Have you ever noticed how some people just can’t get it together when they work for themselves, whereas others seem to thrive? This is because there are different personality traits that make a person more likely to be successful in business. There have been thousands of studies performed around the world researching this exact subject in order to figure out what characteristics successful people have. Furthermore, there are tons of personality tests that can be taken online which will tell people what their personality traits are as well as their strengths and weaknesses. So, what makes a person more likely to succeed in business? One of the common traits that many successful entrepreneurs seem to have is passion for what they do. There could be two different people starting similar businesses but the one who is genuinely excited about what they are doing is more likely to succeed. Moreover, their passion and excitement will cause a ripple effect which will cause people around them to get excited too. This means that people are more likely to buy from a passionate person or to become their client. For this reason, it is important to only start businesses that you are passionate about to make it more likely that you will succeed.
Successful business owners also require motivation
It is not uncommon for successful people in the business world to be extremely self-motivated. This means that they are capable of making their own effective schedules and will easily stick to them. They are the type of people that will wake up an hour earlier than everyone else because they are truly hungry to go out and chase the day. They are the ones who aren’t afraid to chase up clients, to meet new people, or to send the cold emails. Their motivation will drive them to do whatever it takes to make their business work, and this is why they are more likely to become successful than someone who isn’t motivated. While, of course, people can have dips in their motivation levels, the ones who are more likely to have flourishing businesses are the ones who stay hungry and who will go that extra mile to make things work. There are loads of other personality traits that will make it more likely for someone to be successful, but some great ones that can be worked on are passion and motivation.
There can be unfortunate times in peoples lives when they believe that their business is going to have to go bankrupt. This can occur when debts begin to rise and there is no foreseeable light at the end of the tunnel. There are many companies out there which once thrived, however, have not managed to withstand the test of time e.g. video hire stores. Some business owners would have seen this change coming and would have sold up early on. Others will hang on till the bitter end because they don’t want to lose their pride and joy. While this is admirable, it can often lead to great amounts of debts and a business that isn’t sellable. These are the kinds of instances where people will believe that bankruptcy is the best solution for them. This can sometimes be the case, however, there are certainly other steps to take before reaching this step and because going bankrupt is so serious, it is important to only consider this as a last resort. So, for those who may be considering this as a course of action, here is what to do when you think your business is going bankrupt.
Seek professional help immediately
It is important to know that your debtors are able to apply for you to go bankrupt. Because of this, it is imperative to seek professional help right away. This could be in the form of a financial advisor or business specialist. It is important to make the decision about whether the business should keep going or not. A business specialist or coach should be able to help with making this decision as they will have business insights on current trends and forecasts. A financial advisor will be able to help with sorting out other ways to pay off debts instead of going bankrupt. This could be in the form of payment plans, payment extensions, payment arrangements, or getting a loan to pay off all of the little debts. Different advice will be applicable to different people which is why it is so important to seek help from the experts. Whatever the decision made about a business, the important thing is to not turn a blind eye and leave things unattended. These types of issues do not simply go away so it is important to make a well thought out plan.
There are ways of eliminating overheads that are important to the success of an enterprise. Money saving is about being more than fragile, it speaks to the efficiency of a company that needs to look after the bottom line and long-term health of an organisation.
So how best to cut down on those expenses that are weighing down progress? From small start-ups to larger conglomerates who manage a significant portfolio of employees and departments, we have identified 5 key money saving tips for your business.
Leveraging your brand and co-opting marketing campaigns can be a great means of cutting down expenses. By strategically identifying organisations that cater to a community you are attempting to infiltrate, it is worthwhile engaging in a business-to-business partnership than investing in stock standard endeavours isolated from your core objectives.
Live Green And Save Green
Recycling waste and saving on power is simply common sense. Not only are you contributing to a smaller footprint, but you are cutting down on added purchases and extra energy that does not need to be used. Cut down on the need to print and examine means of tapping into solar power for electricity purposes.
Employees can work wonders but they won’t be able to achieve miracles. There will be times when a project simply requires a hired gun and rather than invest thousands in consultants or educating current team members, see what the web can offer. Millions of expert freelancers in web design, poster makers and social media operators are there waiting to compete for bids and perfect the task with a minimum of fuss at a competitive rate.
Be Cloud Friendly With Data Storage
Paying for hosting privileges online and securing hardware for backup purposes can be an expensive exercise. Thankfully with the advent of the cloud, data can be kept in a safe space that does not rely on the lifespan of a desktop, laptop, tablet or smartphone. Non-cloud options require software packages to be bought and heading for the new age option alleviates stress while cutting down on overheads in the long-term.
Purchase Bulk Stock
If occurrences such as shipping, packing, transport and warehousing costs are becoming a burden, then it is worthwhile discussing with suppliers about bulk purchasing. If the capacity is there to do so, then companies will more often than not offer a discounted rate should the goods be paid for upfront and ahead of time.
There are many people out there with niggly health issues who believe that starting their own business will solve all of their health issues. They will be able to set their own hours and work around any illnesses that they may have and can even work from home. It will be less likely that they will disappoint a boss when they cannot live up to expectations because they will be their own boss. While many people will small disabilities and health issues do thrive when working for themselves, they may not know about all of the stress and hard work that can be involved. It is not uncommon for people to work from home when they start their own business, and this means that they won’t be able to leave their workplace. When working for someone else, employees are able to clock off and wash work from their mind. For those who work from home, they don’t get to leave their workplace and can often blur the lines between work and home life. Because of this, many will end up working well into the night and this can put a strain on their relationships.
How to take care of your health when working for yourself
Even though starting your own business can be extremely stressful and there are many factors that may negatively impact your health, there are strategies that can be implemented to reduce the chances of this happening. One of the best things to do is to have clear boundaries. For example, only working from one room in the house and never taking work outside of that room. It can also help to have set hours that you work and to ensure that you stick to them. This is a great way to mentally leave work when you have done your desired hours. It can also be wise to have a great support system in the form of a business coach or counsellor. Having someone to chat with during those first crucial years of business can make a world of difference and is a great way to take care of your health when you are working for yourself. Furthermore, it is important to take regular breaks throughout the day and to make sure that you are participating in plenty of exercise if you are sitting at a desk all day long.
All great business owners out there will understand how important it is to spend money on business development each year. But how much is too much and when is it time to call it quits? It can become a little confusing because there are no rules or regulations when it comes to business development. For example, one business coach may cost x amount whereas another coach may charge something completely different. Similarly, taking your team to a well-known seminar such as the ones offered by Tony Robbins would be completely different in price compared to ones offered by people who are a little less well-known. So, what is the best thing to do for your business? A great way to figure this out is by setting a budget each year. This way, you know exactly how much you have to spend on business development and so you can find courses, speakers, seminars, and lectures that fit within that budget. As your business grows you are able to increase that budget, or if your business downsizes you are able to decrease that budget. No matter how much is spent each year, it is important to ensure that some focus is placed on this area as great businesses will always want to be growing and advancing.
What are some of the different types of business development?
A great way to spend money on business development is by attending seminars. There are usually different seminars that are held across Australia which are created for different fields. For example, there would be specific seminars for real estate agents. Attending a seminar once a year can be a great investment and can also be a good way to network as there will often be places to leave business cards, and it is an easy opportunity to meet different people. For those who want more of a personal experience, they are able to hire a speaker who can come to a workplace and give a talk. These talks can sometimes be known as workshops and are usually quite interactive. Others will pay for themselves or their workers to complete courses online which can be a great option because they can easily be completed in free time. Some will like to attend 3-day events which are intensive workshops designed for major growth. Whatever kind of business development is chosen, it is sure that a business with benefit from investing in this area each year.
It is a well-known fact that running a business requires much time, determination, and effort. Furthermore, it will require a business owner to go above and beyond in their efforts in order for that company to thrive. Having said this, it is still important that business owners and workers have a personal life and are still taking care of themselves while they work hard. Many people find that they let their relationships fall by the wayside when they are running a business which can often result in separation and divorce. While having a successful business can be extremely rewarding, it is important to focus on other important areas of life too such as travel, spending time with loved ones, or on hobbies. When people spend too much time focusing on their work they will often find themselves retiring and then not knowing what to do with themselves. To best avoid this unbalanced life from occurring, here is how to not let business take over your personal life.
Outsource as much as possible
The smartest business people out there will outsource as much as they possibly can. Some will do this so much that they don’t even have to do any work for their business. Others will simply want to be the face for their company but are more than happy to pay other people to complete the work required. There are all sorts of freelancers available in this age of the internet so quite literally every aspect of a business can be taken care of. All of the web design can be taken care of by a web developer and all marketing material can be worked on by a graphic designer. An accountant can take care of a business’s taxes each year and can even complete their monthly bookkeeping. A digital marketing agency is able to cover SEO tasks and social media management, and a sound engineer is able to help with YouTube videos, podcasts or other recorded audios. There are even companies that will take care of all of your shipping needs. Whatever the task may be, it is guaranteed that there is a freelancer out there who is able to complete the task remotely and quickly. Because of this, it can be a wise move to outsource as many tasks in a business as possible so that there is more room in life for the sweet things.
We all want loads of money and there is nothing wrong with wanting that. This desire can become an issue, however, when we begin to act in ways that don’t align with our values. For instance, many people will find themselves working for companies or even starting their own companies in fields that they don’t really believe in. An example of this could be a vegetarian who works for a meat company. Other people will find themselves using unethical tactics to make more sales such as creating marketing campaigns aimed at children so that more kids want to buy mobile phones. Some will even step over others to work their way up the corporate ladder. These are the kinds of scenarios that people that find themselves in when they do not stay true to themselves. It can be easy to get caught up in the hype and to listen to advice such as “do whatever it takes”. The truth is, there are ways to still be extremely successful without having to give up who you are. Furthermore, you don’t have to use icky sales tactics just to make a bit of profit.
People respond well to those who are genuine
It is more likely that customers and clients will respond to someone who is genuine. This means that they will be honest when they speak about the product that they are selling or the services that they are offering. Furthermore, that they won’t try and drag as much money out of them as possible. Those who are successful understand that consumers want to feel safe when they are spending their money and it is more likely that they will feel this way when they can see that a worker, manager, or business owner is genuinely happy with their job. It is also a great move to go above and beyond for people. For example, great companies will always include a little freebie with every single product that they send out. For those who offer services, they could offer a 10% discount for their clients when they return. Thinking about these types of incentives rather than trying to trick people is often a great way to increase profits without having to sell your soul. At the end of the day, while money does make the world go around, it is important to make it in a way that feels right to you.
Most businesses understand that it is important to have a wide variety of payment methods for customers to choose from. For example, some customers will be old fashioned and will want to pay with cash, however, some will only like to pay with PayPal. Others will favour similar companies such as Stripe, while most will prefer to pay with their visa or credit card. While it is a good idea to have all of these options available to customers, many business owners find themselves wondering if they should accept cryptocurrency as payment for their goods or services. There are many crypto enthusiasts out there who barely use “real” money at all anymore. Although it could please a percentage of people to have this as an option, many people are still unsure of if this method of payment is stable and safe. Furthermore, is there any benefit to accepting crypto aside from the fact that it will make some customers happy? Well, there are some benefits. Cryptocurrency will have lower transaction fees meaning that businesses will receive a larger portion of their money. There is also great merchant protection and many businesses will see an increase in their sales when they accept this form of currency. But even with these benefits, many still wonder if it wise to accept cryptocurrency as payment.
The element of uncertainty
While, yes, there are benefits to accepting cryptocurrency as payments, there is certainly an element of uncertainty. The rules and regulations around it are constantly changing and evolving so it is hard to know if this is a trend that is going to be around forever. While it may be popular now, in a few years it very well may not be. It is much more likely that money in its traditional form will still be used. Furthermore, cryptocurrency isn’t exactly easy to use. If a business is interested in using it, they would be wise to seek out the help of some kind of expert to ensure that they don’t make any mistakes and that they know exactly how to use it. All in all, it is entirely up to business owners to decide on what they want to do. If they are happy to accept that there is an element of uncertainty to this type of payment method, then why not go for it. For those who like stability, they may wish to stay away.
For those who run their own businesses, or who play an integral role in a business, they may be interested to learn more about hiring a business coach. A coach is able to help a person break through any mental barriers that they may be having and is able to encourage their clients to get to a place where they want to be. For example, someone may be wanting to hit a certain earnings goal for that financial year and is unsure of how to reach that number. Working with a coach may be able to help them brainstorm ideas and give them methods on how to unlock their creativity and think outside of the box. Furthermore, they can give them powerful personal development tools that will help them get over any fears and gain more confidence within themselves. Some people may be wanting to ask for a raise or to raise their prices, however, do not feel confident in their self-worth. Again, working with a business coach is a great way to break through such handicaps so that people can live up to their own expectations and reach their full potential.
So, is a business coach really necessary?
While this answer is, of course, completely up to the individual there are certainly many benefits to hiring a business coach. Then again, if someone is already struggling financially, it may not be the best idea to spend money that they don’t have on personal development. Having said this, spending that money on a coach may be a great way to get out of a sticky financial crisis. It can be a great option for those who are feeling stagnant and stuck. If someone is feeling like they have lost drive or motivation for what they do, or they want to take their business to the next level, then finding a coach may be the right move for them. For someone who is just starting out and who hasn’t made enough money to reinvest in such services, then maybe it would be best for them to wait or to find students who offer free coaching services in exchange for testimonials. What is known, however, is that there is always help out there when people need it. This help doesn’t have to be in the form of a business coach, but they are the best people to see when working in your own business.