Category: Business
The five toxic ingredients to your business success
The five toxic ingredients to your business success are the top 5 elements that existed in your business and you should be able to watch or fix.
Ingredient #5 Miss guided arrow.
The miss guided arrow results of not having a vivid vision for your business. There is no actionable plan for everyday activities.
It always results from the lack of execution plan towards a Target.
Ingredient #4 Ineffective networking:
Networking is the number method to get prospects and convert them into clients. Goal number one of networking is making $ through selling more. You hang around the wrong crowd.
Ingredient #3 Bad follow up:
Follow up is the most effective way to either sell more or adjust your business to sell more. Businesses usually overlook following up with their current client and then Fail to follow up with your current customers to bring new prospects.
Ingredient #2: Wrong focus:
Businesses (either production or service or consultation) have three main sections or areas:
1- Production: which which is the process of fulfil your clients request. The process of producing the final product to deliver to your clients.
2- Operation: which is the process of producing what you sell. it is how to run your business.
3- Sales and Marketing: which is the process of getting news orders, client or customers.
We always Focus on the wrong part of the business. The area which we feel better happy and within out zone of comfort.
#1 You:
Your biggest challenge in your business is “You”.
You are stubborn, you do not accept advices, you repeat the same mistake.
You are not open to change when it is not working.
If you would like to discuss this post, please email me badawy@badawy.ca
10 steps must do, to start your business
Starting a business is exciting—but also demanding. This how to start a business guide addresses some of the most common startup steps to ensure that your company is ready for success.
Prepare a business plan and materials
1. An important first step is preparing a business plan to define your business, products and services, and outline your goals, operating procedures and competition. If your company needs funding from a traditional loan or venture capitalists, a business plan will be required. Make sure your plan includes a marketing approach, so people are aware of what you’re selling and how to find you.
2. Create a business logo, cards and stationery. These items establish your company’s identity and help potential customers find and remember you.
Meet legal requirements
3. Of course, incorporating your business or forming a company with a province or state is important because it protects your personal assets from business debts and liabilities. Other benefits of forming a corporation are tax advantages and greater credibility with customers, vendors and business partners.
4. Select an accountant and attorney. Many small business owners seek advice from accountants and attorneys. As you search for an accountant and attorney, get referrals from friends or family, and look for professionals who have worked with other small business owners or companies in your specific industry.
5. Get necessary tax identification numbers, licenses and permits. A federal tax registration is required for corporations that will have employees. Also keep in mind that most businesses need licenses and/or permits to operate—in your city, municipality, county and/or state.
6. Insure your business and investigate other requirements. Some industries have specific insurance requirements. Discuss your needs with your insurance agent to get the right type and amount of insurance. Remember to look into any other government tax and insurance requirements that might apply to your business, particularly if you have employees. For example:
Unemployment insurance
Workers’ compensation
Federal tax
Self-employment tax
Payroll tax requirements
Sales and use tax
Prepare yourself financially
7. It is crucial to separate business finances from personal ones, so open a business bank account. Most banks require company details, such as formation date, business type, and owner names and addresses. If your business is not incorporated, most banks will require a DBA (doing business as or fictitious business name). Contact your bank about requirements prior to opening an account.
8. Arrange your business accounting and apply for loans. You may want to use an accountant, or handle finances yourself with a small business accounting solution. Either way, properly account for all business disbursements, payments received, invoices, accounts receivable/accounts payable, etc. And if you don’t have enough capital to start a business, this is also the time to seek funding from banks or through Small Business Administration (SBA) loan programs.
9. Establish a business line of credit. This will help reduce the number of times your company prepays for purchased products and services. It also helps establish a strong credit history, which is helpful for vendor and supplier relationships. Getting a Dun & Bradstreet (D&B) DUNS (or D-U-N-S) number for your business is advisable, as it is often used to check business creditworthiness.
10. Ready your workspace. For home-based businesses, ensure you are meeting city zoning requirements for your area. For non home-based businesses, you’ll likely need to lease office space. Don’t forget to purchase or lease furniture and office equipment to get your business up and running.
Build in Canada Innovation Program (BCIP) – 55% success rate in testing innovation
Government of Canada committed to supporting innovation in Canada’s business sector by launching the Canadian Innovation Commercialization Program (CICP) as a pilot program. Budget 2012 committed to make the pilot program permanent and add a military procurement component. The permanent program is known as the Build in Canada Innovation Program (BCIP).
Build in Canada Innovation Program (BCIP) helps companies bridge the pre-commercialization gap by procuring and testing late stage innovative goods and services within the federal government before taking them to market by:
- Awarding contracts to entrepreneurs with pre-commercial innovations through an open, transparent, competitive and fair procurement process.
- Testing and providing feedback to these entrepreneurs on the performance of their goods or services.
- Providing innovators with the opportunity to enter the marketplace with a successful application of their new goods and services.
- Providing information on how to do business with the Government of Canada.
The BCIP targets innovations in the following priority areas:
Standard Component
Environment
Safety and security
Health
Enabling technologies
Military Component
Command & Support
Cyber-Security
Protecting the Soldier
Arctic and Maritime Security
In-Service Support
Training Systems
The BCIP is managed by Public Works and Government Services Canada (PWGSC), and implemented by the Office of Small and Medium Enterprises (OSME). OSME advocates on behalf of small and medium enterprises in federal procurement. The government also organizes and/or participates in regional events and trade shows (see Event Calendar) so that Canadian businesses can showcase their innovative concepts to federal representatives.
Five Call for Proposals were published, the first was on 2010-10-05 and closed on 2010-11-16; and the fifth was published on 2014-06-19 and closed on 2014-09-17.
Out of these process over fife years the following reported 55% innovations has been tested. as of the reported information of August 11, 2015.
the details is as follows:
120 Project Awarded
87 Technologies available for testing
17 bid expired
6 has been withdrawn
for the list of the projects visit this page on buyandsell.gc.ca
if you like to discuss this post shout me an email. badawy@badawy.ca
Is Entrepreneurship For You?
Starting your own business can be an exciting and rewarding experience. It can offer numerous advantages such as being your own boss, setting your own schedule and making a living doing something you enjoy. But, becoming a successful entrepreneur requires thorough planning, creativity and hard work.
Consider whether you have the following characteristics and skills commonly associated with successful entrepreneurs:
- Comfortable with taking risks: Being your own boss also means you’re the one making tough decisions. Entrepreneurship involves uncertainty. Do you avoid uncertainty in life at all costs? If yes, then entrepreneurship may not be the best fit for you. Do you enjoy the thrill of taking calculated risks? Then read on.
- Independent: Entrepreneurs have to make a lot of decisions on their own. If you find you can trust your instincts — and you’re not afraid of rejection every now and then — you could be on your way to being an entrepreneur.
- Persuasive: You may have the greatest idea in the world, but if you cannot persuade customers, employees and potential lenders or partners, you may find entrepreneurship to be challenging. If you enjoy public speaking, engage new people with ease and find you make compelling arguments grounded in facts, it’s likely you’re poised to make your idea succeed.
- Able to negotiate: As a small business owner, you will need to negotiate everything from leases to contract terms to rates. Polished negotiation skills will help you save money and keep your business running smoothly.
- Creative: Are you able to think of new ideas? Can you imagine new ways to solve problems? Entrepreneurs must be able to think creatively. If you have insights on how to take advantage of new opportunities, entrepreneurship may be a good fit.
- Supported by others: Before you start a business, it’s important to have a strong support system in place. You’ll be forced to make many important decisions, especially in the first months of opening your business. If you do not have a support network of people to help you, consider finding a business mentor. A business mentor is someone who is experienced, successful and willing to provide advice and guidance. Read the Steps to Finding a Mentor article for help on finding and working with a mentor.
Still think you have what it takes to be an entrepreneur and start a new business? Great! Now ask yourself these 20 questions to help ensure you’ve thought about the right financial and business details.
How to Make Your Business Plan Stand Out ?
One of the first steps to business planning is determining your target market and why they would want to buy from you.
For example, is the market you serve the best one for your product or service? Are the benefits of dealing with your business clear and are they aligned with customer needs? If you’re unsure about the answers to any of these questions, take a step back and revisit the foundation of your business plan.
The following tips can help you clarify what your business has to offer, identify the right target market for it and build a niche for yourself.
Be Clear About What You Have to Offer
Ask yourself: Beyond basic products or services, what are you really selling? Consider this example: Your town probably has several restaurants all selling one fundamental product—food. But each is targeted at a different need or clientele.
One might be a drive-thru fast food restaurant, perhaps another sells pizza in a rustic Italian kitchen, and maybe there’s a fine dining seafood restaurant that specializes in wood-grilled fare. All these restaurants sell meals, but they sell them to targeted clientele looking for the unique qualities each has to offer. What they are really selling is a combination of product, value, ambience and brand experience.
When starting a business, be sure to understand what makes your business unique. What needs does your product or service fulfill? What benefits and differentiators will help your business stand out from the crowd?
Don’t Become a Jack of All Trades-Learn to Strategize
It’s important to clearly define what you’re selling. You do not want to become a jack-of-all trades and master of none because this can have a negative impact on business growth. As a smaller business, it’s often a better strategy to divide your products or services into manageable market niches. Small operations can then offer specialized goods and services that are attractive to a specific group of prospective buyers.
Identify Your Niche
Creating a niche for your business is essential to success. Often, business owners can identify a niche based on their own market knowledge, but it can also be helpful to conduct a market survey with potential customers to uncover untapped needs. During your research process, identify the following:
Which areas your competitors are already well-established
Which areas are being ignored by your competitors
Potential opportunities for your business
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