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3 Keys to Delegating at Work

admin — Thu, 22 Jan 2009 09:08:59 +0000

3 Keys to Delegating at Work

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

One of the most difficult aspects of small business ownership is delegating some of your responsibility to others. The difficulty lies in the fact that your business is successful because of your strong leadership and your ability to wear many hats at once. If that wasn’t the case, then your business would have failed long ago. So there’s a certain logic in your desire to do all of the work yourself; after all, if you want something done right, you should do it yourself. But doing all of the work and retaining all of the responsibility is the short road to burnout. Here are 3 keys to delegating that will save your business, and your sanity.

Don’t Be Such a Control Freak. Chances are that you’re most comfortable when all decisions come from you. But you can only run your company this way for so long before you become completely overwhelmed. Pick one or two of your key staff and let them make decisions on their own, without your input. That way, if you’re unavailable for a time, business can still continue. It’s certainly in your best interest to make sure they know exactly how you would make a decision if you were present, but chances are that your most competent employees already have a good idea of what you would do in many situations. Not only will you have fewer decisions to make, but you’ll be tacitly communicating to your employees that you trust them to do the right thing. That increases their job satisfaction and makes them more willing to take on increased responsibility in the future. It’s a win-win for everyone.
Give Your Employees an Incentive. Take those one or two people whom you now allow to make decisions on your behalf, and give them an incentive for their increased responsibility. Maybe you want them to have a profit share from the divisions for which they are responsible. Be sure to let them know how they are performing so they’ll know what to expect in the form of shared profits.
Increase Responsibility. If you use high school or college interns in your business, which is an extremely cost-effective way to increase your staffing, let one of your more seasoned employees be responsible for those interns. Let those employees train and manage the interns. This is a great way to give your employees added experience in human resources and management. Your employees will get increased experience and you will have fewer individuals to manage. You can probably think of other ways to increase the responsibilities of your current employees.

The importance of delegating responsibility cannot be stressed enough. As your business grows, you will find yourself becoming more and more busy, and less and less able to manage all of the tasks that need to be done. There is really no way to avoid delegation if you want to have a successful business, but the key is to delegate wisely. Groom one or two employees from the moment you hire them so that they will be ready to take on added responsibility when the time comes.

Let them shadow you, train them to do some of the tasks that you do, and keep them in the loop regarding major decisions. When they understand your thought processes and reasons for making the decisions you do, they’ll be more prepared to make those decisions in your stead. While the idea of delegation may be frightening at first, you’ll find yourself much more relaxed and able to concentrate on growing your business rather than on the menial tasks that need to be taken care of. So do yourself and your company a favor and learn to delegate. You’ll be on the fast track to success in no time.

5 Ideas for Dealing with the Credit Crisis

admin — Sat, 27 Dec 2008 14:45:59 +0000

5 Ideas for Dealing with the Credit Crisis

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

If you’re a small business owner, you’re all too aware of the current economic crisis and how it’s affecting small businesses all over the country. The most profound effect of the economic crisis is in the availability of credit. The news is grim, but it doesn’t have to paralyze your business.

Here are 5 ways to deal with the credit crisis and its effect on your small business.

Diversify Your Borrowing. Big banks have really gotten themselves into a quandary with messy mortgages, but local banks have primarily remained outside of the mortgage disaster. Try visiting community banks to find out what they have to offer you. Many local banks are highly interested in lending to companies that keep money within the community. Peer-to-peer borrowing is another option that you might consider, and is attractive to private lenders for the same reason that community banks are interested in lending to businesses who will keep money within the local area.
Offer Less Credit. You’ll be in a better position to deal with the credit crisis yourself if you cut back on the capital that you need to run your business. This necessarily means that you will be able to conserve your capital if you offer less trade credit for your customers. Another option is to reduce your accounts receivable by reducing amount of time you give your customers to pay you, and by offering incentives to pay you early.
Cut Back. This is a common sense idea, but the less capital you need to run your business, the less credit you require. This is a really a great time for you to step back and get a big-picture view of your business. What small changes can you make that will allow you to cut back on the amount you need to borrow? Some ideas include leasing your equipment instead of borrowing money to purchase it. You might also consider utilizing sales representatives who work on commission instead of hiring salaried employees.
Raise Equity. Since the debt markets are more immediately effected by the credit crisis, try other sources of equity such as venture capitalists, friends, family, angels, and strategic partners. And if that doesn’t work, you might try getting equity from your venture’s founding team. This necessarily means that you’ll be less diversified since you’re putting your own capital into your own business, but you’ll also avoid having to ask lenders who aren’t lending to give you money. A final option is to fund your business using retained earnings rather than funding your business through borrowed money.
Sell, Sell, Sell. Sell any valuable assets that your business might have. Selling your equipment and leasing it back is an effective way to avoid borrowing more money. And making the switch to leasing from owning might give you enough cash to keep your business going.

The obvious solution to the credit crisis is to wait it out. Things will eventually come back around and the future won’t look quite so bleak. But the bottom line is that you need to keep your business going until the future starts to look a little brighter. These 5 steps are just a few of the ways you can cope with the credit crisis without having to close up shop completely. You probably have a few of your own tricks up your sleeve. The most important thing is to be creative and to do whatever it takes to keep your business running. It’s your passion and your life, so keep it alive until change comes along!

The 7 Biggest Entrepreneurial Mistakes and How to Avoid Them

MoeTamani — Tue, 23 Dec 2008 03:43:51 +0000

The 7 Biggest Entrepreneurial Mistakes and How to Avoid Them

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

The world of entrepreneurship is full of potholes and wrong turns. You may work for months and months only to find out that you need to scrap your original idea and try something else. You may follow a particular protocol for years before you realize that there’s a more efficient way to run your business. Much of this trial-and-error experience is to be expected when you’re starting your own business, and you can learn a great deal from your mistakes. But be sure to learn from other people’s mistakes, too. Here are 7 to avoid.

1. Working In Your Business Rather than on Your Business. Every business consists of little tasks that must be done to make the whole operation run smoothly. There is always work to be done. But your job as the owner of your own business is to work on your business rather than in it. You are the one with the vision. You are the one with the dreams. You are the one who knows exactly what needs to be done in the big picture to make your business everything you dreamed it would be. You can find volunteers, staff, and interns to do the work in your business. Internet marketing is one of those things you ought to outsource so that you can focus on your business. So many entrepreneurs keep on messing with SEO techniques for years to realized they have been doing it wrong. Make sure your first priority is working on your business.

2. Assuming You Know Exactly What’s Going On. Just because you’re in the office everyday doesn’t mean you know exactly what’s happening with your business. Find an organizational assessment tool to help you figure out what’s going on in your business both internally and externally. Using an assessment tool will help you look at your business objectively rather than subjectively.

3. Running Your Business Without a Plan. One of the most essential aspects of running your own business is creating and using a strategic plan. A strategic plan lists exactly who does what within the business, and when they do it. If you’re running your business without a plan, you’re leaving too much to chance, and you’ve done too much work to let that happen.

4. Not Working the Plan. Just as important as having a plan is working the plan. If you neglect the plan, you’re wasting money and time, and you don’t have the time or money to spare.

5. Shortchanging Yourself. You wear most of the hats in your business and you do most of the work. So pay yourself first and pay yourself what you’re worth. One of the biggest mistakes you can make is continuing to take on more responsibility without compensating yourself appropriately. While the inherent feeling of accomplishment is one of the greatest rewards of owning your own business, you still need to pay yourself for all you do.

6. Shortchanging Your People. Sure, people are often tough to work with. They get sick. They don’t always do what you expect. But people are also the ones who engage your customers and bring you a loyal following. So avoid the temptation to spend a lot of money on technology and invest in employee development instead.

7. Spending all of Your Time at Work. Most small business owners agree that they could spend all of their waking hours working on their businesses and still find more things to do. You’re probably the same. But be intentional about balancing your work life and your personal life. The law of diminishing returns applies to the time you put into your business, and you’re only doing yourself a favor by taking time off to spend with the people you care about.

Make the mistakes you need to make in order to make your business a success, but be sure to learn from these 7 mistakes and save yourself just a little bit of time and heartache. Enjoy being your own boss and the wonder of running a successful business!

15 Ways to Stay Focused With Effective Time Management

admin — Tue, 09 Dec 2008 23:27:54 +0000

15 Ways to Stay Focused With Effective Time Management

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

Let’s face it, there’s a lot going on out there. Our economy is on the fritz and every news story tells us that one more multimillion dollar company needs a government bailout. Foreclosures are happening right and left. We have troops in harm’s way, and Christmas is only a few short weeks away. And that’s just the big picture! We haven’t even mentioned your business and all the things that you need to keep up with on a daily basis. Here are 15 ways to keep yourself focused amid all the distraction. See what works for you!

1. Plan for Each Day. Take a few minutes every evening and plan the following day. Outline 3-5 things that you want to accomplish and stick to it.

2. Plan for Each Week. Take a few minutes on Sunday night (or the night before the first day of your workweek) and outline 3-5 things you want to accomplish during the week. Update this list every 3 days or so.

3. Get Plenty of Rest. Yes, it sounds like something your grandmother would tell you, but it makes a huge difference. You need to rest both your body and your mind in order to prepare for all the challenges you will face.

4. Get Out of the Office. At some point you, too, will be subject to the law of diminishing returns. Staying at the office until all hours becomes less productive instead of more productive, so just go home. Go home at a reasonable hour and spend time doing things you enjoy. When you clear your mind, you’ll find that the solutions to the problems you’ve been worrying about all day just come naturally.

5. Eat Right. Yep, there’s your grandmother again, but she was right. You can think better when your tummy is full, and you sleep better after you’ve had a big lunch and small dinner.

6. Move Around. You don’t have to spend every non-working moment in the gym, but take 30-45 minutes every day, or every other day, to get some exercise. Your mind functions better when your body is stimulated. You may feel like this is unproductive time, but you owe it to your health and to a healthy state of mind to get adequate exercise.

7. Stop Reading Email. OK, don’t stop altogether. But only read once per day. It can turn in to a huge time suck and people will call if they really need you. And when you do read your emails, wait to respond. Not every email needs an immediate response. Skip the ones that don’t. The same goes for Twitter.

8. Turn off the Phone. Don’t keep the cell phone off for the entire day, but turn it off for at least a few hours each day.

9. Work in Blocks. Don’t work on any project for more than 30 minutes. That’s about how long it takes for your brain to turn to mush and require alternative stimulation.

10. Take Breaks. Allow for regular breaks during the day. This gives your mind a chance to wind down and allows your subconscious to step in and examine the problems you’re trying to solve. And your subconscious is much better at that stuff anyway.

11. Make a Routine. This frees your mind to focus on more important things.

12. Do Not Disturb. Set aside a chunk of time each day in which you ask family and staff not to bother you. This is also beneficial for staff as they learn to solve problems without constantly asking for your help. This makes them more valuable, and that’s a good thing.

13. Ask For Help. Join an online community of peers that can give you advice and be a sounding board for you.

14. Invest in Speed. Faster computers make the work happen faster, and that leaves more time for you.

15. Blow Off a Whole Weekend. Don’t read any blogs. Don’t read any email. Don’t answer your phone. Just be. You’ll be surprised at how clear your mind becomes.

Hire Your Friends: 6 Reasons to Give it a Shot

admin — Mon, 01 Dec 2008 18:58:11 +0000

Hire Your Friends: 6 Reasons to Give it a Shot

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

So you’re starting your own business. You’re looking for space to rent for your office, and might need some clerical assistance at some point. So why not find a friend with whom to share office space and hire your sister for your part-time work? Sound too close for comfort? Here are 6 reasons to consider hiring friends and family to work for you.

1. They’re Trustworthy. When you hire friends and/or family, you can rest assured that they’re doing what you’ve asked them to do. They value the relationship too much to let you down, so they’re going to give the job everything they’ve got. Compare that to the trustworthiness of an employee you’ve only just met. You’ll rest easier when you know who you’ve got working for you. Don’t abuse the relationship, however. Treat them with the same professionalism and respect you would treat any other employee, and don’t take advantage of them.

2. They Care About Whether or Not You Succeed. Your friends and family want to see you succeed, so they’re going to do whatever they can to make that happen, even if it includes working extra hours and going above and beyond.

3. There are No Surprises. You know your friends and family well enough to anticipate what you might expect from a working relationship. When you hire someone you don’t know, you may be surprised later on by their work habits, annoying personality traits, or inappropriate behavior. Not so with friends and family. You can use what you’ve gleaned from your relationship to extrapolate what kind of employees they might be. You can make an educated decision before hiring about whether or not you could have a successful working relationship with a friend or family member.

4. They’ll Be Truthful. You’ve probably worked with people who will tell the boss exactly what he wants to hear to avoid making waves or calling attention to themselves. Friends and family, on the other hand, will tell you what you need to hear rather than what you want to hear.

5. You Know Their Motives. If you’ve been through the process of hiring someone before, you know that there are plenty of people out there who apply for a job simply to have a job. When you hire friends and family, you know whether they want to work for you simply for a paycheck or because they’re truly invested in what you’re doing. If they aren’t genuinely interested in what you’re doing and in being part of growing your business, don’t hire them!

6. They’re Loyal. If you hire a friend or family member because she’s truly interested in your company, because she cares about whether or not you succeed, and because she’s someone you can trust, then you can rest assured that she will also be loyal to you and your business. She’ll focus her time and energy on making your business successful, and she won’t bail out as soon as a better offer comes along.

Let it also be said that if you choose to hire friends and family, you need to be very clear about your boundaries. If you consistently ask them to give and do more and more simply because you know that they will do almost anything to help you succeed, then you’re taking advantage of their loyalty to you. And if you ever feel like the business relationship that you’ve forged with a friend or family member is putting a strain on your personal relationship, open the lines of communication to talk about what’s going on. The last thing you want to do is to ruin a personal relationship because of a business relationship. But if the chemistry is right and you trust your instincts, hiring a friend or family member may be the smartest business move you ever make!

6 Options for Funding Your Small Business

admin — Fri, 07 Nov 2008 01:30:05 +0000

6 Options for Funding Your Small Business

internet marketing Articles from Moe Tamani, the SEO Services Consultant.

One of the most burning questions entrepreneurs ask is how to go about funding their new businesses. Fortunately, there are as many answers to the question as there are businesses. This is a two-edged sword, however. While there are plenty of ways to fund a new business, the options can be overwhelming. As you ponder how you might go about funding your business, consider these 6 options:

1. Investments and Savings. This is the most logical place to start when finding business funding. If you’re serious about starting your own business, then you should be willing to put your money where your dreams are. The advantage of financing your own endeavors is that you’re not beholden to anyone if your business goes under. The disadvantage, of course, is that you can completely wipe out your savings if your business fails. So consider what percentage of your assets you’re willing to liquidate for the sake of the business.

2. Family and Friends. This is a good option for many business owners, but consider it seriously before you start asking your own friends and family for money. Borrowing money from people with whom you are close can be risky business as it can cause lots of tension. Even if they tell you that they don’t expect you to pay them back, the issue will always be the elephant in the room.

3. Second Mortgage. One option for raising money is to use the equity in your own home. This carries a lot of risk, however. The disadvantage is that the money will have to be paid back whether or not your business is a success. But the advantage is that the interest might be tax deductible on this low-interest source of funds.

4. Credit Cards. This is a very risky option, but one that many business owners opt for anyway. It’s easy to get a line of credit, and many credit card companies will be willing to let you charge great amounts. The interest rates are high, though, and you could end up with hundreds of thousands of dollars of debt if your business fails.

5. Angels. These are individuals who invest in start-up businesses in exchange for part ownership. Angels usually provide the seed money and are typically a business’s first formal investors. Be aware up front that some investors will simply give you the money and leave well enough alone. Others, however, will expect you to gladly accept whatever help or guidance they’d like to give you, so be clear from the very beginning what the role of the angel investor will be in your business.

6. Venture Capital. Venture capitalists are essentially more aggressive angel investors with much higher expectations. While angel investors will often write you a check and hand it to you with a smile, venture capitalists will write you a check and hand it to you along with an enormous pile of legal documents. They will expect to give a great deal of input, and they will probably be quite unhappy if your business isn’t run the way they feel it should be run. Instead of giving help and guidance, they will often give ultimatums and demands.

If you’re seriously considering using a venture capitalist, choose wisely. Don’t jump at the first offer you receive. If your business idea is good enough for one capitalist to be interested, it will interest others as well.

Regardless of how to choose to finance your business, spend your money wisely and follow a specific plan of spending and paying back. Consider your options carefully and choose the one that will allow you to get the job down while retaining the amount of control you’re most comfortable with. In the end, the less you have to borrow, the more you will own.