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Business Term Definition - Business OpportunityA business opportunity is defined as being an investment made into a potentially profitable venture that is billed as an all-inclusive package. Many states regulate business opportunities, with each state listing different requirements for a legitimate business opportunity to meet, such as:
Think TwiceBefore buying that latest and greatest organizer, or that Tips on TrademarksIf you’re using a trademark or service mark, be sure to: *Capitalize the first letter. Remember Your WhyWhen starting to question your abilities, when re-thinking Why did you get started in your business? When you go back to your original "why", the passion fire Work HoursIf your children’s schedules do not allow you to set regular work hours, try alternating between work and play. *For each 15 minutes on the phone, spend 15-30 minutes playing a game or reading a story with your children. Build CredibilityTrying to figure out how to build credibility around your product or service? Don’t just talk about your products, be a walking advertisement! When people SEE you stand behind your products, they’ll believe. Invest in YourselfNeed a new way to invest in your business? Invest in yourself. General Records Retention GuidelineAudit Reports: Forever Be On TimeA very important key to quality customer service is to always BE ON TIME! Virtual AssistantVirtual Assistant If you are a sole proprietor or a small business owner who does not need (or have the budget for) a full or part-time employee to handle administrative tasks, you may want to consider hiring a Virtual Assistant. A Virtual Assistant (or VA) can handle some of your administrative tasks such as appointment follow up, preparing and sending out mailings, and other tasks that take you away from your core duties. Clean your room!Clean off your desk at the end of every day. Piles create clutter and can hinder good customer service. If a customer calls with a question about an order, it is much easier and faster if you simply have to pull out that customer’s folder from an alphabetical file, or a pending orders folder from a work file. When your desk is in order, you can handle tasks quickly and efficiently thus saving lots of valuable time. Family Bulletin BoardWhen juggling family and business, sometimes keeping it all together is a challenge. Create a "Family Center" in your home--preferably in a central location that everyone visits often such as the kitchen. Your family center should include: *a calendar: a large one with large squares to write in You can add or change things as your family needs. The Art of Asking QuestionsWhen coaching team members (or anyone for that matter) the key is to help them find their own answers. Accounting SystemAn Accounting System refers to the entire process of keeping track of all a business´ financial transactions and financial controls. Some basic elements of an accounting system include the Payables and Receivables systems, Inventory Tracking, Payroll, and Sales. Develop a SystemWhen developing a system for keeping your books, remember to keep it simple, otherwise you`ll spend more time minding your books than minding your business. For a small business, a simple spreadsheet can be set up to record your sales/income, your expenses (be sure to categorize these!), and your inventory if you have it. There are many off-the-shelf software packages that you can simply install and begin using without much customization. Often these programs are designed to grow as your business grows and are usually compatible with other programs you may be using for other parts of your business, such as contacts, planners, and other databases. Babysitting Co-opThere are some times that you just need some peace and Criminal CheckingCriminal Records Checking- In order to protect your business from liability you may need to do a criminal background check on employees who will Balanced GoalsSet goals for all aspects of your life to keep your life in balance. If all of your goals focus on your business, the rest of your life may get neglected (family, relationships, personal and spiritual growth). Keeping all facets of your life growing and moving forward is what keeps life exciting and fulfilling. Positive vs NegativeIf you are unsure about how you will come across to others when you are talking to someone about joining your business team, think of these distinctions: Are you being pushy...or encouraging? Your attitude and motive will come through to your prospective team members. (Concepts taken from Ilene Meckley’s book "Sharing and Caring-the key to taking your business up, up and away") Preventing EmbezzlementThere are four basic things that you can do in implementing an internal system of controls: DelegateHow do you know if an employee or team member is ready Sales TaxesAs a seller, you are generally responsible for seeing that the taxes are paid to the state(s) you in which you do business. If your business involves taxable sales of property or services, you should be prepared to handle the following obligations: Phone Call FrenzyDo you find that you just can’t seem to get around to Plan your calling the night before and be ready to utilize What Is A Patent?A patent is a protective right given by a government organization to the first creator of a unique and brand new invention, usually covering a twenty-year span of exclusivity. Inventors must apply for a patent, which can be a lengthy and costly process, and each patent must be applied for in different countries should the inventor choose to protect the idea in more than one country. Ambitious Business Quote"Like most business people, I want every aspect of my business to be perfect. I know that this goal is unachievable, but it is nevertheless what I strive to achieve." - Bob Parsons, founder of GoDaddy Software, Inc. Reduce Phone TimeDo you often get caught up in a long phone conversation
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