Top four things every CEO need to focus on daily basis

Being a CEO in a corporate world is not an easy task because they are the people who are responsible for steering the company towards profit and are questioned by promoters and stakeholders alike for the company going in loss.

Promoters or board of directors usually employ the best CEO possible. Being the senior most corporate officer of the company it is his duty to make the company grow, thrive, and profit for stakeholders. He has to perform many roles as a leader or administrator for managing an organization, operations of the company, decision maker for developing business plans and strategies etc.

CEOYou may have several subordinate executives under you for finance, marketing, human resource, purchase, etc. will also be responsible for the accomplishment of company’s vision and mission.

To accomplish all these things, he has to focus on many things; four out of those things should be done on regular basis.

  1. Read read and read

It is observed that once people leave their education they put reading on the back burner. One can see that all successful people are those who spend a lot of time on reading. They regularly acquire new knowledge, innovative ideas, knowledge about trends in business, as one can see there are regular change and advancement in all the areas of life.

You will remain abreast of all the changes happening your field, be it business, technology or personal. Reading can be in form of newspaper, magazines, editorials, company’s reports, watching the news, discussion and debate, change in government policies and/or guidelines etc. which helps you to reach next level of success.

  1. Set a vision

It is the CEO who sets the vision and implements for the company. You should be clear of your vision, should be specific of your company’s achievement of standards and targets in future and set the goals for the specific time period. Where you wish to take your company towards, say three or five or ten years from now, what will be the sales within certain time frame, what should be the culture of the company, what will be its financial condition etc.

You can achieve this by holding regular meeting with your subordinates, getting feedbacks, taking corrective measures if things are not on the right track and gathering invaluable experience on the way.

  1. Create a strategy

To make your vision a reality you have to make a strategy. No problem if you are not too well versed in say finance or sales or operations or marketing etc. but you will have to involve yourself in planning and approval process in all those areas which will have a long-term effect on the company.

You will have to build and get involved in making a strategy for sales promotion, business development, marketing and advertisement of your product, financial planning etc. This can be for any stage of your business cycle. Give and take advice on matters relating to your line of business. Share your experience, use the experience of others and develop the practical strategy with others related to the business.

  1. Cash flow

Cash flow is the lifeline of any business and you will have to keep a strict eye on it. Cash flow refers to the cash that the company will receive in future and cash that the company will pay in future. The net (inflow and outflow) also called business liquidity will help you to evaluate the quality of income/expenses of the company.

One should never run out of money. Especially if you are running for a long-term race. Paying all loans in time will help you to be in good books of the financer (banks, lenders) which can help you in the hour of unexpected crisis that may crop up during your business. Though you may have a chief finance officer still it will be better for you to regularly update yourself on this aspect of business strategy.

How to Make Your Business Financially Healthy?

Being the owner of a business, you have to take your business very seriously. Here you need to pay attention to growing needs of your business and number of your employees you hire. Your dedication and hard work will show in your productivity, and people’s liking for your products and your services. With all these things, here also you need to financially make your business healthy. For this, you need to find all possible ways that are beneficial for your business and help to make it always financially healthy. After all these things, you can become a successful businessman.

business healthThere are many businessmen, who are unable keeping their business financial healthy due to improper working or running the business. Therefore, they face many problems that occur during running the business and that keep them one step away from the success. For unsuccessful businessmen, here are some significant tips given below to assist in staying profitable and keep business financially healthy.

  1. Know your overhead cost

It is very important to know what your overhead cost include. Every successful business knows how much profit they can get or gain in each product or service after including their overhead costs. Overhead costs also include administrative expenses such as taxes and office supplies. Apart from this, many other expenses may also be included, such as facilities, tools and equipment, insurance and tax-related expenses, marketing and advertising, vehicle-related, employee-related expenses etc.

  1. Regularly keep an eye on your cash flow

To keep business financially healthy, there should be a good Cash Flow system. If a business does not take good care of its cash flow then it may have to struggle every month. You should know how much money you are earning on monthly basis. How much business expenditure is being made in each month and week? Good knowledge of these things will help you towards proper money management and bill management, which will help you stay financially healthy in business.

  1. Focus on monthly accounts

Businessmen should not wait for annual accounts to know their financial position. It should be done on monthly or weekly basis. They should know how much stock they supplies each week to be profitable in business. They should also check their financial situation on monthly basis, so that they can consider what they can do to improve the overall performance for the next month.

  1. Regularly update your financial ratios

For a good and successful business, a business owner should be aware of the business ratios which should be tracked, to be profitable. Because knowing the correct ratio can help them to decide that which direction is good for their business. Selling of which product is more profitable compared to other. Once you get the current ratio every month it will be easy to determine whether your company is moving in a right direction or you need to do some changes to your business plan so you can make better profit and take it in the right direction.

Best Business Tips for Business Owners in 2017

new-year-2017New Year has arrived and everyone has set new goals for the year. Businessmen also have set goals to get desirable success in their business this year. It is time to focus on new ideas and tips for freshening up businesses to run it in right direction. If you are planning to start a new business then New Year is the best time to fulfill your entrepreneurial dream. If you have unique ideas then 2017 is the right time to make it the reality. There are a number of business tips, some of them are given below to make your dream true in 2017.

1. Think about your past success

If you have got success in the past in your business then you need to think about it. If you can find success in the past then you have many opportunities to get success in this year as well. You can get more business tips from your past accomplishment that would encourage you to do your best in this year as well.

2. Go back to your personal goals

Every businessman decides his financial target and the business goals but it is time to go back for your personal goals that you have decided before and check again. It will really help you to fulfill them this year. It is the right time to reset your personal goals again.

3. Reset your bookmarks

You may have set some bookmarks related to your business on the browser that was helpful in the last year. Like this, you can reset your bookmarks of new websites that are related to your industry or that help to think differently. This is the best way to get success in business.

4. Learn from the best

There may be many best things done by you or others in the business.  So, you need to learn from the best that are helpful to enhance your business. You should learn the great things from others as well.

5. Need to subscribe different newsletters

There are numerous websites that may be helpful for your business so you can subscribe such websites for latest updates related to your business. This will be really helpful for you to get better information and to grow business in this year.

6. Attend business conferences

You should attend some business conferences that are the best networking opportunity to assist you in 2017 and boost business. There is an abundance of opportunities in the industry like attend workshops and meet with professionals.

7. Take benefit of social media

Nowadays, social media is a very effective source for the business success because it provides the best facilities to connect with customers and other people. It has become the best source for business to find new customers.

8. Work with community

It is a great way to work with your teams together by joint activities. It will not only beneficial for your business but also for others that are around you.

9. Stay up to date with latest business updates

Being familiar with the latest business updates are essential for business success. Therefore, you should stay up to date with new business updates.

10. Make a to do list

Sometimes, you may feel trouble to arrange priority of the business task. In such situations, to do list is very helpful. It helps to do each work on scheduled time.

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.

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!