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Business

Strategies to Overcome Your Obstacles

You need to master anything you do, to ensure you can do it right. For anything you do, there should be a plan. However, even the best plans fail. Sometimes, you might face the urge to wait for the most opportune moment to do something, and this moment may seem not coming. Most often, there are no perfect moments to start something, and it’s advisable to work with any opportunity that presents itself.

Here are a couple of ways to help you move forward even when faced with the most challenging situation.

 

Change the way you see the world

You need to take a moment and take a closer look at where you are. When a crisis comes knocking your door, it can be quite hard to separate fiction from reality. We normally tent to go to the worst-case scenario. However, if you can take a step back and take a deep breath and think, you might realize that where you are being not as bad as thought. Others have had it worse, so count your blessings. All you need is to find out a way and start walking again. Perspective is everything, so you need to change yours. You do not have to be happy with what has happened, but you can find a way around everything.

 

Find the silver lining

It can be aggravating sometimes to be around ultra-positive people that have never seen doom and gloom. No matter how bad a situation can be, there is always good in everything, and a silver lining. In life, we will always be faced with big disappointments and from time to time, there will be roadblocks that appear from nowhere. However, you can look back and be thankful, because whatever happened didn’t break you, but will always make you stronger.

 

Choose your journey partner wisely

You need to surround yourself with people who will push you to the next level. You need to find friends and associations who have a genuine care about you and are honest with you. You must discard constant naysayers. They will never celebrate your victory and will always see dark clouds of danger hanging over you in any situation you have. You probably know these people already. So whoever has their best intentions in your heart, ensure you bring them closer to you and treasure them.

 

 

See failure differently

As most of you know, Thomas Edison was not bothered at all when it took 10,000 attempts to try to invent the light bulb. He even explained that the first 9,999 attempts were exceedingly helpful in informing him of what was not working. Most people stop and give up too soon, and in the process, they miss great things that might be around the corner. Failure, when used positively, can be a great teacher. Learn what you need to learn and then get going. There is always something great out there for those who persevere.

For everything you start, always be ready to finish strong. If you don’t have any intentions to finish, never start in the first place.

Categories
Business

Effective Planning Principles for Small Businesses

If you are interested in starting any business, you will need to come up with a solid business plan. Such a plan helps in two main ways. If you need external financing, you will use the plan to attract investors, Additionally, a business plan acts as a road map to guide your business on the steps to follow. It helps you to stay focused on the goals you set and on the overall mission and vision of your business.

There are a couple of things you need to consider to create a successful business plan.

 

Provide real-time information

A good business plan should be fully backed with data. It should include specific information about your company as well as other details of the industry, the target audience, product, and services you sell, and your marketing strategy. Before you can begin writing your business plan, ensure you gather all vital information to help you in identifying priorities, and also make effective decisions.

 

Create an action-based plan

A well thought out business plan to provide detailed information on your business goals and how they will be achieved. It should be realistic and attainable and describe the exact objectives that need to be met. Use a SMART approach in coming up with your goal. Also, know that goals are not set in stone, and from time to time, they may need to be modified.

 

Identify risks and challenges

Successful business planning will involve assessing all potential risks and also coming with ways to mitigate these risks. You may consider creating a risk management plan as it will help you get prepared to deal with various risks as they may affect your business. There are different types of common business risks including fines and penalties from non-compliance with set rules, lost revenue, and tainting of brand image.

 

Business planning and ethics

There are different methods you can use to increase profits for your business. However, some of these methods are unethical and may also be illegal. Before you can make any method part of your business plan, consider whether it is ethical or not. Methods you use to gain profit for your business should ensure they are in line with the values shared in a community.

To avoid all legal liabilities, ensure you have a good understanding of all customs and regulations that apply to your business. Adopting unethical practices will come with a lot of risks of getting caught. It can cost you expensive fines and penalties that are applicable to your industry.

It is important to ensure there is effective business planning as it will be key to the success or failure of your business. A good business plan will act as a tool for attracting investors and getting funding, and will also serve as a plan that can guide you through the life of your business. Ensure the plan you create is realistic, actionable, and practical, as doing so will be the foundation of becoming a successful business owner.

Categories
Business

How to Decide Whether a Project is Worth Taking

When opportunities come knocking on our doors, we get into an instant response of acting positively. After all, new projects and clients mean more income, and no one would not want more money. However, the act of saying yes may run contrary to your long term goals and may work against your best interests. This statement is to cement the fact that no every project is worth pursuing and not every client is worth working for.

So, how do you determine which projects to take on and which ones to leave out? Here is what to look for, so that you can make more intelligent decisions.

 

Does the project enhance your portfolio?

There are two key ways you can enhance your portfolio – that is through association and through the type of work you do. Association helps in adding credibility to a product or service and instantly helps in making a project more desirable. Clients and projects that give you some sort of social proof may be worth taking. Additionally, you might have specialized in a specific service or a range of services. You can decide to take projects that are in line with what you have specialized in.

 

Take projects that allow you to grow

Even if you have core skills that you are excellent in, there is always more room for improvement. You should consider taking projects that give you an opportunity to grow. Focus on your starting point that you are competent in and work towards enhancing your competency to grow. Take projects that are doable but force you to be pushed outside your comfort zone. Learn along the way as you deliver and ensure in the end, you become better.

Charge what you are worth

Work on those projects that allow you to charge what you are worth. Never take a project out of desperation knowing very well you are poorly paid. Many people make the mistake of jumping into projects without truly understanding how much time and resources it will take to deliver a project. You may be fast to agree on a fixed price only later to discover that a client also wants you to do more than what was initially agreed upon. Get clear on how much time is required and what resources are needed to deliver on a task.

Work on projects with long term potential

You need to be convinced that a project will pay off in many ways in the long term. You may even agree to work at a reduced rate and a reduced price especially if it’s your dream client. It doesn’t matter how much you trust the client at the first interaction. Only focus to have some key questions answered. Ask yourself if there is potential for more work. Evaluate if it’s a one-off or recurring project and evaluate the benefits associated as well. It is important to get some anchor clients who can guarantee you a certain amount of income each month and work towards balancing your anchor clients with any other exciting new clients that come along your way.