By Max Anderson


Business credit cards, while not quite the same as personal credit cards, aren't completely unlike them either. There's the pros and the cons, but in the business world the pros of business credit cards significantly outweigh the cons.

If you want to know the ins and the outs of the business credit card world and if you want to put business credit cards to work for your business, you need to know the basics.

1. Don't Do Business Without One

Business credit cards are not a luxury for business owners -- they are a vital necessity. If you want your business to succeed, you're going to need to look into business credit cards sooner or later (and preferably sooner rather than later).

The reasons for having business credit cards are numerous and the fact of the matter is that the sooner you apply for business credit cards, the sooner you begin building your business's credit history.

2. Keep It Simple

One of the best things about business credit cards is the fact that they can significantly simplify your bookkeeping and expense accounting. By keeping all business-related purchases on a single business credit card, you'll be able to track your business spending effortlessly.

3. Bask in the Rewards

When your business gets to the financial point where you can pay your credit card balance off in full each and every month, you may want to look into business credit cards that offer rewards. These credit cards can help you stretch your business's dollars further, by allowing you to redeem points for business supplies, services and even cash back.

Just remember, business credit cards with rewards usually carry a higher interest rate. Because of this, they are only good for those who pay their balances off in full and don't accrue any interest charges.

4. And The Benefits Keep Coming

In addition to rewards, business credit cards often come with other perks and privileges for your business. Many business credit cards offer advantages, such as travel accident insurance, purchase protection and other helpful benefits.

5. Make Life Easy for Yourself and Your Employees

If your business employs individuals other than yourself, business credit cards can be important. If your employees must travel for business reasons or if you need them to run errands, issuing them a business credit card will make life much easier.

Your employees won't have to put cash out up front and you won't have to deal with expense reports and employee reimbursement.

Realize, however, that you are ultimately responsible for paying the bills, so issue employee credit cards with care.

6. Building a Credit History

Not only are business credit cards wonderful tools for your business to use, they are also instrumental in building your business's credit history. The longer you use your business credit cards, the higher your business will rank in the eyes of lenders.

7. Manage Them Wisely

When you do obtain business credit cards for your business, just remember that you need to manage them wisely and pay them on time just as you would your personal credit cards. Just like with personal credit cards, business credit cards carry heavy penalties for late payments and over-the-limit transactions.

And remember -- while business credit cards may be similar to personal credit cards, you should understand two very distinct differences. It is possible (although not easy) to live without personal credit cards; however, it is even more difficult for your business to thrive without the proper use of business credit cards in the day to day expense management.

By David Willetts


In all business turnaround situations there are certain steps that are commonly taken to change the fortunes of a failing business.

The owner of a less than successful business may require professional expert help to arrest the business demise and to create value for the organization. The task of managing the required change may be beyond the owner's skill set or too much emotional sentiment may exist that may preclude the owner from taking the tough ‘business saving decisions'.

Is there a standard process to be adopted in business turnarounds?

All business situations are different and, therefore, merit different approaches and emphasis on different aspects of the work. However, there are some steps that are generally considered in many successful business turnaround situations and ten of the most relevant are given below:

1. Review and Assess the Present Situation
In a business turnaround it is important to understand fully the starting position. It will be important to gather objective and anecdotal data in order to review the situation and to determine the causes, as well as to comprehend the immediate effects, of the issues impacting the business.

Management accounts, the sales order book, financial arrangements, internal controls, customer service levels, quality and leadership skills are typical areas that will require evaluation and a view taken on.

2. Develop Plans and Business Strategy
After assessing what is required to be changed for the business turnaround to be successful, it will be necessary to develop robust plans and strategy that will achieve success.

Without doubt it will be necessary to comprehensively document the actions to be taken, the timings, the financial impact of those actions and to obtain ‘buy-in' from the business owner.

The benefits of writing the business plan include that of a reference against which actual results can be measured and an indication to third parties that the proposed business turnaround plan has been carefully evaluated and is a viable proposition that should be supported. This will be an important and relevant form of communication to investors, staff and others who may need to know what the businesses future plans are.


3. Communicate With Key Employees
For the business turnaround to gain momentum it will be necessary to meet with managers and key personnel. The current business affairs should be explained and the consequences of not taking corrective action should be made known. An outline of the proposed actions to be taken should also be communicated and a request for comments should be sought.

Whilst it may not be possible to answer detailed questions it will be important to elicit the concerns of this group and address them as positively as possible.

Members of this group will critical to the success of the business turnaround. They will be charged with taking the planned actions and delivering the results; consequently it will be imperative that the group act as a team and are committed to the future plans.


4. Communicate With Other Employees
It will be necessary at the earliest opportunity to meet with all employees or their union representatives, particularly if job losses are planned.

A prolonged period of uncertainty, fuelled by rumour and counter rumour, will not be beneficial to the business and whilst bad news may not be easy to deliver, the communication of it in a timely sensitive manner is desirable.

The meeting will also be the opportunity to provide an insight into the future business plans and the part the remaining employees will play.

5. Meet the Bank
The bank and other parties with a financial investment in the business should be advised of the business turnaround plans. If possible meetings should be arranged to discuss the plans and to seek assurances of continued, and maybe, more support for the business.

6. Meet Customers
Dependent upon the severity of the situation within the business it may be necessary to reassure key customers of the business turnaround plans and the benefits that will accrue for them.

This action should be considered mandatory if the cause of the business demise has been poor customer service, poor quality product or any other matter not meeting the expected/agreed customer satisfaction levels.

Begging for a second, third or even fourth chance to ‘get things right' may be embarrassing but remember: no customers - no business. Learn from past mistakes, do not promise what cannot be delivered and ensure internal systems, processes and communication channels are raised to a standard that will seamlessly allow business to be conducted in a timely and efficient manner.


7. Meet Suppliers
If the business has failed to settle payable accounts on time, even the murmur of business turnaround activity taking place may result in suppliers imposing draconian payment terms that may jeopardize the business turnaround recovery plan.

If support for the turnaround plan has been gained from the financial institutions and investors, it will be advisable to actively seek meetings with vendors to outline the plans and to seek their continued support.

Re-establishing trust will be critical. Negotiating new or even the continuation of existing, payment terms from a weak position will be difficult, however, all promises made should be honoured or if failure is imminent inform the vendor in advance of how any debt will be discharged.

8. Conserve Cash
Review and improve if necessary the credit management procedures. If possible negotiate extended payment terms to suppliers; examine thoroughly all unused assets of the business and liquidate if necessary.

Options that may be available include selling unused buildings, renting out spare office space, selling unused plant and office equipment, disposing of excess or redundant stocks, factor sales debt and if unavoidable make excess employees redundant.

In addition the elimination of all unnecessary overhead cost should also be actioned.

9. Implement New/Update Systems and Procedures
A thorough review of existing systems and procedures will be required to meet the goals of the business turnaround plan. Implement change if necessary; it will be noteworthy to recall that a continuation of old practices will almost certainly result in the same old results.

Positive and profitable change may be required and this should be communicated to employees, so that they understand their roles in the new business environment.

10. Monitor, Measure and Take Action
Throughout the business turnaround process, results should be regularly measured against plan and corrective actions taken if required. Key performance indicators (KPI) should be determined that will give a snapshot of the business performance and be available on a daily, weekly or monthly basis.

The KPIs should include financial and non-financial measures and reflect the important aspects of the business that will determine success or failure.

Finally it will be desirable to pro-actively communicate the turnaround progress to all interested parties - employees, customers, suppliers as well as the financial institutions.

Provided sound business management principles are employed, results measured and positive trends reported, control of the business should be re-established. However, the business turnaround work should not be considered as a one-off. The experienced gained during the turnaround process should be adopted to avoid a repetition of the earlier mistakes made.

By Scott J Miller


Looking back on many unsuccessful attempts at home business, we wish we had received guidance from someone who had already been down the road we wanted to travel. We had so many failures that we were starting to doubt that success in a home business would ever happen for us.

Thankfully, we didn't give up and through perseverance we were able to achieve the success that had eluded us for years. Along the way we discovered many things that we wish we had known when we started this journey.

Our success has literally transformed our lives. We believe that to whom much has been given, much is required. Consider this information our gift to you. If we can be of assistance please, do not hesitate to fill out the contact form at TheHomeBusinessPodcast.

1. Success doesn't happen overnight.

For some reason people think that they should become rich in a few months with their new home business and some people believe success should happen within weeks or days! We introduced a man in his early 50's to our business and he was excited. When we first met he complained that he had been working hard for more than 30 years and he was broke.

He said he never had any time for himself or his family. We told him what it would take to become successful and he agreed to do it. Then, he disappeared. A few weeks later he called to tell me that he was quitting. He hadn't even started and here he was ready to give up.

We asked him if he would be better off quitting his full-time job and keeping his home business! Of course, we didn't really mean that he should quit his job, but he had been working full-time for more than 30 years and he was still broke. He started his home business just a few weeks earlier and he never gave it a chance.

Why is it that so many people think that they should become wealthy in a few weeks? The answer probably lies in all the get rich quick schemes that are so prevalent in our society today. You've seen the emails or read these lines in your junk mail. No Selling, We Do All The Work For You, Make $30,000 in 90 days and on and on.

Those get rich quick scams cause people to think that every home business is a scam and that's not true. We just got off the phone with Doug, a nice guy who is seriously considering our home business. During our conversation we made it clear that he wouldn't be rich in 60 or 90 days and his response was the kind of response we hear often, “Thanks for telling me the truth. I'm happy to know that I'm dealing with people of integrity.”

We were frustrated so many times in the first year of our home business that quitting seemed like the sensible thing to do. After all, these things don't work. Who do you think you are? Why don't you just get a job like everybody else? These thoughts and many like them nearly kept us from success.

If you already have a home business, perhaps you are facing the same thoughts. Don't let the negative thoughts crowd out the life changing success that a home business offers. Sure, we struggled at first, but after 20 months we were making $100,000 a year in lifetime residual income! When you find yourself facing bankruptcy and foreclosure as we were and then apply for food stamps you have a firm grasp on the tough times life can bring.

Occasionally, we'll say “What If?” As in, what if we hadn't stuck it out through the hard times? What if we had taken the advice of supposedly well meaning people who said that we would never have success in a home business?

What if it took you two to four years to become successful in a home business? What if you could make $100,000 without a boss and a job to go to? What if you could actually be home for your children and know them as people instead of looking at them as the little people who live in your house?

Most people who start a home business quit in their first 90 days and go back to their dreadful lives of desperation. Most people aren't really living. They are only existing. They're going from one day to the next without any hope of a better life. Benjamin Franklin said “most people die at 18, we just don't bury them until they turn 65.”

2. Success doesn't happen without work.

I talked to a woman who said she was interested in changing her life. When it was time for her to make a decision she asked me, “Do I have to do anything?” “No” I replied, “once a month we just back the money truck up to your house and unload!”

If you had a traditional business you'd have to open your business every day. If you have a job you've got to show up if you want to get paid. When you start a home business you can't simply sign up and expect the money to start being deposited in your bank account. There's work to be done.

Is it hard to become successful in a home business? Compared to giving all of the best years of your life to your employer and missing birthdays, anniversaries, your child's first words, your child's first steps and realizing that life is nearly over and in your golden years you don't have the money to do the things you want to do, no it really isn't that hard at all!

If you're in a business like ours when you employ leverage, getting paid for other people's efforts, you can enjoy the fruits of your labor so much more. Even if you have a home business where you do all the work it's better than working for an employer.

We are convinced that to live a great life your home business must employ the leverage concept. It's the only way you can have money and the time to enjoy it. The wealthiest people in America became wealthy by owning businesses. The businesses that created great wealth were out in front of a trend and the business owner got paid based on the efforts of thousands of people. We wouldn't be enjoying the life we live today if we were getting paid only on our own efforts.

We worked really hard with very little success in our first year. Our 2nd year was the breakthrough that we were looking for, success was on the way. What we failed to realize was that during our first 12 months we were improving our skills and our confidence and that's when success started to happen.

So, how much did we work in our first two years? We worked as much as it took. How much should you work your home business? That depends on a variety of factors. How bad do you want it? How fast do you want to achieve success? We recommend that you work your home business a minimum of 7 to 10 hours a week, and do it consistently for at least two years.

Success doesn't happen without work and it isn't limited to working your business. Are you committed to improving your skills and working on you? Read at least 10 pages from a great book every day. Books like “Think and Grow Rich” will change the way you think and when you change the way you think you will change your life.

Expecting success without work from your home business is like expecting a paycheck from a job that you never started. It just doesn't make sense.

3. You must be disciplined to achieve success.

So, you're working your new home business and a friend calls offering to take you to lunch. Can you afford to go? Your favorite show is on TV, but you know you need to be working your home business, what will you do? Perhaps the biggest adjustment most of us need to make is to be disciplined in our home business.

Let's face it in a work environment there is usually supervision. Many people fail in a home business because there's nobody looking over their shoulder to see that they do what they need to do.

Since most people who start a home business have never owned a business, we must learn to be disciplined, if we're going to operate a successful home business. There were times when somebody told us no and that was devastating. We'd usually mope around and fail to do anything else the rest of the day. Had we maintained that attitude, we'd have a job right now instead of an successful home business!

Consider setting business hours. Of course, there are exceptions to every rule, but asking friends and family members to respect your business and your business hours is an important step to success. We've got a good friend who makes more than $100,000 a year and when you come over to his house during business hours you can visit with his wife, but he excuses himself and works his business. If you have a small child, work when he or she is napping and when they are in bed at night.

It's also a good idea to have a permanent work space, so you can shut the door, eliminate distractions and get your work done.

This is a difficult adjustment for some people to make, but your children can learn that when Mommy or Daddy is in this room with the door shut that they are working. You'd be amazed at how many children will respect your space and time if you ask them too. We've seen many successful stay at home moms and dads work with children nearby. Don't let screaming children or children that interrupt you on occasion become a big deal, the person on the other end of the phone may be convinced that your business is right for them BECAUSE they hear your children in the background.

When you promise to call somebody back at a certain time you've got to find the time. Children will appreciate knowing why Mommy or Daddy isn't available at certain times and you can explain to them that it will be worth all the sacrifices once you become successful.

Discipline can be difficult with all the distractions that can occur in your home, but it is one ingredient that you must have to become successful.

4. Who you're involved with is more important than the business you're in.

Let's face it, most people don't really have a clue how to operate a business, any kind of business not just a home business. When we're young we are told to go to school to get good grades so we can get a good... JOB! That's exactly the path most of us start on, get a job, work hard, work long hours and try to get a promotion so we can work more hours and hopefully make more money.

We do that for 10, 20 or 30 years and then realize that we are never going to get ahead. That's when the idea that a home business could change our life hits most of us. We've been told to be good employees and that's what most of us have done all of our lives.

There is no substitute for leadership. If you are blessed to find somebody who has been successful in a home business and you know that they can sincerely help you change your life forever, you should jump at the chance to work with them. Make sure you're comfortable with them before you get started. So, what should you look for? You should look for somebody that knows exactly what they are doing. When you ask questions are they comfortable or uncomfortable? Do they have a system that you can plug in to and have immediate success?

One of the reasons I failed in other home businesses is that I didn't understand the importance of finding the right person to work with. I am not blaming my failures on somebody else, but if I had been associated with people who really knew what they were doing they would have given me guidance that I did not get. Perhaps I would have failed anyway, but there is no doubt that working with successful people will cut your learning curve and save you a lot of time and money. Only you can assure your success, but finding the right person to work with and then listening to that person gives you a tremendous advantage over most people working business from their homes!

Let's say you have what you think is a great idea and you've got a little extra money stashed away for a rainy day. Your spouse isn't overly supportive, but he or she wants you to succeed. You decide to invest $1,000 or $2,000 in your new business by taking out an ad in a local magazine. You get no response at all. How do you think your spouse feels about your home business now? That kind of mistake destroys most people and they never recover.

Last week I received an email from a so called marketing guru offering his services. I could get his marketing expertise if I paid him almost $800. Almost everything he offered we give to our team members for FREE! We know that what we're doing works for our business because it has been tested and proven to be successful or we wouldn't do it. His material, although similar to ours, hasn't been tested in our business and could prove to be a waste of both time and money. What would happen if you sent that $800 and it didn't work? How supportive would your spouse be then?

5. Technology has changed everything.

Many years ago you had to get out and meet people and most business was done face to face. You could call people around the country, but if they had any interest in your business you had to send a package overnight. That proved to be very expensive.

When we were broke, I thought everybody that sounded serious, was serious. I was sending out packages several times a week only to find that these people weren't serious at all.

Then, the internet changed everything. You don't have to meet people face to face anymore, although I must admit it's still my favorite way of doing business. Today, you can upload a video in seconds, so people can see you. You can send an email with links to websites, videos and your contact information. Auto responders make you look like a Fortune 500 company, and nobody knows how big your business really is because anybody anywhere can have a great looking website.

When I started my business more than 10 years ago my long distance phone bill was nearly $1,000 a month, today we can call as much as we want for $20! You can use conference calling and web casts to present your business to hundreds of people at a time.

People can automatically receive your latest Pod cast and watch it in the subway or at lunch. This is the information age and you should capitalize on the shift in technology in your home business. Don't worry about all the latest gadgets when you start your business because the personal touch will always be important. Even if you don't have a lot of money technology allows your home business to operate and look like a very big business.

Don't get too preoccupied with technology. You can, however, use it to enhance your image and your productivity if you know what you are doing. Today, we don't mail anybody any information regarding our home business. With internet access almost everywhere, we realize that if somebody needs us to mail them something, they probably aren't the person we were looking for.

6. It's a home business, but that doesn't mean it can't be a big business.

Most people that start a home business are looking for an extra $300 to $500 a month. What would an extra $50,000 or $100,000 a year do for you and your family, seriously! Maybe it's because so many of us have failed so many times that we just don't believe in ourselves anymore.

Once you understand the basic fundamentals of your new home business and once you've achieved some success, you'll understand that the sky is the limit. We make much more money than we ever thought possible and we have friends that are making more than $1,000,000 a year! Hard to believe? Of course it is! Just because it's hard to believe doesn't mean that it isn't happening.

After we struggled at so many other businesses I wanted to believe that we could become incredibly successful, but my past was holding me back. Today, we operate a home business that generates almost $10,000,000 in annual sales! Years ago I never knew anybody that made $1,000,000 a year, so it was hard for me to “see” myself ever reaching that milestone. When a good friend of mine did it, I could then start to see that I could have that kind of success.

So, do you really want to struggle all your life? Then why do we settle for mediocrity? Here's why, we're unsure of ourselves, stuck in a rut, scared, we lack confidence, we tried and failed and tried and failed, what will my spouse, mother, brother, best friend think? We care too much about what other people say, think and do!

7. As a Man Thinketh...

As a man thinketh in his heart, so is he. Joyce Meyer is fond of saying that where the mind goes, the man follows. Of course, it makes no difference whether you are a man or a woman, you are what you think you are. As we struggled in our home business it was easy to become discouraged. We had always failed. Those constant thoughts of failure surrounded us.

Then, we realized that others had succeeded. Why did they succeed where so many others had failed? Could it really be that the only reason they achieved success was that they thought differently? We were so broke and so desperate for a breakthrough in our lives that we realized that we could not afford the luxury of having negative thoughts. There were plenty of other negative people that we could have listened to, but what was that going to get us?

What if we listened to the people that were positive, which by the way were the same people who were achieving success? When we started our home business we felt like the biggest loser on the planet. If something positive didn't happen soon we were going to have to move out of state to live with Judith's mother. How were we going to explain to our children that we had lost our home? If our home business was going to change, we would have to change first.

We couldn't afford the luxury of one negative thought. We started making good choices. We would distance ourselves from anybody that had anything negative to say about anything! We would surround ourselves with positive, uplifting people who would speak life into our lives.

We didn't listen to people who laughed at us and yes, there really were people who laughed at us. We believed that we would have life changing success even before there were any real signs of success. Some people call that the “fake it till you make it” concept. While we wholeheartedly endorse that concept we do not recommend that you mislead people.

There is nothing wrong with having a positive attitude. It is wrong to misrepresent your current financial situation. One of the most disappointing things we encounter in home business is the tendency that people have to inflate their incomes. There must be some school of thought that this is appealing or O.K. and it is not.

Once you lose your integrity, you can never get it back. We have done everything we can to make it clear that a home business will not typically solve your financial pressures overnight. We know many people that have made $500 to $2,000 in their first month in a home business. Very few make more than that in their first 30 days. If you think you have to lie to become successful you are wrong. We made just over $300 our first month in the home business that has paid us more money than we ever thought possible.

Negative people tried to convince us that we would never have success. We didn't listen to them then, and we don't listen to negative people now. We know that you can have success in a home business. We know that it won't be easy. We know that if you get guidance along the way from successful people that you will live an extraordinary life.

By Swati Banerjee


Managing a business, as you know, is both an art and a science. You can learn quite a bit from materials available in the market. However, you can get the feel of the business only when you apply those lessons and suggestions, interact with people experienced professionals and then go back again to your lessons. Now you are armed with your own valuable experience. But the question is - what is so special about today’s Business Environment? Is today’s business environment something different than what it was earlier? The answer would be a firm ‘yes’.

Earlier the world was divided into isolated zones. If you were given the task of leading a small business, you were expected to keep your views confined to your particular zone only. But now, the world is one entity, despite the political divides. Communication technology has advanced so much that two persons in two different hemispheres can get in touch any moment and instantly. You can travel from one part of the world to the other at very high speed.

With technological advancement business avenues have gone up rapidly. Let us take a simple example. Look around you and see the profusion of electronic gadgets in the market. But against all these rosy images, pressure on today’s business leaders is on the rise since competition is getting stiff by the day. So unless one manages his business with all seriousness and with full utilization of his skills, it is quite possible that instead of rising up the business ladder, he may fall head down. Therefore he has to learn the intricacies of different aspects of managing today’s business environment.

While you manage your business you have to constantly go through many formalities that have to co-relate with your basic business activities. You have to register with many associations, maintain a list of different authorities so that you can seek advice and help, whenever the need arises. Be conversant with the basics of tax matters and relevant rules and regulations.

Acquiring or organizing funds is the most important task. But it may not be as difficult as others that lie ahead. You can take loans from banks and even from your well-wishers. Lease financing and factoring are other sources. You can very well go public. You will succeed this way or the other if there is an able leader at the helm of affairs in this venture. This is because a true leader can transform a business beginning from scratch into a gold mine. You too must have seen or heard that a small business often makes spectacular progress by the sole dedication and sincerity of its leader. Can you not be a leader among leaders? Of course, you can.

The leader has to love the tasks before him. Sincerity will automatically flow from that. He will give additional hours for the organization on his own. He should have a sixth sense for business opportunities so that he can harness richer pastures. But the most important qualification would be to understand his employees with whom he should be friendly while maintaining his professional distance. He should be able to judge each of his employee’s strength and weakness and then allocate jobs accordingly. He should fairly decide rewards and punishments. Inter-personal relationship skills are therefore very important for a true leader. The leader should have the mind and attitude to take his own decisions. In a very large organization, too many persons may adhere to the throne of leadership and that may suffocate the leader with real merits.

A true leader will proceed with a business plan. This business plan should be available in writing in an easily readable, easily understood form that also grabs attention for its presentation. This is his true selling point – on this depends the trust in the organization.

The leader will have to pay attention to so many things all the time. He has to think of marketing strategies, sales boosting, personnel matters, legal issues, accounts modalities, uninterrupted fund flow, procurement and storing, timely transfer of materials, and even day-to-day office administration. He has to curtail unnecessary expenditure. And above all he has to find out the shortest ways to boost profits.

As a good marketing strategist he has to find out how to create an indelible impression in his niche market. Of course, advertising is the solution. He has to judge which media he can depend upon, considering the amount that has been earmarked for the purpose and expected impact from the move. But even if there is fund constraint for advertising in print or electronic media he should not be disheartened. There are other ways too, like issuing coupons, arranging competitions, etc. Offering gifts too can be a good marketing strategy.

So far as sales promotion is concerned, it is well within the knowledge of an able leader that the old technique of telling the customers about the quality of the goods again and again is passé. But if you can understand the problems faced by the customers and try to solve those with the help of your organization, you can very well attract them by this customer-focused sales promotion method.

The leader should even think how to make packaging of his products more attractive. For the customers believe in first impressions.

In the past, there was no scope for sales promotion through web-sites and emails or sending SMS messages through cell phones. But in the modern age why should you not think of utilizing those facilities? You can start by designing a useful and attractive web-site that will enhance the fame of your organization. However, a good leader knows that caution in the matter is to be exerted while sending SMS messages or emails etc. so that the customers do not take it as an infringement on their privacy. Otherwise such misadventures may bring in adverse effects on your business.

Your strategy should be to hold out the truth about your products or services and not exaggerate them. Sometimes money-sucking leaders lure customers by trying to convince them with flowery words. But if the customer is dissatisfied he will definitely defame your products or services. And bad news travels fast. An able leader, on the other hand, tries to pay attention to the complaints received from customers. If those are not genuine, he instructs his employees to explain courteously before the agitated customer. But if such complaints are genuine, he takes every effort to redress the grievance. A good leader cares for good public relation skills of his employees. He does not spare any negligence in after-sales service if that service is applicable to his organization.

To guess correctly the strategy of a competitor and chalk out one’s own strategy accordingly depends on leadership ability. However, the leader should not antagonize his competitors and should be a fair sportsman when he meets the latter.

The leader has to keep track of research going on around the world that concerns his particular business. If possible, he may think of making provision for some research activities within his business zone too. The leader should encourage his capable employees to participate in seminars and workshops that have relevance to the activities of his business area. The articles the latter may contribute for such events will help spread the name of his organization.

He who sells best sells most. A business leader needs to fix a price so that he is way ahead of his competitors.

Among the assets of a business are its machinery and equipment, house etc., workshop, warehouse, vehicles etc. But a sincere and skilled workforce is the most priceless asset for a business enterprise. A business becomes a money-rolling machine without the sincere involvement of the employees. Therefore, if anyone is unwilling to give importance to personnel management he can do that at his own peril or by ruining his business prosperity.

Start from the recruitment stage. Proper selection of personnel can give you a healthy business. You can select them through written tests followed by practical tests and interviews. Sometimes leaders bully candidates to test their skill levels. Such leaders are anything but successful. For your job is to find out the right candidate and not exhibit your strengths. The candidate believes he is facing an experienced professional and it would be thoroughly unprofessional to outgrow him at the interview. But if the interviewer loses his own patience and amiable nature, it spoils the very purpose of the recruitment process.

Once the selection process is over, it is the job of the leader to train them. At every stage the leader should monitor their performance and that will be of great help to assess further the new recruits.

An able leader sees to it that his team members talk to him without hesitation, discuss their problems and volunteer suggestions. A good leader motivates the employees under him. To motivate further, rewards should be declared at intervals. Even if the rewards are nominal, they play an important role. The staff concerned will realize that his performance has been monitored and assessed correctly. That will inspire him to move forward with added zeal.

The staff should be encouraged to join courses that will be helpful for the business. There should be incentives for that. In-house training courses too should be organized.

Sometimes people think that just by raising salary, employees can be motivated. That is a wrong concept. Just sudden jumps in salaries without caring to assess the individual merits do not promise improvement in staff performance. Good pay for good work should be the aim of the business.

How should aggressive, careless and trouble-makers be treated? An able leader does know that firmness in those cases will generally help those persons to rectify themselves. If simple cautions do not work, warnings should be issued. But before any punitive action is taken, it should be ensured that the person concerned had been given ample scope to come back on the right track.

Sometimes firing a staff may become unavoidable. But steady progress eliminates such possibilities. Even if there is any need for firing a staff, the leader should be careful to minimize that as far as practicable. The existing staff will also appreciate his efforts in the matter.

To his staff a good leader should be a good friend and a strict taskmaster whose heart is full with affection for every individual.

Thus, in today’s changed world the leader has to be more conscious about new ideas and inventions. With imagination, sincerity and diligence he has to move ahead with his dreams. But his health is an important factor because his health and the health of the business are tuned together. He should maintain discipline in his life if he is to maintain discipline in his business.
It is quite natural for the staff in general to follow their leader if they are convinced that the latter is an ideal one.

A business becomes very prospective when everyone, be he in sales or accounts or engineering or public relations, feels that he is very much a part of that family. If the business does prosper everyone is delighted and if it fails, everyone is grieved. If a business is successful, sheer team spirit will roll it forward.

Both the past and present have produced great leaders and amazing workforce. That is a salute to the one person who had and has the ability to manage business and man force.

A good leader can inspire team spirit in his staff. A good leader begets good business. A happy and contented leader will bring happiness in everyone working with him. And this is achievable even in the toughest of times.

By Max Anderson


Small business credit cards are everywhere and the top credit card companies are offering cards to meet almost every business need. The problem is that small business credit cards are some of the most misunderstood credit cards on the market.

Let's take a look at some common misconceptions and debunk some of the most popular small business credit card myths.

1. No Credit Necessary

Many people assume that their personal credit history really has no impact on their ability to qualify for small business credit cards. This couldn't be further from the truth. Unless you have a large, well-established business with a significant credit history of its own, you're going to need your personal credit history to guarantee the small business credit cards you apply for.

Credit card companies will be running your credit report when you apply for small business credit cards and you will often be required to provide your personal information, such as your birth date and social security number.

2. Broader Spending Limits

If you assume that you'll get a fatter credit limit with business credit cards, you may want to think twice.

Whether you're applying for a business credit card or a personal credit card, your credit limit will likely be the same depending on how your credit rating is. The better your credit, the more you'll qualify for.

If your credit is damaged, don't expect to get small business credit cards that have credit lines with thousands or tens of thousands of dollars.

3. Big Business Only

Some people assume that business credit cards are only for businesses with substantial revenue and established credit histories. However, business credit cards can be used for any size business.

Even the owners of the smallest business can benefit from business credit cards. You may be required to guarantee the credit line personally (which can affect your personal credit history), but you will be able to begin building your businesses credit.

4. Higher Interest Rates Apply

Some business owners shy away from business credit cards because they believe that they will be charged a higher interest rate.

This just isn't the case.

Many small business credit cards offer very competitive interest rates, and some even offer extra perks such as points programs and access to discounted products and services for your business needs.

If you've been worried about the interest rates associated with small business credit cards, a little investigation into current offerings may surprise you.

5. The Confusion Factor

Some people think that managing business credit cards in addition to their personal credit cards will prove to be too confusing. In reality, it can make things much easier.

Using small business credit cards will allow you to keep your business and personal expenses separate, which can prove to be a lifesaver when it comes to accounting and tax time. If you're avoiding business credit cards because you are afraid it will complicate things, do yourself a favor and give business credit cards a chance.

6. A Loss of Control

Many business owners are afraid that having a business credit card will mean that employees can use the card, and that may mean a loss of control over the business expenditures.

This couldn't be further from the truth. Company employees are not allowed to use business credit cards without the express consent of the person responsible for authorizing their use and the only employees who will have access to the business credit cards are the employees you add to the account and give the cards to.

7. It's Not a Necessity

If you're among those who believe that small business credit cards are a luxury, you need to adjust your perspective.

For a business to thrive in the long run, it must have at least one or two business credit cards for business expenses. From purchasing supplies to subscribing to services, small business credit cards can help your business obtain the tools it needs to grow.

By Casey Gollan


Have you ever noticed that the ‘unsuccessful’ business owners seem to be always working – yet never really get anywhere?

And they may seem to be frayed around the edges and noticeably tired?

And they seem to be surprised when the BAS statements and payments are due. Surprised when their staff leaves them, or they never have any money when big bills are due…

And at tax time they are surprised at the amount of tax they have to pay?

And they are constantly wondering why if they ‘made so much profit’ why it isn’t in my bank account?

These type of business people go on to blame the tax man, the government, or the economy for their worsening business.

On the contrary… have you noticed that successful business owners always seem to be in control? Seem to be calm and focused. And prepared for any thing that may ‘come up’.

To them business isn’t a surprise any more.

Why is this?

And how do they do it?

Because they have prepared for it.

Yes – that’s right, they have prepared for it.

Super Successful business owners plan their business growth. They prepare months, quarters and even years in advance.

They have sat down with their external and internal people and planned to grow their business. They have planned to deal with staff leaving, changes in market conditions, fires, burglaries, recessions and even loss of life.

Great business owners – know, understand and address all the facets of their business when they are planning – and executing and monitoring their business growth.

Yet for the average business owner out there – planning is a four letter word!

The average business owner asks me…

How can you plan in your business they ask?

How can you know what’s going to happen? They say without wanting an answer.

To me, that’s the best thing about business.

It’s the ultimate form of being an artist.

You get to create your life and your lifestyle – by creating a business.

You start with a blank canvas – and create a business and a lifestyle.

The better you are as an artist – the better your painting.

The better you are as a business owner – the better your business is – and the better your lifestyle is!

So why then do most business owners refuse or neglect to plan their business growth?

Well, planning usually doesn’t happen for most business owners because they don’t see it as a priority.

In my experience I’ve observed that this can happen for a number of reasons. The biggest one I feel is responsible for most poor business owners not planning – is because of a lack of faith.

Most business owners don’t have faith that their business will go onto grow to achieve their plan. So they deem planning a waste of time.

After all, why do it if it’s not going to work?

Well, think about it a differently… if it does work – would you do it?

Because I can show you how to do it so it works – and it works gangbusters. I have business owners that can attest to it.

In fact, after a while you get so good at growing your business that you EXCEED your growth plan predictions… would you like to exceed you predictions?

Would you be happy if in just a matter of weeks you can save tens of thousands of dollars that immediately give you tens of thousands of extra profit?

Would you be happy if in just a matter of months you could reduce your working hours in your business to just 25 hours per week?

Would you be happy if in just a matter of months you could roll out a marketing plan that nets you another couple of hundred thousand dollars in net profit?

Well I see it, and am indeed part of all of these situations all the time.

And so can you. When you start planning your growth.

I’ve found that most business owners don’t plan because they also lack the faith that they can control the growth of their business.

So they keep in ‘survival’ mode by just doing what needs to be done on a day to day, week to week basis. They almost take pride in surviving.

Yet the turning point comes when the business owner starts planning for success, and planning for growth. Because that’s when they have the faith that their business will grow – and almost as importantly – they feel that they can ‘control’ the growth.

Plus they also know the tools and the strategies that will help them grow. So they look forward to planning.

You see by planning the growth and the possible upset’s that you may face along the way – you can control how your business performs much, much faster than by just winging it.

When you ‘wing it’ you’re at the mercy of luck.

In my one-on-one Business Coaching Program, I take my clients through a breakthrough process that amazes them at how much easier it will be for them to plan their business growth. If you’ve tried in the past you’ll be delighted with how easy I make it for you.

Many clients that I have worked with have faced downturns in their industry that would have previously wiped them out… but now with the knowledge and the tools – they were able to make profits and survive through horrendous situations that wiped their competitors out.

Then once the tide turns and the industry starts on an up trend, they’re positioned to take advantage of it.

Planning is not the be all and end all. It is another business growth tool that must be used.

Why?

Because after successfully growing your business, you’ll probably need to plan things in advance. If you go on to make large profits – you’ll need to undertake tax planning. It’s a great situation to be in.

Also. With your growth you can enter new markets, new territories and new countries and to get people that are going to support you – they’ll want to see a plan.

Planning is easy, and it’s essential. Once you do it a few times, you’ll love the process.

All great leaders have plans.

So when are you going to choose to become a great leader?

By Ronn Espy


The Internal Revenue Service determines whether your claimed home based business tax deductions are legal using various criteria. Is your home based business really a business or a hobby? Are the deductions claimed really for business use or personal? Is your business a scheme masquerading as a business? These are some of the questions that must be answered to ensure your home business tax deductions are legal in the sight of the IRS. The IRS has surmised that home businesses are fertile ground for tax fraud and look closely at returns to weed out any abusers of home business tax deductions.

Some but not all home based business tax deductions you may qualify for are: home office space and a portion of utilities, telephone, maintenance costs, office Furniture, cleaning expenses, licenses and regulatory fees, air fares, auto expenses ,books and magazines, educational expenses, meals with business clients, laundry expenses (When Traveling), and advertising.

Business or Hobby?

Your home based business could be classified as a hobby rather than a business by the IRS. The is a critical distinction. Why? Many businesses will have an operating loss during a tax year. This loss is used to offset any income from other sources. In contrast, a loss from a hobby is not deductible and cannot offset other sources of income. To put this simply, in a business you have income from sales and losses from expenses. The two offset or counter each other. In a hobby it is usually one way to the IRS. Everything you make is taxable and everything you spend is your contribution to the hobby, and not eligible for a home based business tax deduction.

Really, is it a business?

Here's how the IRS distinguishes between a home based business and a hobby:

The manner in which you conduct business. Do you maintain accurate books and records? The amount of time you devote to operating the business. Do you have expectations that your assets used in the business will appreciate in value? Whether you have a history of success in other activities. Your history of income and losses. Do elements of personal pleasure or recreation exist? Do you have a DBA, business checking account, or a business phone? Is this your sole source of income? If so, the IRS is more inclined to consider the activity a business.

Home Office Let's say a taxpayer's activity is classified as a business and that there is a office in the taxpayer's home, additional criteria must be met before any home based business tax deductions are allowed for the office.

A home office must be used exclusively and on a regular basis as the principal place of business by the taxpayer and at no time used for personal or family use. Two exceptions to this exclusive use test are: (1)A area of the home that is used to store inventory, it must be a specific and identifiable. (2)The home is used regularly to provide day-care services to children, handicapped persons, or the elderly.

A home business tax deduction can also be taken if the home office is used to conduct administrative or management activities, and the taxpayer has no other fixed location in which to do so. Additionally, a home business tax deduction is allowed for business expenses associated with the regular use of a separate structure that is not attached to your home.

Personal Vs. Business Expenses IRS section 162 at http://www.irs.gov/pub/irs-drop/rr2000-4.pdf allows for:

A home based business tax deduction for all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business. It continues by giving these examples:

A reasonable allowance for salaries or other compensation for personal services actually rendered.

Traveling expenses (including amounts expended for meals and lodging that are not lavish or extravagant under the circumstances) while away from home in the pursuit of a trade or business. This does not include lunch during the average day.

There are many tax benefits and deductions available to the home based business owner. You should determine that you are a business, the correct amount of your taxable income and know exactly what home business tax deductions to include and exclude from your home business tax return. Consulting a tax professional and some tax software can best help you determine which home based business tax deductions your business qualifies for legally.

By Livia Belmonte


Business to business property management requires some aspects that point out the professionalism and competitiveness of the employees. Which are these aspects? The main requirements of business to business property management are screening and appraisal of the market pyramid.
Business to business property management specialists provide professional business administration, establishment of profitable goals and their realizing, as well as making decisions for the benefit of the customer. Consultancy and assistance is offered in case of need for business to business property management, be it the case of market research, maintenance, land use and development or issues regarding marketing and leasing.
Business to business property management has five major functions: leading, planning, coordinating, organizing and controlling. Being given the fact that all these functions require various tasks, competences and abilities, business to business property management aspects are accomplished by different professionals, trained for these special roles. All of them have special skills and abilities, respecting an ethical code of behavior in business to business property management and offering outstanding services. Leading the major project of business to business property management is a matter of a huge responsibility, as the leader should know the direction and main tasks of the property management process. The one responsible with planning should be aware of the tasks that have to be accomplished and the methods and manner of dealing with this process. Coordinating various activities, organizing events, market research, studies and statistics is another important part of the business to business property management process. Being in control with the entire situation or several aspects is another aspect that can’t be neglected and requires specific skills and abilities.
The performance of business to business property management companies should meet the high standards of the economic and technological development. Professionals involved in various functions of business to business property management companies offer their abilities and guarantee the performance and wealth of customer’s properties. Highly trained employees involved in the business to business property management meet the customer’s needs and special requirements, providing extensive reports, market searches and studies concerning the effective and successful property management.
People involved in business to business property management have specific roles and accomplish specific tasks, contributing to the great results of the company they work for. Business to business property management process involves the market study, the negotiation on the behalf of the customer, maintenance, repair and other tasks. Business to business property management involves many other tasks and responsibilities, requiring much attention, capacity of establishing new tasks and of accomplishing them successfully.
Business to business property management supposes the involvement of not so pleasant details, such as effective income management and other activities related with construction, repair and maintenance. In order to face all requirements and needs one should have many skills, knowledge and patience. That is why business to business property management companies are so successful, providing assistance and advice for those who can’t cope with so many roles and responsibilities. The rewards for professional services offered by business to business property management companies are worth the time and efforts spent in hard trying to achieve something that a professional can solve almost immediately.

By Jim Hart


Now that you have conducted comprehensive research as indicated in (Part 02) of this mini series, you are more prepared to begin to assemble your thoughts and data into a business plan format. Before doing that, you need to consider a few things:

WHAT A BUSINESS PLAN IS

A written business plan is a road map from where you are now to where you want to be one, two, five and ten years from now with your business. To write a good plan you must have vision for your business now and well into the future. Why? You may think you can start your business without a formal written plan, and you can, but you will have far more unanticipated problems, probably make more costly mistakes and the probability of failure is far higher. What if I put you in a rowboat without oars, no map, no compass, and no sextant and pushed you away from shore. Then I told you to go to a specific dock (called success) in France, what do you think are the chances of you floating across the ocean and accidentally getting there are? You wouldn’t get there would you? You need the oars, the map, the compass and the sextant to navigate! Even with these tools it would be difficult to navigate across the ocean even if you had experience. The same holds true for a business plan. The plan is the oars, map, compass and sextant for your business and is absolutely critical for you to go from where you are now, to that specific dock called success. Your plan will chart your course and the better the plan, the easier the trip.

THE REASONS FOR WRITING A PLAN

There are two primary reasons for writing a business plan: For your own purposes or to raise investment capital. Writing a plan for investment capital is comprehensive and requires a high degree of business skill across a spectrum of disciplines (management, marketing, production, advertising, sales, etc) including accounting for pro forma projections, which meet investor expectations. If you are writing a plan for your own purposes, the plan should be comprehensive but does not need to be as formal as the other. Which plan you write will determine its depth and scope. In either case, you want a plan that reflects the truth and best analysis of the risks and opportunities associated with your venture. Boil all the junk down and the primary purpose for having a business plan is to control chaos. It forces you to look into the future and anticipate problems in advance, ways to overcome obstacles and to think critically about your business before making a financial commitment. It doesn’t cost money to think or plan or write and having a business plan is in your best interest (.)

UNDERSTANDING BUSINESS LIFE CYCLE:

A business is just like a human being. Humans evolve from when a baby is conceived to newborn, infant, childhood, teenage, adult and mature. The same with a business: your idea is the “conception” of the business and your business planning process is the gestation period. When your business begins operations, it is a new born baby requiring nurturing and must be fed with work and cash flow. As the business grows it will go through stages very similar to a human, childhood to teen to young adult and finally maturity. During each stage of the business, the business will have different demands and require different management techniques. As you consider your business plan, keep this in mind and plan for it. Your cash flow needs at the beginning of a business will be much different than as a young adult. Your staff will be bigger, etc.

SOURCES FOR BUSINESS PLANNING ASSISTANCE

There are a TON of business plan outlines on the net you can get for free. The SBA has decent outlines you can download for free although most business plan outlines you find will be written for perfect businesses with an operating history. Few outlines cover start up operations. In any case, there is a lot of free information available from the SBA and from SCORE (Service Corp of Retired Executives). Between these two organizations, which you can access online and offline, you will find resources to meet most planning needs. You can also contact you local chamber of commerce, state chamber of commerce, local universities, and Small Business Development Corporations (SBDC’s) in your area. You also want to call your Secretary of State (SOS) to get information on licensing and information packages related to your business. The SOS is your key portal for local, state and federal compliance information. We do offer a super comprehensive ebook that covers all forms of business plans including startups, home based business and much more. I mention it because you should be aware that it exists.

OTHER PLANNING ISSUES

WEBSITES: Would a website be helpful? Almost every business can benefit from having a website. There are many website companies online that offer web site services for as low as $150.00 annually (or less) and include templates, which are designed so that even a novice can have a website and they are designed like a fancy word processor. These sites are easy to learn and you can have a professional looking website setup in a manner of a few hours. The benefit of having a website is that it can offset the cost of creating literature. You can showcase your products and services online and have your website address on your business cards. Every business (and most people) has Internet access and it often makes more sense to invest your time and money into a website instead of wasting money on hard-copy literature. Websites are flexible and you can change the content when you want, upgrading your selling message, promotional offers, etc. This will save you a TON of money and free you from the cost of producing paper literature. My opinion is that every business should have a website. Here’s another benefit: when you set up a website, you have a slice of real estate on the information super highway, you have a presence, your business comes alive and you avoid all the costs associated with a bricks and sticks operation. A website can also serve as a vehicle to point investors to for their review and the media for publicity. Many home based businesses are run well using a website. Having a website factored into your business plan is an important consideration.

Also consider what kind of technology you will need to support your business, especially your computer, software (for word-processing, desktop publishing, accounting, database management, etc). Most often is makes sense to get an integrated software program that handles all these functions so you can import and export data between the functions of the software.

I think I have given you a lot of information to think about in this article and if you are just starting to explore a new venture, you have a lot of work to do! You may want to keep your eyes on my articles because this is a continuing mini series that will cover a lot of ground in the coming days.

By M Zuraimy


One of the best places to research the availability of business grants and loans is the Small Business Administration, an agency of the federal government with a mandate to help business, especially small business succeed. Despite what many people tell you, the idea that the government is just sitting around with a pile of money waiting to give out to you or any other small business is just plain wrong. The idea of obtaining a small business grant, for many small business owners, is great.

Your chances of obtaining grants for your business dramatically increase if you have a non-profit organization. This isn't to say that assistance isn't available at all, just that grants are probably a long process when and if you happen to find one where your small business fits. While the Small Business Administration does not have any monies to provide directly for business grants and loans they can direct businesses to a number of government agencies and departments that do provide this type of assistance.

Even though the category of Business and Commerce may be what appears to have the largest selection of resources for business grants for women, consider the other categories as well, according to where your business falls. There are many types of grants offered by the Governments and other financial institutions that include individual grants for personal necessities, business grants for starting new business, education grants for funding education and many more. There are two main types of financing available for small businesses; small business grants and small business loans.

You're not along if you need small business grants and loans to get your business started. If you want to avail of free government business grants then you need to locate a program that provides grants to start up businesses. Government's Catalog of Federal Domestic Assistance (CFDA) provides a listing of Government grants and other types of assistance that you can receive.

The downside of grants is that business grants for women are not widely available. So, are there any grants available to you as a small business owner? New business owners and existing business owners are eligible to apply for business grants.

Small business administration grants are provided for small businesses that are already in operation. Small businesses always play a significant role in the economic growth of a country and that is the reason governments are always ready to offer financial resources to facilitate small business. This type of service offered by the government is only obtainable to businesses that barely needs a financial support but can not apply for a loan because of inadequate security.

There are indeed many grant and loan programs for small businesses, including many that are administered by state or local government, rather than the federal government. Having pointed to the drawbacks, there are many genuine government grants for both small businesses and individuals available, and these can be substantial. That's you'll actually be able to access whatever grants, services and resources are available, because the nonprofit organizations are the ones who work with indidivuals and provide "service delivery.

First, let's take a look at what type of grants are available. The allure of these so-called small business grants is understandable. If you are interested in looking for a company that can provide you with small business administration grants, you can try searching through the World Wide Web for information.

If you are considering starting your own home business in the near future you should consider researching small business grants and loans now. Federal Grants provides detailed information on Federal Grants, Federal Pell Grants, Federal Government Grants, Federal Grants For Small Business and more. Small Business Loans provides detailed information on How To Get A Small Business Loans, Minority Small Business Loans, Small Business Bad Credit Loans, Small Business Government Loans and more.

To conclude, small business loans are usually awarded to all kinds of businesses to help them to begin and to succeed in their trading. The government is more than willing to help out businesses especially with the economic condition that still remains volatile and unpredictable and with the need for more economic development.