Executive Summary
Much has been both said and written about the decline in consumer spending during the recession; much less is said about the opportunity that lies in a highly disrupted marketplace. While it's true that customers are more knowledgeable (and often skeptical) than ever, this recession has done what generations of marketers have tried and failed to accomplish - opening consumers' minds to new brands and new options.
A new consumer tracking study "The Changing American Consumer" demonstrates an increasing willingness to try new products even as spending declines; it's our belief this indicates tremendous opportunity to position brands to steal considerable market share in the next year, allowing for tremendous growth once the recession ends. Using research to understanding the touchpoints that appeal to this "new consumer mindset" is vital in positioning your brand for future success.
The State of the Consumer Market
As the markets crash, people panic. We believe that panic creates an "inverse bubble" -one that has precisely the opposite effect of the recent tech or real estate bubbles. Instead of artificially driving profits and prices up, the inverse bubble artificially pushes them down. But as with any other bubble, it will "pop" -and how your brand is positioned when it bursts is vital. A few questions every company needs to ask themselves:
• Did reactive pricing decisions damage the brand?
• Will you have taken advantage of disrupted purchase behaviors to win new customers?
• Do you understand what changes are temporary, and which are permanent?
• How are customer mindsets continuing to evolve?
The Opportunity: don't believe an opportunity exists during these dark economic times? A few data points should convince you:
• People Are Reconsidering: Nearly half (48%) of Americans report considering brands they haven't considered before.
• People Are Noticing: 44% of Americans report paying more attention to advertisements than they used to.
• People's Mindsets Are Changing: While eventually the recession will end and purchase attitudes will settle, some attitudes may stay; 56% of Americans see the recession as an opportunity to start living a less materialistic life.
Necessity of Market Research
New "Brand Bonding"
For many brands, this is a chance of a lifetime to grab market share - media is cheap and minds are open. In order to ensure that you are part of this new "brand bonding," market research is needed to understand precisely how the new consumer mindsets affect your brand and your category specifically, and the new communications strategy you'll need to reach them. While price is important, it doesn't -and can't -define most brands over the long term.
Relevant Studies to Consider
While the best use of research and correct methodology is highly individualized for each brand, a few studies every marketer should consider:
• Key Assumptions and Mindset Test: Every brand works off key internal assumptions about your customer. Many of those no longer hold true. Are the attributes you base your communications on still relevant? Is a different approach to similar services needed?
• Concept Tests: As more people consider your brand, it's crucial to understand how new products and services could make your brand appealing to a broader audience. What can be developed to grab as much new share as possible without alienating core consumers?
• Communications Testing: With people paying more attention than ever to communications and media available at discounted rates, now is the time to test and then invest. Whether conducting ad or communications testing, developing new stated claims or other stats that can be pitched to the media, or coming up with the precise positioning and words that appeal to a wider audience, research is a fundamental building block that ensures your media spend will be effective.
• Ethnographies and Qualitative Deep Dives: Mini ethnographies or qualitative deep dives are an excellent way to move beyond the functional and uncover emotional touchpoints that can set your brand apart. How do consumers talk about and think about your brand? How has this changed? What needs are going unmet and how can your brand capitalize on this?
Gareth Schweitzer is the Founding Partner of Kelton Research. Kelton Research is a full service market research company with offices in Los Angeles and New York, and is America's fastest growing market research firm.
How to Choose a Location For a New Hotel
Posted by : srik79 | | Published in
Choosing the right location is key to the success of your new hotel. Although a large hotel can change the very nature of a street and neighborhood, the success of a small hotel is more likely to be impacted BY its surroundings. It is important to look closely at the neighborhood and beyond when considering your hotel's location.
Who are your customers?
To know if the hotel's location is right for you, a hotel entrepreneur must first ask "who are my customers?" and then "what do they want to be near to?" The right location for pleasure travelers may be very different from the right location for business travelers. Will your customers value being near downtown and the conference centers and event spaces where their business sends them? Will they be looking to enjoy the serene countryside and regional attractions? Will they be looking for recreation like skiing, the beach, lakes, or theme parks? Will they want access to the best restaurants and attractions the city has to offer? Regardless of the answers to these questions, it would help your customers if you were accessible to the local airport, train and bus stations, and car rental locations.
The Neighborhood
Start by looking at the closest potential neighbors and then move outwards. Are there high-quality businesses in the nearby area that either offer services your customers may want to use or that may even help you fill your rooms, like museums or banquet halls? If there are, do the legwork of talking to the owners about how they might partner with your new hotel to offer promotions to their customers. Alternately, are there neighbors which might be a nuisance for some customers (ie nightclubs, casinos, bars) or that are entirely undesirable for travelers (ie abandoned lots, garbage dumps)? If you won't be adding parking, is there parking available nearby at prices that won't be prohibitive for your driving customers?
Talk to Owners and Neighbors
When you find a location that is for sale, don't just speak to the owner. Speak to neighbors to hear what they know about the owner and the previous tenants at the location. Learning about this history can put you in a much better negotiating position when the time comes. Also remember that you can renovate an appropriate building into a hotel rather than building from scratch. If tenants in a building look like their businesses are in bad shape, the landlord may be waiting for the right offer to come along to take over the space with a successful business. Look for these opportunities which may not have a "For Sale" or "For Rent" sign posted.
Are you looking for more tips on starting a hotel or writing a business plan for a hotel? Growthink helps entrepreneurs develop professional business plans and raise capital. Call 800-506-5728 to learn how Growthink can help you build your hotel business.
Who are your customers?
To know if the hotel's location is right for you, a hotel entrepreneur must first ask "who are my customers?" and then "what do they want to be near to?" The right location for pleasure travelers may be very different from the right location for business travelers. Will your customers value being near downtown and the conference centers and event spaces where their business sends them? Will they be looking to enjoy the serene countryside and regional attractions? Will they be looking for recreation like skiing, the beach, lakes, or theme parks? Will they want access to the best restaurants and attractions the city has to offer? Regardless of the answers to these questions, it would help your customers if you were accessible to the local airport, train and bus stations, and car rental locations.
The Neighborhood
Start by looking at the closest potential neighbors and then move outwards. Are there high-quality businesses in the nearby area that either offer services your customers may want to use or that may even help you fill your rooms, like museums or banquet halls? If there are, do the legwork of talking to the owners about how they might partner with your new hotel to offer promotions to their customers. Alternately, are there neighbors which might be a nuisance for some customers (ie nightclubs, casinos, bars) or that are entirely undesirable for travelers (ie abandoned lots, garbage dumps)? If you won't be adding parking, is there parking available nearby at prices that won't be prohibitive for your driving customers?
Talk to Owners and Neighbors
When you find a location that is for sale, don't just speak to the owner. Speak to neighbors to hear what they know about the owner and the previous tenants at the location. Learning about this history can put you in a much better negotiating position when the time comes. Also remember that you can renovate an appropriate building into a hotel rather than building from scratch. If tenants in a building look like their businesses are in bad shape, the landlord may be waiting for the right offer to come along to take over the space with a successful business. Look for these opportunities which may not have a "For Sale" or "For Rent" sign posted.
Are you looking for more tips on starting a hotel or writing a business plan for a hotel? Growthink helps entrepreneurs develop professional business plans and raise capital. Call 800-506-5728 to learn how Growthink can help you build your hotel business.
Next Generation Green Office Building Janitorial Cleaning Services
Posted by : srik79 | | Published in
Keeping the office building and environment clean is always an on-going task. Traditionally, in-house cleaners are employed to ensure that a clean office space greets the staff every morning. On a daily basis, the cleaners use various cleaning products to wipe the tables, chairs, desks, cleaning glass and windows and while mopping floors.
Daily cleaning is good. The problem is, most of the cleaning products used are petroleum based, which means that they are using up a non-recyclable resource. The substances help to remove stubborn stains and dirt, but they are toxic and they can possible remove everything else in their path. In other words, to achieve the goal of cleanliness, volatile organic compound chemicals are released into the air and our environment.
Fortunately, buzz generated by the media has created a heightened awareness for these environmental issues. More and more people are paying attention to the products they consume and are using, and that includes cleaning products. A residential home may use a small amount of toxic chemicals, but a large commercial building may be using gallons of damaging substances on a daily basis.
When non-environmental friendly products are used, two consequences emerge. Firstly, the use of petroleum based chemicals draw on the Earth's limited resource - oil. Secondly, the toxic substances released into the environment, which is invisible, could be harmful to health. In fact, studies have shown that only 30 percent of petrochemicals used in home had been tested for safety.
It is also more difficult to dispose toxic cans. Many homes and offices simply throw these cans into trash bags, and mix them up with ordinary trash. As a result, the toxic substances get into drains and landfills. That cannot be good because these cans are non-biodegradable. In addition, these are ready-to-use cleaners that use more packaging and plastics thus making them not so eco-friendly.
Armed with such knowledge, more and more people are adopting the green building concept. Going green means taking measures to help protect the environment. Such measures include using cleaning products that are manufactured with renewable substances packaged in concentrated form, improving indoor air quality, and using natural ways and means to keep the environment clean.
Cleaning product manufacturers are also paying attention to the issue at hand. Major brands have come up with environmentally friendly products that are non-toxic, non-corrosive and non-petroleum based. These cleaning supplies and cleaning products are available for both residential homeowners and commercial building properties.
In a work environment, people sometimes neglect the issue of cleanliness. Most commercial buildings are fully air-conditioned. That means the space is enclosed. When a toxic cleaning agent is used, the substances linger in the same space for hours and sometimes days. That is why it is much better to employ green cleaning products for such spaces.
Cleaning services that keep themselves up to date understand these problems and needs will be at the forefront of the cleaning industry. They equip themselves with adequate knowledge, and switch to using environmentally friendly products for both home and offices. Some people even choose to call these companies "Next Generation Green Office Janitorial Services" and "Green Certified Cleaning Services".
There are many benefits associated with going green. First and foremost, we can be sure that the environment is not damaged. On top of that, everyone recognizes the direct benefit of having a cleaner and healthier work place.
Contact janitorial services King of Prussia or janitorial service Philadelphia to find out more.
Article Source: http://EzineArticles.com/?expert=Darren_W_Chow
Daily cleaning is good. The problem is, most of the cleaning products used are petroleum based, which means that they are using up a non-recyclable resource. The substances help to remove stubborn stains and dirt, but they are toxic and they can possible remove everything else in their path. In other words, to achieve the goal of cleanliness, volatile organic compound chemicals are released into the air and our environment.
Fortunately, buzz generated by the media has created a heightened awareness for these environmental issues. More and more people are paying attention to the products they consume and are using, and that includes cleaning products. A residential home may use a small amount of toxic chemicals, but a large commercial building may be using gallons of damaging substances on a daily basis.
When non-environmental friendly products are used, two consequences emerge. Firstly, the use of petroleum based chemicals draw on the Earth's limited resource - oil. Secondly, the toxic substances released into the environment, which is invisible, could be harmful to health. In fact, studies have shown that only 30 percent of petrochemicals used in home had been tested for safety.
It is also more difficult to dispose toxic cans. Many homes and offices simply throw these cans into trash bags, and mix them up with ordinary trash. As a result, the toxic substances get into drains and landfills. That cannot be good because these cans are non-biodegradable. In addition, these are ready-to-use cleaners that use more packaging and plastics thus making them not so eco-friendly.
Armed with such knowledge, more and more people are adopting the green building concept. Going green means taking measures to help protect the environment. Such measures include using cleaning products that are manufactured with renewable substances packaged in concentrated form, improving indoor air quality, and using natural ways and means to keep the environment clean.
Cleaning product manufacturers are also paying attention to the issue at hand. Major brands have come up with environmentally friendly products that are non-toxic, non-corrosive and non-petroleum based. These cleaning supplies and cleaning products are available for both residential homeowners and commercial building properties.
In a work environment, people sometimes neglect the issue of cleanliness. Most commercial buildings are fully air-conditioned. That means the space is enclosed. When a toxic cleaning agent is used, the substances linger in the same space for hours and sometimes days. That is why it is much better to employ green cleaning products for such spaces.
Cleaning services that keep themselves up to date understand these problems and needs will be at the forefront of the cleaning industry. They equip themselves with adequate knowledge, and switch to using environmentally friendly products for both home and offices. Some people even choose to call these companies "Next Generation Green Office Janitorial Services" and "Green Certified Cleaning Services".
There are many benefits associated with going green. First and foremost, we can be sure that the environment is not damaged. On top of that, everyone recognizes the direct benefit of having a cleaner and healthier work place.
Contact janitorial services King of Prussia or janitorial service Philadelphia to find out more.
Article Source: http://EzineArticles.com/?expert=Darren_W_Chow
Are Your Office Furnishings & Decor Killing Your Business?
Posted by : srik79 | | Published in
In our day, the old standards that were used in the office have changed dramatically. Everything from the floor to the ceiling & all things in between have seen a major change in the last few decades. Typewriters are rarely seen, clunky machines & printers have been replaced with sleek & quiet equipment & tools.
The "make do" attitude of yesteryear has become replaced with greater attention being given to the needs of the individual inhabiting the office space. After all, many folks spend more time in the office chair than they do in their own living room. The office has become a home away from home & is being furnished & decorated accordingly.
Recent studies show a direct relationship between office workers productivity & their relative surroundings. An office environment that is dim, or cold, or drably decorated is not nearly as conducive to productivity as a well lit, decorated & comfortable office space. For these reasons, smart office executives & managers know that making their employees comfortable in their offices pays dividends in the long run.
In today's intensely competitive market, it is essential to a company's well being that the best employees are recruited & retained. To this end, when putting together an efficient space for office staff, the office furniture & surrounding environment must be taken well into consideration. Each office worker is entitled to a bit of individuality in their space & will appreciate some variety in the décor & office furniture types.
In the case of higher level executives an entirely separate office would nearly always be the expected & sought after situation. An executive office needs to have space for a good amount of book storage, as well as a large desk, executive chair & a couple of guest chairs for interviews. The executive will want a commanding presence in the room, & hence his chair would normally face the door entrance. Some nice executive furniture, along with a decent décor including some plants makes for a great home away from home type of office.
In the case of the main office staff, a good system of cubicles with modern office desks & chairs will serve a company well. Where possible it is nice to provide for different needs of the various workers. Taking into consideration a person's being left or right handed is important. Two or three types of office chairs should be available for the staff to try & choose the chair that will suite them best.
Individual controls respecting lighting, temperature, sound & immediate surroundings are becoming expected, & while the upfront cost of such a setup is higher than a cookie cutter approach, the return in terms of productivity & retention are generally worth the investment. A happy workforce will be the difference between a company that survives & those that do not.
Ergonomically designed fixtures & tools are to be expected in today's offices. The repetitive nature of tasks like typing, phone work, & writing call for well designed work stations to keep the office workers sound & happily productive. The chair upon which one sits all day is perhaps the most important item in this regard. A regular schedule of breaks where the worker gets on their feet for a few minutes is a good idea to keep cramps & potential clots at bay.
Take these things into consideration when planning your next lot of office furniture purchases & renovations & enjoy the rewards of a well planned, well furnished office that keeps both the executives & the workforce happily productive!
Dan C.
http://www.mydomainfurniture.com
http://www.mydomainfurniture.com/index.php?cPath=5&osCsid=46aa2d4844e2e8c36066ecd5dbc361d0
The "make do" attitude of yesteryear has become replaced with greater attention being given to the needs of the individual inhabiting the office space. After all, many folks spend more time in the office chair than they do in their own living room. The office has become a home away from home & is being furnished & decorated accordingly.
Recent studies show a direct relationship between office workers productivity & their relative surroundings. An office environment that is dim, or cold, or drably decorated is not nearly as conducive to productivity as a well lit, decorated & comfortable office space. For these reasons, smart office executives & managers know that making their employees comfortable in their offices pays dividends in the long run.
In today's intensely competitive market, it is essential to a company's well being that the best employees are recruited & retained. To this end, when putting together an efficient space for office staff, the office furniture & surrounding environment must be taken well into consideration. Each office worker is entitled to a bit of individuality in their space & will appreciate some variety in the décor & office furniture types.
In the case of higher level executives an entirely separate office would nearly always be the expected & sought after situation. An executive office needs to have space for a good amount of book storage, as well as a large desk, executive chair & a couple of guest chairs for interviews. The executive will want a commanding presence in the room, & hence his chair would normally face the door entrance. Some nice executive furniture, along with a decent décor including some plants makes for a great home away from home type of office.
In the case of the main office staff, a good system of cubicles with modern office desks & chairs will serve a company well. Where possible it is nice to provide for different needs of the various workers. Taking into consideration a person's being left or right handed is important. Two or three types of office chairs should be available for the staff to try & choose the chair that will suite them best.
Individual controls respecting lighting, temperature, sound & immediate surroundings are becoming expected, & while the upfront cost of such a setup is higher than a cookie cutter approach, the return in terms of productivity & retention are generally worth the investment. A happy workforce will be the difference between a company that survives & those that do not.
Ergonomically designed fixtures & tools are to be expected in today's offices. The repetitive nature of tasks like typing, phone work, & writing call for well designed work stations to keep the office workers sound & happily productive. The chair upon which one sits all day is perhaps the most important item in this regard. A regular schedule of breaks where the worker gets on their feet for a few minutes is a good idea to keep cramps & potential clots at bay.
Take these things into consideration when planning your next lot of office furniture purchases & renovations & enjoy the rewards of a well planned, well furnished office that keeps both the executives & the workforce happily productive!
Dan C.
http://www.mydomainfurniture.com
http://www.mydomainfurniture.com/index.php?cPath=5&osCsid=46aa2d4844e2e8c36066ecd5dbc361d0
6 Tips For Starting a Business Despite the Recession
Posted by : srik79 | | Published in
The daily news of doom and gloom about the current recession and the financial challenges facing the world might convince you that now is not the best of times for a mom to start a business. But despite the hard times, many moms are doing just that.
After all, if you have been let go or can't find a job in the current economy, what have you really got to lose by starting your own business now? Why not chase your own dreams, rather than be dependent on another employer? Why not just take control of the helm yourself?
Because if you have a computer, a network of contacts and some marketable skills, you can launch your business from home with very little money and use your passion and sweat equity to make it a success.
But first, you need to do some planning and scheming to find the best business for you. Here's some tips to get you started:
1. Make a list of your current assets. Include equipment like computers, printers, and cell phones; skills like writing, editing, web design, organizing; expertise with software programs and computers; a list of your network of personal and industry contacts; and the amount of capital you could invest in your business.
2. Brainstorm ideas for the kind of business you want to start. Don't edit the ideas as you write them down, just keep going and list as many as you can. Then put the list away for a day and come back to it and then pick the top 5 ideas that excite you the most.
3. Do some Internet research using Google and Amazon to find web sites, books, and blogs that focus on your top 5 business ideas. Also look for potential role models of women who have already built a successful business in these areas. You might want contact them later to ask for an information interview to find out more about the ins and outs of a specific business.
4. Now, based on the information you've collected, write a short summary of your business ideas and the potential income for each. Be sure to include the links to resource sites, books, and the role models you've found. Think of these as a short pitch you might make to an investor to get them interested in your idea.
5. Assemble a focus group: people you trust who will support you in your entrepreneurial efforts and who will give you good feedback and advice. Do a presentation of your business summaries to them and ask for their input. Do not dismiss any of their ideas or comments. Just listen to what they say and write everything down for further review later.
Note: It's best to select people who are already successfully self-employed themselves. You want a nurturing and informed group of people to help you evaluate your ideas. People who have never been self-employed often have negative and unfounded ideas about starting a business and will project their fears to you.
6. Finally, review all the information and input you've selected and choose the business you want to start. The best business for you will usually be the one that intersects on your points of passion, skills, and resources.
Linda Locke writes about social networking, blogging, home-based business and tech topics. Visit her Moms in Business blog here: http://www.momsbiznews.com
After all, if you have been let go or can't find a job in the current economy, what have you really got to lose by starting your own business now? Why not chase your own dreams, rather than be dependent on another employer? Why not just take control of the helm yourself?
Because if you have a computer, a network of contacts and some marketable skills, you can launch your business from home with very little money and use your passion and sweat equity to make it a success.
But first, you need to do some planning and scheming to find the best business for you. Here's some tips to get you started:
1. Make a list of your current assets. Include equipment like computers, printers, and cell phones; skills like writing, editing, web design, organizing; expertise with software programs and computers; a list of your network of personal and industry contacts; and the amount of capital you could invest in your business.
2. Brainstorm ideas for the kind of business you want to start. Don't edit the ideas as you write them down, just keep going and list as many as you can. Then put the list away for a day and come back to it and then pick the top 5 ideas that excite you the most.
3. Do some Internet research using Google and Amazon to find web sites, books, and blogs that focus on your top 5 business ideas. Also look for potential role models of women who have already built a successful business in these areas. You might want contact them later to ask for an information interview to find out more about the ins and outs of a specific business.
4. Now, based on the information you've collected, write a short summary of your business ideas and the potential income for each. Be sure to include the links to resource sites, books, and the role models you've found. Think of these as a short pitch you might make to an investor to get them interested in your idea.
5. Assemble a focus group: people you trust who will support you in your entrepreneurial efforts and who will give you good feedback and advice. Do a presentation of your business summaries to them and ask for their input. Do not dismiss any of their ideas or comments. Just listen to what they say and write everything down for further review later.
Note: It's best to select people who are already successfully self-employed themselves. You want a nurturing and informed group of people to help you evaluate your ideas. People who have never been self-employed often have negative and unfounded ideas about starting a business and will project their fears to you.
6. Finally, review all the information and input you've selected and choose the business you want to start. The best business for you will usually be the one that intersects on your points of passion, skills, and resources.
Linda Locke writes about social networking, blogging, home-based business and tech topics. Visit her Moms in Business blog here: http://www.momsbiznews.com
Three Kinds of Businesses That Thrive in a Recession
Posted by : srik79 | | Published in recession
When we visited Cancun, Mexico this past winter for our annual 5-week R&R trip, we were amazed at how many storefronts and clubs were completely empty. Senor Frog's had virtually no business, and the shopping centers for tourists were so empty that they echoed. It was like walking through a very luxurious ghost town. Some stores in our local town back here in Colorado are starting to look the same way, but not all businesses.
There are three kinds of businesses that seem to thrive during any recession: discount stores, maintenance shops, and stores that recycle goods.
Discount Stores
Of course, Walmart is coming up roses with its low-price guarantee. The giant retailer increased its annual stock dividends by 15% in March, while other retailers are closing their doors. But other kinds of discount stores are also doing very well.
For instance, beauty schools all around the country are seeing a surge in business. People want to look good, even as the economy comes crashing down around them. At just $5-$7 per haircut and $35 for a hair color (versus $25 for a cut and $75 for a color at a regular salon), beauty schools are attracting customers like crazy. Discount stores empower consumers to stretch their hard-earned dollars, and are earning profits on their sheer volume of business.
Maintenance Shops
Drive past any new car dealer and you'll see a shiny ghost town. No one wants to buy a gas-guzzling new car in this economy. Instead, people are doing their own oil changes and trying to make their older cars last longer. Car service centers are experiencing a surge in business, with people bring their cars in for more complicated maintenance issues. Experts predict that service centers will see even more business if the price of gas stays low, as many people plan to take road trips this summer as an inexpensive way to get away. Those road trippers will want their cars tuned up before hitting the road. Other maintenance-type businesses growing include all kinds of repair shops, from shoe repair to computer repair.
Recycled Goods
When it comes to saving money, consumers are thinking thrift shops, eBay, pawn shops, and auctions. Second-hand stuff has never been more valuable, and people are flocking to second-hand venues to both buy and sell. While major retailers like Macy's are laying off thousands of employees, some thrift store chains are doubling the size of their staff. Experts are also predicting an increase in swap meets, better business on eBay and other auction sites, and a rosy future for pawn shops. Investing in recycling used goods is about to be very big business.
Does this give you some ideas for your small business?
Stephanie Valentine has been a small business owner for over 15 years. Her blog, http://www.gosmallbizblog.com, offers helpful tips on taxes, productivity, revenue generation, and more for small business owners. She also writes about online MLM marketing at http://www.gomlmonline.com/blog
There are three kinds of businesses that seem to thrive during any recession: discount stores, maintenance shops, and stores that recycle goods.
Discount Stores
Of course, Walmart is coming up roses with its low-price guarantee. The giant retailer increased its annual stock dividends by 15% in March, while other retailers are closing their doors. But other kinds of discount stores are also doing very well.
For instance, beauty schools all around the country are seeing a surge in business. People want to look good, even as the economy comes crashing down around them. At just $5-$7 per haircut and $35 for a hair color (versus $25 for a cut and $75 for a color at a regular salon), beauty schools are attracting customers like crazy. Discount stores empower consumers to stretch their hard-earned dollars, and are earning profits on their sheer volume of business.
Maintenance Shops
Drive past any new car dealer and you'll see a shiny ghost town. No one wants to buy a gas-guzzling new car in this economy. Instead, people are doing their own oil changes and trying to make their older cars last longer. Car service centers are experiencing a surge in business, with people bring their cars in for more complicated maintenance issues. Experts predict that service centers will see even more business if the price of gas stays low, as many people plan to take road trips this summer as an inexpensive way to get away. Those road trippers will want their cars tuned up before hitting the road. Other maintenance-type businesses growing include all kinds of repair shops, from shoe repair to computer repair.
Recycled Goods
When it comes to saving money, consumers are thinking thrift shops, eBay, pawn shops, and auctions. Second-hand stuff has never been more valuable, and people are flocking to second-hand venues to both buy and sell. While major retailers like Macy's are laying off thousands of employees, some thrift store chains are doubling the size of their staff. Experts are also predicting an increase in swap meets, better business on eBay and other auction sites, and a rosy future for pawn shops. Investing in recycling used goods is about to be very big business.
Does this give you some ideas for your small business?
Stephanie Valentine has been a small business owner for over 15 years. Her blog, http://www.gosmallbizblog.com, offers helpful tips on taxes, productivity, revenue generation, and more for small business owners. She also writes about online MLM marketing at http://www.gomlmonline.com/blog
Close Your Accounting Books Fast With a Month-End Checklist
Posted by : srik79 | | Published in accounting
The month end close checklist is a system that allows a company to facilitate the end of month accounting department closing process. A comprehensive month end close checklist will contain much useful information that is exhaustive in its detail and may cover the following areas: bank reconciliation, budget versus actual, cash flow analysis, accounts payable, accounts receivable, fixed assets, debt reconciliation and a host of other items.
When using a month end close checklist, it is highly recommended that most small to medium size companies prepare six binders, one each for Accounts Receivable, Sales Orders, Accounts Payable, Purchase Orders, Payroll and General Ledger. The binders should be 3 or 4 inches thick and can be obtained from the office supply stores with each binder having twelve dividers, one for each month. In each of these binders place the completed month-end checklists and month end reports as printed out by the accounting.
Once these procedures are followed diligently, the month end close checklist system will assist the company auditing department, which must provide relevant information to the IRS and to other state tax auditors. In addition, this system acts as a fallback in case of a disastrous system or backup failure.
There are two types of closing checklists. Those that pertain to year end (hard closes) and those pertaining to month end (soft closes) and each is useful in providing managers in the organization with important financial information, especially for internal use. With the growing use of computers, the month end close checklist has now found its way into software packages that automate the whole process for the current month and for the next month.
An important aspect of month end close checklists is the presence of closing process controls which can be either preventive or detective and which are used to produce company financial reports for each month. Usually companies formulate their own regulations to ensure that the procedures that they use are effective and that the reports accurately provide month end information about the financial position of the company. The checklist is there to provide a method of keeping accurate financial records that are both consistent and well maintained.
There are a number of vendors selling month end close checklists that, after a lot of research and expert advice, have been diligently prepared and which take into account all aspects of the company's accounting procedures. The checklist can also be tailored to suit individual needs as required. The cost is not more than ten dollars and the benefit to the user is tremendous as there is no need to do much more than fill in the relevant information and once that is done, the month end close checklist is ready to be used for the individual company's accounting system.
When using a month end close checklist, it is highly recommended that most small to medium size companies prepare six binders, one each for Accounts Receivable, Sales Orders, Accounts Payable, Purchase Orders, Payroll and General Ledger. The binders should be 3 or 4 inches thick and can be obtained from the office supply stores with each binder having twelve dividers, one for each month. In each of these binders place the completed month-end checklists and month end reports as printed out by the accounting.
Once these procedures are followed diligently, the month end close checklist system will assist the company auditing department, which must provide relevant information to the IRS and to other state tax auditors. In addition, this system acts as a fallback in case of a disastrous system or backup failure.
There are two types of closing checklists. Those that pertain to year end (hard closes) and those pertaining to month end (soft closes) and each is useful in providing managers in the organization with important financial information, especially for internal use. With the growing use of computers, the month end close checklist has now found its way into software packages that automate the whole process for the current month and for the next month.
An important aspect of month end close checklists is the presence of closing process controls which can be either preventive or detective and which are used to produce company financial reports for each month. Usually companies formulate their own regulations to ensure that the procedures that they use are effective and that the reports accurately provide month end information about the financial position of the company. The checklist is there to provide a method of keeping accurate financial records that are both consistent and well maintained.
There are a number of vendors selling month end close checklists that, after a lot of research and expert advice, have been diligently prepared and which take into account all aspects of the company's accounting procedures. The checklist can also be tailored to suit individual needs as required. The cost is not more than ten dollars and the benefit to the user is tremendous as there is no need to do much more than fill in the relevant information and once that is done, the month end close checklist is ready to be used for the individual company's accounting system.
How to Make Money With Your Business Right From the Start
Posted by : srik79 | | Published in Money
Starting a business usually poses a set of challenges that range from the start-up capital you need, going through the heavy expenses of running it and the long wait before you start seeing profits. However, you can actually skip those challenges and focus your efforts on an alternative that will spare you from all that. How? By doing business and making money online.
The difficult part of making money online is not the size of your initial investment as much as it is the learning curve you have to beat.
Indeed, starting a business usually involves investing a considerable sum of money and there is always the risk that things will not turn out as we thought, so if we put a large amount of money as start-up capital we are always at risk of losing a lot of it.
However, the approach with an online business is completely different, because of course you will have to invest some money to start -as you would in any other business venture- but the really strong component of an online business is know-how.
Within the traditional business model this factor also plays an important role, but the balance between capital and know-how in this case is I would say 60% / 40%, whereas in an online business this balance is about 5% / 95%.
What does this means from a practical standpoint?
It means that when you are starting an online business the main obstacle between you and success is not the lack of money, but the lack of know-how.
The good news is that getting the know-how you need will only demand from you some time and effort to learn and get your business up and running.
So as you can see, within this business model you will not be risking money, you will be risking only some of your time and dedication, and while you wait for your business to take off, you will not be stressed out by the heavy expenses that usually come with the traditional approach.
Therefore, provided that you have a good source of results-driven online business education you will beat the learning curve fast and you will quickly have in your hands the only asset you really need to make money online steadily from the start: know-how.
This Maverick Money Makers Review will give you a clear idea of how you can accomplish a steady income online right from the start by beating the learning curve fast.
For additional resources visit the other sections of Make Quick Money Info.
The difficult part of making money online is not the size of your initial investment as much as it is the learning curve you have to beat.
Indeed, starting a business usually involves investing a considerable sum of money and there is always the risk that things will not turn out as we thought, so if we put a large amount of money as start-up capital we are always at risk of losing a lot of it.
However, the approach with an online business is completely different, because of course you will have to invest some money to start -as you would in any other business venture- but the really strong component of an online business is know-how.
Within the traditional business model this factor also plays an important role, but the balance between capital and know-how in this case is I would say 60% / 40%, whereas in an online business this balance is about 5% / 95%.
What does this means from a practical standpoint?
It means that when you are starting an online business the main obstacle between you and success is not the lack of money, but the lack of know-how.
The good news is that getting the know-how you need will only demand from you some time and effort to learn and get your business up and running.
So as you can see, within this business model you will not be risking money, you will be risking only some of your time and dedication, and while you wait for your business to take off, you will not be stressed out by the heavy expenses that usually come with the traditional approach.
Therefore, provided that you have a good source of results-driven online business education you will beat the learning curve fast and you will quickly have in your hands the only asset you really need to make money online steadily from the start: know-how.
This Maverick Money Makers Review will give you a clear idea of how you can accomplish a steady income online right from the start by beating the learning curve fast.
For additional resources visit the other sections of Make Quick Money Info.
Turn Your Customer's Needs Into Successful IT Projects
Posted by : srik79 | | Published in Customer, IT projects
Every IT project is driven by a business requirement. For an IT project manager, the hard part is translating that business requirement into an end product that fully meets that business need.
It's easy for a project manager to sit in a meeting and listen to what the clients say they need their new system to achieve. But what happens when what the client asks for and what you think they mean are two different things? When your solution misses the mark, you're the one your client will blame, leaving you wide open to a lawsuit.
In fact, lawsuits are always a project management risk because there are so many opportunities for professional liability when designing, programming and implementing IT projects. If the solution you or your team implements results in downtime or a failure of network reach, mission-critical applications, integration, scalability or network performance, your client could claim that you didn't do what was asked of you.
If that claim results in a lawsuit, expect a lot of hassle and expense - especially if you don't have the right IT project manager insurance to protect your business. Beyond avoiding lawsuits, it just makes good business sense to get the job done right the first time to avoid expensive re-work and change orders.
Good Project Management Equals Good Risk Management
So how does an IT project manager translate a customer's business needs into a system that solves the customer's business problem? The key is good project management. Companies with lax project management are far more likely to have professional liability claims than those with formal project management processes in place. Well-thought-out project management processes significantly reduce your IT project management risk.
According to project management expert Karl Wiegers, one of the critical first steps in IT project management is defining a project's vision and scope. For each project, you should clearly outline in writing:
• Business requirements. All detailed requirements should be based on clear business needs. IT project managers can gather business requirements from the client's senior managers, an executive sponsor, a project visionary, product management, marketing department, or anyone else who has a clear understanding of the need for the project and the value it will provide to the client company and its customers.
• Vision of the solution. A long-term vision for the new system will provide context for decision-making throughout product development. The vision statement should not include detailed functional requirements or project planning information.
• Scope and limitations. It's critical to define the proposed solution's concept and range, along with what will not be included in the product. Clarifying the project's scope and limitations establishes realistic expectations for the various stakeholders, as well as a reference frame against which the team can evaluate proposed features and requirements changes.
• Business context. Any business issues related to the project need to be clarified and summarized. These might include profiles of major customer categories, assumptions that went into the project concept, and the management priorities for the project.
To reduce your own IT project management risk, it may be wise to follow an established project initiation and management process. For a Project Vision and Scope Template you can use with your own projects, see the free downloads at the end of this article.
10 Requirement Traps You Should Avoid
According to Wiegers, successful software projects are built on a foundation of well-understood requirements. Yet too often, tech project managers get caught in traps that prevent them from effectively collecting, documenting or managing project requirements. Several symptoms indicate that you might be getting caught in a "requirement trap":
• Confusion about what a requirement is
• Lack of customer involvement
• Vague or ambiguous requirements
• Unprioritized requirements
• Functionality that no one uses
• Analysis paralysis
• Scope creep
• Inadequate requirements change process
• Insufficient change impact analysis
• Inadequate requirements version control
Speak Your Customer's Language
As you develop your vision and scope document, be sure that you and your client are speaking the same language. To reduce tech project management risk, keep in mind that although you know the technology inside-out, your client probably doesn't. If your project documents are too technical, your client might be left to assume that your plan will meet its business need, when in fact your assumptions may be off-base.
If that happens, your team could be several months into the project before the misunderstanding becomes clear. That's when IT project managers commonly see "scope creep." Suddenly, meeting the client's need is going to take more time and money than planned. At this point, you're facing a huge project management risk, as some customers will stop paying and hire an attorney.
Taking a careful and thorough approach during the early stages of project management greatly reduces your project management risk. By clearly documenting a project's vision and scope in writing, and fully clarifying project requirements, you can create a proposal that will meet the business need, contain costs, and reduce the risk that you'll end up battling a lawsuit down the line.
Jim Cochran is the president and founder of Techinsurance.com, a company specializing in providing professional liability insurance for IT companies. Jim's experience in the IT industry allows him to understand the liability insurance needs of IT professionals. TechInsurance has been providing risk management solutions for IT companies for over a decade.
It's easy for a project manager to sit in a meeting and listen to what the clients say they need their new system to achieve. But what happens when what the client asks for and what you think they mean are two different things? When your solution misses the mark, you're the one your client will blame, leaving you wide open to a lawsuit.
In fact, lawsuits are always a project management risk because there are so many opportunities for professional liability when designing, programming and implementing IT projects. If the solution you or your team implements results in downtime or a failure of network reach, mission-critical applications, integration, scalability or network performance, your client could claim that you didn't do what was asked of you.
If that claim results in a lawsuit, expect a lot of hassle and expense - especially if you don't have the right IT project manager insurance to protect your business. Beyond avoiding lawsuits, it just makes good business sense to get the job done right the first time to avoid expensive re-work and change orders.
Good Project Management Equals Good Risk Management
So how does an IT project manager translate a customer's business needs into a system that solves the customer's business problem? The key is good project management. Companies with lax project management are far more likely to have professional liability claims than those with formal project management processes in place. Well-thought-out project management processes significantly reduce your IT project management risk.
According to project management expert Karl Wiegers, one of the critical first steps in IT project management is defining a project's vision and scope. For each project, you should clearly outline in writing:
• Business requirements. All detailed requirements should be based on clear business needs. IT project managers can gather business requirements from the client's senior managers, an executive sponsor, a project visionary, product management, marketing department, or anyone else who has a clear understanding of the need for the project and the value it will provide to the client company and its customers.
• Vision of the solution. A long-term vision for the new system will provide context for decision-making throughout product development. The vision statement should not include detailed functional requirements or project planning information.
• Scope and limitations. It's critical to define the proposed solution's concept and range, along with what will not be included in the product. Clarifying the project's scope and limitations establishes realistic expectations for the various stakeholders, as well as a reference frame against which the team can evaluate proposed features and requirements changes.
• Business context. Any business issues related to the project need to be clarified and summarized. These might include profiles of major customer categories, assumptions that went into the project concept, and the management priorities for the project.
To reduce your own IT project management risk, it may be wise to follow an established project initiation and management process. For a Project Vision and Scope Template you can use with your own projects, see the free downloads at the end of this article.
10 Requirement Traps You Should Avoid
According to Wiegers, successful software projects are built on a foundation of well-understood requirements. Yet too often, tech project managers get caught in traps that prevent them from effectively collecting, documenting or managing project requirements. Several symptoms indicate that you might be getting caught in a "requirement trap":
• Confusion about what a requirement is
• Lack of customer involvement
• Vague or ambiguous requirements
• Unprioritized requirements
• Functionality that no one uses
• Analysis paralysis
• Scope creep
• Inadequate requirements change process
• Insufficient change impact analysis
• Inadequate requirements version control
Speak Your Customer's Language
As you develop your vision and scope document, be sure that you and your client are speaking the same language. To reduce tech project management risk, keep in mind that although you know the technology inside-out, your client probably doesn't. If your project documents are too technical, your client might be left to assume that your plan will meet its business need, when in fact your assumptions may be off-base.
If that happens, your team could be several months into the project before the misunderstanding becomes clear. That's when IT project managers commonly see "scope creep." Suddenly, meeting the client's need is going to take more time and money than planned. At this point, you're facing a huge project management risk, as some customers will stop paying and hire an attorney.
Taking a careful and thorough approach during the early stages of project management greatly reduces your project management risk. By clearly documenting a project's vision and scope in writing, and fully clarifying project requirements, you can create a proposal that will meet the business need, contain costs, and reduce the risk that you'll end up battling a lawsuit down the line.
Jim Cochran is the president and founder of Techinsurance.com, a company specializing in providing professional liability insurance for IT companies. Jim's experience in the IT industry allows him to understand the liability insurance needs of IT professionals. TechInsurance has been providing risk management solutions for IT companies for over a decade.
Are You Making Money Or Building A Business?
Posted by : srik79 | | Published in Business, Corporate, Money, Tax
Being in business is nothing but entering into a new life relationship. First, you must try as must to make yourself your very first and best customer, otherwise the foundation of your business is SHAKY. Next, family members, friends and associates must be taught to respect the objectives of your business, or else, you get to nothing at the end. Finally, both close and distant customers are then incorporated and accommodated as partners in the day-to-day running of your business.
The above points are neglected only when you are programmed to make money and nothing more. Focusing on money only makes you a go-getter, and every go-getter is a selfish business person. As a selfish entrepreneur, a go-getter always wants to grab from his/her customers and, giving less. A go-getter always has a ONE WAY line of thinking: I must always milk money from my customers and get richer and richer!
A good business mind-set offers you a Turn-Around Method That Drastically Improves Results and without any doubt, offers you the absolute best method of psychologically converting yourself into your OWN customer, client, patron, patient or partner. It makes you to develop a new mindset, and start regarding each of your customer as the person you LOVE MOST ON EARTH, not just as CUSTOMERS!
Making money in itself is not hard, as people think, in fact, that is the easiest thing anyone can do on earth. It becomes a little bit harder only when you play the good citizen you are, by trying to respect and obey laws that govern the area of your business operation. Those who refuse to obey any law get fast at money but the end result is another story. So building your business demands that work hand in hand with laid down rules and regulations, which is what you need to prove to people that you are serious with what you are doing.
Every legitimate business bears fruit at a time when it is hooked up in a struggle. So whether you are working on anything specific or not, you should not place for yourself or business an invisible (and perhaps impossible) goal. This will help you prove to your family, neighbor or whoever, that you are NOT a failure - that business is not all about showing them CASH IN HAND! You can never bend the rules to produce the cash. . . .
However, in whichever way you may choose to look at it, I want to remind you once again that making money and building a business are two DIFFERENT things.- especially when you are just starting to build a business. When two big corporations, for instance, decide to merge and become one, they always lose money in the first year or so. But in the third year they make more money than both companies had ever dreamed possible. It was worth the two-year loss! In fact, that's how you make money - by investing.
Investing money is not the only way to make your business boom. Hard work and sacrifice is another way of investing. In other words, if you don't have money to invest, you have to WORK for it. Plain and simple. If you're looking for a way to have your cake and eat it too, you'll end up a fool at the short end of the stick! I know these are NOT words some of you out there would like to hear. I have never advocated for a Get-Rich-Quick method of business. But whether you accept my ideas or not is your choice. The simple truth is that, my job has been done. I have revealed the truth to you and I hope you accept it as fact.
Ejiogu GCE Vitus is a writer and publisher with the Fire-Brand Int'l Ministries, a media ministry that is based in Nigeria. He is the editor of FOUNDATION SATELLITE magazine also published by the ministry. He pastors a Church in Bauchi and is married with two children. You can reach him at: firebrandhq@yahoo.com or, 234 802 8181 829. Website: http://www.webskippers.com
The above points are neglected only when you are programmed to make money and nothing more. Focusing on money only makes you a go-getter, and every go-getter is a selfish business person. As a selfish entrepreneur, a go-getter always wants to grab from his/her customers and, giving less. A go-getter always has a ONE WAY line of thinking: I must always milk money from my customers and get richer and richer!
A good business mind-set offers you a Turn-Around Method That Drastically Improves Results and without any doubt, offers you the absolute best method of psychologically converting yourself into your OWN customer, client, patron, patient or partner. It makes you to develop a new mindset, and start regarding each of your customer as the person you LOVE MOST ON EARTH, not just as CUSTOMERS!
Making money in itself is not hard, as people think, in fact, that is the easiest thing anyone can do on earth. It becomes a little bit harder only when you play the good citizen you are, by trying to respect and obey laws that govern the area of your business operation. Those who refuse to obey any law get fast at money but the end result is another story. So building your business demands that work hand in hand with laid down rules and regulations, which is what you need to prove to people that you are serious with what you are doing.
Every legitimate business bears fruit at a time when it is hooked up in a struggle. So whether you are working on anything specific or not, you should not place for yourself or business an invisible (and perhaps impossible) goal. This will help you prove to your family, neighbor or whoever, that you are NOT a failure - that business is not all about showing them CASH IN HAND! You can never bend the rules to produce the cash. . . .
However, in whichever way you may choose to look at it, I want to remind you once again that making money and building a business are two DIFFERENT things.- especially when you are just starting to build a business. When two big corporations, for instance, decide to merge and become one, they always lose money in the first year or so. But in the third year they make more money than both companies had ever dreamed possible. It was worth the two-year loss! In fact, that's how you make money - by investing.
Investing money is not the only way to make your business boom. Hard work and sacrifice is another way of investing. In other words, if you don't have money to invest, you have to WORK for it. Plain and simple. If you're looking for a way to have your cake and eat it too, you'll end up a fool at the short end of the stick! I know these are NOT words some of you out there would like to hear. I have never advocated for a Get-Rich-Quick method of business. But whether you accept my ideas or not is your choice. The simple truth is that, my job has been done. I have revealed the truth to you and I hope you accept it as fact.
Ejiogu GCE Vitus is a writer and publisher with the Fire-Brand Int'l Ministries, a media ministry that is based in Nigeria. He is the editor of FOUNDATION SATELLITE magazine also published by the ministry. He pastors a Church in Bauchi and is married with two children. You can reach him at: firebrandhq@yahoo.com or, 234 802 8181 829. Website: http://www.webskippers.com
The Company Secretary's Duties & Liabilities
Posted by : srik79 | | Published in Business
A few days ago, I received an inquiry from a few working girls who wanted to venture into some business. They wanted to find out about information about setting up a private limited company or Sdn Bhd. One very interesting question from them was "Why do we need a Company Secretary?"
From that moment on, I am pretty sure many people out there are very curious about the same question and here, I would like to share with you, the duties and responsibilities.
The Corporate Secretary
Every limited company must have a minimum of one Company Secretary, according to Section 139 of the Companies Act, 1965. The its appointment is decided by the directors of the company.
To qualify as a Company Secretary, he or she must be either a member of a professional body approved by the Ministry, or a licensed secretary granted by the SSM. Further, the person must not be a bankrupt and is not convicted of any offence under Section 130 (1) of the Companies Act.
Statutory duties of a Company Secretary
His/her statutory duties as required by the Companies Act are generally as follows:-
1. Has to be present at all company meetings and recording minutes of the meeting. In this context, company meetings are mainly referred to directors' and shareholders' meetings. Operational meetings do not require a company secretary's attendance.
2. Keep and maintain all the statutory books and records of the company, ie. Minutes book, register book, share register etc.
3. Ensure proper filing of all necessary returns with SSM such as annual return, forms etc.
4. Issue notices of meetings to shareholders as directed by the board of directors.
5. Process share transfers documentations and recordings.
6. Countersign essential company documents and certifying documents for certain matters such as banking matters etc.
7. Ensure safe custody of company seal.
Liabilities of a Company Secretary
Given the fact that a company secretary is an officer of a company, same as the directors, he or she has fiduciary duties to perform for the company. He or she is requires to act honestly and in good faith.
He/she is personally liable to criminal charges is he or she commits wrongful acts, and can also be penalized with a fine. Wrongful act is as simple as failure to lodge the annual return to SSM.
http://www.klmanagement.com.my/
KL Management Services has been restructured into a Chartered Accountant company in Malaysia, now servicing corporate clients from small to large for corporations. KLM is one of three professional accounting firms in Malaysia licensed, experienced and capable to provide financial advisory services.
An emerging pioneer from the big five in the company, KLM's management style, methodology and business concept has brought forth revolutionary influence in both the Accounting industry Asia-wide. Find out more of their professional services at http://www.klmanagement.com.my/category/corporate-services/
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