Checklist for Starting a Journal Business: Essential Ingredients for Success
If you are thinking about going into business, it is imperative that you watch this video first! it will take you by the hand and walk you through each and every phase of starting a business. It features all the essential aspects you must consider BEFORE you start a Journal business. This will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas. Ignore it at your own peril!
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A Step by Step
Guide to Starting a Small Business
This is a
practical manual in a PDF format, that will walk you step by step through all the
essential phases of starting your Journal business. The book is packed with
guides, worksheets and checklists. These strategies are
absolutely crucial to your business' success yet are simple and
easy to apply.
Copy the following link to your browser and save the file to your PC:
https://www.bizmove.com/free-pdf-download/how-to-start-a-business.pdf
1. Delegate to someone who is naturally
responsible and accountable.
Anything less and you've got a problem.
2. Link performance to salary.
Make the task/accountability that you're delegating a
requirement for the person to get paid.
3. Identify what the signs/measures of failure
are.
This way, you can inform the person, in advance, what
isn't acceptable, and what you'll be "looking out for...." This
works.
4. Identify the measurables of the
job/task/item.
Then, you'll both know if the job is getting done.
5. Develop an iron-clad reporting system.
A daily checklist, a weekly report, a monthly financial
statement, a weekly meeting. Whatever it takes.
6. Install an oversight process.
Have someone else that you trust to check in/check up
on the employees performance, results, accuracy, honesty.
7. Identify consequences for inadequate
performance, in advance.
This way, no surprises and whatever actions you take
are not punitive or arbitrary.
8. Double-check the work yourself from time to
time.
This means to review the work, chat with customers, get
outside verification.
9. Build in a system of continuous improvement
of the delegated task/accountability.
This keeps the employee focused on creating new and
better ways of doing what you need.
10. Customize a reward/incentive package, if
appropriate.
Everyone has their own unique way to be motivated. Make
sure that you understand theirs and create something around
that, not around your own way. But don't be too generous -- that
usually backfires. Remember, you're their employer, not their
friend or business partner.
After choosing one another as potential
partners, establish mutual ideas, goals, and philosophies
operating in the team you are developing.
Look for enough compatibility to challenge and stimulate one
another over time, as well as the presence of mutual trust.
Choose a partner whose strengths complement the
limits of the other partner, and vise versa.
Establish the project or core focus of the partnership
that is being created.
Determine the
kind of Partnership that will be created.
Will it be
Equal, or possibly an Associate relationship, or any other
possible combinations in between? Factors such as determining
level of financial risk, availability of time and energy for the
project, and prior existence of any intellectual property tied
to the project are
some key items to consider. Hiring a Coach
that has expertise in this area is recommended during the
formative stages of the partnership, and at any time such
support is needed in the future, in order to protect the best
interests for each partner involved.
Develop a
sound financial compensation plan for profits received that both
partners agree to in a signed document or contract.
Legal representation for the partnership may be appropriate at
this juncture.
Determine what roles each partner
will play during the course of the project, defined and clearly
documented for future reference.
Be accountable to
your role, until both partners change the structure of roles
established.
Create and support the intent to
continually place a working plan into action,
review the results of the action taken, and making expedient
and necessary shifts that will support the health of the
partnership over the lifespan of the alliance.
If
possible get the support of your immediate support system
established before entering into partnership.
You
will need to educate them about expenditures of time, money,
energy and other resources that will be needed to successfully
launch the project(s) your partnership represents.
Have planned, regularly schedule meetings on a weekly
basis.
These meetings will be set up for the purpose
of discussing the wins and challenges, what's working and what's
not, areas of discord and mutual planning for future growth and
expansion.
Set a minimum time period that both
partners will agree to a "no exit" clause.
New
ventures take time to be planted, watered and nourished, weeded
and ultimately harvested.
Predict Your Future. Do not use a crystal
ball to make forecasts of your business. By carefully analyzing
the historical trends of
your business, as shown in your
records for the previous five years, you can forecast for the
year ahead. Your record of sales,
your expertise with the
markets where you market, and your general knowledge of the
economy should enable you to predict a revenue
figure for the
next year.
When you have a Sales prediction figure, make
up a budget demonstrating your prices as a proportion of that
figure. In the next
year, you can compare actual P&L figures
to your budgeted figures. Thus, your financial plan is an
important tool for determining
the health of your business.
Make Timely Decisions. Without action, predictions and
conclusions about the future aren't worth the paper they are
written on. A
decision that doesn't lead to action is a bad
one. The pace of business needs timely as well as informed
decision making. In case
the owner-manager would be to remain
ahead of competition, you must move to control your destiny.
Powerful Decision making in the small business requires
several things. The owner-manager should possess as much
accurate
information as possible. With these details, you
need to determine the effects of all possible courses of actions
and the time
demands. When you have made the decision, you
have set up your business so the decisions you make could be
transmitted into
actions.
Control Your Business. To
work, the owner-manager needs to be able to motivate key people
to acquire the results intended for
within the price and time
limits allowed. In working to attain outcomes, the small
business owner-manager has an advantage over
large business.
You can be flexible and fast while many large firms must await
committee action before a choice is made. You don't
have to
get permission to act. And equally important, bottlenecks to
implementing new methods may get your personal attention.
One of those Secrets is in determining what items to
restrain. Even in a small business, the owner-manager should not
try to be
all things to everybody. You ought to keep close
control on people, products, money, and some other tools that
you consider
significant to maintaining your operation
pointed toward profit.
Manage Your People. Most
companies realize that their biggest expense is labor. Yet
because of the close contact with employees, a
few
owner-manager of small businesses do not pay sufficient
attention to direct and indirect labor costs. They have a
tendency to
think of those costs concerning people rather
than relate them to profit with respect to dollars and pennies.
Here Are Some Suggestions regarding personnel handling:
Gradually Review each position in your business. Take a
quarterly look at the job. Is work being duplicated? Is it
structured so
that it encourages the employee to become
concerned? Can the tasks be given to another employee or
employees along with a position
eliminated? Can a part-time
individual fill the job.
Perform A little private mental
game. Imagine you have to eliminate one worker, If you needed to
let 1 person go, who'd it be? How
can you realign the jobs to
make out? You may find a real solution to the fanciful problem
is possible to your financial benefit.
Usage
Compensation as a tool rather than seeing it as a essential
evil. Reward quality work. Investigate the potential for using
increases and bonuses as incentives for higher productivity. By
way of example, can you envision bonuses like morale boosters
through seasonal slacks or other dull periods?
Recall
There are new ways of controlling absenteeism through incentive
compensation plans. For instance, the owner-manager of one
little company eliminated vacations and sick leave. Rather, this
owner-manager gave each worker thirty days annual leave to use
as
the worker saw fit. In the conclusion of the calendar
year, the employees were paid at regular rates for the depart
that they did
not use. To qualify for the year-end pay, the
employee had to establish that sick leave was shot solely for
that purpose. Non-sick
leave had to be applied for in
advance. Because of this, unscheduled absences and overtime pay
have been reduced significantly. In
addition, workers were
happier and more productive than they were under the old system.
Control Your Inventory. Don't tie up all your cash in
stock. Utilize a perpetual inventory system for a cost control
rather than a
system just for taxation purposes. Establish
use patterns or buy patterns on the substances or items you have
to stock to keep the
minimum number required to provide your
clients to preserve production. Excessive inventory, whether it
is finished merchandise or
raw materials, ties up capital
that could be used to better advantage, for instance, to open a
new sales territory or to purchase
new machinery.
Centralize your Purchases and avoid duplications. Be a
comparative shopper. Verify orders in writing. Get the price and
amount
straight right away.
Check what you Receive
for quality and condition. Assess bills from suppliers against
quotations. You don't want to be the victim
of their mistake.
You should, However, keep one fact in mind when you set
up your inventory control system. Do not spend more on the
management
system than it will yield in savings.
Control Your Products. From control of stock to control of
products is but a step. Make sure that your sales people
understand the
importance of promoting the products that are
the most lucrative. Align your service policies along with your
own markup in mind.
Arrange your goods that low markup items
require the least handling.
Control Your Money. It is
good policy to handle checks and cash as though they were
perishable commodities. They are. Money in
your protected
earns no return; also it Can be stolen. Bank promptly.
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