Archive for December 2011
Small Business Problems
Small businesses are constantly faced with problems before they can claim success. However, the difference between a well run business and one that is not is how they tackle their problems. They can often be faced with financial problems. Since business has its good and challenging months you may be swamped with bills when the tough months come. There are wages, rent etc to be paid and you don’t know where to get the money. It is therefore advisable to always have an emergency account that can cushion you through the tough months.
Incompetent employees are yet another problem faced by small businesses. In comparison to larger companies, small businesses have a high employee turnover. It is always a real challenge for the business owners to get reliable and trustworthy employees. You may have employees who lie to customers about specific products or services for their own selfish gain. Unfortunately it is you who will end up “looking bad.”
Customers can also be a source of problems for the small business. This is because sometimes you could have an in house problem like the office machinery lets you down and you cannot give your customer the service they require. Many customers get easily irritated and may think you cannot effectively run your business. They may even ask for their money back.
You can also be faced with problems if your suppliers do not deliver on time or as agreed on. This can be really frustrating and nerve racking especially if it is an order that is being waited for. Your family can also be a part of the problem especially if they are not willing to understand why you work so hard or late. They may begin to feel that they are secondary in your life. It is even difficult to go on vacation because you are constantly “on call”. You should be ready to make sacrifices if you want to succeed in your business.
Small Businesses – Making Business Goals Happen
The Philippine’s geographical position makes it a viable place for small business. Philippine-based businesses have long realized this as many company owners can easily access other key Asian cities such as Singapore, Hong Kong, Bali, Kuala Lumpur, and Macau, to name a few. If you are raring to try your luck in business, here are some useful guide questions to help you in the pursuit.
What papers will I need to begin a business in the Philippines?
You will need to secure proper documentations if you will be staying in the country to manage a small business. Philippine law might require you to secure residency for your stay and you will need approval from the immigration bureau.
On the business structure side, you would have to decide whether you will be a sole proprietor or you will allow other shareholders in your small business. Philippine regulations for business have several benefits if you will have Filipinos as incorporators in your business. Having Filipinos as majority shareholders could mean your company could begin owning real estate. The company can buy condominiums or houses together with the land this stands on if you employ this option.
Many foreign investors have benefited from this scheme as their company could buy property where they could live at their convenience. Having your own house spells comfort and you may even bring your family along to live with you. This also spells out minimizing rental costs as your business would be paying for actual office space instead of paying for your housing rent.
What is the best small business to start in the Philippines?
There is no best small business to begin with as you would have to find your own niche on the Philippine market. While this is the case, nothing hinders you from observing what the most successful enterprises are today. For instance, if you want to have a fast food business, you should read and study the current practices of thriving local fast food chains. If you wish to build a shopping mall and be the next retail giant, look at how the most flourishing Philippine mall chain does it.
Ideas are good starting points because you can use these and improve on it. Customizing a certain business practice to work to your advantage can help you maximize your efforts. It could also help you avoid pitfalls that may otherwise harm your startup venture. This avoidance is necessary because you cannot afford to make mistakes as this might cost you to spend more resources.
What are the necessary services to consider?
Startup businesses would have to consider getting appropriate accounting services. These services will help you analyze important factors such as business ideas that will work, management systems that should go with it, good business locations, and timely product or service launches.
Many companies offering accounting services could also help you acquire the necessary permits needed to start your business. These firms can help set up record keeping and tax computations once the company begins its full operations.
Considering any move towards commerce is a big decision even if you are starting a small business. Philippine investors should make sure they are resolved to go ahead with this move because they will be the ones devoting time and money into the effort.
Small Business – Keep Going
You’ve a burning desire, you’re loaded with motivation, your attitude is to kill for, You’ve the tools to realize your small business ideas. Marvelous. Now you only need one more thing. You’ll need to set your mind in a “never give up” mode.
It’s a crucial fact, you and your small business, will face serious setbacks and tough to get by obstacles. Doesn’t matter if everything starts smoothly or work great right now. Sooner or later you’ll experience rough days.
You must prepare yourself for this and you need to learn how to tackle these situations with enthusiasm. You’ll have to learn how to land at your feet. Get back on the bike right after you’ve fell off.
When the time comes the following thoughts might come in handy.
When you feel like you never want to see your business again, give yourself some breathing space. Take scheduled breaks, do something completely different.
When you’re all steamed up and frustrated, Take a few deep cleansing breath. Tell yourself to relax. Think about a funny story.
Get the good habit of daily exercise. There is nothing more stress relieving than a hard body exercise.
You must allow yourself to have other activities. Turn your attention to a hobby that takes your mind off the business for a while. When you re approach your task, you’ll see it with new eyes.
Look in the mirror and say it out loud, you look at a real winner. First class material like that, don’t ever give up. Your success is probably just around the next corner. Let your winners mind run free for a while, when you harness it again, it will be reloaded with power.
Have a look into the future, you’re just one step away from achieving your big goal. Of course you want to take that step. Imagine what a waste it would be to quit, just before you would be able to reap the rewards.
It would be such a shame to have done all the hard work, only to not take the last necessary step. The next action you take might just be the one which make the snowball rolling. Keep going.
Get hold of some motivational books and tapes, it’s an efficient and cheap way to stay at course.
All successful small business owners, have been able to overcome all the humps and bumps along the road towards a successful business. Think about that when you feel like it’s time to quit. If they were able to do it, so are you.
You can’t give up, it’s not in your bag of options. Keep educate yourself in your area of business. The more you learn the more you increase your velocity towards your goal.