PITFALLS TO AVOID IN BUSINESS

Pitfalls to avoid in business

Hello readers, its a bright new day, another business day as a matter of fact. This week i will like to share with you some avoidable pitfalls you stay away from in business, for your business to succeed. Just as easy as it is for a business to sail, it could also easily sink. 

Infact,  experts say it's easier for a business to fail than for it to float. They say in order to avoid financial problems and money management difficulties, you need mechanisms that will help you control your spending. People sometimes get into trouble because they don't know where there money is going.

According to them, you can list all your income and expenses and find a way to increase your income and reduce your expenses and reduce your expenses. 

Avoid spending for luxury items and other unnecessary things. If you have money set aside for emergencies, it can help you to avoid more debt in the future.

While there are a number of factors that contribute to the development and maintenance of a successful venture, one of the most challenging for first-time business owner is effective financial management.

Whether you are securing investment capital, separating  your personal and business finances, managing cash-flow, or planning for growth, there are a number of common pitfalls that can hinder the success of your business.

Some of the steps that business owners can take to avoid financial mistakes, according to experts include:

Start Paying Yourself First

Develop a process that allows you to save money automatically. You can ave money in a savings account with automatic deductions from your paycheck. Automatic deductions can also be taken out to start an emergency fund. This money can be used for car repairs and minor emergencies. Just about everyone uses debit or credit cards for one thing or another, but when you have an emergency fund it helps reduce your credit card usage.

Get a Budget Worksheet and list all sources of Income

You can get a budget worksheet on the internet,check this link for a typical example: http://christianpf.com/free-printable-budgeting-worksheets/ . List your income after taxes have been taken out. Income can come from a variety of sources including wages, interest, rental income or retirement income and pension income. In a standard worksheet, there are eight different income sources you can fill in. The total will be calculated automatically.

Make a List of Fixed Expenses and Enter Into the Budget Worsheet

Fixed expenses are those you incur regularly, such as mortgage payments, rent, interest service, auto insurance, utility bill and garbage collection fees. Some of these expenses remain the same while others vary. For those that vary, enter a monthly average. The budget worksheet will automatically calculate your total fixed expenses.

Compile a list of variable expenses and enter them into the budget worksheet:

Some variable expenses will include credit card payments, clothing, laundry, transportation, lunches, cosmetics and entertainment. Variable expenses will change from month to month.

Review Your Total Monthly Net

At the bottom of your budget worksheet you will see the total monthly net figure. If this figure is positive, it means you earn more than you spend. When this figure is negative, it means you are spending more than you are earning. If it is negative, the total monthly net figure will be displayed in bright red and preceded by a negative sign.

Increase Your Income

Try to find ways to increase your income. You may want to work an extra part-time job or work overtime. If you receive any bonus, incentive, pay-raise, add it into your savings account or pay down credit card debt. Sell unwanted possession, so as to reduce your expenditures. You may also need to  cut down on your entertainment costs. 

Contact Consumer Credit Counseling Services

You can speak with a certified trained counselor who will provide you with tips and techniques to save money, eliminate debt and avoid financial problems in the future.

Avoid Over-Investing

If you are planning to rely on your savings, personal credit cards, or cash reserves to start a new business, then take care to avoid over-investing in unnecessary infrastructure, luxuries etc. Young entrepreneurs often fall into this trap. They rent an expensive office and buy exotic cars. Instead, focus on building a superior product and providing exemplary customer service. Invest in items that will provide value for your customers and generate returns for your business. If you need to outfit an office, purchase discounted goods, rather than expensive new furniture and equipment.

Consider Your Debt-to-Income Ratio

This is especially difficult for young business owners who may have outstanding loans or substantial credit card debt. Your chances of obtaining a business loan at a reasonable rate of interest are significantly diminished by debt, even if your business plan includes enough projected income to pay off your financial obligations in a reasonable amount of time. If possible, focus your efforts on paying off your debt before you go into business.

Separate Personal and Business Finances 

New small-business owners are frequently tempted to cut corners and utilize their personal financial resources to pay for business purchases. But if you hope to build credibility for your business and limit your personal liability, then you must keep your business credit separate from your personal finances. Begin by opening a business current account where you have the ability to cover your tax obligations. When you're ready to start building business credit, set up vendor credit accounts with your suppliers, and make sure to pay your bills on time.    

 

MMM-NIGERIA.COM A MONEY MAKING PLATFORM

Are you one of those who have been thinking of earning dollars on the online space without working for money but your money is working for you. Trust me this is a dream come through if only you can take few minutes out of your time to go through these steps.

 

Kindly follow this guide thoroughly to get started in MMM Nigeria fully.

HOW TO SIGNUP:

Please follow this link: http://nigeria-mmm.net/?i=jossygospelempowermentskill@gmail.com

Or type it on your browser. Then Click ‘REGISTRATION’ as shown below.

On the next page, fill in your details as requested.

For:- ‘Invite’ enter: jossygospelempowermentskill@gmail.com (if it’s not prefilled)
‘Guider email’ enter: jossygospelempowermentskill@gmail.com
‘Guider‘Guider Phone’ enter: +2348032651164.

WHAT IS MMM

Attention! First off all obligatorily read the WARNING!

 

MMM is not a bank, MMM does not collect your money, MMM is not an online business, HYIP, investment or MLM program. MMM is a community where people help each other. MMM gives you a technical platform which helps millions of participants worldwide to connect those who NEED help to those who are ready to PROVIDE help, for FREE. All transferred funds to another participant are your help  given by your own good will to another one, absolutely gratis. If you are completely confident and certain in your actions and make your mind to participate, we kindly ask you to study carefully all warnings and instructions first. In cases of any matter regarding the topic Our online consultants are ready to help and answer all of your questions.

HOW DOES IT WORK

MMM is a community of people providing each other financial help on the principle of gratuitousness, reciprocity and benevolence.

In MMM you don’t have to make contracts or pledge your property. In MMM there are no lenders and no debtors. Everything is very simple: one participant asks for help — another one helps.

The only thing that MMM demands from its participants is to be honest and kind to each other. You ask for financial help when you need it, you give financial help when you are able to do it.

VERY IMPORTANT!

There is no сentral account, where all the System money flows to (and where it can be easily stolen from :-)). All the money is only on the banking accounts of the participants themselves! On a lot of thousand and million private accounts. Participants transfer to each other directly, without intermediaries! (What are they for? :-)) In fact, MMM only regulates the process — nothing more.

So the System completely belongs to people. No kidding! It is a real mutual aid fund where ordinary people help each other.

How does it work technically? You declare the willingness to give help (click in your Personal Office (hereinafter PO) "Provide Help"), after which your account will be rewarded with mavro (internal “currency”/scores of the System). Mavros will start growing from the moment of offering the contribution at the rate of 30% per month. (Calculation of reward occurs twice a week, on Tuesdays and Thursdays at 00:00 GMT.) This sum in Mavro shows how much you can request for yourself.

Say you have announced willingness to assist with $ 100. You will be rewarded in your PO with 100 mavro. And they will immediately start growing! A month later, these 100 will become 130 mavro. Accordingly, you will be able to request assistance for $ 130.

However, it is not necessary at all to wait for a month. Help can be requested at any time. But only after confirmation of your mavro. What does "after confirmation" mean? It means only after you actually transfer money, i.e. really give assistance to another participant. (But not just declare willingness. :-)) Request for providing help comes to you in your personal office. If you do not do it within 48 hours, you will be removed from the system. (For all eternity. :-))

In cases of any matter regarding the topic our online consultants are ready to help and answer all your questions.

Please note that the use of the words 30% a month cannot be considered as a yield or interest rate since the funds were given away, we are not earning anything anywhere (we are a mutual-aid fund), and nobody promises or guarantees to pay it! Read over THE WARNING.

REGISTRATION BONUS

When registering in the system, you get from $20 to $100 as a present.

But not everyone, only those who have contributed their own money as well. (Otherwise the System will be pulled apart. For bonuses. They will keep registering endlessly. :-))

1) $20 — if you have contributed from $50 to $499. Frozen for two weeks. If you take it out earlier — you will lose twenty.
2) $50 — if you have contributed from $500 to $2'999. Frozen for a month.
3) $100 — $3'000 and above. Also frozen for a month.

Once again about “freezing”. Bear in mind that if you take your money out earlier, you'll lose registration bonus. Only the bonus! But the contribution with all the accrued interest will be paid.

Each participant is allowed to have only one account.

Referral bonus

 

You get 10% from all deposits of the participant you invited. Inviting new members into the Community is your additional contribution to its development. But nobody force the members of the Community to invite new participants.But at the same time, understanding that the MMM network can’t exist without development and participants’ encouragement in the form of referral bonuses motivate many people to take an active position.

GUIDER’S BONUS

Guiders of MMM Community can create their own multi-level structures and get a bonus from each donation of every participant in their structures. This is a multi-level bonus, thus a guider can have his own leader whose rank is higher. Guider’s bonus depends on his level in the Community:

 

For example, if you are Ronald’s guider, Ronald is Maricel’s guider and Maricel is Joseph’s, you will get 5% from Ronald’s donation, 3% from Maricel’s donation and 1% from Joseph’s. If someone will be under Joseph, you will get from him 0.5% and so on.

Guider’s bonuses are credited in the same way as referral, but only from new money deposited and will be available to withdraw after confirmation of your help provided.

GUIDER’S SCHOOL

BONUS FOR THE VIDEO IN THE TESTIMONIALS

5% of the sum of the help you received, if there will be your face in the video, and 3% — if there won't.
Unfortunately nobody records the video without a bonus, so we have to pay. :-))

TRUSTEES AND TRUSTORS

There is a serious problem. Many would like to participate in MMM but they, let’s say, don’t have the internet. Or they are just too lazy to understand and deal with all this. With all these assignments and so on. What if it could be like this: you transfer money and then you simply get it with interest. No bothering about anything. :-))
So for this kind of participants who have no internet (or just for the lazy ones :-)), institution of Trustees and Trustors has been created. (Any caprice, as they say! :-))
Any participant of MMM can entrust his/her guider the PO managing, assigning the leader as his/her Trustee. Provide complete access to PO and let him/her get into all these details. The participant just calls and gives assignments: “Take out this sum of money for me!" and so on.
How does it work?

The first option. The guider registers the participant and states that he/she is his Trustee. (If, let’s say, the participant has no internet or does not know anything about computers).

The second option. The participant indicates in PO himself/herself that he/she makes the guider his/her Trustee (and provides him complete access to the PO — he is tired of bothering with all this! :-)). Of course, at any moment the participant can change his mind and refuse of Trustee’s service.

In order to protect from abuses from the Trustee’s, the most important operations (change of account information for cash-out, creation of application for cash-out, confirmation of getting money) — only through confirmation code! I.e. at the Trustee’s attempt to make such operation, a confirmation code will be asked. It is sent by sms to the Trustor. The Trustee gets in touch with the Trustor, explains the details and then the Trustor tells the confirmation code. (If he/she wants. :-)) Only in this way! :-))
Besides, when creating applications and assignments for cash-in the Trustor will also get the corresponding sms. Other than that, in the case of the assignment to send money, the recipient’s account information will be indicated in the sms. (For the guider not to say: “Send it to me!” We know that! :-))
What else? The Trustee can go into PO of the Trustor right from his/her PO and then the same way can come back easily into his/her personal PO. I.e. managing of trustee’s PO is extremely easy.
We can change the world!

If you need help then email me here: jossygospelempowermentskill@gmail.com
Visit my blog :empoweredforlive.blogspot.com

SEVEN SMART WAYS TO BOOST YOUR BUSINESS IN 2016.

As second quarter of 2016 draws to a close, we are all working hard to improve on our business performance with awesome plans to move our businesses from point A to point B we have always desired this year. Here are seven smart things you can still do to boost your business in the remaining 7months of the year.
1. Set achievable goals for every area of your business.
In plan words, plan ahead for everything and find ways to get things done cheaper, faster and more efficiently. Be specific about each goals on how, when and who will execute. Write down every detail step hit the ground running in the new year.
2. Use technology like a boss.
Forget what they told you about nothing serious happening on social media. Small businesses are growing using the possibilities of social media and other great marketing platforms made easy by technology. Take time to learn how the internet can help you drive business growth and go ahead to take actions. It’s your business, Grow It.
3. Delegate some daily activities.
As a business owner, it’s possible to get occupied with daily activities that occupies your time that you actually delegate so you can focus on things that matter. Go ahead and delegate them, let your team handle things and learn with you.
4. Train your team.
If you did not do this in 2015, do it in 2016. If you did it in 2015, do it better in 2016. Your team is the most important part of your business. Invest heavily in training them. Show them better, smarter and more efficient ways of doing things. Your business will gain a lot in this.
5. Make a new crown for your customers.
The customer is still a king and that is never going to change. Engage your customers better, deliver more, give every customer a reason to come back in the new year. They are the reason you are in business.
6. Find new ways to wow everyone in the new year.
Business is about people. From your customers, to your employee, your investors, the media and everyone that is important to your business. Find smart ways to wow everyone. Send out handwritten thank you notes for the year past year.  Send out gifts your customers will surely use. Create gifts items that will not just wow those who believe in your business but will also make them remember you. Seize every opportunity you find to wow your customers.
7. Market more.
Your first role as a business owner is to grow your business, and one great way to do that after doing everything else is to increase your marketing. It’s possible to do this without increasing marketing spend significantly. Find smarter and cheaper means to get the world our there about your business.