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Business Letter

New Business Development Strategies

While it is true that a few businesses can subsist without having a business plan in place, it’s likely that they are not doing as well as those who have a plan. Without proper direction and guidance, it’s nearly impossible to execute new business development strategies. Business plans provide the appropriate guidance and direction. Loan officers, partners and investors will be apprehensive in supporting your business unless the direction and vision for your company is clearly defined. We have developed an overview to provide guidance in order to assist you in establishing a business plan.
You will need to arrange funds from banks, venture capitalists and private investors. There are numerous new business development tactics for exactly this purpose: finding these investors, convincing them to join your venture and taking advantage of the financial backing you have received. Of course, this is all good information to be aware of, but each strategy assumes you have a sound business plan. There is no alternative method to persuade potential investors from climbing aboard unless they are clearly informed as to where this ship is headed and have the confidence and trust in you to steer the boat. Your business plan needs to convey your vision, provide in detail the talent and duties of your employees as well as yourself, and project your business’s growth and development.
A solid plan must prove to investors that your venture is going to be successful enough to equal the investment they originally made and then prosper enough so they are given an ample return on that investment. They will expect to see intelligent strategies in the new business development, so you must regard these elements as critical:
1. A cover letter of sorts: a straightforward overview of your business that emphasizes your plans and provides a summation of your principal idea.
2. Present the history of your business, as you most likely are not starting your venture from scratch. Even if it just summarizes the time spent in your garage tinkering or the experience and knowledge you acquired when employed for another individual.
3. Describe how the products and services you offer are going to defeat the competition. For extra persuasion, supply a full market analysis which summarizes potential customers, your competitors disposition, size of the market, and your estimation of growth.
4. Communicate the strategies for new business development that you intend to follow: how you plan to market, promote and sell the products, methods in which your plan will be enacted, and the targets you plan on reaching.
5. Lastly, provide information pertaining to financials, especially your projected profits, sales, and general cash flow. Finally, summarize all financially related information, including sales projections, cash flow and profits.
You are going to have a greater chance of being successful with a plan that is clear, fluent and rational and with a vision that is comprehensive. This overview should provide you a rough estimate on how to compose your plan, but note that it is without a doubt more detailed and complicated than just a blog posting can express. For additional assistance there are countless reference books and software, as well as consultants who concentrate on business plan development. It will take much focus and effort, but we are certain that even the best strategies for new business development will not succeed unless they are coupled with a solid and articulate business plan.…

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Business Line

The Importance of Social Media Tracking

It’s a well-known fact that being active on social networks can be advantageous to building your business and your customer relationships. Your marketing strategies should therefore include networking as a significant factor in marketing your brand. However I can’t put enough stress on the importance of Social Media Tracking because sooner or later you need to take a look at the return on your efforts. Participating is all very well but in the end it all comes down to revenue generation versus the cost to your business.

Here are a few tips to help you decide on the best strategies for your business.

Are you in the right place?

There is only a limited amount of time that can be made available for your online activities and hence it is vital that you don’t waste time that’s better spent elsewhere. Almost every business needs to be online but there is no need to be everywhere. You only need to be in the places that are right for you. Look at it this way, if you’re at a party where the guests are devout vegans then talking about your interest in the latest beef barbeque recipes would well and truly fall on deaf ears. So ask yourself these questions:

Is the site relevant?

There are numerous free sites that you can join but they are not necessarily all relevant to your business. For example, there is a plethora of free blogging sites but you only need one or two to promote your business. It’s much better for your business to have a strong presence on one or two relevant sites than to be one of many everywhere.

Can you beat the competition?

There are millions of businesses with an online presence and getting noticed can be difficult, particularly if you’re new to the game and are still trying to introduce your startup business ideas. A perfect example is YouTube. Yes millions of people do indeed watch the videos but will you be able to make your business stand out from the competition? Do some planning before you decide to jump in.

Is your time well spent?

Keeping track of the cost of your offline marketing activities is simple. One look at your bills will tell you exactly how much you’ve spent. What’s often overlooked however is the hidden cost of your online marketing activities. As the saying goes; time is money and what you need to measure is the cost of the time invested on your social media marketing versus the return on that investment.

Putting a price on your online activities.

You will need to make a budget allocation for the cost of your time invested in your online activities as much as you make a budget allocation for your actual marketing costs. A few simple steps can help with this.

Quantify your online time

Start by analysing the time spent on your various online activities over the past year and note them in order of your most profitable business ideas to the worst results achieved. Based on this analysis estimate the time that you are likely to spend on various activities in the next twelve months and allocate it to individual projects.

Cost your effort

Put a realistic hourly rate on your time. You can either vary this rate depending on the complexity of a task or use a base rate and vary the duration of a task. The latter tends to be the simplest approach.

Tracking your costs versus benefits

As I’ve said in the introduction; Participating in Social Media is all very well but in the end it all comes down to revenue generation versus the cost to your business.

Budgeting for a Social Media Presence

Divide the time allocated to each one of next year’s projects by task. A simple but effective time allocation principle is:

25% reading – keeping up to date by reading online material, including what’s being said about you and related or competing businesses.

50% communication – replying to comments on your blog, emailing, re-tweeting interesting articles, etc

25% creating content – writing blog posts, Facebook updates, creating videos, etc. Creating regular new content is vital to being found by the Search Engines.

Now apply your base rate to each task within a project.

Monitor your progress

Track your results for each activity e.g.

– use Google Analytics to check the performance of your blog

– calculate the conversion rate for your Facebook ads

– monitor the views of your YouTube videos

Check the ROI of time invested on your Social Media Strategies and make regular adjustments to your budget projections as needed.

I hope this article is of help to you. Do you use any form of Social Media Tracking to measure the results of your efforts? I’d love to get …

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Business Line

Use a Pros and Cons Analysis to Choose the Right Business Idea

Most entrepreneurial types have a million business ideas, and under pressure they could come up with a million and one. The trick to a successful startup is picking the right one for the time, resources, and market available when you are ready to launch. Very few businesses fail because the idea is not viable, but a great many opportunities are missed because the entrepreneur doesn’t take the time to evaluate the best idea to pursue given the circumstances.
Every startup requires time, money and hard work to succeed, but the road is much smoother if there is a sufficient, reachable market for your product. Every business idea should go through a cursory analysis before any significant resources are spent. A rudimentary pros and cons list can go a long way in eliminating bad business ideas and can give you a head start in developing the good ones.
The pros and cons of any new business idea should include, at a minimum, the following areas:
Difficulty
How much do you know about the actual operations of your business idea? How much effort is required to produce a single unit of your product? Do you have the skills to produce it yourself or will you partner up, hire experienced employees, or outsource the skills that you lack?
Market
Is there a sufficient market to support your business idea? That is, are there enough people or businesses that will benefit from your product that marketing can be fairly broad? Or will you have to seek and find a very limited number of opportunities to sell? Is your idea a positive innovation on something people already use or will you have to introduce an entirely new concept to your market? Does your idea provide a greater benefit to your customers than the competition’s products? Will that increased benefit be enough to draw your own market share? How will your product be distributed initially? Down the road?
Industry
How crowded is the industry you are entering? Are there a lot of big guns you will be competing with? How will you fit into the marketplace? Will you compete on quality, benefits, price or some other factor? And, will the market respond to those differences? Remember that competing on price is the most difficult, unless you have concocted an innovative way to produce for far less than anyone else. Where is the industry headed? Will your idea expand to meet the needs of an ever-changing marketplace?
Resource Needs
What do you estimate your startup will cost? Do you have access to enough cash to launch it on your own? Assume, worst-case, that finding outside funding will be there a way to modify your idea to make it affordable? Do you have the time to devote to your startup? Can you afford to work a few months without significant income? How much of your personal resources are you willing to risk?
Interest
Objectively consider whether the business idea will hold your attention and interest over time. If you are motivated purely by profit, but have no interest in the product itself, it will be difficult to stay motivated through the dark days of your there will be dark days. You don’t necessarily have to love your business idea to succeed, but you need to find satisfaction in the day-to-day work. Somebody made millions from producing twist is doubtful that they adored the idea of twist ties before launching the business. More likely, they enjoyed the manufacturing and production industry in general, and saw a need for that particular item.
Path Forward
Write down every relevant factor you can think of related to your business idea and list out the pros and cons of each. Be as objective as possible about each aspect Talk to people about your idea and accept their input. Never be offended by negative responses, but try to dig for information that might improve on your original idea. Most of the time solid planning results in a far different venture than initially considered — this is a good sign. The more you learn, the more you can refine your idea into one that is bound for success.
If you have multiple business ideas, list the pros and cons for each of them, then compare the outcomes. Begin your entrepreneurial career with the easiest option; you can always launch the other ideas later. In fact, a little experience in starting any size and type of business will probably reduce the cons of your other ideas by the time you get around to launching them.…

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Business Checks

Just Do It And Your Online Home Business And Your Life Will Never Be The Same

As the TV commercial says: “Just do it”, and if you do your life will never be the same. Most Internet marketers struggle with taking this initial step to get to where they want to be with their home based business on the web for several reasons but the main stumbling block seems to be procrastination. This human flaw seems to run rampant on the Internet with the main culprits being Internet marketers.
If we keep putting off until tomorrow what we should do today we will never live the dream of having the financial security to do what we want when we want without having to worry about consequences. Here are several tactics you can employ to help you overcome this character defect so you can begin your journey to Internet success:
1. First of all, I’ve found list building, not the kind we think about every day, to be a very effective strategy for overcoming the temptation to put it off until tomorrow. By list building I mean creating a “to do list” of the important tasks we want to complete tomorrow so we will have a document to focus on and to work from to help us get things done.
At the end of every day write your list of chores for the following day and as you complete each one, the next day, cross it off your file. This will give you the sense of accomplishment you need to muster the incentive to carry on and finish your next job.
2. Secondly, reminding yourself of your reason why always seems to instill a sense of urgency so you will concentrate on doing what needs to be done today. For example, if you want to work from home on a full time basis so you can spend more time with your family remind yourself of this on a regular basis so you won’t lose sight of the reason why you’re doing all of this and why you need to work so hard.
Always think about the consequences of your actions or, of your inaction and nine times out of ten you’ll be encouraged to do what it takes on a daily basis to succeed with your online home business. If you don’t create those back links today you won’t get the website traffic you need to make the sales you need to make the money you need to be able to stay home and enjoy your family.
3. There are always one or two job related tasks we hate to do every day, so if you’re having a problem getting motivated ask yourself what’s the one thing I can do today that I despise doing but if I did it I would feel good about myself and I would feel like I’m doing what needs to be done to succeed on the Internet.
This strategy will help you get over the negative feelings you have about completing certain jobs and it will help give you that boost of confidence we all need every now and then so we can believe we have what it takes to thrive financially on the web.
By using these three techniques on a regular basis your procrastination will become a thing of the past and you’ll get into the habit of doing what it takes each and every day to build the online home business empire you envision for you and your family.…

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Business Letter

Running a Business Without Using an Office

Modern technology has gone above and beyond the call of duty for those running a business without using an office at all.
With the advent of the various smart phones and the plethora of applications that one can load on their smart phone, it is almost no longer required to have a receptionist to answer your phone. You could be driving to meet a client a their office, have another client call you and be able to handle the entire process of setting up an appointment right on your smart phone while on the phone with the customer. At the end of the day, you can download all the information you loaded onto your smart phone into your computer for easy access or even handle the download while on the road into a laptop that you carry. The downloads are generally a two minute operation and you do not need to have internet access to complete the process.
Need internet access while you are on the road to do some research or to check up on an order? Nothing to it. Hit your local McDonalds as they offer free wifi in over 11,000 of their restaurants. Not a Micky D kind of person? No worries, go to almost any coffee shop anywhere and there is free Wifi or swing into almost any other restaurant out there as free wifi is increasingly popular and is great if you are running a business and on the road all the time. You do not want to go to a restaurant to access the internet each and every time? Just call your cell provider and get an air card or even get an adapter that hooks up your smart phone to your laptop. It is absolutely amazing what the technicians of the world are coming up with these days. There is even an adapter that you can plug into your cigarette lighter that would charge your laptop battery available for under 50.00!
You can use a portable printer as well if you are not near your office that will print out very nice invoices or estimates for those running a business on the road. The quality is outstanding and the pricing is not out of line in the least bit so it will not put you in the poorhouse. Modern technology has made it easy for you to run your business without the benefit of an office and not miss a step in terms of quality service or quality of products and the real benefactor of this entire level of technical quality is the client as you are able to cut down on business expenses and pass the savings to them. Saving on the expense end makes you a hero in their eyes and will most certainly get you repeat business and new customers.
Running a business using modern technology is good for all parties involved!…

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Business Insider

Global Warming Industry – How You Can Make Money With Global Warming

Global warming has been a pressing issue of the world today. With changes in the climate now occurring and the many changes in the environment are starting to be a little different than what we have experience before, it is indeed important that we take extra step to help regain our earth’s natural resources and make our Earth green and beautiful.
Of course, we can do something to help our earth recover from the global warming crisis but if you are also business-minded and you love to explore possibilities of making money from the climate change crisis that is haunting our world today, then you can also make a good business in the global warming industry.
To help you make a good start in making a business out of the global warming crisis, here are a few things that you might find in finding ideas.
Investing in ‘green funds’ can be a good idea in these times of global warming. These are mutual funds that invests in companies that invest in environmentally friendly endeavors. Among these companies are those that are into alternative sources of clean energy such as those generated by windmills or solar energy.
As the world’s trend is moving towards green technology especially those that are focused on renewable energy, investing on stocks pertaining to these technologies can be a profitable one. It is also wise to diversify your investments as well. With a diversified investment, you will also lessen the risks involved in your investment.
To be more specific, you can invest on solar energy as an alternative source of energy that is by far cleaner than the coal-powered fuel we are using today. In fact, you can find a lot of solar panel businesses started to boom these days. Some people are even venturing into do-it-yourself ways to use alternative sources of energy such as solar panels and windmills. Others have ventured into alternative sources of fuel for their cars and vehicles, such as venturing into electric hybrid cars and even water hybrid cars.
Of course, these initiatives are not just for finding cheaper means to get alternative fuel but of course, are bold initiatives to help save the earth from further warming and pollution.
If you are business-minded, and you want to think ahead of what can be a good business to put up that is in accordance to current concern of addressing global warming, you can indeed find a good business in the global warming industry. From investing into stocks of ‘green companies’ to solar panels and converting cars into hybrid vehicles, you can indeed find ideas on how you can make a booming business in the global warming industry.
Of course, there are other creative ways that you can do to join the bandwagon of saving the earth while making good business at the same time, but you have to make sure as well that your business concept works and that you have researched well on what is the feasibility of your chosen business.…

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Business Checks

Useful Tips on Home Business Ideas

The growing craze for the home business ideas has proved people’s seriousness in finding out extra source of income. Even a large number of people are now able to earn handsome amount through some of the most popular home based business ideas. These opportunities are simply marvelous as anybody could pursue them in their spare time & that too without making any major investment. Home based business opportunities have brought a good option for all those who want greater freedom & flexibility in implementing business skills. What they need to do is to choose from a pool of opportunities & manage it in a professional manner, so as to ensure a solid income base.
There is no dearth of ideas in this online world. Only a few ones (such as home based data entry & survey jobs, internet marketing & shopping on eBay) have found support among idea seekers. Unlike other opportunities, they are cost-effective & highly productive. People can easily start with them & get the desirable income within no time. Even people can seek for a host of other interesting opportunities, such as taking up franchisee of some branded business organizations or service providers. However, if you are into internet marketing then you can go for website promotion & marketing through blogging, article submission & social media marketing. With the recent trend of online marketing, millions have started utilizing these ideas & getting good ROI.
Advantages of Home Based Business Ideas
Business idea seekers hesitate to try out these opportunities because of the fear of failure. But home based business ideas have been able to deliver what no other idea was able to deliver. These are as follows:
1. Consumption of less time & energy – Full time business makers will get an opportunity to save the time & energy spent on traveling to their offices & start earning from the comfort of their homes.
2. Flexible working hours – A home based business idea personnel can pursue his work in his/her spare time & get quality time to spend with the friends & family.
3. No employee & employer relationship – The business maker will not have to oblige any employee & employer relationship. Rather he/she will have more freedom in working area.
4. Minimum risk with better ROI – People will have to invest very little amount of money but can get maximum money in return.
5. An alternative job option – Those who are tired of regular job schedule can switch over to their favorite business areas & get a good payment for that.
6. Greater business prospective – Ideas bring hard working professionals greater business prospective with an increase in their income level.
7. No age limitation – Since there is no age limitation, anybody can opt for this home business opportunity.
However, proper care should be taken at the time of selecting a home based business idea. A productive business idea can help you make your dream come true. You may have come across numerous home based business ads in newspapers & magazines every day. But weigh the options & think of investing in some of the really interesting & productive business ideas.

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