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By Joe Miller
Document Manager and Version History
In previous articles I have discussed the usefulness of a document manager, such as groupware, in organizing document sharing. I have also discussed the role that a Version History plays in a good document manager. In this article I wish to elaborate on Version History and its ability to make or break your document manager. The reason a document manager benefits so much from Version History is that Version History presents a visual flow chart of the editorial process any document has gone through. The who, what, when, where, and how are all answered.
Having Version History as one of your document manager tools creates a three-point advantage in document collaboration, advantages that take businesses to a higher level of efficiency, organization, and communication.
Ad Hoc Management
Business communication and document collaboration move too quickly with the ease of Microsoft Outlook and other email communication, where any presentation or document can be shot back and forth between any number of parties any number of times. Because of the simplicity of this process, it is difficult for a document manager to track all of the editorial changes made to documents without Version History. In other words, the jumble of unordered, chronologically challenged changes are difficult, if not impossible to organize without Version History. Version History helps to present a chronological order of ad hoc business. A document manager that uses Version History will be able to work the way your business does.
Reference
As I mentioned before, as document versions are sent back and forth in no particular order, a document manager can only do so much without the help of Version History. Eventually deadlines fall due, and the various document versions need to be organized before they are brought together into one final draft. The most common process for organizing attached drafts is to dig through your email box and hard drive to collect all of the drafts and to sort them by date. Then, you ask everyone else to do the same and send them to you. Once all of the information comes back to you, you have to go over the same process again, this time deleting duplicate files. Already, too much time has been spent referencing all of the document changes. Version History references documents immediately upon request, displaying exactly where documents were sent, when they were sent, and how versions relate to each other. Version History helps to create a document manager that works for you.
Digital Thread Technology
Every tool a document manager utilizes has its own tricks. Version History is no exception. What is its trick? Digital Thread Technology. As a document is created, whether a budget plan, a marketing presentation, or a legal contract, Digital Thread Technology inserts tracking information into the metadata of the electronic document. This allows the document to be tracked over various email boxes and drives, even if the document has been sent to individuals who do not use your document manager. Digital Thread Technology literally threads each draft together like beads on a necklace, enabling Version History to create a simple and informative flow chart of your document’s draft genealogy.
About the author:
Joe Miller is an author of informational articles and online advertisements on business software. Read more about a Document Manager and Version History at www.NextPage.com
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Jumat, 03 April 2009
What is a Document Manager without Version History?
Groupware and Version History: Collaboration Series #1
By Joe Miller
This article is the first of a series of articles exploring specific aspects of groupware. The brief informational articles in this series discuss some of the technologies associated with groupware, as well as some of the characteristics of groupware. Some of these characteristics may go hand in hand with business collaborative needs. Other characteristics go beyond what some groupware providers have to offer. The purpose of these articles is to equip the groupware user or investigator with helpful knowledge about the product in order to enable more effective use or to lead the investigator to the groupware service he or she is looking for. This first article explores Version History, a service that can be provided in groupware in order to simplify version tracking.
What is Groupware?
I have already mentioned that groupware helps businesses meet their collaborative needs, but groupware is not simply software used by businesses to organize documents and their drafts. Groupware deals specifically with the ad hoc nature of much of the document collaboration in today’s fast-paced business. But, in order to provide the document tracking and management necessary to run effective document collaboration, even in an ad hoc setting, groupware must have the ability to track documents and their versions across multiple email boxes, hard drives, and servers.
What does Version History do for Groupware?
Version History utilizes Digital Thread technology to complete its tracking across email boxes, hard drives, and servers. The Digital Thread inserts tracking code into the meta data of any Word, PowerPoint, or Excel document and keeps track of the who, what, when, where, and how of each change made, even with multiple users. The information is literally threaded together like beads on a string, and displayed in a flow chart through the Version History option.
As deadlines draw near and it comes time to merge the document changes, questions will inevitably arise as to who made certain changes and why. Using Version History as a reference, users know exactly who to ask. The questions left in the wake of ad hoc document collaboration are gathered together and sorted out by Version History until all businesses see in front of them are answers.
You can also click on any two documents in a version history and click “compare”. That runs Microsoft Compare of the two document versions. It makes it easy to see differences between any two document versions.
Narrowing Down Your Search
In B to B searching, Google has the reputation of the most relevant searches. However, groupware is not only used in B to B communication. In B to C communication, Yahoo may be your best bet. MSN is also in the “big three” of search engines for the most relevant searches. Whichever index you choose to use, you will still need to sift through millions of indexed pages to find groupware that works for your business.
This article has explored one way of narrowing your search, and that is by looking for groupware that uses the Digital Thread empowered Version History option.
About the author:
Joe Miller is an online advertiser and author of informational articles on business software. More information on Groupware and Version History can be found at NextPage.com
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www.cyrosella.com
Maximizing The Time of Your Life
By Cheryl Vallejos
How to Get More Done in Less Time than You Ever Thought Possible
Cheryl Vallejos
Setting goals
Setting personal and business goals are a must if you want to experience the benefit of time management. Setting goals outlines your intentions for what you plan to do and makes it real to you.
Goals are not results!
Many people are afraid to set goals because they are afraid of what happens if they "fail" to achieve them. They believe that it negatively affects their self-image.
Nothing could be further from the truth.
One of the most positive aspects of setting personal and professional goals is what not achieving a goal teaches you. If you don't achieve a goal, there can be any number of reasons why, some of which are beyond your control. However, examining why it was not achieved will yield valuable insights into your beliefs, attitudes and emotions.
Goal setting and motivation
You need to feel desire about your goal. Motivation is desire. Do something because you really want to. You can use all the best techniques for goal setting and planning, but if the desire is not there then:
·You’re less likely to achieve the goal
·You feel a sense of emptiness about it if you do
Write your goals down!
Write your goals down (or draw, paint them, etc). It helps to make them real where you can see them, rather than swirling about endlessly in your head, where they have no outlet. This will also help to keep you on track. The phrasing of goals is also very important. Phrase them in the present, so you can act as if they're already happening. This programs your brain to start working towards it. Use "I am...." instead of "I will...". The latter refers to some indeterminate time in the future, which may never happen. The former keeps you firmly focused in the here and now, while keeping the future in sight. Also remember that just because a goal is written down, doesn't mean that it is set in stone! You are always free to change and modify your goals as your circumstances change.
Focus on the results you expect to gain
Your job is to learn how to direct this power by consciously focusing to get the outcomes you want. First, you have to discover all the things you focus on that you do not want and I’m willing to bet there are quite a few, way more than you think. Then, you have to get very clear about what you DO want. You have to examine each of the things you want and be sure that they are not just something you do NOT want in disguise. For instance, saying: “I want my business to make over $100,000/year” would no longer be an issue if you had not had previous businesses that did not do that well, and so even in making this seemingly positive statement, you are focusing on not wanting to be unsuccessful. Saying “I want a reliable car” wouldn’t even come up if you weren’t focusing on the fact that you don’t want a car that breaks down and needs a lot of repairs. Remember, focus on positive results and drop the history of former experiences that were negative.
The Solution? Practice, Persistence, Practice
It’s a good idea to write down what you want specifically. Read what you have written to yourself, preferably aloud, several times a day, while seeing yourself, in your mind, already having what you want. A good example of this would be: “I get things done timely,” “I get things done timely,” “I get things done timely.” It could also be something like: “I am the best organizer around,” “I am the best organizer around,” “I am the best organizer around.” Then, take whatever action is available to begin moving towards what you want. A good time to do this reading and visualizing is when you first wake up and right before you go to bed.
About the author:
Want more success in your life and business? Contact Cheryl Vallejos, Author, Motivational Speaker, Certified Business Coach and Consultant at Cheryl@PrimeLeaders.com and sign up for the free "Monthly Leadership Tips” e-zine and the bonus FREE 37-page leadership guide eBook by clicking here: Monthly Leadership Tips 2005 © Cheryl Vallejos
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HomebuilderStocks.com Reports: Commerce Department Announces Record Levels of Single Family Home Sales in June
By Dawn Van Zant
US Department Of Commerce Report States That Single Family Home Sales for June Increased By 1.4% over May
POINT ROBERTS, WA. July 28, 2005 - www.HomebuilderStocks.com, (HBS) a global investment news and research portal for the homebuilder sector, reports upon the release of a Commerce Department report, stating that single family home sales for June increased by 1.4% over the month of May. Both analysts and market participants remain firmly bullish in their forecasts for the coming year.
HBS does not make stock recommendations but offers a unique free information portal for investors to explore news, articles, and recent research. The site is currently compensated by featured companies International Barrier Technology Inc. (IBTGF: OTCBB; IBH: TSXV) and Cyberlux Corporation (OTCBB: CYBL).
Commerce Department Reports Record Levels of Home Sales in June
www.HomeBuilderStocks.com, Washington, July 27, 2005 – A report released yesterday by the Commerce Department stated that the sale of single-family homes had hit an all time high as of June 2005. June saw a 4% increase over the month of May, hitting a high of 1.37 million units per annum. The report also stated that orders for big ticket manufactured items rose by 1.4% over May. This news was taken by market analysts as a further sign of an economy that is gaining ground fast, with the Federal Reserve calling the economic expansion “solid”.
To Read Full HS Report Click Here:
http://www.HomebuilderStocks.com/Companies/HomebuilderStocks/Articles/HomeSales.asp
Our current list of public companies in the sector includes: Toll Brothers, Beazer Homes USA, Inc., Ryland Group, Brookfield Homes, Centex, Inc., Home Depot, Homestore, Inc., KB Home, Lennar Corporation, Lowe’s, Monterey Homes, Orleans Homebuilders, Inc., Pulte Homes and numerous others.
For the complete list, click here: http://www.homebuilderstocks.com/Companies/HomebuilderStocks/HomebuilderStockList.asp
Featured Companies:
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Cyberlux Corporation (OTCBB: CYBL) has created breakthrough lighting technology that provides the most energy efficient and cost effective lighting solutions available today. Several products are designed to address emergencies such as power outages or critical security lighting needs and others which bring newly developed heatless light into the home for use in closets, cabinet interiors and under cabinet lighting for kitchen counters. Cyberlux uses solid-state semiconductors, trademarked as its diodal(tm) lighting elements, which consume 92 percent less energy than incandescent elements and perform for over 20 years in contrast to 750 hours for traditional bulbs.
The Insiders Corner
Read the exclusive InvestorIdeas.com Feature “The Insiders Corner,” a weekly feature by well-known financial writer and author Michael Brush. http://investorideas.com/insiderscorner/
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TO SIGN UP, click here: www.InvestorIdeas.com/Resources/Newsletter.asp
ECON is a privately owned corporate communications company specializing in: media relations, investor relations, and research on public companies and industry sectors, for the investment community. Nothing on our sites should be construed as an offer or solicitation to buy or sell any specific products or securities. All investments involve risk. Past performance does not guarantee future results, therefore investigate before you invest! Although we attempt to research thoroughly, we offer no guarantees as to the accuracy of any information presented. We encourage all investors to use our sites only as a resource to further their own research. The site is compensated by its "Featured Companies,” as outlined in our on-line disclaimer at www.InvestorIdeas.com/About/Disclaimer.asp. HomebuilderStocks.com/ECON is compensated by Featured Companies: IBH and CYBL. IBH pays ECON a fee of Eight thousand seven hundred dollars per month, plus 100,000 stock options. Cyberlux Corporation - Three thousand dollars per month. Featured Company on HomelandDefenseStocks.com and HomebuilderStocks.com
SOURCE: ECON Investor Relations Inc., which owns the domain www.HomebuilderStocks.com.
For more information contact:
Dawn Van Zant / Brian Noer
Toll free: 800-665-0411
Email: dvanzant@investorideas.com or bnoer@investorideas.com
Web Site: http://www.InvestorIdeas.com
About the author:
HBS does not make stock recommendations but offers a unique free information portal for investors to explore news, articles, and recent research. The site is currently compensated by featured companies International Barrier Technology Inc. (IBTGF: OTCBB; IBH: TSXV) and Cyberlux Corporation (OTCBB: CYBL).
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Minding Your Global Manners
By Lydia Ramsey
To say that today's business environment is becoming increasingly more global is to state the obvious. Meetings, phone calls and conferences are held all over the world and attendees can come from any point on the globe. On any given business day you can find yourself dealing face-to-face, over the phone, by e-mail and, on rare occasions, by postal letter with people whose customs and cultures differ your own. You may never have to leave home to interact on an international level.
While the old adage "When in Rome, do as the Romans do" still holds true, business clients and colleagues who are visiting this country should be treated with sensitivity and with an awareness of their unique culture. Not to do your homework and put your best international foot forward can cost you relationships and future business. One small misstep such as using first names inappropriately, not observing the rules of timing or sending the wrong color flower in the welcome bouquet can be costly.
There is no one set of rules that applies to all international visitors so do the research for each country that your clients represent. That may sound like a daunting task, but taken in small steps, it is manageable and the rewards are worth the effort. Keeping in mind that there are as many ways to do business as there are countries to do business with, here are a few tips for minding your global P's and Q's.
Building relationships: Few other people are as eager to get down to business as we Americans. So take time to get to know your international clients and build rapport before you rush to the bottom line. Business relationships are built on trust that is developed over time, especially with people from Asia and Latin America.
Dressing conservatively: Americans like to dress for fashion and comfort, but people from other parts of the world are generally more conservative. Your choice of business attire is a signal of your respect for the other person or organization. Leave your trendy clothes in the closet on the days that you meet with your foreign guests.
Observe the hierarchy: It is not always a simple matter to know who is the highest-ranking member when you are dealing with a group. To avoid embarrassment, err on the side of age and masculine gender, only if you are unable to discover the protocol with research. If you are interacting with the Japanese, it is important to understand that they make decisions by consensus, starting with the younger members of the group. By contrast, Latin people have a clear hierarchy that defers to age.
Understanding the handshake: With a few exceptions, business people around the world use the handshake for meeting and greeting. However, the American style handshake with a firm grip, two quick pumps, eye contact and a smile is not universal. Variations in handshakes are based on cultural differences, not on personality or values. The Japanese give a light handshake. Germans offer a firm shake with one pump, and the French grip is light with a quick pump. Middle Eastern people will continue shaking your hand throughout the greeting. Don't be surprised if you are occasionally met with a kiss, a hug, or a bow somewhere along the way.
Using titles and correct forms of address: We are very informal in the United States and are quick to call people by their first name. Approach first names with caution when dealing with people from other cultures. Use titles and last names until you have been invited to use the person's first name. In some cases, this may never occur. Use of first names is reserved for family and close friends in some cultures.
Titles are given more significance around the world than in the United States and are another important aspect of addressing business people. Earned academic degrees are acknowledged. For example, a German engineer is addressed as "Herr Ingenieur" and a professor as "Herr Professor". Listen carefully when you are introduced to someone and pay attention to business cards when you receive them.
Exchanging business cards: The key to giving out business cards in any culture is to show respect for the other person. Present your card so that the other person does not have to turn it over to read your information. Use both hands to present your card to visitors from Japan, China, Singapore, or Hong Kong. When you receive someone else's business card, always look at it and acknowledge it. When you put it away, place it carefully in your card case or with your business documents. Sticking it haphazardly in your pocket is demeaning to the giver. In most cases, wait until you have been introduced to give someone your card.
Valuing time. Not everyone in the world is as time conscious as Americans. Don't take it personally if someone from a more relaxed culture keeps you waiting or spends more of that commodity than you normally would in meetings or over meals. Stick to the rules of punctuality, but be understanding when your contact from another country seems unconcerned.
Honoring space issues: Americans have a particular value for their own physical space and are uncomfortable when other people get in their realm. If the international visitor seems to want to be close, accept it. Backing away can send the wrong message. So can touching. You shouldn't risk violating someone else's space by touching them in any way other than with a handshake.
Whether the world comes to you or you go out to it, the greatest compliment you can pay your international clients is to learn about their country and their customs. Understand differences in behavior and honor them with your actions. Don't take offense when visitors behave according to their norms. People from other cultures will appreciate your efforts to accommodate them and you will find yourself building your international clientele.
(c)2005, Lydia Ramsey. All rights in all media reserved. Reprint rights granted so long as the article and by-line are reproduced intact and all links are made live.
About the author:
Lydia Ramsey is a business etiquette expert, professional speaker, corporate trainer and author of MANNERS THAT SELL - ADDING THE POLISH THAT BUILDS PROFITS. She has been quoted or featured in The New York Times, Investors' Business Daily, Entrepreneur, Inc., Real Simple and Woman's Day. For more information about her programs, products and services, e-mail her at lydia@mannersthatsell.com or visit her web site http://www.mannersthatsell.com
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Lance Has What It Takes
By Jim Meisenheimer
and then some.
Did you know . . .
Lance looks at every single detail.
He weighs his food every day to maintain proper nutrition.
He trains, he does research, and he pays attention to the appropriate technique.
He seeks out the best and the brightest when he needs help with anything - anything.
In winning the Tour de France a record and consecutive seven times he cycled over 15,000 miles.
Some say what he accomplished (each race) is the equivalent of running 21 marathons in a row.
He studies the best including Tiger Woods, Michael Jordan, and Wayne Gretzky for inspiration.
He greets every morning with enthusiasm.
He almost retired in 1998. He almost retired in 1998. He almost did, but obviously he didn't.
He believes anything can be done with hard work.
He is 33 years old and out cycled a bunch of 20-something competitors.
He has talent and brings a single minded commitment to work every day.
To say he's pretty good is an understatement of course. His approach to his sport can be applied to your approach to sales. Yeah - sure it can. The fact that it can, won't necessarily make it happen.
This is where the hard work kicks in. Take a gander at these questions.
1. What training are you doing to improve your sales performance?
2. What research are you doing to get better at what you do?
3. Who do you seek out when you want to improve a particular business skill?
4. Who are your business heroes and are you studying how they achieved greatness?
5. What do you routinely prepare and practice to gain competitive advantage in your sales work?
6. Do you possess a single minded commitment to your sales position?
These are tough questions and sad to say only the 5% club (The tough guys/gals) will work their way through them. There's nothing special about Lance. What he does is special. How he thinks is special. His attitude is special. His focus is special. His preparation is legendary and of course special. His training is special. His technique is special. His results are also extremely special.
Red Barber once said, "There is no one in the world quite like you. So don't water your wine."
So here's a sale tip for you. Buckle up and "step up to the plate" called life. Make every day count and make ever day a masterpiece.
Lance Armstrong has what it takes. I know you have what it takes - I hope you do too!
PS - Hey if you want to get a leg up on your competition and willing to do some light reading that won't break your budget, it's less than ten bucks, take 23 seconds to see what's NEW on this link.
http://www.meisenheimer.com/products/memcards.htm
About the author:
Use this link to sign-up for Jim's F-R-E-E No-Brainer Selling Tips Newsletter and to get your copy of his Special Report titled, "The 12 Dumbest Things Salespeople Do."
http://www.meisenheimer.com
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Sanity Check - Buying a Business
By Willard Michlin
In the business broker community there is a review process that helps a buyer determine if a business purchase makes sense or not. This check can be done by a Fortune 500 company where everything is figured down to the penny and takes 1000 hours of research or it can be done by a small main street shop buyer who figures it out in 1 hour. Each item in this review process requires a decision. This decision can be based on extensive research or just on a reasonable guess.
The beauty of this process is; how long you want to spend on doing this activity is totally up to you. As we review this process, I will explain the variables of this system so you can make the necessary decisions where needed. Remember, this is only a tool to help you make decisions about a business purchase; it is not a sure-fire foolproof system. I will just lay it out for you and you make your own decision as to the validity of this formula for analyzing a business purchase that you may want to make.
The Sanity check requires two mathematical formulas, which require dollar amounts or other numbers to be entered in each formula. The math is calculated and then the results are compared against the purchase price. If it doesn’t work out the way you wanted, you have the option of then going back and change some of the numbers and do the calculation a second time.
The two formulas are:
1. SP + WC – BF = CR
Sale Price + Working Capital - Borrowed Funds = Cash Requirement
2. SDE – FMW (FO) – DS - ROI = Extra Profit/Loss
Sellers Discretionary Earnings - Fair Market Wage (for the owner) - Debt Service - Return on Investment (Cash Requirement x Interest rate -Stated as a Percentage) = Extra Profit/Loss
Since each item in the formula needs to have a dollar amount determined, we will define the terms and then discuss how the dollar amount is derived at.
Terms Definition:
Sale Price: The price that is being asked for the business or the price the buyer is thinking of offering. Depending on when you do this analysis. If you are trying to determine an asking price you would calculate all the other numbers in these two formulas to determine what should be your offering price. We will do examples to make this clear later in this article.
Working Capital: The short-term assets minus the short-term liabilities is the accounting definition. The simple explanation would be the amount of money necessary to be invested by the buyer to run the daily operations of the business, once purchased. This would include monies tied up in inventory, and accounts receivables. Money invested to pay the landlord’s or utility company’s deposits. Also included is the money spent on the business purchase to cover the loan origination costs and purchase escrow fees when buying the business. It is the total funds invested into the business to keep it running. The down payment given to the seller is not part of this number, since it is included as a separate item.
Calculation notes:
1. Cost of inventory: $_________________ (+)
2. Accounts receivable: $_________________ (+)
3. Landlord deposit: $_________________ (+)
4. Utility Deposits: $_________________ (+)
5. Escrow fees to purchase: $_________________ (+)
6. Loan origination costs: $_________________ (+)
7. Short term liabilities* $ _________________ (--)
Total Working Capital $_________________
* Short-term liabilities are defined as liabilities that are to be paid off within 1 year – accounts payables and the part of any notes payable that are to be paid within 1 year.
Borrowed Funds: The loan made for a business purchase from a bank or private party. The private party can be the seller or some friend or relative who might be willing to make a loan. This is borrowed money that must be paid back to someone at some time in the future.
Cash Requirement: This is the invested cash required to both buy a business, and working capital-to run the business. The amount of cash needed to make the business purchase and run the operations of the business after deducting all borrowed funds, regardless of source.
Sellers Discretionary Earnings / Owners Total Benefits: This is the total of all the non-business related benefits going to a business owner or his family on an annual basis that have been paid for, by the business. Included in this is definition are taxable profit from operations, unreported cash income, owners salary, salaries to non-working family members, any amount over the fair market value of salaries paid to working family members, family auto expenses, family telephone, family office expenses, health and life insurance for any or all family members, pension plan/ profit sharing contributions paid for the benefit of family members. This can also be stated as the reason why most people go to work everyday; they get family support for working.
Calculation notes:
1. Taxable profit from operation $_________________ (+)
2. Cash $_________________ (+)
3. Owners Salary $_________________ (+)
4. Salaries of non-working family members $_________________ (+)
5. Amount over the fair market value of wages
of working Family members $_________________ (+)
6. Family Auto Expenses $_________________ (+)
7. Family Telephone Expense $_________________ (+)
8. Family Office Expense $_________________ (+)
9. Health and Life insurance of
Any/all family members $_________________ (+)
10. Pension plan/profit share family members $_________________ (+)
Total Seller Discretionary Earnings: $_________________
Return on Investment: We need to have this stated as a dollar amount in Formula two. ROI is calculated as follows:
Cash Requirement X “a Percent” - the greater the risk, the higher the percent
First we must determine what the interest rate return we wish on our investment. This is a very subjective percentage and a change in this number can change the whole result of this analysis. If it is of any help, many financial investors in “Corporate America” feels they need to get a 20% return on their invested capital. Companies do not always make money and therefore the possible loses are built into the ROI. Some of the reasons are: companies are bought and go broke, overseas competition causing expectations of growth and income not to be met, and lastly government regulations periodically close whole industries. These are just some of the many risks involved in owning a business.
Putting your money in a bank has little risk, because the Federal Government insures your deposits in the bank. The stock market has a lot of risk that many people do not fully understand, causing them to accept a long term ROI of 10-13% from mutual fund investments. A 95% drop in stock prices like the dot.com stocks or what happened when we had the oil embargo in 1992 are indications that the stock market can be a much higher risk than people realize.
I personally feel that owning your own business and buying real estate are much lower risks, providing a much higher return. The proof of this can be found in the number of people who got rich in real estate and the over 25 million small business owners across this country.
Figure out what ROI you want and insert this number as .20 amount to represent 20% or .06 to represent 6% ROI. This is an annual return on invested money.
Once you have a percentage return on your investment we need to multiply it by the Cash requirement in order to come up with a dollar amount return needed. This restated is Dollars invested x percentage (stated as a decimal) = Dollar return on investment.
Examples:
1) Investment of $50,000.00 @ 6% Return On Investment (ROI) would be calculated as follows: $50,000.00 X .06 = $3,000.000 (Dollars return on investment)
2) Investment of $50,000.00 @ 20% Return On Investment (ROI) would be calculated as follows: $50,000.00 X .20 = $10,000.00 (Dollars return on investment)
Debt Service: The reason we need this number is because this is a financial expense of owning a business. It is not an operating expense of the daily business operations but if you have debt, in your business, you must be able to make the payments, out of the business operations profit. Usually this payment is mostly interest and a smaller portion is the principal reduction of the loan balance.
Most professionals deduct the whole payment when doing this analysis, because the business must generate enough profit to make the whole payment. My personal preference is to just deduct the interest portion and to add the principal portion of the payment to working capital amount needed. This counts as more money being put into the business just like financing inventory and/or accounts receivables.
For simple one-hour analyses it is not worth splitting up the payment. In the case of a very large principal reduction payment it could be unreasonable to not split it up. It is up to you. You can always try it both ways, since this is a process to raise your understanding, not to come up with a fixed answer of, yes! it is a buy or no! it is not a buy.
Fair Market Wages: This is an amount that the new or old owner would be paid, if he were an employee not the owner. If the owner were the company salesman and also the company bookkeeper working a total 60 hours a week, a reasonable salary would have to be determined for each job. As an example only, lets say that an outside salesman, in your industry, could make $40,000 per year. And a bookkeeper usually charges $15 per hour. The salesman might very well work 50 hours at this job to earn this salary. If a bookkeeper would work 10 hours per week doing the bookkeeping that would mean 520 hours per year (10 hours x 52) times $15.00 per hour which comes to $7800 per year for the bookkeeper. The two Fair Market Salaries would come to $47,800 ($40,000 + $7,800).
Sometimes the market salaries are not so easy to figure. Lets take an owner who owns a 99-cent discount type store. This shopkeeper works 70 hours per week behind a counter in the store. You can hire a counter person for $7.00 per hour so this becomes (70 hrs x $7.00 per hour x 52 weeks).
Then you start discussing that this $7.00 per hour counter person would not be able to do the buying. You might want to figure a purchasing agent's salary. This can be done or you can just do simple numbers, leaving the salary only based on a counter person’s wages.
DOING THE MATH
By now you have the information to come up with numbers to put into the formula. Let us create a scenario. This was a transmission shop. The customers pay COD-upon pick up of the car. The parts inventory is from old transmissions and show on the books as worth nothing. The seller-owner is asking $75,000 for this business that he is able to takes out $50,000 in profit or benefits. In an interview, the owner mentioned that if a buyer will put $40,000 as a down payment he would carry the $35,000 balance at 5% interest for 5 years. By observation, we can see that the current owner sits in the office and does the bookkeeping, orders parts and makes bank deposits. He has a manager who bids jobs and handles production. No one is going out and calling on prospective business, which is one thing the owner should be doing with his time, but he is not doing. Lets go through what the numbers are with this example.
Math Formula #1: Sale Price + Working Capital - Borrowed Funds = Cash Requirement
Sales Price: $75,000
Working Capital: The business requires $10,000 cash infusion upon close of escrow, mostly to pay the landlords deposits and start a new marketing campaign.
Borrowed Funds: $35,000
So, the calculation for formula #1 looks like this:
Sales Price: $75,000
Working Capital (+) $10,000
Borrowed Funds (-) $35,000
=Cash Requirement: $50,000.00
Math Formula #2: Sellers Discretionary Earnings - Fair Market Wages For Owner - Debt Service - Return on Investment (Cash Requirement x Percentage) = Extra Profit/Loss
Seller Discretionary Earnings in this case is, let us say, $50,000.00.
Fair Market Wage: You can calculate what you consider fair or you can put all of the other numbers into the equation and see what is left for salary. If you like the salary you buy the business, if not you do not. If we were to calculate what the owner’s salary should be I would not pay much for what he does. Even though he puts in 50 hours a week he really only works 15 hours a week of true production. I am figuring 5 hours for bookkeeping and banking and 10 hours for ordering parts and answering phone calls. At $15.00 per hour he is earning $225.00 a week ($15.00 x 15 hours) and that multiplied times 52 weeks comes to $11,700 per year.
Debt Service: My financial calculator says that if you borrow $40,000 for 5 years (60 months) at 5% and the balance at the end of the 60-month is zero, the monthly payments come to $660.49. Since the formula requires yearly figures we multiply by 12 and get $7,925.92. Most of this payment is principal reduction but we are going to just deduct all of the payment as is generally accepted in the industry.
Return on Investment: We are going to use the 20% figure we discussed above. Formula one determined that $50,000 was needed as an investment which is multiplied by 20% (.20) = $10,000 per year return on investment.
Formula #2 (Sellers Discretionary Earnings - Fair Market Wages (For Owner) - Debt Service - Return on Investment (Cash Requirement x Percentage) = Extra Profit/Loss) would the look like this:
Seller Discretionary Earnings: $50,000.00
- Fair Market Wages: $11,700.00 (-)
- Debt Service: $ 7,925.00 (-)
- Return on investment: $10,000.00 (-)
= Extra Profit/Loss: $20,375.00
This means that after deducting from the income, wages, financing costs and a return on your cash investment the business still generates $20,375 more profit. Now would you buy this business under these circumstances? It would appear, yes! Of course this is based on a few assumptions, which might not be true. Lets look at them again.
The owner is only working 15 hours a week or he is only doing 15 hours of real work even though he is sitting around all day. The other assumption is that a 20% return on your investment is a sufficient return for the risk.
We can also consider that if the new owner puts in an extra 25 hours a week doing productive sales the business should be able to afford to pay him another $20,375 for the first year. It would appear that if the sales work was done then the profit should greatly increase in the second year or maybe even the second month.
Conclusion:
This is a tool to help you analyze a business. It is not the end-all of a business appraisal or evaluation. Just a tool to help increase your understanding of a business’s value that you may be seeking to purchase. Have fun with it.
About the author:
Willard Michlin is an Investor, Business Broker, California Real Estate Broker, Accountant, Financial Distress Consultant, Well known Public speaker and Administrative/Business Consultant. He can be contacted at his Ventura, California office by calling 805-529-9854 or by e-mail at kismetrei@earthlink.net. See other article by Willard at http://www.kismetbusinessbrokers.com
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Auto Insurance In Texas
By Sher Matsen
If you are looking for auto insurance in texas, you might want to check out golden rule insurance company who offers cheap auto insurance online. Of course there are plenty of other companies that also offer affordable rates, but first you should understand Texas auto insurance requirements.
Texas is a tort state, which means that the driver is financially responsible for any damage and injury they cause in an accident. Purchasing Texas Auto Insurance will fulfill this legal requirement.
Texas auto liability minimums are 20/40/15 which translates to $20,000 per person for injuries you cause to the other party to a total of $40,000 for all claims and up to $15,000 for damage you cause another persons property. These are the minimum requirements and it is recommended that you carry much higher levels of liability insurance.
In addition to required liability coverage, Texas drivers may choose to purchase coverage for some "first party benefits". These include compensation for medical expenses, loss of income, and loss of services. These benefits apply to every accident regardless of fault.
Uninsured and underinsured motorist policies also cover your expenses, but these apply in the event that you are struck by a driver with inadequate liability insurance. These policies are not required, but they're relatively inexpensive, and can provide a lot of protection.
Texas auto insurance companies will also offer optional policies such as collision and comprehensive coverages.
Be warned the mandatory requirements are way too low for the average cost of serious injuries and financial loss from an automobile accident. All insurance agents recommend you purchase much higher levels of liability insurance.
Auto insurance companies also offer optional coverage such as medical payments, collision, comprehensive, and uninsured and underinsured motorist’s bodily injury coverage.
How your insurance rates are set in Texas is different than many other states. The rates are determined by the behavior and accident rates of all Texasn drivers. The cost of insuring Texas drivers’ including settlements and legal fees is totaled for the entire state and divide it up between everyone.
Of course these costs are not spread around evenly. The percentage of these costs that you are going to pay is determined by things like your driving record, your age, where you live, and the kind of car you drive.
Not all insurance companies compute their figures the same way so a driver with the same profile can land up with different rates depending on the insurance company. That’s why it is so important to get several quotes before purchasing insurance.
As mentioned previously liability is the most important element of your entire insurance policy. Make sure you purchase adequate liability insurance to protect your assets, because within a split second, the time it takes for an accident to occur, your life could be left in financial ruin if you are not adequately covered.
There are also other coverages you can buy such as collision, comprehensive, rental, and even towing and road side assistance. You will need to determine what your personal needs are.
When comparing insurance make sure you compare equal policies. Make sure the deductibles are the same, that the exemptions or fine print reads the same and that the liability is for the same amount. It is important to compare policies of equal quality to make sure your cheapest quote truly is your cheapest quote.
In less than a half hour you can have all the quotes you need and be on your way to buying cheap Texas auto insurance. Why waste time? Get busy!
About the author:
Sher from The Auto Insurance Center has been serving customers for over 20 years. Please visit us at http://www.all-auto-insurance.com/
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Armenian Filmmakers Hit Jackpot
By Frank Zeytouni
There was a big wave of fans waiting to get autographs from the self-made celebrity filmmakers of Machiavelli Hangman, the first ever community-financed motion picture to hit the Hollywood market.
The idea was ingenious. How did a few filmmakers raise enough money to produce a mainstream Hollywood film? The answer is simpler than it really is, just like every magic trick that is revealed. The filmmakers reached out to the Glendale, California community of 200,000 to contribute a single dollar in order to complete the project.
The motto is "One dollar, one cause!" "Shervin Youssefian (http://www.imdb.com/name/nm1352346/), the writer-director on the film originally came up with this crazy notion that if we could fund a big hit feature film with one-dollar contributions. The craziest part of this though was that he really thought that people would contribute!" says an amazed Artin Nazarian, the producer of Machiavelli Hangman (http://www.hangmanmovie.com).
To date, the website has been up and running since May and it has received up to 85,000 dollars in contributions. Machiavelli Hangman is said to be the film of 2006 that will revolutionize the way the industry is run. It will open the doors to other filmmakers who cannot afford to shoot on 16mm or standard 35. It will mark the birth of digital filmmaking and expand the range of creativity that will flood the market.
"These days, we all see the same thing come out into the theatres. All they change is the title. If you think about it Batman Begins wasn't so much more different than Spiderman. War of the Worlds was just like Armageddon, Deep Impact or even Men in Black. Harry Potter films are often confused with the Lord of the Ring series and the new Peter Jackson King Kong will be compared to Mighty Joe Young. This independent film wave will either completely throw studios out of the loop or it will give them such a forceful jolt, that they will go back to the Golden Age of Hollywood when filmmakers took time and care in their craft and stories.
On Saturday July 16th, the filmmakers received journalists to answer questions about the production of the film and when they expected to raise enough the intended budget to begin production. "It's not about the money anymore, we can get the money. We just have to make sure that we get all the right people on the team and deliver the goods. After so much support and encouragement, our goal is to show everyone that a little unity can go a long way," said Julia Strumfeld, one of the producers on the project.
About the author:
Frank Zeytouni is a movie reviewer.
His current review is of the upcoming
movie, "Machiavelli Hangman".
http://www.hangmanmovie.com
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Small Business Collection Agencies Get You Paid
By Joel Walsh
If you're like many small business owners, the mountain of debt you accumulated during startup might have been enough to make you worry about collection agencies every time you answered the phone. But your feelings toward collection agencies are eventually going to change, if they haven’t already.
Small Business Collection Agency Services: More Benefits than Costs
Small business collection agency services will certainly cost more than just writing letters demanding your money back. But the amount of money you’ll collect, not to mention the time you’ll save, will more than pay it back. In fact, when you consider the hourly rate of your employees, or you yourself, collection agencies’ fees really can be quite a bargain.
Let’s say you have an assistant your business pays $10/hour, effectively costing your business $15/hour once you count in employment taxes, benefits, and the overhead of your office. You would be lucky if that assistant spent just five hours total on each debt, and managed to collect half of them.
But you would have sunk $150 into each successful collection. Plus, there’s the opportunity cost: $150 worth of time you haven’t spent in growing your business. So the net loss is $300, and probably more if you’re a profitable business that gets a good return on your people’s time.
But if you refer your delinquent debts to a collection agency for $75 each, and they collect three-quarters of them, you’ve invested only $100 per debt collected. Once you factor in all the money from all the debts the agency collected for you that you couldn’t have collected on your own, the return on investment is huge. That’s not even counting the saved opportunity cost, or all the stress you’ll save yourself and your associates.
In the end, your small business has to focus on doing what brings in the money: your core business. Leave your taxes to your accountant, your office repairs to your building manager, and your collections to your small business collection agency.
About the author:
Joel Walsh writes for Collection Agency Information:http://www.collection-agency-information.com? collection agency [Web publication requirement: create live link for the URL/web address with "collection agency" as visible link text/anchor text; if offering for re-publication (article bank, aggregator, or clearinghouse), no link text required.]
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Ten Effective Ways To Reduce Your Business Costs
By Dan Brown
1. Barter
If you have a business you should be bartering goods
and services with other businesses. You should try to
trade for something before you buy it. Barter deals
usually require little or no money.
2. Network
Try networking your business with other businesses.
You could trade leads or mailing lists. This will cut
down on your marketing and advertising costs. You
may also try bartering goods and services with them.
3. Wholesale/Bulk
Buy your business supplies in bulk quantities.
You could get a membership at a wholesale warehouse
or buy them through a mail order wholesaler. Buy
the supplies you are always running out of.
4. Free Stuff
You should try visiting the thousands of freebie sites
on the internet before buying your business supplies.
You can find free software, graphics, backgrounds,
online business services etc.
5. Borrow/Rent
Have you ever purchased business equipment you
only needed for a small period of time? You could
have just borrowed the equipment from someone
else or rented the equipment from a "rent-all" store.
6. Online/Offline Auctions
You can find lower prices on business supplies and
equipment at online and offline auctions. I'm not
saying all the time, but before you go pay retail for
these items try bidding on them first.
7. Plan Ahead
Make a list of business supplies or equipment you'll
need in the future. Keep an eye out for stores that
have big sales. Purchase the supplies when they go
on sale before you need them.
8. Used Stuff
If your business equipment and supplies don't need
to be new, buy them used. You can find used items
at yard and garage sales, used stores, used stuff
for sale message boards and newsgroups etc.
9. Negotiate
You should always try negotiate a lower price for
any business equipment or supplies. It doesn't hurt
to try. Pretend you are talking to a salesman at a car
lot.
10. Search
You can always be searching for new suppliers for
your business supplies and equipment. Look for
suppliers with lower prices and better quality. Don't
just be satisfied with a few.
About the author:
Author Dan Brown has been active in internet marketing for the past 4 years. Dan currently is working with the Zabang search engine introducing their new affiliate program which is due out Sept, 2005. http://www.zabangaffiliate.com/
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High Powered Ways To Increase Your Traffic
By Dan Brown
1. Trade links with other web sites. They should be
related to the subject of your web site. Instead of
trading links, you could also trade banner ads, half
page ads, classified ads, etc.
2. Start an e-zine for your web site. When people
read each issue they'll be reminded to revisit your
web site. They'll see your product ad more than
just once which will increase your orders.
3. Form an online community. It could be an online
message board, e-mail discussion list or chat room.
When people get involved in your community they
will regularly return to communicate with others.
4. Write articles and submit them to e-zines, web
sites and magazines that accept article submissions.
Include your business information and web address
at the end of the article.
5. Give away an electronic freebie with your ad on
it. Allow your visitors to also give the freebie away.
This'll increase your ad exposure and attract people
to your web site at the same time.
6. Combine your products or services into one big
package deal with other businesses offerings. You
could share a web site and advertise the package
deal; which means double the traffic.
7. Submit your freebie to the online directories that
list your particular item or service for free. If you're
offering a free e-zine, submit it to all the free e-zine
directories on the internet.
8. Participate on message boards. Post answers to
other people's questions, ask questions and post
appropriate information. Include your signature file
at the end of all your postings.
9. Exchange classified or sponsor ads with other
free e-zine publishers. If there is a huge subscriber
difference between e-zines, one can run more ads
to make up for it.
10. Post your ad on free advertising areas on the
internet. You can post it on free classified ad sites,
free for all links sites, newsgroups that allow ads,
free yellow page directories, etc.
About the author:
Author Dan Brown has been active in internet marketing for the past 4 years. Dan currently is working with the Zabang search engine introducing their new affiliate program which is due out Sept, 2005. http://www.zabangaffiliate.com/
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Sell Your Products Like Crazy On Your Website
By Dan Brown
1. Turn your ad copy into a story or article. Your
visitors won't be as hesitant to read your ad and
will become more interested in your product.
2. Give visitors a freebie for filling out your online
survey or they usually won't. Surveys will give your
business valuable intelligence for your business
3. Enhance the power of your ad copy benefits by
using attention getting words, highlighting keywords,
using color, bolding key phrases, underlining, etc.
4. Give your visitors tons of choices so they don't
get the feeling of being controlled. Offer them a
variety of ways to order, contact you, navigate, etc.
5. Put yourself in your visitors shoes. Design your
site for them, not for yourself. Create your product
around your visitors not because you would buy it.
6. Get free advice from successful online business
owners. Participate in business chat rooms and
message boards to chat with them.
7. Use your free bonuses to create an urgency for
your visitors to buy. Only offer them for a limited
time with your main product.
8. Offer your customers extra add-on products at
the point of purchase. For example, if they are
buying an electronic toy try to sell batteries with it.
9. Make your visitors feel good about themselves
by giving them compliments. If they feel good they
will also feel good about buying from your web site.
10. Add multiple profits to your web site. If you're
selling business books try to sell business services,
courses and supplies too.
About the author:
Author Dan Brown has been active in internet marketing for the past 4 years. Dan currently is working with the Zabang search engine introducing their new affiliate program which is due out Sept, 2005. http://www.zabangaffiliate.com/
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Small Business Debt Collections Law Trap
By Joel Walsh
When someone owes your small business money, you certainly feel like a victim. But did you know that if you aren't careful, you could break the law by trying to get the money back?
How to Break a Federal Debt Collection Law
You have a small business, and your bills are coming due soon. You could easily pay those bills if a few thousands dollars of overdue invoices were paid. It's time to give your clients a few friendly reminders…
1. You call up the biggest debtor at his home number. The debtor's girlfriend answers and you leave the message that you were just calling to remind her husband about the invoice you had sent last month.
2. You get into an argument over the phone with the next debtor. In the heat of the moment, you say you're referring the debt to you attorney--when in reality, you know you can't afford to do that.
3. It's getting late--in fact, it's already after 9pm. But you know that debtor number 3 tends to stay up quite late, so it's practically midday for him. So, you cheerfully give him a call and remind him about the invoice of a couple of months ago.
Congratulations, you may have just broken a federal law three separate times. Plus, you could be sued for it.
Collections Laws Finer Points
Have you figured out what collections law you broke yet? It's the Fair Debt Collections Practice Act (FDCPA), the federal law for collections. Meant to protect consumers from harassment, it has a clear list of things you can't do. Let's look at what you did wrong in the last example:
1. Never tell someone other than the debtor that you are calling about a bill. You can, of course, leave a message that you called. You can even call someone simply to find out if they know if a hard-to-reach debtor has moved house. But you cannot under any circumstances let on that they owe money. Simply leave your name and phone number as with any other "call me back" telephone message.
2. Never claim to be involving an attorney when you are not. Of course, this might seem like a soft area of the law, since intentions are fuzzy. But, for instance, if it's clear that suing to recover the debt would cost as much as the debt itself, your bluff will be obvious in retrospect. To be on the safe side, don't ever claim to have involved your lawyer.
3. Never call before 8 am or after 9 pm, unless you have the explicit permission of the debtor. But unless that permission is in writing, you're safer not calling during those hours, anyway.
Unfortunately, not every aspect of the law is as straightforward as this case. For instance, the law is only supposed to apply to consumer collections, not business collections. But with home business and telecommuting blurring the line between work and home, you're better off following the law's dictates in every case.
Plus, the law has numerous other protections for debtors--or traps for collectors, depending on your point of view.
Feeling daunted? Before you give up on ever seeing your money again, consider outsourcing your over-aged accounts receivables to a professional collections service. After all, there's no law saying you should let customers rob you.
Please note this article is not intended to give legal advice and may not be complete or up to date with the most current collection laws changes.
About the author:
Joel Walsh has written more tips on debt collection laws: http://www.debt-collection-laws.com/?debt collection laws [Web publication requirement: create live link for the URL/web address using "debt collection laws" as visible link text/anchor text; EXCEPT if redistributing (article bank, aggregator, or clearinghouse), anchor text optional.]
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Solving the Million Dollar Mystery: 4 Steps To Create A Turn-Key Business
By Stephanie Frank
You're a smart, hardworking entrepreneur, and you're moving fast. You are highly educated in your field and your business is growing and getting busier each day. But somehow, you find yourself stuck. You're doing more tasks that take you away from your core business, you are working more and earning less. You need help. Wouldn't it be great if there was someone, anyone out there who could help you take away some of the daily tasks so you could focus on the things you really love?
Maybe you've looked, tried to work with or even hired people to help you manage your business. But somehow, every time, things just didn't go right, and there you were, left again with the mounds of paperwork, details and projects to manage. Alone.
"No problem," you tell yourself. "I can do it faster myself anyway."
In that one statement, you just fell into the biggest trap of your entrepreneurial career.
Growing and leading your business is by far the biggest challenge a business owner faces. After all, you are highly specialized in your field - which is not business management. Unfortunately for most business owners, when a new employee or contractor comes into the business, one of two things usually happens.
1. The business owner and new hire spend hours, days, weeks and sometimes months working side by side, with the business owner explaining all of the intricacies of the job. When the employee or contractor gets good at the job, the business owner begins to panic, wondering if the person will stay. When the person leaves the company, the process repeats. Frustration, fear and doubt plague the business owner.
2. The new person is hired and told briefly what is expected of him/her. The big picture is provided and the person is left up to his or her own judgment as to how the job gets done. The person does the job in a different manner than the owner and is reprimanded for doing things a new way. The employee feels disempowered, afraid, and leaves. Frustration, fear and doubt plague the business owner once again. .
It doesn't have to be that way.
You can have the freedom, focus and results you want in business. Solving this problem is simple. You probably weren't trained in school as a business manager, so you must first understand that business operations management is a required skill for a success in business. Most people make it too hard, by hoping for a single person to show up on their doorstep, smart, focused, creative and able to take away the tasks that lay before them with hardly a second thought. I'm about to burst your bubble, because that person is probably already in business for themselves. It's up to you to create the environment where other people can be empowered to assist you. Here are four simple steps to get you started on the road to turn-key success.
1. Create total focus.
Get out a piece of paper and draw a line down the middle. Title the page Total Focus. On the left side, write down all of the tasks you do in a week, from answering the phone to shipping to providing service and creating new products. On the right side, write down the three things you love doing. Compare the lists.
2. Group tasks for easy delegation.
Next to each task, label it with one of the three major business areas:
- Administrative (office paperwork)
- Sales/Marketing (attracting customers or making the sale)
- Production (producing/shipping and delivery of products or services)
3. Start Documenting.
For each task, write down the steps to completion. You might start with "Here's How We _____________" to prompt you. Use whatever method is simplest for you - a screenshot, written or typed steps, diagrams - just get it down on paper and put it in a binder called Procedure Manual.
4. Get Help.
Begin looking for people to work on tasks that are not in your "love to do" column. Start small. The right person works only a few hours per week on the things that take you days.
There is no magic person who can do all business tasks (except you, of course!). With your Procedure Manual in hand, you can delegate properly, relax and enjoy building your business, the simple way.
About the author:
Stephanie Frank is an internationally known author and speaker. Take the free quiz "Do You Have What It Takes To Be The Next Accidental Millionaire?" and receive $1,574 of business building tools and resources at http://www.AccidentalMillionaire.com
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Buying Beach Houses in New Zealand: Real Estate and Investment opportunities
By Ofer Shoshani
Copyright 2005 Ofer Shoshani
Buying a beach house in New Zealand offers many possibilities.
New Zealand is made up of two main islands, North Island and South Island, giving it miles of coastal lands and perfect beaches to live by. Each island offers its own unique climate conditions and way of life.
Make Money from the Real Estate investment
One aspect to consider when you think about buying a beach house in New Zealand is the possibility of earning money from it. There are several ways to do this. You could rent or lease your house to tourists. You could also live in it with an eye toward selling it for more than you paid for it in the not to distant future. The New Zealand real estate market is rapidly growing, and giving someone else a chance to buy a New Zealand beach house could earn you a lot of money.
Rules for Investment
If you are interested in buying a beach house in New Zealand as an investment property, visit www.landlords.co.nz. It will be important for you to know about taxes, mortgages in New Zealand, and learn if you have to be a New Zealand resident to be a New Zealand landlord, and find answers to the many other questions you’ll most likely have.
Coromandel
One popular area on North Island is the Coromandel Coast on the Coromandel Peninsula. The nearest town is stunning Cook’s Beach. It would be a spectacular place to buy your dream New Zealand beach house. For dramatic pictures and a full description, visit
prosale.co.nz.
Waiwera
If you prefer to buy a beach house in New Zealand close to a metropolitan area, think about Waiwera which is less than a thirty minute drive to Auckland. You would be unable to buy a piece of land where you could build a new home. The area is closed to more growth. However if you want to buy an existing beach house in New Zealand and live in a truly wondrous setting, this might be your perfect spot. You’ll live near thermal pools, a nature reserve, and be able to launch your boat right from the beach.
Virtual Tour
Whatever your reason for buying a beach house in New Zealand, you need to check out the many potential areas. It would be lovely to take a tour in person to see all the marvelous beaches where you might purchase your house or property. However, one of the great things about our high-tech society is that you can take virtual tours and see marvelous pictures of a number of unbelievably beautiful properties. Within minutes of going out on the Internet, you’ll be amazed you didn’t think of buying a beach house in New Zealand, long before now.
For more on Real Estate opportunities in New Zealand visit http://nzpassport.com/artman/publish/cat_index_48.shtml
About the author:
Ofer Shoshani has been working for the last 5 years as a professional journalist, writing about finance, economy, travel and lifestyle. During these years he lived and wrote from Spain, Colombia, Venezuela, Peru, Ecuador, USA, Israel, India & Thailand. More of his work can be found at http://www.nzpassport.com(Immigration and Relocation to New Zealand), http://www.bespanish.com(Immigration and Relocation to Spain) and http://www.betotal.com(Intl. Charity organizations, Child Sponsorship programs, Donation, World Aid, Aids in Africa and Poverty).
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SAFELY PROTECT YOUR HOME BASED DREAM OF RETIRING WEALTHY!
By Dr. Scott Brown, Ph.D.
The SIMPLE retirement account is awesome if you own your own business. Any family business applies such as a home based or “brick and mortar” real estate rental and investment business, car-wash, gas station, restaurant, etcetera, can sponsor the SIMPLE IRA. Like the SEP-IRA, the SIMPLE IRA is company-sponsored. As a small business owner, for 2003 for instance you could have matched each employee's pay up to 3 percent or $8,000, whichever is less.
That adds up to a lot of money when it is a profitable business and family members are employees. SIMPLE IRA contributions are fully deductible when you put the money in the account but you will have to pay taxes on any profits you make on the stock when you retire. In addition to a SIMPLE IRA accounts, individuals and home based small businesses have an additional option to sock away money toward future retirement educational needs through educational IRAs.
Small businesses, which cannot afford to sponsor a 401(k) or 403(b), can also offer employees basic retirement plans established for the benefit of their employees. Sole proprietors also now also can open individual 401(k) plans. Examine the options and pick the one that maximizes your long-range savings goal. And don't wait. Take advantage of compound earnings and start socking away cash now for tomorrow.
About the author:
ABOUT THE AUTHOR: Dr. Scott Brown, Ph.D., a.k.a. “The Wallet Doctor”, is a successful futures trader, real estate investor, and stock investor. Dr. Brown holds a Ph.D. in finance from the University of South Carolina and a Master in International Management from the prestigious American Graduate School of International Business a.k.a. Thunderbird. His 1998 articles in Technical Analysis of Stocks and Commodities were prophetic in predicting an impending stock market crash. He has helped many people become profitable investors teaching them to look out over many years to spot stocks that are low and primed for rise in the new bull market. His second article met with approval by Dr. Bob Shiller of Yale University. Dr. Shiller is the economist that Alan Greenspan most highly regards who coined the term “Irrational Exuberance.” In 1998 he was shouting out to the world to “get out” of the stock market but now he is shouting to everyone that it is time to “get in!” The Wallet Doctor is not only sought after for investment advice and coaching in stock investing but also in futures trading and real estate investing. He also teaches investing in Spanish and Portuguese. For more information visit Dr. Brown’s site at www.BonanzaBase.comor sign up for his investment tips at www.WalletDoctor.com
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Attract Your Dream Customer!
By Wendy Maynard
Copyright 2005 Kinesis, Inc.
Have you clearly defined your target audience? These are the prime buyers of your products or services. It is the people or organizations you are pursuing actively as customers. You don’t need every customer in the world! You need the ones who are a good match for YOU. The more specific you are, the more effective your marketing campaign will be.
But, let’s take this concept one step further. You can develop specific strategies that will attract your DREAM customers. These are the people who are best suited to purchase your product or service.
A dream customer is someone who:
• You want to work with and enjoy. For example, if you’re wild about horses, why not specialize in the riding industry?
• Needs and values the product or services you provide.
• Is willing and able to pay what you need to charge.
• Views you as an important resource - an expert.
• Has problems and goals you care about.
• Is loyal to your business and not easily swayed by competitors.
• Is delighted to do business with you!
I can hear you asking: "Is it really possible to attract dream customers?" The answer is a resounding YES! The key is to absolutely know what sets you apart and to make a DIFFERENCE for your customers. In all of your marketing materials, be professional, creative, and consistent. And, always focus on the exciting benefits you offer to your customers. Don’t fall into the trap of using boring feature-focused marketing phrases.
Here are some examples of boring, feature-focused marketing:
• We provide excellent customer service.
• Our firm has been around for 25 years.
• We’re a full-service company.
• The XYZ product is the best of its kind.
Why is this boring marketing? Because there is nothing unique or remarkable about these statements. They focus on features, not benefits. And, they are the exact same messages your competitor is using. Yes, these sentences may be true. However, they do nothing to set your business apart. These phrases are not going to magnetize your dream customer.
Instead, you have to THINK like your customers. Meet their specific needs and solve their unique problems. In your marketing materials, tell them about the unique benefits your company provides. Make sure your business is memorable. If your customers can’t remember you, they can’t tell others about your services or products.
Examples of benefit-based statements to attract your DREAM customers:
• Sales Trainer: "We will take the fear out of selling."
• Cosmetic Dentist: "A smile makeover can make you look years younger."
• Mortgage Company: "We’ll find the right loan for you at the best price."
These statements work because they are focused on what a customer will get. They solve a problem. And, they show an understanding of people’s challenges and plans for the future. If you want to be a magnet, ask your current customers what they like about you. Also, ask them what you can do better. Feedback is a great way to build your dream customer base.
Remember, you only get one chance to make a first impression. So, be proactive in your marketing. What do your current marketing materials say about your company? Are they creative? Do they look professional? Is your branding consistent and based on a theme? If you answer "no" to any of these questions, your marketing may not be working to effectively pull in your dream customers.
ACTION ITEM: Write down the characteristics of your DREAM customer and then write down the unique ways your business can meet their needs. This week, take one step toward making your company a customer magnet.
About the author:
Wendy Maynard, your friendly marketing maven, is the owner of Kinesis. Kinesis specializes in marketing, graphic and website design, and business writing. Visit http://www.kinesisinc.comYou can also visit her marketing blog, Kinetic Ideas at: http://www.wendy.kinesisinc.com Wantto harness the power of kinetic marketing? Sign up for Kinesis Quickies, a free bi-monthly marketing e-newsletter: http://www.news.kinesisinc.com
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4 Simple Steps to Successful Delegation
By Inez Ng
Copyright 2005 Inez Ng
Last month, my featured article was about creating a “Stop Doing” list. Hopefully, if you followed my suggestion, you now have a list of tasks that you are looking to delegate away. It seems a natural progression that I now disclose a few simple steps that will ensure your foray into delegation is a success.
1. Choose the right “delegatee”
Review the task and determine what skills are required. Delegation goes much more smoothly if you match the person with the appropriate skill set to the task you have to assign. Now if you don’t have a candidate that has all the skills you are looking for, decide which is the most critical one (analytical ability, attention to detail, communications skills) and make that match.
One of the rewards of delegation is the opportunity to help someone develop and grow. It is unlikely that you will always have a candidate that you can hand off something to and not have to provide some training or coaching. But learning to empower your employees will reap big rewards as their confidence grows with their abilities, and delegation becomes easier and easier, and your “Stop Doing” list gets longer and longer.
2. State your expectations clearly
When you assign a task, be very clear about the deliverables you expect, and qualify your expectations as much as possible. As a minimum, you need to communicate the “what” and the “when”. For example: “I want these invoices entered into my database by 5pm tomorrow”. Then, start adding qualifications to your request, such as: “Please make sure that the expense categories are correct, and if you are unsure, ask me and I will clarify for you because I want the reports to be accurate.”
In addition to communicating about the “what” and “when” of an assignment, I recommend that you also include information on the “why”. For example: “I need the monthly recap report done by 5pm tomorrow because I have a meeting with client X the following morning and need the information, so it is really critical that I have it.” Often, we assume that others should know what we expect. But if you have a new working relationship with someone, that is probably an unfair expectation. So, take a few minutes to think about what you need to communicate to save both of you a lot of aggravation, and possibly rework.
3. Choose an appropriate oversight level
No one wants to work for a micro-manager, but some managers are too hands-off when it is inappropriate. Note the skills and experience level of your employee and adjust your oversight level accordingly. The first couple of times they handle a complicated task, you may want to check in more frequently. After a few months, you could probably ease off on your involvement as their knowledge and confidence increases.
4. Provide feedback effectively and often
Once in a while, we get really lucky and have someone supporting us who does things perfectly the first time. But that scenario doesn’t happen too often. However, we can get the employee to the perfection level by providing appropriate feedback. Tell them very specifically what they did well (“Your accuracy is great. I rarely, if ever, find a mistake in your work. Keep it up.”), and what they need to improve on (“I really needed the monthly recap report for Company X done yesterday. I had a meeting with them this morning, and was not able to provide them with the latest information. That reflects poorly on my service. I need you to let me know when you cannot meet a deadline I have given you. Will you do that?”)
Specific, constructive feedback is the most effective way to improve performance. Even if you have a “star” employee, you still need to provide the feedback so that they will maintain their high level of performance. Work on giving more positive feedback. If the only time you provide feedback is when you are unhappy, your employees are not going to be very eager to talk with you.
Follow these simple steps and dive right into delegation. As you become more successful in delegating, you will feel more confident in adding to your “Stop Doing” list. Then use your time on something much more impactful for your business, or much more pleasurable for you.
About the author:
Leadership coach Inez Ng helps busy professionals and entrepreneurs get better results quickly. Learn more about coaching with her at http://www.realizationsunltd.com Wantto learn how to spend less time managing email? Check out her ebook at http://www.easyemailstrategies.com
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Protect Your Business by Performing a Background Check
By Bruce Zhang
The success of a business endeavor involves a concerted efforts of financing, strategic planning, product design or service positioning, marketing, sales, and customer support. One of most important aspects of doing business is the people you deal with everyday - your employees, your partners and your competitors. Whether you are a small business owner or a human resource manager of a large corporation, you want to make sure that you hire responsible employees, you deal with trustful partners, and you may even want to learn more about your competitors.
It is a routine for corporations to perform background checks on their hiring prospects before they make a hiring decision. Background checks reveal more information than that you gain from resumes or face-to-face interviews. For some jobs, screening is required by federal or state law. Job applicants and current employees may be asked to submit to background checks. The recent emphasis on security has increased that likelihood.
Contractor fraud is at an all time high. Background checks help businesses to verify the identify and license of potential contractors. Contractor complaint search shields the lights on the reputations of the contractors you're dealing with.
1. What can you get from a background check report?
A background check report aggregates public records from many sources created by government agencies. Besides verifying the identify of an individual, a report usually includes: vehicle registration, credit records, criminal records, education records, court records, medical records, military records, state licensing records, and drug test records.
2. Who Conducts Background Checks?
There are many companies that specialize in employment background checks or pre-employment screening. Those companies range from employment screening companies to online data brokers. While an employment screening company may offer detailed and customized background checks at a premium, you can get instant background check reports from an online background check website at a much lower price. Large corporations often contract out the background checks to an employee screening company. Small business are likely utilize an online data brokers to get fast reports.
Copyright @2005, Bruce Zhang
You have permission to publish this article electronically free of charge, as long as the bylines and links in the body of the article and the bylines are included
About the author:
Bruce Zhang runs an IT and online marketing consulting business, and uses online resources for employee background checks http://www.crimcheck.com/and ( http://www.crimcheck.com/personalreports.htm) background check reports .
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