Buti James JB

Tips for starting a small business

Opening your own business is often a learn-as-you-go process. But, the more smart decisions you make early on, the better chance your company has for success. If you have an entrepreneurial idea, try these tips.

1. Address excuses
Countless people dream of becoming entrepreneurs, but they never do. They’re burdened with excuses and fears of failing. From money to time to responsibilities, you can make a million cases for not starting a business.
Let’s face it, being your own boss is scary. In most cases, new business owners have a lot to lose with little insight into their chances of success. Worrying about the risks of business ownership is normal.

2. Absorb everything
Listen to what others have to say - friends, family, experts, even yourself. When it comes to things that have to do with your entrepreneurial goals, be a sponge. As you learn, start to work out the idea in your head. Write things down. Keep notes from all the resources you come across to develop a detailed plan.
When you tell people about your startup, read their body language. Do they like the idea? Or, are they just being nice and really think you’re going in the wrong direction? Encourage your listeners to be honest with you. The collective opinion you get from peers could be a reflection of how consumers will react.
Don’t ignore the power of advice from experts and veteran business owners. These folks know first-hand what does and doesn’t work. Smart entrepreneurs learn from the mistakes other business owners have made.

3. Be a solution
Rather than starting your idea with what to sell, think about what it will solve. It’s a lot easier to gain a solid customer base when your business is fixing a problem. Your startup should fill a hole in a certain market or niche.

4. Keep it simple
If you’re like many entrepreneurs, you have a business idea and you’re ready to run with it. Be careful not to let your concept snowball into something over complicated. You could end up with an expensive, elaborate end-product that nobody wants to buy.
As a new business owner, try to start small and narrow your focus. Learn how to test your business idea. Create a simple, quality good or service. A successful business idea should fulfill promises to customers and exceed expectations.

5. Count the costs
Once you start to develop your business idea, add up how much it will cost. You will need to factor in every business expense necessary to launch and operate. Some costs to keep in mind include your location, rent, supplies, marketing, and more.

6. Imagine yourself with zero money
I mean zero. There is a high probability that this will happen. I’ve heard several businesses not making it for the long haul. And, they have come close to bankruptcy.
Launching an unsuccessful business idea is a reality for many entrepreneurs. Over half of new businesses fail within the first five years of opening. How would you handle having no incoming money?

7. Earn while you build
If you want to start a small business, don't quit your day job yet. Launching a successful startup is a process. Build your business in stages and gradually transition from employee to entrepreneur.
As a new business owner, it will take some time to earn a steady income. Keep your nine-to-five and work on the business during off hours so you can earn during those tough, first stages. Once you have a healthy inflow of cash from your company, you can tackle business ownership full time.

8. Speak up about your business
One challenge many business owners face is that they don’t know how to sell. It can be intimidating to share your business with the world, especially when you’re new.
If you’re worried what people will think about your business, you need to get over it. If you can’t convince consumers to buy from you and support your company, it’s difficult to make money. Not outgoing? Fake it ‘till you make it. If you really want business success, you can’t afford to be shy.
Be ready to speak confidently about your business, even if it makes you uncomfortable. As a new business owner, you will need to market and network constantly. From networking with clients to negotiating supplier payment terms, you must be able to communicate.

9. Know the legal requirements for starting a small business
Starting a business is exciting. Laws are not. But, you need to understand the rules that come with opening a business. If you fail to follow government regulations, you could face steep penalties.
From forming a legal structure to setting up an accounting system, you must follow laws. You need to register the business with your state. You must also take care of business - specific tax liabilities. And as you hire workers, you need to follow employer laws.

10. Balance passion with wisdom
One of the most important ingredients in a successful business idea is passion. Passion will consistently drive you to improve your process so your business grows.
Don’t let passion take over all your decisions. Passion will move you forward, but knowledge will point you in the right direction.

Final thought:
As your business starts to come together, think of it like driving a car. Let your passion hit the gas pedal and your mind control the steering wheel. That way, you can be confident about the direction you’re headed and sustain the momentum you need to get there.

Complied by JB!

Employee’s Productivity

Employee productivity is difficult to measure, do not confuse effort with results, an employee can work fewer hours and finish more projects.

But how can we get an employee to work fewer hours and have more tasks and finished projects?

In the vast field of business management, we find many managers and great figures advising us how we can increase the
productivity of employees. The same words always come to us;

1. Don't be afraid to delegate
2. Match tasks with qualities
3. Communicate efficiently
4. Keep goals clear and focus
5. Give feedback to each other
6. Be a role model
7. Cut the excess
8. Think big picture
9. And many more.

Knowing all this information, how is it possible that we cannot get it?

The answer is, reduce delays in your projects.
The failure of IT costs the US economy about $ 50- $ 150 billion annually. [source: Harvard Business Review]

We have the perfect team, perfect money, proper planning, even so, we still have delays in projects and tasks. It must have something that is wrong!
The perception of time and space should not be right.

How can the employee ensure timely delivery of their tasks and projects?
All the advice received by managers and significant figures, we can group it into three categories:

1. Planning
2. Leadership
3. Communication

With these three categories, we can manage to finish tasks and projects on time.
Once the expected productivity reaches, how can we get the employee engaged to the company?
Those same figures give us some excellent advice:

1. Engage from the first day
2. Give them a voice
3. Be transparent
4. Engage after work
5. Support personal and professional development
6. Provide help to the employee and co-workers
7. Say thank you

They all agreed on one thing: talk, communicate and ask your employees.
Companies should train their managers to educate and motivate their employees. An employee who is motivated stays committed and loyal to the company and even works happier and more efficient. Happy employees always share their ideas to improve the company.

Final thought: The best way to compromise is to embrace new ideas and try to implement them in the company or department.

If you agree with this article, kindly share your thoughts.

JB.

Contracts and Dispute Resolution

There are three commonly used methods of resolving disputes without going to court:

Negotiation
Mediation
Arbitration

Negotiation

Solving disputes through negotiation is a part of everyday life. For instance, in a situation where your teenager asks you for the car keys, after some discussion you reach an agreement on conditions for using the car and when to return home. This is an example of negotiation. You can refer friends, office who will.

Mediation
People involved in a dispute can ask a mediator, an unbiased and impartial person, to assist them in their negotiations. Where negotiation has not been successful, the mediator can often help to ease tension and encourage discussion between the parties. The mediator can help the parties themselves find a solution that can often result in a "win-win" situation, where everyone is satisfied with the result. Participation in mediation may or may not be voluntary. It depends on you and the type of meditation. Practical examples are certain family disputes, business disagreements, contract disputes, insurance claims, as well as employment and environmental issues, to name a few.

Arbitration
When people in a dispute cannot resolve the dispute themselves, either through face-to-face negotiation or with the assistance of a mediator, they can agree to refer the matter to arbitration. In arbitration, a neutral person or panel of people hears the facts and issues and makes a decision. Arbitrators are often people who are experts in a specific area of the law or a particular industry, especially in cases where the decision-maker needs to be knowledgeable about a particular subject matter or business practice.

Arbitration tends to be less formal and quicker than going to court. The parties can agree in advance on the ground rules for the arbitration. The arbitrator then makes a decision based on the facts, any contract between the people, and the applicable laws. The arbitrator will explain how the decision was reached. Whether you need to listen to Arbitrator or not is decided before hand on the basis of what you agree with other party and/or as decided by corporate

Just for information to keep in mind,

"Dispute Resolution" (DR) is the term used to describe a variety of ways of dealing with disputes, including the option of going to court.

"Alternative Dispute Resolution (ADR)," is a solution that comes up without going to court.

When Should Disputes Be Left to the Courts to decide:

Any contract dispute that ends in violence.
When this has to be a major reference or an example for other similar disputes.
Where there is a need to establish precedent or where the result will end up affecting several families or organizations and the cases may have to be referred to courts.

As a buyer, very very important of handling a dispute. Important things of informing dispute:

Make sure you notify the right contact, clearly. Address your letter to the person who is responsible for supervising the person or area you are having trouble with, or write to the head of the business or organisation.

Branding – how you inform is important, not in verbal, not by a mobile message or a casual email that may look serious to you. If you have a business letterhead, business logo or brand, add this at the top of your letter. It will make it look more professional.

Content – Set out your subject and dispute clauses, give complete contract reference and contract background information.
Make it clear in your communication that you are looking to resolve the situation professionally and quickly. Avoid laying blame for the situation.

Attachments – Dispute has to be understood clear in completeness. Correspondences thereafter just to understand context, mail after mail, will defeat the purpose and reduce gravity. Attach copies of any relevant paper work to your letter. For example, a copy of your contract, an email, a list of specifications, .a quote, an invoice or any other document that supports your Letter of Concern.

Just sharing these for reading reference compiled of experience from procurement professional experience and best practice compiled from web. End of day, we do not intend to reach Arbitration or even Mediation if you as a buyer can put a clear and complete contract aligned to both parties by pre-agreement and mutual consent. More importantly, have a very high degree of professional and effective rapport with your suppliers where any concerns on understanding and perceptions are resolved by mutual agreement. Obviously, if this does not work out, the above helps.

Best wishes