Saturday, November 3, 2007

Devising Business Plans: Staying on Track

Govind Prashanth Ketty is the owner of OnlineBizMachine.com and writes on a variety of subjects. To learn more about this topic and start your own Online Business Govind recommends you visit: http://www.OnlineBizMachine.com


Every business must have its own business plan if it is to succeed. If it doesn’t, the business in question will become convoluted and run aimlessly to a point where profit is undetermined because business owners won’t know where they should be. This is why a specific business plan is so important to devise at the onset of starting a business: What do entrepreneurs plan on doing with their business? In which direction is the business intended to go, how and why? What kind of timetable is necessary to meet these and other objectives? All these questions and more should be answerable and answered before anyone plans on starting a business. The more specific the plan, the better.

The business plan is synonymous with a road map. This map illstrates points allong a given route to a set of desired or necessary destinations over a particular period of time.
Timeline of the map can ensure that business owners have direction along each step of the way, through each point, until goals and objectives are met.

Sometimes, however, unforeseen circumstances set in and adjustments have to be made to that business plan to prevent the business from crashing. This consideration is is more common to occur than not. In this case, establishing a set of possibly variable points and/or destinations is preferable to having only one to allow for flexibility. When one or more paths become obstructed, the business has another pre-established path to follow to get to other desired or alternate map points and/or destinations. The more flexible the map is, the easier it is to navigate and maneuver. Many business plans are sketched out from six months to over ten years, sometimes twenty or fifty.

Many hazards, such as the tragey of 9/11, require changing business plans drastically to accommodate loss incurred by the said tragedy. This will likely include the economic aspects of the business as well, not just human resources or physical means. A new starting point and possible path lines must be established, along with viable destinations.

It goes without saying that business plans are likely to be altered during the process. This is because, as businesses grow, perspectives change, as do values and direction. Such a circumstance isn’t only expected, it’s encouraged, because expansion is an important part of company growth necessary to accommodate the inclusion of other things as time goes on. Flexible business plans make this all possible and easy to achieve.

Anyone who is serious about starting a business should have a clear and specific object in mind and a stage-by-stage process regarding how to get there. Further, knowing how to effectively sketch this process out on paper will ensure that the company stays on track from beginning to end.
Govind Prashanth Ketty is the owner of OnlineBizMachine.com and writes on a variety of subjects. To learn more about this topic and start your own Online Business Govind recommends you visit: http://www.OnlineBizMachine.com

Thursday, November 1, 2007

Debt Of A Business

Govind Prashanth Ketty is the owner of OnlineBizMachine.com and writes on a variety of subjects. To learn more about this topic and start your own Online Business Govind recommends you visit: http://www.OnlineBizMachine.com


One of the largest stumbling blocks you will encounter when starting a new business or upgrading your company is getting a bank loan. A lot of people have no idea how to start to apply for a loan. The quickest way to get turned down for a loan is to go into the bank with no documentation. A banker needs to have documentation for the dollar amount that you are requesting. They will also want a detailed report of why you feel that you need that amount.

The banker will also request for a projection of when the loan can realistically be paid back. They will want to know how often you will make payments. Should you decide on monthly payments, the bank will then want to know the amount of that payment. If the loan is of considerable amount, the banker will need to know what you plan to use as collateral. A company’s assets are normally used as collateral. Real estate, however, is the biggest asset used as collateral.

A financial history for your company will need to be submitted. This includes balance sheets, profit and loss statements. If your company is already established you will need to have up to three years worth of these documents. Should you just be starting this business, a very detailed business plan needs to be provided to the bank.

Projected profits and projected cost flow for the next year will need to be done on a month to month basis. All projected money coming into the company should be detailed out for the banker. All expenditures, from supplies to salaries, also need to be in a detailed form.

The banker will want a detailed report of where you envision your business each year for the next three to five years. Included with this should be all expansion ideas for employees, locations, products, etc. The bank will need to know the plans for the company’s future and the direction that you want the company to head in the future.

Other information the bank will want to know will be the business experience that you have or have had. You need to tell them about any degrees or certificates you have. They will also want to know how long you have worked in the industry.

If you don’t get your loan, let the lenders know that their rejection doesn’t discourage you. You should portray confidence and determination. You need to try several lenders until you receive the money you need. Be confident and proud of your venture into the business world. You should let the lenders know that you are in control and you know what is best for you and your business. Ask the bankers why you did not get the loan. Take that answer, learn from it and then move on and try other lenders.

As a business owner, the most difficult task is finding the money to operate your business. Take the necessary steps to minimize difficulties when preparing for a business loan. The most important task when getting ready to apply for a loan is to prepare a very detailed business plan.


Govind Prashanth Ketty is the owner of OnlineBizMachine.com and writes on a variety of subjects. To learn more about this topic and start your own Online Business Govind recommends you visit: http://www.OnlineBizMachine.com

Sunday, October 28, 2007

Capitalism and Why it Works

Govind Prashanth Ketty is the owner of OnlineBizMachine.com and writes on a variety of subjects. To learn more about this topic and start your own Online Business Govind recommends you visit: http://www.OnlineBizMachine.com

For the last ten years (and frankly, for years before that), the debate has raged between those who feel like capitalism is the strongest and best form of a country’s marketplace system, and those that would prefer a form of strict, true socialism. Though it exists today in truncated form, socialism has never been fully in place in any country. The true, Lenin and Marx version of the venerated institution has never come out to play in the utopian society that it supposedly promises. And therein lays the problem. Though nothing is stopping a system like socialism from flourishing and creating the ideal society, it has simply never worked. Capitalism, on the other hand, while not perfect by any stretch of the imagination, has worked and continues to work in many of the world’s strongest nations. Why is this?

First, let’s examine what capitalism is. It is basically a free market. Nothing (or as few things as possible) is generated or paid for by the government, and thus is free of most government restrictions. With this system, competition becomes king. When the state doesn’t mandate a certain service be used, there will naturally be a fight for the service. In theory, the consumer winds in this situation. Lower prices, better service, and on and on. Of course, it doesn’t always work out that way, but it does tend to work out in the favor of the consumer. Sometimes, however, there is disagreement over what the consumer wants most. But that is another benefit of a free market system. There may have to be a king, but that doesn’t make the king the only game in town (and when it does, the government usually will step in). There will always be the benefit of choice. Don’t like the prices or service at Best Buy? Circuit City is just across the street.

This is, of course, a simplification, but the advent of capitalism and a free market world has led to a dramatic increase in the Gross National Product of many countries around the world. This is, of course, proof in itself that the system works and is the best system in place today. Like democracy (or a republic, as our system really is), there may be better systems out there; we just haven’t found them yet.

Of course, that’s not to say that capitalism isn’t without its fair share of detractors, and not to say that these detractors don’t have some reasonable things to say. There are even religious concerns with some tenets of capitalism. Some forms of religion, for instance, look down upon and forbid the lending of money with interest, a key component of out capitalistic society. Others look at a widening gap between the have’s and the have-nots and see something that is seriously out of whack. But the opportunity, proponents argue, is there for everyone. With the right entrepreneurial spirit, the best ideas, and a strong hide, anyone can make themselves a success in a capitalistic society. This is not the case in even the best case scenario for socialism. That is why, perhaps, capitalism will continue to thrive while the other systems fail. No matter how flawed, it is the centerpiece of the American dream. The thought that, no matter where you’re from, if you have the brains and the determination, you can make your life anything you want it to be. Point to something from socialism that’s even half that inspirational and you've got it.

Govind Prashanth Ketty is the owner of OnlineBizMachine.com and writes on a variety of subjects. To learn more about this topic and start your own Online Business Govind recommends you visit: http://www.OnlineBizMachine.com

Tips On Creating A Useful Business Card

Govind Prashanth Ketty is the owner of OnlineBizMachine.com and writes on a variety of subjects. To learn more about this topic and start your own Online Business Govind recommends you visit: http://www.OnlineBizMachine.com

Let’s face it, most of us have been given a business card for some product or service and within just a few minutes that card is in the trash or recycle bin. It’s possible we at least took a minute to glance at its graphics or read the business name, but if it didn’t jump out at us, the card was history. With this in mind, here are some tips that you can use when designing your own business card. Taking this information in just might save your business card a trip to the trash heap.

Business cards are a simple and often effective part of a business marketing plan. They tell potential customers who you are and what you are about in a simple way. When creating your business card there are some key areas to keep in mind. Your card should present a professional image that people will remember. You want to use a style that supports your business image. It’s much like the physical image you yourself present when meeting someone for the first time. If you were meeting a client or customer, you wouldn’t show up in sweats and sneakers. Most likely you would be dressed for success in s casual suit. This same image goes along with your business card.

You want to think image and style when selecting your business card. There are five main business card styles that you can choose from. These styles are listed below.

Business Card Styles

1. Basic- no nonsense approach. A card that simply lists the facts about your business. It is simple, clear and concise.
2. Picture- a photo of the sales representative or business will appear on the card. An example of this would be a real-estate agent’s card.
3. Tactile- this card is more about the texture and feel of the card. Both sight and touch are affected by this style.
4. Multi-purpose- cards that carry information other that just the owner and business name. Possibly a discount coupon or appointment space would also be on the card.
5. Outside-the-box- creativity flows free. Colors, textures and uniqueness in shape and material are included in this card style. It’s all about catching a customer’s eye.

Once you have selected a card style that portrays your business accurately, it is time to order your cards. You will choose the weight of the card stock (thickness). The finish of the card will be chosen. Choices being smooth, linen and laid. The smooth finish is on the average the usual choice. The color can be a choice of the usual two neutral colors or if you are looking for more hues you can search a catalogue for choices. Last you will consider quantity. It is often better to order a larger amount for two reasons. First reason being a discount for a larger order and second reason happens to be a greater number of advertisements with the number of cards passed out. Last tip is to be to check and recheck your information that is to be printed on the card. Information such as business name, personal name, address, email, website, cellular phone number. You want to be sure that clients and customers can contact you in numerous ways and that your information is always correctly displayed. By choosing to follow these tips you will be spending your money, time and effort wisely to provide your company marketing success.

Govind Prashanth Ketty is the owner of OnlineBizMachine.com and writes on a variety of subjects. To learn more about this topic and start your own Online Business Govind recommends you visit: http://www.OnlineBizMachine.com

Monday, October 22, 2007

Suggestions For Choosing A Successful Online Business Name

When we hear the word “name” we most often thinks of a person, perhaps a friend or family member. Maybe we think of our own name. Names are important to us since they provide identity, meaning and uniqueness. These same details about personal names are included in business names. If you were planning to go shopping for shoes and you passed a store that was called “ The Big Red Tomato”, would you think that was the place to shop? Most likely the answer is no. Consumers look for business names that are appealing, familiar, and generally to the point. These are some of the factors that you as a business entrepreneur should keep in mind.

If you are trying to choose your own business name then open your eyes wide to be inspired by things around you. You can generate ideas from the dictionary, books, magazines, street signs and nature. You do want a name that is interesting as well as a name that is built on the qualities that your company is being built on. Your business name should communicate what you are about and what services or products that you offer. A business name should be recognizable and memorable. Think of some of the business around you. Name a product and most likely you can name a store famous for selling that item. An example would be a paint store, toy store or grocery store. A name is sure to pop into your mind. This is what you want for your own business. You do have to be wary of choosing a business name. Be sure to search for trademarks and registration before you settle with your name choice. You wouldn’t want to suffer legal hassles in the future.

If it seems like to big if a hassle or you aren’t feeling very creative you could find help at an ad agency. An ad agency could assist you with your ad campaign. They could assign a name consultant who would do all of the above work for you. They would be able to find a business name that would place value, expertise and uniqueness into your name. This is effective but pricey. It can cost anywhere up to $35,000 just to develop a name. If you have enough money in your budget this can be a prime way to selecting a name, but if your business budget is tight you could always recruit your friends and family to spark an ingenious business name. Just be patient and take the time to find a name that suits your company in every way. Your business name could be the next well-known store or restaurant or so on. Take your time and have some fun choosing your business name.

Govind Prashanth Ketty is the owner of OnlineBizMachine.com and writes on a variety of subjects. To learn more about this topic and start your own Online Business Govind recommends you visit: http://www.OnlineBizMachine.com

Wednesday, October 17, 2007

Business Ethics

A business of any kind, whether online or on-site (“real world”), can be like navigating a mine field, especially where ethics are concerned, so some knowledge of law and a certain degree of fair-mindedness are necessary to conduct business professionally and equitably.Ethics keep business practices well-grounded and focused on what is really important; that is, the customers’ needs and wants come first.

Entrepreneurs must keep themselves informed on the terms of service and the interests of the population. This will allow customers to make informed and therefore confident purchases. No one likes business ventures that are oblivious to what is going on around them or that are behind-in-the-times; shoppers are not likely to feel comfortable with the judgement of those who have absolutely no clue or are doubtful regarding what’s expected and required to satisfactorily answer shoppers’ questions. Deception, or “pulling stuff out of one’s butt,” will not suffice; businesses are likely to be more successful when they stay on top of the research so they can offer honest and current feedback to everyone who needs it. Business representatives who can’t assist shoppers are useless. Taking this extra effort shows shoppers that businesses really do care about the customers.

Fair prices are always the best way to go. Despite what many business owners might think, providing services and merchandise at higher rates will not necessarily guarantee a profit; on the contrary, such outrageous costs will only drive the shoppers to go elsewhere and the business will ultimately lose money. When businesses compare given products offered by various competitors and then set appropriate prices, customers see that said businesses are cognizant of what typical shoppers are able and willing to to pay. In the long run, operations will be consistent or gradually growing, and profits forseseeable.

Honesty is the best policy, as the saying goes. Many think that’s a crock, but, in actuality, it isn’t. Those who are open and straightforward about their intentions and offer quality services and merchandise will inevitably find themselves in a successful venture. Why? Simple: shoppers and returning customers will know that businesses that play honestly and fair value them, and the trust factor is increased exponentially. Customers are not stupid, and so they should not be treated as such. Eventually, all underhanded schemes are discovered one way or another, and the scarred reputation that businesses acquire from such bad dealings will eventually lead to a downfall.

There are many ethical situations that lead behavior in business every single day. Knowing what they are and letting them lead the way through every circumstance will make interactions easier and more fulfilling. Such honesty and integrity will always leave a pleasant, trusting and indelible impression on everyone involved.


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Govind Prashanth Ketty is the owner of OnlineBizMachine.com and writes on a variety of subjects. To learn more about this topic and start your own Online Business Govind recommends you visit: http://www.OnlineBizMachine.com

Monday, October 8, 2007

Author Information

All the articles published in this blog have been posted by Govind Prashanth Ketty. Govind Prashanth Ketty is the owner of OnlineBizMachine.com and writes on a variety of subjects. To learn more about this topic and start your own Online Business Govind recommends you visit: http://www.OnlineBizMachine.com