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Ways to Organize Your Cash Flow

Whether you are managing your personal finances or starting a small business, organizing your cash flow will alleviate your financial stress and allow you to set up financial systems that make sense. Establishing an accounts receivable schedule, using Visa prepaid credit cards and establishing multiple income streams are a few ways to increase the constant flow of cash into your accounts receivables.

Managing Your Incoming Cash

Your cash flow may be the result of working for a company, being self-employed or running your own business. If you work for a company, you will likely get paid biweekly or monthly. As a self-employed contractor, you may have numerous clients who pay you upon completion of projects. As a small business owner, your revenue may come from the sale of products or services. At all times, using Visa prepaid credit cards allows you to spend only the funds that you already have available.

Expediting Payment Schedules

Whenever possible, you want to shorten the amount of time that you must wait to be paid. As an independent contractor, for example, you want to set the standard that you expect payment within a specified number of days of billing for services. A note on your invoice that the amount must be received within 10 days, for example, is sufficient to inform clients of your payment expectations.

Small Business Billing Practices

If you are a small business owner, ask clients to pay in advance of receiving products or services. Alternatively, you might charge half upfront and the balance after all services have been delivered. This allows you to have the transportation and material funds you may need to deliver the services.

Filed Under: Captial, Corporation Tagged With: , ,

Is Entrepreneurship for You?

The idea of having your own business can be exciting. You get to call the shots, set your own hours and determine the path for your future. Successful entrepreneurs are often happy people. They have carved their own niche in the world and worked hard to live a life where they control the reins. While these aspects of entrepreneurship are exhilarating, you may be wondering if you have what it takes to achieve the same results.

Assessing your Tolerance for Risk Taking

One of the traits most common amongst entrepreneurs is their willingness to take risks. When you set out to create a product or design a unique service, you’re not always sure that it will be well received. Investing time and energy into something that may not pan out is a risky venture. If the idea of this type of risk scares you, then entrepreneurship may not be your path. That is not to say that entrepreneurs do not feel fear. They do. They are just able to move forward courageously by embracing the risk while holding on to hope that their venture will succeed.

The Ability to Create Structure

When you work for an employer, the structure is often set for you. You might have deadlines or are responsible for very specific and carefully outlined tasks. In an entrepreneurial situation, you are the boss. You create the structure. If you wake up and do not feel like making sales calls or sending emails, the work will not get done. If you have one too many days lacking in structure and motivation, the end result will be lack of productivity and profits.

Being a successful entrepreneur requires perseverance, hard work and the ability to sustain efforts in the face of great risks. You know that entrepreneurship is for you when you acknowledge these facts and feel excited and compelled to charge ahead with your venture.

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Land of the Rising Sun and Rising MBAs

MBA Master Business Administration

Image via Wikipedia

Usually when we think of Asia–China, Japan, anything of the Orient–cars, Nintendo, and all sorts of manufacturing comes up. “Made in Taiwan”, right? Electronics are pretty big over there, too. But no one, not a soul in this world, would ever think that the concept of Business Administration, or even more broadly put, BUSINESS EDUCATION, is a front runner in the Land of the Rising Sun. Boy, would you be surprised….

Generally, Eastern countries such as Japan don’t fare well in terms of Business Education. Usually companies from Japan provide their own training. MBAs are scarce. Finding a Business Major in China, from the sound of it, relates to NOT finding a needle in a haystack, but rather a needle in a stack of needles! It’s no wonder that many Japanese students shy away from the business field over the eastern part of the world and prefer to pursue business degrees overseas.

But consider that no more. Things have changed.

The shocking fact is that an increasing number of MBA students are finding their way into the Orient thanks to the upsurge in English-taught MBA courses through programs such as the Waseda Business School (WBS) of the Waseda University and the Graduate School of International Corporate Strategy (ICS) of Hitosubashi University. In the center of Japanese economy and business, the two schools are right smack in the middle of Tokyo. For the most part, as well, a student visa isn’t even necessary. Generally, through the school–as long as the Japanese government recognizes the program, the visa is automatically provided.

More and more programs and specialized schools pop up in the East to provide some of the highest quality of education needs for any student interested in learning about Business, Management, etc etc. The trick is to do the research. You can profit big from it. One thing, though: if you do pursue a job after your degree, be sure you have an advanced knowledge of the Japanese language!

Filed Under: Business, Corporation Tagged With: ,

The Power of Online Business Education

Logo of the U.S. government's Small Business A...

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If you’re interested in business education but don’t have the means to travel and are looking to stay in your PJs while you work, look no further. Here are five places to get your business education online! And the best part about these courses you’ll read about? THEY’RE FREE.

The first is the MIT OpenCourseWare from the Sloan School of Management (mit.edu). Simply log in to the site and absorb the wealth of information in bachelor’s-degree courses and master-level courses on business complete with lecture notes, videos, lab demonstrations and more.

Next is the U.S. Small Business Administration (sba.gov), providing courses on finance and accounting, how to start a business, planning, management, government contracting, and international trade.

Third on the list is the Free Nonprofit Micro-eMBA Program (managementhelp.org). The best part about this resource is its comprehensive quality. It’s basically an MBA wrapped up in one program. Of course, you don’t receive a degree for it, but like the rest of these on the list–it’s completely free.

Kaplan University. Believe it or not, this college actually offers two free business courses online. The best part (besides not costing a dime) is you can actually apply the credits from these courses to an actual degree at Kaplan if you so choose.

The fifth is the extensive and easy-to-use web site, myownbusiness.com, specifically titled “My Own Business”, which offers 14 sessions on how to start a small business, which cover subtopics such as business planning, accounting, marketing, insurance, e-commerce, and international trade. It is still free, but if you wanted to invest in some real credentials with the site, you can spend $100 for the accompanying textbook for future reference and a Certificate of Completion. Just food for thought.

There are even more sources to choose from other than these five, and more will be discussed in a future article. Consider these five and see what you think. You might find your gem in one of these!

Filed Under: Business, Corporation, Small Business Tagged With: ,

Be Grateful to Business Partners

Dan Morris at Niche Affiliate Marketing System...
Image by rogercarr via Flickr

Do you own and run your own business? If so, and you are like many other people, you know the value that comes from running a business through other people. You have employees, perhaps. You have service providers. You have customers. In addition, you may have affiliate marketers. As you consider the way that these people affect your day-to-day business, consider when was the last time that you actually thanked them for the service that they provide.

It is very easy to overlook the very simple things that business associates do to help your business turn a profit. For example, you may not even know your top affiliate marketers, but you may know that they have helped to make your program one of the top affiliate programs out there. Have you stopped to consider saying thank you to them? Sure, you give them a commission for their sales, but unless you say thank you, you are not going to really appreciate what they are doing for you.

On the other hand, you may not own a business but may be part of one. Do you take the time to say thank you to your employer, coworkers or others that you meet? Most people do not make the time to do this, even at the holidays, because they simply do not realize the role that others play in their day-to-day business. You may not be successful if those people were not there, doing what they are doing for you.

Think about all of those people that help you to make a living, no matter if you are a business owner or just an employee. Find a way to make them feel special and chances as good they will be loyal to you longer. That will help you to become richer in both appreciation and in the profits that they help you produce.

Filed Under: Business, Corporation, Small Business Tagged With: , ,

Stocks and Bonds: The Difference?

Bond Clothing Stores

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You always see the two terms together when talking about Wall Street and investments, but what is the difference? Stocks and Bonds, Bonds and Stocks, Bocks and Stonds, Stonds and Bocks–seriously, what IS the difference? It may sound complicated, but the world believes in you and your ability to focus on the information. Know this, though, before getting into this perilous world of finance: Knowing is Half the Battle (G.I. Joe!).

Both stocks and bonds are securities. But their differences are very pointed. A ‘bond’ is essentially an IOU issued by the company. People purchase them without any tie to the company–therefore, it’s a risk in that the company may or may not be able to pay off the IOU. But it all depends on the company’s reliability and profitability.

Stocks, however, are not IOUs in the sense that the company is not taking a loan out with you; you’re actually sharing in the company’s profits. Regardless of how the company does–good or bad–you take a share in what kind of profits (or losses) the company faces.

That naturally provides a unique set of advantages and disadvantages to both. Stocks provide enormous growth potential; there’s no limit. However, stocks can also bottom out and become worthless if the company doesn’t do well. There is no extra loss out of pocket, though; nevertheless, it’s still a risk.

Bonds, however, have a cap as to how high they can ‘mature’; but that’s offset by the fact that an investor such as yourself would take a bond with a company that is reliable enough to make the payments over the specified period of time. In other words, it’s essentially a guaranteed income stream, unlike stocks. Again, though, there’s a risk.

There’s a risk to being a Snake Eyes or a Duke or a General Hawk, too! After all, it’s G.I. Joe. And sometimes the field of finance sort of looks like that battle field. Just watch for Cobra Commander! He’s wretched.

Filed Under: Business, Corporation Tagged With: ,

Go With Government or Call For Corporate: The Two Types of Bonds

Generally, there are two types of financial bonds an investor can work on. Both have their advantage, and also a disadvantage. It’s crucial to understand them so as to make the right choice for yourself on what bonds to take. Choices, choices, choices! So stressful to take the right financial path, yes? Maybe this information will help you….

The two types of bonds are Government and Corporate. Government bonds are loans the actual ‘country’ hands out–in the case for the United States, the United States Government. Typically government agencies–local or national–issue out these bonds; and they are considered the safest bet, because they’re backed with solid promise of funds. After all, it’s the government, right?

Corporate bonds are different in that companies such as certain industries, financial firms, public utilities, and transportation corporations are the bond issuers. These companies usually aren’t backed by the government, which presents a greater risk of default of nonpayment by the company. However, because there’s a greater chance of profitability, the bondholder stands an even better chance for greater gains as the bond matures. As a matter of fact, Corporate bonds generally pay more interest than government bonds.

Which type of bond you choose depends on you. If you want a solid investment with a decent return, go with government; if you like taking chances and possibly hitting it big, call for corporate. Choosing a combination of bonds wouldn’t hurt either. Utilize what you can. Invest in the future.

Typically going with an investment plan that encompasses both risk and reassurance is the top-quality tier of financial success. But not everyone can do it. It takes courage, faith, hard work, and a little bit of ambition. These are the two types of bonds to look at, friends. Know it, live it, love it. Be ‘bonded’ to the financial truth!

Filed Under: Business, Corporation Tagged With: , ,

Using Free Software in Your Business

If you’re a small business owner, you can certainly appreciate the opportunities to save money on expenses whenever and wherever you can. If you manage the business from your home, a small office or it’s all on mobile devices, expenses can add up quickly. It takes creativity and a lot of discipline to be able to cut expenses down to a minimum and still operate your business at a profit.

There are creative business practices that cut expenses. Make your entrepreneurial dollar stretch as far as it can. Some techniques include:

  • Investing in a all-in-one printer to eliminate the added costs of printing, faxing and copying your documents at a print shop. There are various styles and types of printers that can perform a myriad of applications. Investing in a system up front can save a lot of money for you down the line.
  • Finding and using free software for your business applications. This can include financial software, graphic design software and even webmaster development tools to manage your website. A lot of open source software is made available to individuals who need it but can’t afford to buy it for their business.
  • Sharing administrative costs with other small business owners. There are many groups that “share” a secretary pool or administrative assistants. They get the full benefit of their services at a fraction of the cost of hiring an individual to work full time.

Aside from being creative in developing ways to cut corners, you also have to be disciplined with whatever methods you choose. As you find what works for your business, be sure that you stick with it until you see the value in it and the money and time you save by doing it. Over time, you’ll be glad that you took the steps to pare down your expenses as your business begins to make a profit.

Filed Under: Business, Corporation, Equity Tagged With: , ,

First Impressions Start With a Business Card

Business Card Cube Gift Box (mangled)
Image by Randy Cox via Flickr

You only get one chance to make a positive first impression. That message is drilled into us from a very young age. In the business world this is especially true. If you want to be taken seriously then you need to present yourself accordingly. Dressing for success? Obviously that is important, but so is the first impression you can make with the presentation of a business card. Quite often, business cards will be the only thing you’ll leave behind after a meeting. Here are some tips for making your business card stand out:

Avoid Clutter

We all have a lot of options for contacts, but does your potential future boss really need to have your Facebook address on the business card you hand him? There is nothing wrong with having a professional and a social card for introductions. There are some people you meet who you want to give your Twitter account to. Others might not need your business phone number. Have both handy for any situation.

Keep Your Card Up-To-Date

We all move and switch phone numbers. That’s part of life. That doesn’t mean you can’t be bothered to update your business card. Imagine the impression you’ll make if you hand over a card with a scratched out number and quickly scribbled new number. Yes, you might have hundreds of cards you don’t want to waste, but what are you telling the person you’re giving the card to? That you’re frugal or just sloppy? Recycle the old cards and print up new ones.

Make It Professional

Can you make business cards on your own computer? Probably. Will they look like it? Most definitely. Again, consider the impression you want to make? Do you want to hand over a strong business card printed on sturdy paper stock or something flimsy? The choice is obvious.

Filed Under: Business, Corporation, Small Business