After analysing your business' actual financial status if you find out that you have enough money to reinvest in order to expand then do not hesitate to reinvest your money. However, make sure that your plans for expanding your business is sound. If you didn't factor in business expansion/growth in your original business plan then sit down on it and write a new business plan factoring your future plans before spending money. If you have factored in the expansion of your business in your original plan then review your original business plan to see if there are any revisions that ...

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One of the biggest but all too common problem business face is lack of resources. Start-ups have an especially difficult time when it comes to managing or even just finding resources because, as we all know, during the first two years (actually the length depends on the type of business you are in) the profit being made does not really count as profit since you are still trying to get back your capital. After overcoming the initial birth pains though a business should be making enough to income to not only regain the capital but to have enough to fork ...

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In my last post I discussed the importance of learning new skills (not just management skills) in order to run a successful business. However, since not everyone has the luxury of time to learn everything they need in order to manage every aspect of their own business it makes sense to simply hire someone knowlegable and experienced to handle the management portion (or co-manage the business). As I mentioned before even with a capable manager it is better to learn at least the basics of management so that you can at least understand what's going on with your business and ...

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Not all people have the same set of skills. One of the biggest problem a business can face is having poor management. No matter how good the original business plan might be if the business is managed by someone incompetent the business will surely eventually fail. As a business owner it is up to you to make sure that the job of managing your business is in good hands. It is up to you to decide whether you are capable of managing the business or need to delegate this task. I believe that every business owner should know something (if not ...

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3. Give a definite deadline - If it's a big project you can ask for a timeplan in the form of a Gantt chart. Remember to finalize the specific details of the task before the timeplan is completed so that your employee won't suddenly run out of time. Make sure you are realistic with the deadline. 4. Cross your fingers and leave - This is the time where faith comes in. You need to have faith in yourself that you were able to choose a good employee and that you were able to explain what you expect clearly. You need to ...

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As promised I'll be tackling each mindset mentioned in the previous post that leads to resistance against team building. The first one - “I can do it myself” attitude - cannot be addressed until you admit that you CANNOT continue on doing everything on your own if you want your business to grow. Once you have realized your need to have team members to help your with your flourishing business then the next thing to overcome is the fears of an employee botching things. The truth is that this fear is very valid but shouldn't be that big a problem ...

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Believe it or not there are people who do not agree with team building. To them team building may be unneccessary or a plain nuisance. To others team building is not deemed possible due to "special circumstances" when in fact they simply do not realize the advantages that having a good team brings or they are simply afraid that they would be unable to handle a team well. Some of the more common incorrect mindsets that hinder people from making their team, and thus their business, grow both in number and depth of relationship are: An "I can do it myself" ...

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