Why You Should Leverage Your Positives in Business & Outsource Your Weakness

The fastest way to improve your bottom line and start enjoying your business more is by applying this important rule immediately.

Lots of Small Business People spend too much time trying to figure out how to become better at something that doesn’t come naturally to them or something that they are just generally not good at. In business this is a waste of time and money and it gives you grey hairs.
 
If you have no interest in something, if you know that you do not like doing something why waste precious small business cash trying to get your head around it?

Understand this: the cost of not outsourcing can far outweigh what it costs your business in the long term by not doing it.

The most important thing you can do as a business owner is leverage your positives and that of your staff (if you have any).
 
By solely focusing on what it is that you are good at you not only find your work more enjoyable but you will start to shape your business around what it is that you are skilled in rather than trying to meet the demands of everybody. Your staff will enjoy their role more and you will only hire skilled people for particular jobs rather than a one size fits all kind of person who never really becomes skilled or very interested in anything.
 
Leveraging and focusing on your positives in business = a more defined product and service that is 10 times more likely to be successful.
 
I hear you say ‘But when you don’t have much cash you have to do everything yourself?’ I completely understand this. Having to know how to do everything in your small business and doing it all on a tight budget was how I built my business. By all means if you have the time and the money to learn every area of small business management then I fully advise you to do that if it’s what interests you.

If you don’t have the time yet you have important jobs that have to be completed here’s what you have to consider:

  •  Learn a Little.

Learn enough about the subject of your weakness to understand it. Don’t torture yourself with hours of study if you know that it is something that you will never grasp.

Know enough about what the book keeping side of your business must entail, know enough about the web building process to ask questions if you ever have to outsource. Do your research but don’t kill yourself trying to be the best at something you despise.
 

  • Weigh Up The Costs.

Determine the cost or value of your time spent on doing this versus the cost of somebody who is specialised in the field and can do it a million times faster and better. If you are to spend 15 hours learning your new tool and another 60 achieving your goal, what is the cost of this adventure if you value your time at $50 per hour?

Now determine the cash that could be made if you spend that time elsewhere in your business where you are needed and where you can leverage your skills. If you spent 75 hours doing something that you are good at, what would be the profit from that journey? Balance out these two equations and determine what you are actually losing by doing it yourself? Determine the cost of you doing it, the cost of what your business will lose by you doing it and the cost of someone else doing it and determine if it is worth it or not.

  • What is the real cost of doing it yourself?

If you choose to outsource your head ache or hire someone to specialise in it, understand the basics of what it entails and ensure you are involved in the process and receiving value for money. In other words, know enough about the subject to get value for your money. You still hold the reigns, you are still in control; this is what is important. Shop around when you outsource and find someone who can do the job within the desired time frame, for the desired price and ensure they are offering you a quality return on your investment.
 
ACTION: I want you to stop and immediately apply the above scenario to one of your jobs or roles as a business manager that you despise or are no good at right now. Carefully think about each step and how this could affect your business.
 
I understand that working with a restricted budget in small business can require you to be multi skilled. However I urge you to weigh up the scenario. Outsourcing may not be as expensive as first thought especially if the person you outsource to knows that you have an understanding of what is required.

 
People enter business everyday not honestly recognising and outlining their individual weaknesses and positives. People who are unsocial yet are pure finance whizzes open cafes. Then they can’t understand why the business goes belly up? If you are a finance whiz and you don’t really like people then create a business that leverages those skills or replace yourself with someone who can do a better job than you. In the short term you may think that you cannot afford it, but in the long term you have no other choice if you want to survive.
 
This process can be applied to every level of your marketing process and every angle of your business. The changes that you can make and the staggering profitable results that can be achieved from applying this small business rule can be astounding.
 
The whole process that BusiWizard offers you is designed to help you leverage your positives; learn enough to understand what every angle of small business management entails (Ebooks/Free Info Pages) yet the affordable ability to outsource if you need to professionals (coaching/consultancy/web design) that can do it better and faster than you can.

Internet Business – The ABC’s of Starting an Online Business!

Starting your own Internet business can be as difficult as you make it! Most successful online business owners failed many times before they found something that worked.

Personally I worked hard for a good two years before I really figured it all out but once I did it has really been all down hill from there. I will try to help you avoid some of the pitfalls you may face while starting your own Internet business.

Once you decide to take the plunge and really dedicate yourself to building a real Internet business and when I say real I mean a business, not a scheme that will make you a few bucks here and there, but a real business that has value and you can sell one day.

Your first task is to decide what you are hoping to achieve with your online business. Most people fail because they have no clue what they are looking for and if you were to ask them you might get an answer as general as “I want to make a lot of money.”

That is such a generic answer and it certainly does not define any real goals and when you fail to set real goals you haven’t a chance at success.

So, your first step is to put your goals down on paper as this will help shape your entire business plan and this will get you started off on the right foot.

There are hundreds if not thousands of ways to earn money working online and if you allow it, this can become extremely distracting.

Before you decide on one particular Internet business model you should take the time to investigate some of the more popular methods, as they say “Don’t try to reinvent the wheel.”

If you find a particular business model that interests you take the time to search for a few other people that are already successful at that business and study what they are doing.

You should sign-up for their newsletter if they have one and subscribe to and read their blog and you should follow them on Twitter, you should do everything you can think of to find as much information as possible, this is basic market research.

The best way to learn how to run a particular online business is to read all you can about the business and just study the most successful people already running that type of business.

Once you have learned all you can then your next step is to take action. Take Action!

You would be surprised at how many people fail at this step, they go through the learning process and they spend their time preparing but then when it comes down to taking that last step it is though they lose all confidence in either themselves or in the business altogether.

If you are serious and committed to starting an Internet business be prepared to face moments of doubt and insecurity because I can guarantee you that they will rear their ugly heads.

I faced two years of off and on doubts about this whole online Internet business possibility. However, I failed miserably at the most important aspects of starting any type of business and that is my motivation for this particular article.

If you are considering an attempt at starting your own online business but your full of doubt and disbelief you must get past that before you even begin.

If you want to insure your failure all you have to do is to not believe in what you are going after or in yourself. Nothing in life is guaranteed and sometimes you just have to take it on faith that you have what it takes to succeed.

To sum up my message to you, I would tell you to do as much market research as possible into the market you wish to pursue, clear your mind of any doubt or disbelief you may have and trust in your ability to succeed.

Once you have chosen the type of Internet business you are going to build; Get To Work! You should have a business plan and you should have your days preplanned or in other words, schedule your daily tasks the evening before.

A well planned day will keep you from falling prey to the countless number of distractions online. If you work steady everyday at building your Internet business you will enjoy the benefits of owning your own successful online business.

Comparing and Contrasting the Small Business Loan and the Business Cash Advance

Though the business cash advance differs greatly from the bank loan, one of the most traditional methods of business funding, the two business funding methods also have a lot in common. Small business owners should understand both the similarities and differences before they decide which method is best for their businesses.  

Similarities  

Various Programs  

Both banks and merchant cash advance providers offer various programs for small business owners. Banks have microloan programs, SBA loans, startup loans, etc. Some providers offer starter programs, standard programs, premium programs and even restaurant funding programs. The programs offered by both entities are designed to meet the needs of a group of people whose businesses are as diverse as the owners themselves are.  

Not Free Money  

There are business funding methods that do not need to be repaid. These include grants, personal savings and gifts from friends and families. However, both business loans and business cash advances must be repaid.  

Working Capital  

Both funding methods can provide working capital for small business owners who need it. These business funds increase cash flow, helping small business owners to make the necessary purchases/payments to improve or maintain their businesses.  

Funding Amount  

Both banks and advance providers have the capacity to fund large amounts of money. Of course, one’s actual funding amount is dependent upon circumstances laid out by the bank or the advance provider. Typically, small business owners can receive business cash advances of up to $500,000.  

Differences  

Repayment  

Small business owners typically repay business loans by making fixed monthly payments. Every month, on the same date, a specific amount is due. Late or missed payments can result in penalties. Merchants who use advances never make payments on their own. Providers automatically deduct a small percentage from their business’s daily credit card sales until the advance is repaid. Business cash advances are usually repaid in six to eight months.  

Requirements  

Bank loan requirements may vary from bank to bank but overall, eligible business owners will have excellent credit scores, impeccable personal financial histories, collateral and business plans that the banks believe in. Merchant cash advance eligibility is determined by the length of business ownership (merchant must have owned business for at least six months), amount of monthly credit card sales processed (business must process at least $3,500 in monthly credit card sales) and length remaining on business lease (at least one year must remain). Merchants must also have no unresolved bankruptcies. Less-than-perfect credit is fine when applying for a business cash advance. The advance is also unsecured. Therefore, there is no collateral required.  

Application and Funding Processes  

Often, an extensive amount of paperwork goes into applying for a business cash advance. The application process can take months and even after approval, it can take months before a borrower receives his/her funds.   

Business cash advance applications can be approved in 48 hours. In addition, applicant accounts can be funded in as little as five business days. Merchants who take advantage of advances are also allowed to renew their advances every three to four months, a process that can be done is as little as 24 hours.  

Restrictions  

As mentioned above, most banks will require applicants to prepare and present business plans, because they have restrictions on how their loans can be used. Contrarily, there are no restrictions on how advances can be used.

Get a free online quote today for your business cash advance!