Business Startup Mistake # 2 – Not Choosing the Right People

Business Stratup - Failure or Success

That depends on whether or not you will avoid the two biggest mistakes that most business startups are bound to face:not creating a business system and not choosing the right people to implement the system.

A system without the right people to manage it is like a ship manned by drunken sailors, unmanageable and destined to hit the rocks. Choosing the right kind of people to manage a system is essential and will maximise your chances of success. Interviewing and selecting people is going to be a key part of your job as a business owner.

If both the system and the people building the system are flaky then the chances of failure are great.

Once you have selected the right kind of people,the work doesn’t stop there. You will be required to manage and lead your people often at the same time - motivating, monitoring, measuring and rewarding.

Motivation is an art, measurement is a science, monitoring is a skill, rewarding is fun! People are generally motivated by personal reward which in general takes the form of financial remuneration, job security etc. However, the best form of motivation is giving someone a simple compliment. And it doesn’t cost you a dime. Being genuine and saying something as simple as “well done, I like how you did that job” will do more for motivating your people and strengthening your business than any amount of cash reward.

In my view, your people are your biggest asset, not your customers. Properly motivated and managed people will crawl over broken glass for a good quality organisation with good leadership. Indeed, for the business owner, unlocking people’s potential is an extremely gratifying experience.

Finding the sweet spot between personal reward and organisation benefit is the key to success.

Find out more business startup success secrets at www.MillionaireMindsetSecrets.com for FREE and get access to a wealth of resources to help you build and grow your business.

Business Startup Mistake # 1 - Not Creating the Business System

Starting a business throws up many opportunities and challenges on a daily basis.

You are both head chef and chief bottle washer; creating the vision, devising your sales and marketing strategy, raising sufficient finance to fund the businesses growth etc. Now, add devising a whole business system into the mix and you’re gonna be knee-deep in a whole lotta challenges.

One way of looking at is asking yourself would you be better off investing time and money into building a pipeline(i.e. a system) rather than hauling buckets (i.e. no system). A lot of entrepreneurs have not worked in large systemised business or franchise operation before so they find it very testing and almost impossible to devise and implement a business system. Most small businesses are therefore hauling buckets.

The whole purpose of creating a business system is to allow you tocreate a business that will quickly run itself without your own day-to-day involvement. For most small business owners this is merely a pipe dream. The reason this happens is that not enough time is invested up front devising the systems to run the business. So avoid the mistake that 99% of self-employed business owners.

Read The E-Myth by Michael Gerber to help your find out more about what’s involved in creating your own business system. Finally, rather than trying to build a business system you may want to consider buying a franchise instead.

Educating, training and mentorship is widely available to help you avoid making these typical startup mistakes. But, what could you right now do to avoid these 2 typical small business startup mistakes? Well, help is only a mouse click away. Why not sign up NOW for more business startup success secrets atwww.MillionaireMindsetSecrets.com for FREE and get access to a wealth of resources to help you build and grow your business.

Business Startup Success Secrets – 2 Big Mistakes You’ll Probably Make

The hardest part about building a business from scratch is that you have 2 very big variables to contend with. One is the system and the other is the people building and running the system.

Let’s talk about 2 big business startup mistakes that are often made and what you as an entrepreneur can do to avoid them.

Business Startup Mistake # 1 - Not Creating the Business System

The whole purpose of creating a business system is to allow you to create a business that will quickly run itself without your own day-to-day involvement. For most small business owners this is merely a pipe dream. The reason this happens is...(Read more on this in my next post)

Business Startup Mistake # 2 – Not Choosing the Right People

A system without the right people to manage it is like a ship manned by drunken sailors, unmanageable and destined to hit the rocks. Choosing the right kind of people to manage a system is essential and will maximise your chances of success. Interviewing and selecting people is going to be a key part of your job as a business owner. If both the system and the people building the system are flaky then the chances of failure are great. (Read more on this in my next post)

Educating, training and mentorship is widely available to help you avoid making these typical startup mistakes.

But, what could you right now do to avoid these 2 typical small business startup mistakes? Well, help is only a mouse click away. Why not sign up NOW for more business startup success secrets at www.MillionaireMindsetSecrets.com for FREE and get access to a wealth of resources to help you build and grow your business.

Business Startup – 3 Critical Business Financing Mistakes to Avoid

Business financing mistakes can be perilous not only to the growth of a business but perhaps even your actual business survival. Oftentimes, these mistakes can be avoided by having in place some very basic accounting and financial management systems.

If you were to start committing any of the following 3 business financing mistakes too often, you would greatly reduce your chances of long-term business success.

A good business track-record is largely judged on financial success and financial success in business is assessed largely through the examination of business accounts. Good business accounts demonstrate to banks, financiers, colleagues etc., that you are a bankable business person and will lead them to put their faith and money into you and your business ventures.

Business Financing Mistake # 1 – No Monthly Bookkeeping.

Regardless of the size of your business, inaccurate record keeping creates all sorts of issues relating to cash flow, planning, and business decision making. In a word, your business is doomed if you are not doing monthly bookkeeping. Bookkeeping services are dirt cheap compared to most other costs a business will incur. Bookkeeping should be done on a monthly basis along with Management Accounts so that your financial records are always up to date and you can view the financial status of the business. By itself, this one mistake tends to lead to all the others in one way or another and should be avoided at all costs. (Read more)

Business Financing Mistakes # 2 – No Projected Cash Flow & Budget

Having no meaningful bookkeeping creates a lack of knowledge on where you are. And having no projected cash flow and budget creates a lack of knowledge about where you’re going. Without keeping score, a business tends to stray further and further away from its targets and, invites a crisis that eventually forces the business to change it monthly spending and cash-management habits. A projected cash flow first and foremost needs to be realistic. You should project both a best-case and worst-case scenario based on projected sales and business expenditures. (Read more)

Business Financing Mistakes # 3 – Inadequate Credit Control

There’s nothing worse than making sales, doing the work, sending your customer an invoice and then not getting paid on time…or worse still not getting paid at all! It’s a well-established fact that the longer a debt isn’t collected the less chance it will be collected. Typical credit terms in most established business are 30 days. However, due to a culture amongst some customers of paying late and small business not operating strict credit control, a business can often not get paid on time and fast run out of cash. So how do you avoid this? Well, there are numerous steps you can take but the following 3 steps will help ensure you always get paid…and paid on time.

1. Appoint someone in the business to be in charge of credit control.

2. Reinforce your payment terms and conditions on your contracts, on your website, on your invoices etc.

3. Send your invoices on time and include a statement of the account with each invoice.

In a world of tightening credit from banks, strict business finance practices are required even more. You can’t expect your bank to extend your overdraft or facilitate a term loan if you are guilty of any of the 3 above financing mistakes. (Read more)

There’s so much more to business finance and money management than I have covered here that I could write a whole book on it! But for the moment if you are starting out or taking over the running of a business and are experiencing working capital or cash-flow difficulties than I would first start investigating these 3 key areas and see that they are being managed diligently. If you do this, than many of your cash-flow difficulties will begin to disappear and your business finances will improve quickly (assuming your business proposition is sound in the first place and sales are strong). Find out more about business, personal finance and wealth creation strategies by signing up NOW atwww.MillioniareMindsetSecrets.com

How to Become a Millionaire – Choosing the Right Business Opportunity

Have you ever wondered how to become a millionaire by running your own business, here are some rules on how to choose the right business for you.

How do you go about choosing the right business opportunity for you? You know, life is just a bunch of decisions strung together. Choosing the right kind ofbusiness opportunity for you could be one of those important decisions on the road to wealth creation. Making the wrong decision could cost you millions and making the right decision could make you millions. Here are a few simple rules you can apply to choosing the right type of business for you.

1.Follow Your Passions (But Not Your Hobbies)

Nothing great in the world has ever been achieved without passion. The best kind of business is always to make or sell a product or service you know and love. This is because if you’re starting a business, you’re most likely going to be in it for the long haul. Without passion you’ll run or of steam real fast especially under trying circumstances and the business is likely to fail. Passion and love of what you do will sustain you through the ups and downs. And your successes will taste that bit sweeter if you’re passionate about what made you successful.

However, it’s important not to confuse your passion and your hobby. Just because you love baking apples pies doesn’t necessarily mean that starting an apple pie business is a good idea. (Read More)

2.Get Skilled or Be Killed

Passion first, skills second…but a very close second at that. Skills and talentsare the prerequisite tools you will need to just ‘do the job’. Skills and talent won’t guarantee you will become a business sensation but combined with passion and business savvy you give yourself more than a fighting chance of success. (Read More)

3.Know Your Lifestyle Requirements

Starting a new business is not glamorous. Exciting – yes but glamorous – no. You will have more flexibility as regards working hours, location etc. but even less freedom than you think. A new business can call upon 24/7 commitment from you. Contrary to popular opinion, you will work longer hours, have less time (for yourself and family), more stress and more sleepless nights than you could ever have working for someone else. If you’re not mentally prepared for this reality your dream business could quickly become a nightmare. So, make sure the type of business you chose fits the kind of lifestyle you want to lead. (Read More)

Starting or running a business can require a lot of energy, commitment and of course money so you really want to avoid wasting your time and money barking up the wrong tree! Applying the very simple rules above will help you avoid the pitfalls so that you can belong to elite of few business owners who become millionaires running their own businesses. Check outwww.millionairemindsetsecrets.com – you’ll get instant access to insider secrets on How to Become a Millionaire – www.millionairemindsetsecrets.com