Post about "business"

Small Business: Secrets To Success

Being a successful businessperson, as the saying goes, is about “1 percent luck and 99 percent hard work.” Being passionate about your work also helps. This article discusses the secrets to being a successful businessperson and running a flourishing small business.ObjectiveHave a clear goal when it comes to your small business. Write down both short-term and long-term goals for your small business. Set a realistic date for the objectives to be achieved. This helps you focus on goals, rather than being tossed about in the competitive business world like a rudderless ship.Business PlanNo business, big or small, succeeds without a business plan. After you have decided what direction to steer your small business in, you need to plan how to get there. A business plan can go hand-in-hand with an objective date, with both helping you focus on the ultimate goal.One Step at a TimeOnce you have prepared your business plan, put it into action. Work on reaching your goal on a daily basis. Taking small steps at a time will help you get there while also allowing you to monitor your progress.Take Time Out from BusinessSome “me time” is also crucial if you don’t want to burn out early. Take small breaks from business and spend time indulging in a hobby or enjoying the company of family and friends. Learn meditation techniques to keep stress away, and exercise regularly to maintain good physical health.Pareto’s PrincipleKeep Pareto’s Principle in mind to enhance your efforts: 80 percent of the results are due to 20 percent of the causes. Instead of wasting time and resources on many issues, focus on the key aspects of your small business.ProductsThe success of your small business depends on the products you sell. Analyze your sales in order to discover which products are bestsellers and which ones are drains on the system. In general, about 30 percent of products bring in the greatest profits.Customer RelationsCustomer relationship management is an integral part of small business management. Identify potential long-term customers and those that will bring you the greatest profits. Focus on building relationships with them in order to enhance your business.AssociatesBuild sound relationships with your business associates, including suppliers, vendors, franchisees, and business partners. Maintain regular conversations with all of these people, so you are up-to-date on trends and other changing conditions.PassionPassion is the single most important factor in making your small business succeed. If you are passionate about what you do, you will be successful in your small business, since you will be able to put in the requisite work without feeling stressed out and you will see extra work as necessary to achieving your goal.The factors mentioned above are the secrets of success for many small businesses. With passion, dedication, foresight, sound planning and relationship maintenance, you can make your small business a winner in a very short time. If you think you need help in turning your small business into a success, you can hire the services of a professional small business advisor. Alternatively, you can use software for helping you run small businesses.

Protecting Your Rental Property

Being a landlord can be very rewarding and quite lucrative if done properly. But you need to be aware of issues that arise with the property and be certain that you not liable for any of them. You want to be sure that something that you thought was an investment and asset does not turn into a liability for you and your family.You want to make certain that you have insurance on your property, both casualty and liability. You may need to find a good commercial insurance agent who specializes in rental property insurance, they could point you in the right direction as far as what you need and how much it will cost. Keep in mind that property insurance will not necessarily protect you if someone gets injured on your property.Most insurance will only cover you if your property is involved in some type of disaster such as a fire or other damage. Liability will only protect you if you become responsible for someone else’s losses, for example your tenant. Something to keep in mind is carrying flood insurance if your property is in a flood zone. Umbrella insurance may also be a good option and will protect you from things that the other two insurance types will not.Liability insurance will protect you if someone gets injured on your property, whether it is a tenant or employee of yours. It will also protect you if you are sued for discrimination typically. If you have workers working on your property, it is a good idea to be sure that each one carries a certificate of insurance or workers compensation, you could be setting yourself up for disaster if you do not.Always be sure to review your policy each time it is up for review. You may have good intentions only to realize that you are not properly insured. If disaster does strike at some point in the future, you want to be ready with the proper insurance already lined up. You could be in a world of trouble if something happens only to discover that you did not have the insurance to deal with it.Develop good working relationships with people that will help you in your business, such as real estate attorneys, real estate brokers, property and tax professionals. They can make your life a whole lot easier if you already have these relationships in place when you need them. Renting property is regulated b law, there are a lot of laws that govern the way you do business, you need to be aware of them. There is no excuse for ignorance of the law. Meet with your attorney and accountant at least once a year to be certain you are compliant with everything and doing everything correctly.You may need to have a business license in your city or town where you have your rental business, be sure to go to city hall and find out what the requirements are. Sometimes you will have to have a license for each property, in our particular county, we only need to have one.On a final note, remember that your property insurance will not cover the belongings of the renter who is residing in your house. It may be a good idea to require that the tenant have renter’s insurance in case something would happen. The best way to reduce liability is to make sure that you property is safe. Let your tenants know that you have the right to inspect the property as you feel necessary, be sure it is in you lease and not do it after the fact.Being a landlord can be very rewarding and quite lucrative if done properly. But you need to be aware of issues that arise with the property and be certain that you not liable for any of them. You want to be sure that something that you thought was an investment and asset does not turn into a liability for you and your family.You want to make certain that you have insurance on your property, both casualty and liability. You may need to find a good commercial insurance agent who specializes in rental property insurance, they could point you in the right direction as far as what you need and how much it will cost. Keep in mind that property insurance will not necessarily protect you if someone gets injured on your property.Most insurance will only cover you if your property is involved in some type of disaster such as a fire or other damage. Liability will only protect you if you become responsible for someone else’s losses, for example your tenant. Something to keep in mind is carrying flood insurance if your property is in a flood zone. Umbrella insurance may also be a good option and will protect you from things that the other two insurance types will not.Liability insurance will protect you if someone gets injured on your property, whether it is a tenant or employee of yours. It will also protect you if you are sued for discrimination typically. If you have workers working on your property, it is a good idea to be sure that each one carries a certificate of insurance or workers compensation, you could be setting yourself up for disaster if you do not.Always be sure to review your policy each time it is up for review. You may have good intentions only to realize that you are not properly insured. If disaster does strike at some point in the future, you want to be ready with the proper insurance already lined up. You could be in a world of trouble if something happens only to discover that you did not have the insurance to deal with it.Develop good working relationships with people that will help you in your business, such as real estate attorneys, real estate brokers, property and tax professionals. They can make your life a whole lot easier if you already have these relationships in place when you need them. Renting property is regulated b law, there are a lot of laws that govern the way you do business, you need to be aware of them. There is no excuse for ignorance of the law. Meet with your attorney and accountant at least once a year to be certain you are compliant with everything and doing everything correctly.You may need to have a business license in your city or town where you have your rental business, be sure to go to city hall and find out what the requirements are. Sometimes you will have to have a license for each property, in our particular county, we only need to have one.On a final note, remember that your property insurance will not cover the belongings of the renter who is residing in your house. It may be a good idea to require that the tenant have renter’s insurance in case something would happen. The best way to reduce liability is to make sure that you property is safe. Let your tenants know that you have the right to inspect the property as you feel necessary, be sure it is in you lease and not do it after the fact.