a bad impression too. If you want to get around this, you need to hire a quality SEO firm. It also helps to make sure that they are experienced in your website niche too. For example, if you have a marijuana site, then it may be worth checking out: https://www.marijuanaseo.com/best-marijuana-packaging-businesses/.

Build an Active Presence

If your prospective aren’t using Google, then they are most certainly using social media sites such as LinkedIn, Twitter, Pinterest, Instagram and even Facebook. If you want your site to be successful, then you have to make sure that you have a presence on at least 3 of these sites. If you don’t then you could be limiting your own success and you may even find that you are not able to get the leads you need. If you’re not quite sure how to post to social media efficiently then there are plenty of marketing companies out there who can help.

A full-time income on part-time hours revisited part one: An exciting business opportunity for you!

“Remember to keep an open mind and get some new information!”

Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. I originally published this series back in November of 2013 when I wrote for the Examiner. Of the businesses that the average working-class person can get involved in, none are more controversial than “Multi-Level Network Marketing” businesses (MLMs). I bought into a MLM when I first started my federal career which was a learning experience. It sounded like a good idea at the time but didn’t go quite as planned. This series talks about what I both experienced and learned during that little experiment.

* * *

This next series of articles will veer off the path of scholastic education and literacy, and venture into the world of financial literacy. This series will look at Multi-Level Network Marketing businesses (MLMs). It’s an subject area rarely explored in print, but one which we’ve all experienced through personal participation, being recruited or being sold a product or service by someone else.

These business models and the people involved with them are already highly scrutinized, thus the intent of this series is not to do more of the same. The goal will be to simply take an objective look at them from multiple perspectives: the business associate, their prospects, friends, relatives and coworkers. As a writer, my goal will be to be fair in my commentary.

This topic will potentially touch multiple people. It’s particularly relevant in this era of recessions, further potential government shutdowns and sequestrations where people are being forced to consider alternative ways of earning income. Again, the goal here is not to sway anyone to a particular side, but simply to educate readers curious enough to read this series.

“Hey man, I want to talk to you. I’ve been watching you. You look like a serious brother, and I have a business opportunity to turn you onto,” a bus driver told me at the beginning of my commute one morning. “I don’t want to drive this bus forever, and I want to make some real money! Take this brochure and if you text me your number, I’ll invite to one of our meetings so you can get some more information!”

I could hear some contempt in his voice, particularly about having to work his job which was interesting. It raised a couple of questions in my mind. Why would someone feel contempt about working their job? Why would someone feel contempt about working a job? Why would someone feel resentful about having a paycheck? Many would say that there’s dignity in working. We’ll revisit this later in one of the subsequent parts of this series.

Besides being surprised that one of the metro bus drivers ‘prospected’ me for recruitment into his business, it brought back memories of my own experiment with Multi-Level Network Marketing. Just briefly, Multi-level Marketing is a marketing strategy in which the sales force is compensated not only for sales they personally generate, but also for the sales of the other salespeople they recruit.

What made this bus driver prospect me? And what made him consider me a “serious brother?” It could’ve been my regular ridership on his route most mornings. Perhaps it was my “serious” appearance and disposition that made me seem like someone who could effectively work in his business and help he and his colleagues achieve their financial and life dreams.

My thoughts reflected to the many network marketers encountered during my travels in person and on social media, and what their motivations were. My motivations at one time for participating in one were: becoming rich, taking advantage of business tax breaks, and being able to walk away from my job.

Since 2005, multiple opportunities have come across my path. The first was from an Indian man in his late 20s in a supermarket late one night just before I moved away from Michigan. After striking up a friendly conversation with me about my life and aspirations, he started talking about an ecommerce business he was involved in. He encouraged me to learn more about it and to, “keep an open mind and get some information,” common phrases used by prospectors. Have you ever experienced anything like this?

Since then there have been numerous offers to participate in businesses involved in ecommerce, financial counseling, travel services, weight loss/health products, legal advice, organic coffee, and health care services. The list goes on. You name it, and someone has gotten it covered.

At their informational meetings, most if not all the network marketing businesses had elaborate presentations, and marketed dreams of:

• Financial independence;
• Making multiple residual passive income streams;
• Walking away from 9-5 jobs;
• Taking vacations whenever desired;
• Making your own schedule and;
• Making a full-time income on part-time hours.

This topic will be examined in greater detail in the subsequent articles. People’s motivation for joining this type of enterprise will be examined in part two of this series.

Thank you for reading this blog post. If you enjoyed this piece, you might also enjoy:

• Are you getting your Matching Contribution? A discussion on saving for retirement
• A look at the Law of Compounding Interest and why you should care
• Your Net Worth, your Gross Salary, and what they mean
• Is there power in budgeting your money
• I still don’t have a car in 2018: A story about playing financial chess
• We should’ve bought Facebook and Bitcoin stock: An investing story

If you’ve found value here and think it would benefit others, please share it and or leave comments. To receive all the most up to date content from the Big Words Blog Site, subscribe using the box in the right-hand column in this post and throughout the site, or add the link to my RSS feed to your feedreader. Please visit my YouTube channel entitled, Big Discussions76. Lastly follow me on Twitter at @BWArePowerful, on the Big Words Blog Site Facebook page, and on Instagram at @anwaryusef76. While my main areas of focus are Education, STEM, and Financial Literacy, there other blogs/sites I endorse which found on that particular page of my site.

Dealing with Tough Times as a Small Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Many businesses face tough times at one point or another. If and when it happens, it’s important to understand how to adjust. The following contributed post is entitled, Dealing with Tough Times as a Small Business.

* * *

Every business owner that has been around for a while knows: you have great years, and you have lean years. The success you might be experiencing right now is not a guarantee for the future. Having a buffer in the finances helps most medium to large companies deal with trialing times, while they either wait or get organized for better fortunes.

Photo by Tim van der Kuip on Unsplash

For smaller businesses, these types of financial buffers are usually non-existent. If the cash flow dries up, there are serious risks to not being able to pay suppliers on time or, even worse, the payroll. Companies do well to have a contingency plan ready to deal with meagre times and, as the saying goes: mend the roof when the sun is shining, perhaps already incorporate into your business to become more agile and responsive. Here are some areas to look into.

Switch Up Your Marketing

There will be no new business without significant marketing in place. That doesn’t mean climbing in the phone to the next media buying agency to get yourself a costly TV campaign. It means, especially in this digital times, to go smarter with the market budget and try to reach audiences you haven’t reached before. Think direct to consumer marketing campaigns, social media campaigns, or pay-per-lead type marketing activity. In the new age, going small for just a leads/new business campaign is possible, but do consider that eventually, you will need brand saliency for real growth. Going full digital marketing and lead/sale based only will work in the short term is no real replacement for the longer term. Also, don’t fall in the trap of only focusing on short term marketing, you will always need a vision in place how your proposition will evolve over time.

Investigate Your Cash Flow

Thinking about cash flow issues, especially in regards to being able to pay suppliers is another challenge business owners will have to get their head around. In some cases, the solution is as simple as coming to an agreement with your suppliers. One the one hand they have no interest in one of their customers going under, on the other hand, they will have to pay their own suppliers and employees as well.

In some cases, there is a good middle that can be reached to alleviate the pressures of paying a full invoice but also respects the relationship you have with your suppliers. Running payroll is more challenging as it will be a large chunk of the finances. Of course, you can try negotiating, but don’t be surprised if employees walk away quite quickly. Ask yourself “what is factoring” for a solution in this area.

Keep Improving

Ensuring a stream of jobs and managing your cash flow are the main life-line for companies in difficult times, but it doesn’t end there. What might seem to be a luxury, thinking about the future 3-5 years down the line, as you are fighting for survival, might seem daft, but it’s precisely what you will need to do. As a business owner, you need to be continuously navigating the challenging waters of threats and opportunities to come out of it stronger, more robust, and on a path of healthy growth.