if your in business - gmhontiveros notes & clippings

If you are in a business...
clippings by gerwin hontiveros

         Never make important decisions when you are angry, ill or in any way emotionally disturbed. Never answer a letter while you are in this frame of mind.
Entrepreneurs are usually honorable people who do business based on a handshake or a promise. They tend to form strong associations with others who share this work ethic.
       Always keep in mind the four key elements of business - process, timing, customers and information. Examining how they deal with these four factors can provide insight into the entrepreneurial attitude and help you become successful.
A budget will keep you financially disciplined and keep you from financially over-extending yourself. By minimizing start-up and ongoing costs, a budget helps you to maximize cash flow and profits.
        You cannot be an expert on everything. Get assistance from as many sources as possible. Talk to your attorney, accountant, banker, friends, family and the competition. If you're starting a new business or you're running a small business, there's always lots of expenses. If you use a bit of creativity, you can save some of your cash. Keep things in perspective though. Don't just buy based on price but also invest based on value. Saving your peso initially may cost you more in the long run if the product doesn't last or requires frequent maintenance. Remember that little things add up.
       Prioritize what you need to accomplish. "Pareto's principle" states that 80 percent of your accomplishments come from 20 percent of your efforts, so think strategically: Locate and isolate this valuable 20 percent, then focus your efforts on the tasks that promise the greatest rewards.
       Know when to act like an entrepreneur and when to act like an employee. Show your team you can do their work if called for and can also be tough and make decisions if needed.
       Contact owners who do the same work as you do but who work in a different state/region/county. They might be more inclined to share their secrets of success with you.
       Be careful in choosing a PR firm to work with. Oftentimes, senior consultants will pitch the account but use junior employees to do the work. Ask to meet the team who you will be working with. Take your time. Choosing the right PR firm can be critical to long-term success.
       Turn disappointments and failures into positive opportunities and realize that most successful entrepreneurs built success from failure.
       Though no substitute for salary, good benefits can do just as much to attract and retain employees. But since few small businesses can afford to offer the full red-carpet treatment, the key is to find out which benefits you (and your employees) care about most.
        Having a spouse as a business partner can be an inviting proposition, but it should be carefully evaluated before taking the plunge. Determine whether spending a lot of time together on the job will affect the time you spend together outside of work. Will it affect the time you have to spend with your children? Will your intimate life together suffer because you are business partners? Learn how to separate work and personal conflicts.
        If you intend to put up a website whether for E-Commerce or simply web presence. The secret to online success is your concern for visitors. Understanding their needs and their wants. Responding to their wishes. Because you are building the web page for them - not for you, right?
        You may know a lot about your product or service but not be knowledgeable about the practical aspects of starting and operating a business. Business knowledge is the key to every business success.
        A major reason for business failure is lack of planning. Failing to plan is a plan for failing. Prepare a strategic plan for your business that clearly defines your mission, your present situation, your strategies, and where you want to be in the next three to five years.
        Send out a newsletter to clients and potential clients. Don't make the mistake of filling the newsletter with ads and specials like everyone has in newspaper inserts! Write about what your business offers, what you do and how you do it, your staff, special features or skills your business or firm has to offer. Give the reader free hints, advice, etc.
        Read your business plan at least once a week. Let your unconscious mind wrap itself around it and go to work for you. You will be amazed at what you will accomplish even if this is the only action you ever take.
        Be sure to include descriptive phrases in your marketing materials that will enhance your image, build your reputation, and set you apart from the competition. Some suggestions : Our total commitment to ; We believe in ; We offer the added advantage of ; Who you buy from can be just as important as what you buy.
        Get an advisory board or a mentor. The board can be family members that you trust, or friends. Ask them to be your board of directors and review your business plans and results with them. Having someone to bounce ideas off and get an objective opinion is critical.
        Spend the last days of the year, even the entire month of December, cleaning up your incompletion and tolerations. If you are in a business that you hate, then it is a good bet you won't be successful. Find where your true talents and skills are and get in a business that exploits them. Remember the saying - " if you do what you love, the money will follow" is so true. Success is more attitude than aptitude and never forget that failure is only the opportunity to begin again more intelligently.
        Subscribe to popular magazines that cover your business. They have great sources of advice and information related to your line of business. Read and constantly be researching topics about your business.
If you rely purely on instinct to guide your business instead of a written plan, you're headed for trouble. A plan helps you focus on where your company is, where it's going, why and how you're doing along the way.
        The most important aspect of building a business or professional practice is developing an effective marketing plan. Being extremely good at what you do is useless if customers don't know about you or your whereabouts. Marketing your company falls through the cracks because there is no budget for advertising, and people are too busy running the business to market it effectively.
         If you want to be the greatest company, you have to start acting like one today. This is whether you're a large corporation or in small businesses.
Some of the most successful entrepreneurs failed several times before doing extremely well. So, if you're failing, fail and fail fast. And learn then try again with a new wisdom. Do not give up. Yet, do not suffer, either.
         Not because a lot of people are opening a certain type of business means its a good business. Survey the market, do your own investigation, create feasibility studies and make sure that you'll learn the ins and outs of the said business before you embark on it.
         Always provide the best and most comprehensive and professional services or merchandise for the best prices, delivered in the best manner, on time, and you will be ahead of all your competitors.
         As an entrepreneur/business owner, you should be on top of every situation or at least know what's going on within your company specially about your product and services. Spend 1/2 a day/week answering phones from customers, prospective customers and public. Ask questions that will help you improve the things you're offering.
         As an entrepreneur/business owner, your primary goal is to make a NET PROFIT. If you do not know how you are doing until all the money is in and all the bills are paid, then it may be too late. You need to know where you stand on a regular basis, especially with regards to income versus expenses.
         Don't work on a single idea. bear in mind that ideas are the currency of entrepreneurs. Play with many ideas and see which ones bring money and success. Do not be afraid of trying.
         If you are in a business that you hate, then it is a good bet you won't be successful. Find where your true talents and skills are and get in a business that exploits them. If you do what you love, the money will follow.
         If possible, you should ask your spouse to learn the business with you for at least three or four weeks per year. So that if for any reason you are not available to run the business, your spouse will be familiar with certain people and situations about your business. Make sure your spouse knows your attorney, accountant, consultants or advisors, creditors and your major suppliers
         In doing business, remember this basic tips : Hire the right people ; make service a core value ; empower frontline workers ; solicit feedbacks ; and pick the right customer. Capital and Experience isn't so important in business. You can get both of these things while running your business.
         The main asset you need are IDEAS. With the right idea, there isn't any limit to what you can do with your business or your life.
         Success in business requires the application of the principles and practices of business development. Whether you are an old hand or a new start, your success is dependent upon your mastery of these principles and practices.
         Talk to your sales people as often as possible. Innovation or ideas for new products may come from them since they tend to be the closest to your customers.
The Internet is a tool that, when used properly, gives entrepreneurs a level playing field on which to compete with bigger businesses.
         Most entrepreneurs over-delegate tasks and accountabilities to others. Better to learn the skill of responsibility and completely turning over a task or project than assuming/hoping/needing others to come up to speed quickly enough on their own. Most people cannot.
         Don't marry a single idea. Remember, ideas are the currency of entrepreneurs. Play with many ideas and see which ones bring money and success.
The successful entrepreneur lives in a world of possibility but spends money in the world of reality.
         Some of the most successful entrepreneurs failed several times before doing extremely well. So, if you're failing, fail. And fail fast. And learn. And try again, with this new wisdom. Do NOT give up. Yet, do not suffer, either.