All Articles Tagged "business advice"
5 Reasons to Hire an Intern
(Forbes) — They’ve got the same big smiles, shining eyes, and passion to work and represent your service just as much as you do. Think of the intern as mini-me. Whether you’re an established start-up or a fledging small business on the rise, you will eventually begin to think about creating a team of professionals to work alongside you. While you will want to work with individuals that boast a healthy resume of experience, don’t discredit the intern. Today, they’re pulling their weight in unimaginable ways for small businesses and companies. Interns, for those unfamiliar with what the term means, are generally college-age students who work an entry-level position within a company referred to as an internship for a specified amount of time. Internships range from a wide variety of duties and responsibilities and are generally unpaid, part-time positions. For many students in college, internships are required for a specific major in order to graduate. Getting an internship within their area of study is also competitive, with several factors coming into play including balancing a work and study schedule, whether or not the internship offers a stipend, and the commute to and from the company office. Don’t confuse internships with all work and no play though. These programs promise young adults the exposure to the real world that they crave. Interns work in an environment surrounded by like-minded individuals who remember when they were young and hungry for a chance to prove themselves.
6 Ways to Fix Your Cash Flow
(Entrepreneur) — Four years ago I began to notice that my business’s cash flow would, like clockwork, experience two rough periods during the year. The first was between December and February and the second from July to the beginning of September. Specializing in producing short promotional videos known as “sizzle reels,” we had plenty of client work in-house during those periods but were lacking the funds to fuel our overhead. The problem was that many of our clients were taking up to 60 days to complete payment on their invoices. I began working with my team to come up with creative ways to help avoid these financial ruts. Here are the six steps we took to correct our cash-flow woes without losing personnel or productivity:
1. Adjust customer-credit and payment terms. Initially, we requested that clients pay a 25 percent down payment for projects. But projects for smaller clients often took longer and so final payments for these were longer in coming. To remedy this, we increased the initial down payment for first- and second-time clients to 50 percent. We also increased the down payment percentage on our longer-term clients by a few points.
Finding the Right Franchise
(Black Enterprise) — Purchasing a franchise is a decision you shouldn’t take lightly. So before you join the franchising industry, Robert L. Purvin, chairman and CEO of the American Association of Franchisees & Dealers, suggests you consider the following: Do look for franchises that have good relationships with their franchisees. Also, consider the franchisor’s reputation for fairness with its subordinates. You can find information on former and current franchisees in the Franchise Disclosure Document.
Tweety Boss & 4 Other Social Media Strategies to Win
(Wall Street Journal) — Established rules of communicating with customers are unraveling, driven by a shift in how we use the Internet. Emails and corporate websites are fast being replaced by Facebook and Twitter, where customers and employees alike have been liberated from the control of marketing and customer-service reps. While many companies embrace the opportunities in these new two-way communications tools, social media brings a host of new problems, such as how to measure communications and keep employees on message—and in legal compliance. So, new rules are emerging. Here are five of the best practices from companies that have grappled with social media.
Listen and measure: Dr Pepper spent years building its 8.5 million-strong fan base on Facebook. Now, careful tracking and testing with those Facebook users who say they “like” the soft drink helps the brand figure out how to hone its marketing messages. It blasts out two messages daily on its Facebook fan page, and then listens to the fans’ reactions. Using tools from Facebook and New York-based software-and-design agency Code & Theory, Dr Pepper can measure how many times a message is viewed, how many times it is shared with other Facebook users and what fan responses say.
Challenges Blacks Encounter When Choosing Entrepreneurship
(Eurweb) — Although news reports say the unemployment rate is going down, many Americans are still without work. What used to be a three to six-month period, has now stretched to close to two years for some people. As a CEO Coach, I have encountered many senior to mid-level managers, who have years of experience and talent, but still can’t find work. In light of the job climate, many of them have opted to start their own companies. According to census figures about 22 percent of all businesses are started by women, or men of African and Hispanic descent. Starting a business is always challenging, but here are some of the issues that I see minority business owners facing:
Education. Learning how to run a business is not a skill you can acquire in a classroom, but having some educational training in business does help. I would advise minority business owners to learn as much about the business world as they can. Read business books, attend seminars and also seek out mentors. Many of our clients seek us out because they realize that when they are the boss, there is no one to turn to when you need advice.
Ask Felicia Joy: How You Can Have a Lucrative Business in Social Work
Dear Felicia,
How can I have a successful non-profit? I want to love my career but make money doing it as well. There seems to be no money in social work alone.
Lauren G.
via Facebook
Dear Lauren,
You didn’t describe your idea of success or indicate how much money you want to make so I’m not sure what your goals are; but, I’ll base my answer on the general population. The amount of income needed for financial comfort is different for everyone, but researchers have found that $75,000 per year is the “happy salary” for most people. So, let’s use that as a standard.
You are right. Typically, social work is not a high-paying career choice where you can make $75,000 or a six-figure income. But I have good news for you. In business you can get creative and find a way to make your circumstances work for you! Look for trends, which are a key to wealth.
For example, if you want to stick with social work, look for trends in social issues. What issues are impacting people who have the means to pay you for help if you figure out a way to eliminate their issue or reduce the impact? Let’s take autism — a developmental disorder that is being diagnosed in a lot more children.
Parents of autistic children have more to do to care for their children, and if you listen to their stories, sometimes they are exhausted and have nowhere to turn. They also don’t seem to have a central source of credible information for how to help their children as they grow older.
With your education and background, you are probably sensitive to the needs of others who are in fragile situations. Could you create a national network of support groups for parents of autistic children and charge an affordable monthly membership fee? You could provide parents the latest medical and lifestyle information to make life easier for their family and create monthly support group meetings where they can connect with others locally who are facing the same challenges. Or, you could market your service to pediatricians who specialize in autism and show them how they can offer it as a valuable service to the parents of their patients, which will grow their practices.
At $8,500 per month you would earn more than $100,000 in revenue per year, and you would only need 340 members nationwide paying $25 per month to earn that amount of money. This is just one example of how you can use trends and entrepreneurship to do work you love without having to sacrifice your lifestyle in the long run. Don’t get me wrong; you will have to sacrifice in the beginning because it takes time to learn how to grow and manage a business, but if you are willing to put in work on the front end, you could build something lasting and fulfilling long term.
Grace & Peace,
Felicia Joy
Felicia Joy is a nationally recognized entrepreneur who created $50 million in value for the various organizations and companies she served in corporate America before launching her business enterprise. She is often called on to discuss the ins and outs of entrepreneurial success and has appeared on CNN, FOX and in other national press. Felicia operates Ms. CEO Inc., a company that helps women entrepreneurs achieve more success, faster — as well as Joy Group International,LLC, a business development and consulting firm. Send her your questions at ask@feliciajoy.biz or at www.twitter.com/feliciajoy.
Ask Felicia Joy: How You Can Have a Lucrative Business in Social Work
Dear Felicia,
How can I have a successful non-profit? I want to love my career but make money doing it as well. There seems to be no money in social work alone.
Lauren G.
via Facebook
Dear Lauren,
You didn’t describe your idea of success or indicate how much money you want to make so I’m not sure what your goals are; but, I’ll base my answer on the general population. The amount of income needed for financial comfort is different for everyone, but researchers have found that $75,000 per year is the “happy salary” for most people. So, let’s use that as a standard.
You are right. Typically, social work is not a high-paying career choice where you can make $75,000 or a six-figure income. But I have good news for you. In business you can get creative and find a way to make your circumstances work for you! Look for trends, which are a key to wealth.
For example, if you want to stick with social work, look for trends in social issues. What issues are impacting people who have the means to pay you for help if you figure out a way to eliminate their issue or reduce the impact? Let’s take autism — a developmental disorder that is being diagnosed in a lot more children.
Parents of autistic children have more to do to care for their children, and if you listen to their stories, sometimes they are exhausted and have nowhere to turn. They also don’t seem to have a central source of credible information for how to help their children as they grow older.
With your education and background, you are probably sensitive to the needs of others who are in fragile situations. Could you create a national network of support groups for parents of autistic children and charge an affordable monthly membership fee? You could provide parents the latest medical and lifestyle information to make life easier for their family and create monthly support group meetings where they can connect with others locally who are facing the same challenges. Or, you could market your service to pediatricians who specialize in autism and show them how they can offer it as a valuable service to the parents of their patients, which will grow their practices.
At $8,500 per month you would earn more than $100,000 in revenue per year, and you would only need 340 members nationwide paying $25 per month to earn that amount of money. This is just one example of how you can use trends and entrepreneurship to do work you love without having to sacrifice your lifestyle in the long run. Don’t get me wrong; you will have to sacrifice in the beginning because it takes time to learn how to grow and manage a business, but if you are willing to put in work on the front end, you could build something lasting and fulfilling long term.
Grace & Peace,
Felicia Joy
Felicia Joy is a nationally recognized entrepreneur who created $50 million in value for the various organizations and companies she served in corporate America before launching her business enterprise. She is often called on to discuss the ins and outs of entrepreneurial success and has appeared on CNN, FOX and in other national press. Felicia operates Ms. CEO Inc., a company that helps women entrepreneurs achieve more success, faster — as well as Joy Group International,LLC, a business development and consulting firm. Send her your questions at ask@feliciajoy.biz or at www.twitter.com/feliciajoy.
12 Business Tips from Black Enterprise Founder
(Black Enterprise) — On March 30, 2011, Black Enterprise Chairman, Publisher and Founder Earl G. Graves, Sr. will be inducted into the American Advertising Federation’s Advertising Hall of Fame, the industry’s most prestigious honor. Here, the media magnate reflects on moments in his life that have yielded valuable lessons on business, perserverance and success.
On working for Sen. Robert Kennedy: ”When I was working with Kennedy, I was always asking others how they thought I was doing within his organization. Sometimes I would have to make corrections and adjustments to my style in order to be more efficient within the demanding and hard-charging culture of his office. You must continuously monitor your status and your vulnerability in the constantly shifting work environment. You must always be on the lookout for ways to increase your value in the market while being alert to new opportunities.”
Why the Boss Should Never Be Happy
(Entrepreneur) — Let’s say you are quite happy and content with the state of your business. Sorry, but I’m disappointed to hear that. Not because I don’t like good news but because I know an insipient problem when I see one. The hard truth is you should never be “happy and content” with the state of your business simply because every successful enterprise must be a perpetual work in progress. You — the entrepreneur, the owner and manager in chief — must be restless in pursuit of ever-higher levels of performance.
I used to visit a client — a chief executive of a major enterprise who started out as a man with a dream and $30,000 home-equity loan and built his company into a juggernaut. On his desk was a sign that read for all to see: The Boss Is Not Happy!
This was his way of declaring war first on himself and second on everyone who worked on his team. It was not destructive, mean spirited or evil. It was instead a perpetual battle against the cancer of complacency that can and will inevitably set in when the leader gets “happy and content” with the state of her business. To build profitable, proud, innovative and truly productive businesses that meet the ultimate test of being scalable and sustainable, we all must declare war on ourselves now. And not let our guard down.
Ask Ms. CEO, Felicia Joy
Entrepreneurship is the top worldwide trend today. Developing and emerging nations are fighting for higher rank in the global economic pecking order. And leading nations, like the United States, are on the defensive working to “win the future,” as President Obama says.
All kinds of U.S. companies, organizations, people and even the government are announcing and promoting new initiatives to stoke innovation, profits and job creation among entrepreneurs.
It’s easy to get lost in the shuffle, especially if you’ve been in business for 5 years or less. So, we’re offering you a consistent “friend on the frontlines” as you grow your business. Her name is Felicia Joy and she’s our new small business and entrepreneurship advice columnist.
Before becoming a full-time business builder, Felicia was a corporate executive who created more than $50 million in value for the companies and organizations she served. She was a hybrid entrepreneur during that time (a person with a full-time job and a part-time business) and in 2008 she made the leap to total self-employment.
Felicia is intimately familiar with the triumphs and challenges of entrepreneurship because she experiences them everyday. She’ll share specific thoughts, ideas and resources to inform, empower and encourage you as you live and work through them too.
So, don’t be shy. Do you have questions about starting or growing a business? Felicia Joy is here to answer. Drop her a line at ask@feliciajoy.biz and she’ll answer each week. You can also connect with her on Twitter.
