Operating a business is an extremely difficult task and those of you who are running a successful business can serve as the testimony of this fact. On the other hand another important fact is that demands attention is the accounts department of the company, irrespective of the scale on which the business is operated large scale or small scale, accounts section is the sorted after section. Looking after all the monetary records of a company is...more
One of the greatest benefits of a business plan is the opportunity it presents for you to make key mistakes on paper rather than in dollars and cents. The type of thorough research and strategy that a business plan requires for funders requires should also make it the type of internal planning document which will be a great tool for you to manage with going forward. Here are a few of the potentially costly mistakes that a business plan can help...more
As you start your store's business operations, look out for these common mistakes which lead to unnecessary costs or forgo potential sales.Under or OverstaffingIf you don't hire enough staff to handle the average volume of customers without causing unacceptable wait times, upon launch you will scramble to hire more staff. By increasing your staff capacity, you can make up for the lost sales of customers who balk (choose to walk away rather than shop with you due to the appearance or reality of a long wait) and renege (get in line, think better of it, and leave). However, damage is done to your store's reputation that is difficult to undo if the store becomes known for long waits. Alternately, overstaffing causes the waste of paying wages for extra staff.To avoid either case, check and double-check your estimates and projections and compare with the staffing levels other stores began with. Consider slightly understaffing from your pre-launch projections and using yourself or another manager to pick up the slack if needed until better projections can be created from experience.Forgetting ControlsControls on the key processes of your store, such as sales and inventory, allow you, as...more
The Financial Analysis section of a restaurant business plan consists of pro forma (projected) financial statements for the business. Before creating these statements, consideration must be paid to these three key concepts: Capital ExpendituresLikely the most pertinent portion of the Financial Analysis section will be the statement of how much...more
Catering entrepreneurs make a number of mistakes in their business. The results range from company failure to depressing revenues or increase costs dramatically. These are three mistakes that are specific to the catering business.Working in an Unlicensed KitchenIt is illegal to run a catering business out of just any kitchen, and certainly out of a...more
Starting a photo studio entails the creation of a business plan to sell the idea to lenders, investors, and other types of partners. Three key choices that you must make within this plan are the design of your space, your equipment needs, and the division of labor.Studio DesignAlthough the design of your space may be somewhat constrained by the specific rental spaces you find available, you do have a great deal of control over the finishing and renovation of your studio. A flexible studio with a neutral look will make it possible to serve a wider variety of clients. However, zeroing in on a look more attractive to corporate clients, for example, may make it easier to compete as a location for product shoots. To that end, the design must tie in with your marketing strategy which, in turn, relies on the opportunities you found in the market in your research and the expertise you and your team bring to the business. Equipment NeedsThe equipment you purchase should also be tailored specifically to the type of services you will offer, as well as to the capacity of your studio. If you will have only one photo team on assignment at a time, purchasing a first set of equipment (tripods,...more
To start a bar business you have to think hard about the management team, write a compelling business plan, and find the required funding. Management Team Who will be the management of your bar from its planning and launch phase to its regular...more
(1888PressRelease) BH Publishing LLC owner, William C. Holm, announced today that their flagship website, Your World Outdoors.Com will down-size and refocus its target market. BH Publishing will also be starting up a new niche website catering to...more
Author: rickyAre you wondering why your house does not get a closer look? Are you tired of seeing your house lose out on precious dollar value which it cannot seem to gain despite the reconstruction of real estate prices? Well, one of the major...more
Many businesses out there are very professional. They have professional dress codes. They want to present an image and not have the general public think they are just some ordinary company. Say you want to relax the dress code for a day, maybe...more
An LLP or a Limited Liability Partnership is quite comparable to a standard partnership except that the individual members have lower or limited liabilities to any debts that arise from the running of the business. In a nutshell, LLP offers the...more
There are many banks out there and if you have a business, you want to make sure the one you choose offers the best business banking. What constitutes the best business banking and how do you find out which bank is the absolute best for your business...more