How to Get to the Top of Your Game by Networking Your Small Business

If you have a small business and you are trying to move it to the next level then networking is the way to go. You get the best of everything with a network without having to pay for any of it. Read on to find out how to get mentorship, qualified leads, and a ton of free products and services all through networking.

A network is a system where a group of non-competing, complimentary businesses get together and agree to help each other. The mastermind that a network generates can solve unbelievable problems for the members’ businesses, problems that could NEVER be solved alone. The goal is that you all agree to help each other, using your individual skills to benefit anyone else that may run into a problem where you excel.

In addition to the problem-solving mastermind, you will also gain the benefit of bartering. Here, you can swap products and services in exchange for the work that you perform. For example, if you are an accountant, you could get free legal work done in exchange for a tax return. This process alone can be worth thousands of dollars, well worth the time of admission into the network.

Lastly, there is the referral process. When you get customers into the network and they need a service that your business cannot provide, you will refer then to another member. This keeps the business inside the network, and you also look very professional, because you are recommending someone you know and the customer will see that you are just helping them, not making a dime off the transaction.

The 3 parts of a network are so valuable that any business which belongs to a network is at a much greater advantage than those that are not. You will have a huge support system when times get tough, and they will get tough. You will have a potential source of loans if you need money quickly. You will have a mentor. You will have a huge arsenal or service at your fingertips that you can barter with for free. Most of all, you will end up with a steady stream of customers flowing through your business. If your network is large enough, you may be able to generate more work than you can handle. Wouldn’t that be a nice problem to have? If that is the case you could even expand the network into multiple businesses in the same category. Networks are very flexible and definitely worth the effort if the right members are chosen carefully.

Understanding Your Business – A Feasibility Analysis

Every business is unique. There is no single set of rules that apply to all. The challenge to survive and grow that business is a function of its market, its customer base, its competitors and its resources. Only by understanding where opportunities may lie for supporting, growing and expanding opportunities will the business be able to meet and overcome the enormous challenges that exist today.

(While understanding the competition is of extreme importance, it is beyond the purview of this article.)

Understanding the overall picture is vital. You need to understand your consumer and his relation to your product or service. What is the ‘value proposition’ that your product or service offers your customer?

Regardless of the type of product or service you offer, a major determinant of the success of your business will be the price you set. Price must cover the costs of production including overhead. To lower prices, you must lower your costs, so you must know the real costs of running your business.

The first step is to gain a thorough understanding of the internal workings of your business–you need to understand your critical business processes–all of the activities that are essential to providing quality products and services.

Work to understand your culture, processes, and technology. Start by analyzing your business using a process map to identify your bottlenecks and delays. Identify the activity owner of each business function. This is generally a manager or supervisor with overall responsibility for a particular business unit.

Rank the importance of each process as it impacts the performance of the business. The aim is to identify where the flow slows within your business. By documenting and analysing every interface between departments you will ensure that all business problems are addressed and reduce the risk of eliminating the benefits of existing processes.

Determine how effective the accounting procedures are in monitoring all your financial activities. Out of date or poorly prepared records can actually hinder the growth of your business. Evaluate how computers and software can improve efficiency.

Understanding your business inside and out will give you much better operational control. It will enable you to determine what processes and procedures need to be eliminated or added to ensure your survival and prosperity.

Understanding your business, and understanding what the risks are and what changes you have to make will be the key to whether the business succeeds or fails.

Laws Involved Around Small Businesses

Many people think because they have a small business they can’t benefit from the counsel and advice of an experienced business attorney. An experienced lawyer can easily help a small business owner avoid unnecessary litigation and if necessary have the best outcome for the case.

A business should always do things to protect themselves from lawsuits and its personal from business and personal liability. To avoid those kinds of situations the business should have a complete business liability policy available in place, and as well a company procedures and policies, like an employee book. Most  lawyers should be able to provide assistance with developing procedures, policies, and handbooks.

A small Business Attorney Can Help Resolve Your Dispute

A small business is an enterprise generally with less than 100 employees. It is usually a closely held corporation, partnership, or sole proprietorship acting under small business law regulated by the government. In terms of ownership, only a few stockholders own or hold the shares of a closely held corporation. In contrast, partnerships involve two or more persons who agree to go into business together as co-owners. And a sole proprietorship is a business operated by a single owner with no separate legal entity for holding or operating the business, including the liability of the owner for the debts.

Most business law firms has the type of strategic, aggressive, and experienced business lawyers you need to best represent your business law matter. The entrepreneurial spirit translates into willingness and ability to craft attorney-client relationships that better suit the clients’ needs and make economic sense.

If you have a small business don’t hesitate in hiring an experienced law firm to protect you and your business. There are people out there ready to file a lawsuit against you or your business for the minimum issue they can find. For example, in the year 1994 the  famous chain food restaurant McDonald’s lost a lawsuit against a 79 years-old that claimed had spilled hot coffee on her lap. McDonald’s ended up paying a ridiculous sum of $2.86 million regarding this lawsuit.

Business Insider,a famous website that write about news related to legal issues, create an article entitled “Ten Ridiculous Lawsuits Against Big Business”. Click here to read it.

Ask Yourself These 10 Questions Before Starting Your Online Business

Are you seriously considering starting your very own online business? If you are you should know that there is a difference between making money from the internet and running a successful online business. The difference is, when just making money online you are basically getting paid for every action that you do online, meaning that once you stop doing whatever it is that you are doing to make money  the money will stop.

When you are running an online business that means that your business should be a 24 -7 money making machine that should be making you money while your sleeping. Sounds great doesn’t it?

The thing is, many people that are looking to start an online business jump into it with little or no thought which usually leads to their failure. I think it is important to answer these 10 questions before  pursuing your internet based business.

1. Do you have a clear cut vision for your business? This is important because if you do not know  exactly what you want your business to be and where you want it to go, it can be difficult to start it.

2. What are your business strengths? Take some time to identify what you do best in regards to running an online business. This will make it easier to realize where you may need help with or training. Be honest with yourself.

3. Do you have your business goals in order? You need to have long term and short term goals for your business. Not having any will make it difficult for you to succeed with your business.

4. Do you have a good business plan? If you don’t have a solid plan you need to get one. You should know everything that you need to do get your business up and running.

5. Do you have all of the tools and resources that you need ? You need to make sure that you have everything that you will need to start an operate your internet business. This may include  computer software, web designers, content, proper internet provides, web hosting and more.

6. Do you have a good product? You need to make sure that you are confident in whatever it is that you are selling. If you do not believe in your product no one else will.

7. Do you know who you are going to be selling to? Understanding your target market is huge because this will help you figure out how you should promote to them.

8. Are you full of information? You need to know your internet business inside and out. This includes knowing how your business is run as well as everything about  what you are selling.

9. Do you need a business coach? It may be well worth it to get a business coach. If you are having trouble in certain areas of your business plan you may need to consider a business coach.

10. Do you have the drive? Starting an online business can be tough and you should know that it will take some learning and work to achieve your online goals. The good news is that if you stick with it, you may very well be able to live your dream life due to the success of your  online business.