Try these methods to beat fear of failure in business

beat fear

Fear of failure is something which every one of us faces at many instances of our life. Kids face it when they are undergoing through exams, teenagers face it when they are planning their future or appearing in a competitive exam or doing something beyond their comfort zone. Adults face it when they are starting up a new business or investing somewhere. This fear of failure can loosen up the confidence about what you are doing and make you skeptical. At the same time it can be positive,if it acts as a positive factor to fully go through the insinuation of what you are doing.

The kids can be coaxed easily but for the adults,it’s hard to convince themselves especially before starting up a new business. If you are setting up a new business and you think that fear of failure is setting you back and stripping away your power, it’s time to combat that fear.

Below given are few ways to fight the fear:

Perform a detailed research

The fear of failure can intensify if lots of facts are unknown about the business. However it’s certainly not possible to grab each and every snippet of important information, but the most important information and data can be collected and can be used to make the better decision and remove the fear of failure up to some extent. Having that knowledge can empower you from within.

Gathering relevant information from various sources doesn’t mean that you spend all the time in researching and lose insight on your main focus. It should not happen that you become totally lost in gathering information and finding it hard to move any further. Be attentive and steep while doing your research part but don’t indulge in it completely, just keep it in perspective.

Develop a strong business strategy

Creating an effective business plan is not that easy, but if you spend time on it, it will provide great results. An effective plan will not only help you to start over greatly but also keep up in thriving greatly in the business. It will act as a GPRS and guide you from the beginning and as you pass up each milestone of the growth of your business.

Setting up small goals can also be an efficient way to run the business smoothly and remove the unwanted fear. Smart goal setting procedure will help you in breaking down bigger goals into small action steps and reduce the fear of failure.

Keep another plan ready for emergency

business plan

Some might think that keeping a backup plan pushes you towards failure, but in real terms having a contingency plan proves to be very effective in the case of emergency. When you are initiating a new business set-up, you are taking a certain amount of risk; hence, it becomes important to plan, keeping in mind the possible results ensuring confidence in your entire journey and also the success.

Your alternative plan doesn’t have to be completely a substitute of your original plan which you will follow in case of failure; instead, it should be a blend of small steps to overcome the hurdles coming in ways of your success. This will ensure that even if you are not able to completely implement the first plan, you can go for alternatives wherever required.

Consider the worth of indecisiveness

Thinking and imagining what would have happened if you didn’t work hard for achieving your goals can be a strong motivating factor. The thought can be scary presently and in the future and this thought will be acting as a motivational tool to strive for a better performance in your business.

Take support from around

Doing things alone might be difficult and possibilities of getting stuck increases. If you don’t have a proper support system, the uncertainty, unsolved queries and fear of losing can be devastating. Assure that there is a proper support system beside you to help when you are stuck. The support can be from a mentor, business partner, friend, teacher or spouse. Your support system will act as a catalyst and enhance your confidence at each level. This will also help in reducing the fear of failure because you will never be alone in case of any problems.

At last, I would want to say that fear is not something negative; the only thing matters here is how you handle it. It all depends on how you take that fear, negatively or positively. Taking it negatively might lead to a downfall and reduce the chances of success, but if you take it positively, it will make you work harder, do more preparations and enjoy the success completely. If you are able to overcome the fear of failure, your chances of success will increase.

Net Neutrality, Determinant of Open Internet is in Danger Now

Net Neutrality

Net neutrality is nothing but guiding principle of the internet which has been designed for preserving rights for better communication on the internet. In other words, it is called the open internet. The direct meaning of net neutrality is that it offers an open network to people online for communication and protection of free speech. Under this service, it is also to be taken into consideration that it should not introduce any discrimination against any application. It means the internet should be neutral same like a phone company that never interrupts any caller to call someone or decide what kind of communication should be carried out on the internet.

Carving the internet in the form of fast and slow lanes could have become easier for phone companies and cable operating systems in the absence of net neutrality. The first rule of net neutrality revolves around the condition that a user’s ISP should not be concerned with the content he or she posts online. In the modern time, the internet has become an integrated part of everyone’s life. Whether you talk about Americans or a big community of Indians or any other part of the world, the internet has secured the place of a ‘must have’ amenity for smart people. The internet is believed by people to be a platform where people can not only get access to the desired lawful content but also can post their thoughts without any limitation.

The most important thing to learn here is that net neutrality is very important for businesses. Big and small entrepreneurs, business owners, entrepreneurs, budding professionals and the IT services require the net neutrality to be maintained as it is a crucial part of their business. An open internet is a place where new businesses can be launched, the creation of market, promotion of services, advertisement of products and many more things are there which are important for people who rely on the internet for their business.

Nowadays, some unavoidable activities and things are interrupting network neutrality seriously. The government needs to take special actions in the direction of securing network neutrality and it’s principles. Some conditions are there now that will interfere with the content you see on the internet as well as with the internet connection’s quality. The things that can leave the negative impact on internet neutrality involve corporate disfavors on controversial posts, competition among services and demand for profit. Another thing to play an important role in this direction is users’ online activities which are monitored to play favorites. This leads to a step ahead towards invasion in the privacy of consumers.

Maintenance of net neutrality is necessary because the open internet is required for growth, competition and innovation in businesses. As open internet decreases the limitations of the entrance of budding businesses, startups and new professionals, any kind of interference with the principle of internet neutrality is unacceptable. This is how new customers are reached by business leaders and representation of innovative services and products become possible.

The intention of the FCC’s 2010 order was the prevention of broadband internet service providers from interference and blocking traffic on websites. This order was launched for making the internet a classic platform to represent businesses, services, thoughts, customs etc. for all. Wired Internet Service Providers enjoyed prohibition from blocking and discrimination against contents; on the other hand, wireless ISPs was allowed with the option of discriminating against contents but not to block websites. The court stated in 2014 that the FCC utilized a legal platform for crafting open internet order which is questionable as it did not possess the authority of implementation and enforcement of rules. In this way, the court ruled against the efficiency of FCC of implementing rules formed for net neutrality.

In short, the absence of net neutrality will surely lead to deception of next Google. Matters of racial and social justice depend on upon net neutrality up to much extent. The open internet offers an opportunity to everyone to raise their voices after the failure of conventional media and now electronic media can also be bounded with limitations as rules and terms framed for net neutrality are undergoing question mark.

Top Ten tips for cash flow improvement in Business

cash flow improvement

When you start up a new business, there are numerous things to settle as assets and infrastructure of the business. This requires a regular cash flow improvement into the business, regardless of the niche and nature of the business. If the cash flow out is more than cash-flow-in in your business, it will be unable to meet the basic expenses and might collapse completely one day. Would you like such situation to occur, certainly ‘NO’?

However, every problem has a solution and when we talk about cash flow; we should act wisely from the very beginning and before it becomes a problem we should have a solution for it. Simply follow these cash flow improvement ideas and apply them to your every day’s cash flow. You will find a difference and always have cash in your hands to meet urgent expenses.

  • Be aware of the books

Most of the time, the problem of deficient cash occurs when the business owners are unable to keep a proper track record of their cash going out and coming in. It’s very important to check and record the payments and cash receipts on a regular basis and develop a habit of checking the accounts payable and receivables on the weekly basis. When such habit is developed, the owner will automatically come to know that what all, small or big expenses are about to occur in advance only, which will ultimately result in a smooth cash flow. Don’t mess up with the work above if you don’t have enough knowledge and time for it, simply hire a bookkeeper who will reconcile all the books for you every month.

  • Send proper and timely invoices to your customers

Once you’ve rendered your services or products to the customers, it is also important to send them the invoice on time, this helps to get paid on proper time. As soon as your products or services are delivered to the customers, make a habit of preparing the invoice and deliver it to them as soon as possible. Check out all the sales orders every fortnight to make sure that all the bills are sent on time and nothing is pending.

  • Develop a firm receivable process

The payments coming from the customers are not always smooth and timely. You need to track the amount of money owned by your business and also find an alternative method of expenses when the payments coming are not on time. Create a proper timeline for the accounts receivable procedure so that if you don’t receive the payments you can call up the collection agencies.

  • Cut off the unwanted expenses

A very conventional and effective method to save bucks drop by drop. Review all your expenses occurring in your business and see what all is unnecessary and can be removed completely. You will find many such expenses which are totally useless, just cut them off or adjust them. Talk to the vendors for the expenses which cannot be eliminated to change the payment date so that the cash-flow-in date is in accordance with you.

  • Offer multiple payment options to customers

One effective method of getting paid on time is to provide your customers with several payment options. You should consider payments through checks, debit cards or credit cards. If you are able to provide an online payment option, it would be great for your business cash flow.

  • Demand for Partial payments

When you work on a project basis you can very promptly ask for an advance payment before starting the project. Also after completion of each milestone, you can demand another snippet of payment. This way your customer can avoid the burden of bulk payment at the end of the project.

  • Limit the inventory

If your business involves inventory, you should review an internal accounting of each products lying in the stock very often. To manage your inventory more effectively, checkout the products which are slow moving (which do not sell quickly), keep a smaller stock of such products and store more of those products which sell quickly. Keeping inventory needs cash, storage space in the form of shelf, floor etc. You can also announce sales or reduced prize days to sell the slow-selling inventory.

  • Use comfortable payment terms

Another very effective way of improving the cash flow is to negotiate with customers and suppliers to decrease the collection days and increase the payment days. It means that you can negotiate with the customers to pay within 15-20 days while you pay your suppliers in 30 days or more. If you are able to apply this payment strategy effectively, you will be able to maintain a smooth cash flow in your business.

  • Take help of LOC

In spite of all the positive measures taken for enhancement of cash flow, a time can come when you will need cash, may be for an emergency. For such situations, Line of Credit (LOC) will be acting as a quick source of cash. Many financial organizations not only provide business credit card but also the line of credit against the business assets (equipment, furniture, inventory etc) as the guarantee. You just need to be in the good books of your financial organization and maintain a good relation with them. This will ensure a safe LOC from them which you can use for your business.

  • Try to predict and plan up future investment

It’s just not possible to predict the future of any business investment, but yes few assumptions can be made where you have made some major expenditure. Like for instance if you are planning to replace the furniture at your office shortly, make sure that you are setting aside funds to meet that expense in advance. An emergency fund can also be kept aside for using it in any urgent situation.

With the tips above you can keep your business cash flow smooth and also handle an emergency situation. If you have some more tips to maintain smooth business cash flow, please share with us in the comments below.

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Precious tips for succeeding in your business

Tips for business

Starting up a business is something which anyone can do, but taking the business to a higher level is not everybody’s cup of tea. According to a survey done by ‘Small Businesses Administration’ only 50% of the businesses are able to survive their fifth year and more, rest all of them see a pitfall. While starting a new venture, keep in mind the concept of ‘slow and steady’ and see your business improve with time. Also below given are few special tips which will help your business withstand the up and downs.

  • [Tweet “Do something that interests you”]

Remember that you will be spending a considerable amount of capital in your business along with a lot of energy and time. Hence, it is important that the work you do is of your interest. Doing a business or any work which does not interest you can be frustrating, hence it’s really important to deeply enjoy the work you are doing as your business.

  • Start the business before leaving the job

How long can you stay without a regular income? The answer is- not very long, may be a month or two. Don’t expect an immediate profit as you start your business, because it will certainly take some time to get established. It would be great if you do some pre-preparations, start saving a fragment of your salary of the last 3 to 6 months and use it when you need while running your business. Better to start your business while you are already employed somewhere.

  • Search a partner or a ‘mentor’

No matter how strongly you begin your business, you will require a support system in the starting, as well as afterwards. A reliable friend or family member should always be there by your side, to provide you valuable ideas, suggestions and to listen to your problems which very likely to occur in a new set-up. It would be greater to find a mentor who always stands by your side and helps you in all possible ways; someone who is experienced and financially sound would be great.

  • Start Building relations before only

Don’t expect that your business will attract customers as soon as you open it up officially. You have to do homework to attract them even before your business starts. This would ensure that you have enough customers before you start offering your products or services. Start networking and make contacts. Start selling unofficially- it’s ok if you do it. Also, start marketing your business by searching places to find clients.

business plan

  • Note down the business plan

Building up a business plan even before starting up a business can help you in lot many ways; mainly it will help you in avoiding frustration and sinking of your business in the beginning. There are many other reasons which you should know as to why you need a good business plan. It’s not important that you have to build a fully fledged business plan each time with a new business idea, but a quick layout is important at every step. Do a bit research work and find out how to prepare a small and quick layout for new business ideas.

  • Do a detailed research

All aspects of the business require a lot of research and homework. Before you step out in the business you need to become an expert about it from all sides. Research work isn’t required just for building the initial business plan, but at every step to be the industry’s expert. Joining a professional association of the related industry and meeting like-minded people would be some great ideas.

  • Take help from professionals

Now becoming an industry’s expert doesn’t mean that you need to be a lawyer, accountant or a bookkeeper. When you are into the business now, you will need some other industry’s experts for sure. Hire them and concentrate on your work. If you try doing their tasks on your own, you will end up wasting your time, energy and also peace of mind. Hire a good accountant, lawyer, HR etc and delegate your tasks to them for concentrating on your business.

  • Create a Back-up Plan

Try to save as much as possible in your initial stage of your venture. When you have sufficient back-up you can approach potential investors and money-lenders for the growth of your business. Find out for a financial fall-back plan if available. Don’t approach a bank or the traditional money-lenders without a financial back-up because they don’t like offering funds to new businesses or set-ups without previous track records.

  • Behave professionally from beginning

Professionalism has many facets. You must try to have as many as possible in your attitude. If you have hired employees under, doesn’t mean now you have more leisure time, instead you need to be more disciplined and professional than what you were as an employee. Sometimes, it might happen that you spend more time at your work than your employees. Whatever may be the working hours, be scheduled and professional always. Also keeping all the professional accoutrements like separate business contact number, a business email, business cards etc is a good way of putting the positive impact on people. Also, behave and treat people in a courteous and professional manner.

  • Check out the legality and tax issues from the beginning

If you don’t check out the legal and taxes issues at an early stage of your business you might get entangle in those issues very badly. Detangling the curls then will be much more expensive and frustrating. How will your business be registered? Who will all need to be paid for doing your work? Will your business deal with payroll taxes or you’ll go for employee compensation Insurance? How will your business type affect the amount of income tax you pay? Ask yourself many more similar questions and learn about all the legal and income tax liabilities before starting up.

Following the above advice before starting up a new set-up will make your journey smoother and stress- free. Also, the new venture will start with a positive impact and last for a longer time.

All the best!