Bullet Proof Your Business

Posted on 31st July 2008 by jarcant in Business Note

Today’s business environment isn’t getting any easier, nor will it get easier anytime in the future. I’m not psychic but I have learned that business NEVER gets simpler. More competition, shrinking profit margins, increases in fixed and operating costs are just a few of the issues we deal with everyday. You can lament this fact or, you can take proactive measures to bullet-proof your business. Here are few strategies that can help:
Clearly define your business. The most successful business people know what they are in business for. They have one or two areas of specialty or expertise and they stick to what they’re good at. They avoid the temptation to try to become everything to everybody. In many fields, specialists tend to do better than generalists and, in bookselling, it’s no different.
Have you created a niche market for yourself?
Is your niche viable in your location/city/town/market?
Are you the best at what you do in your trading area?
Do you stick to what you’re good at or do you stray from this when revenues are lean?
Mounting bills, a slow month or months, pressure to generate dollars to the bottom line; it’s tempting to take on new work or do something in an area you don’t have a lot of experience. Unfortunately, this spreads our resources thin and can cause us to lose focus in our specific area of specialty. And, because we’re in an area that isn’t our strength, the quality of our work may not be as good. This causes customer dissatisfaction which leads to lower repeat and referral business. It then becomes a vicious circle; we take on more work that falls outside our area of expertise because we need the sales. We don’t execute at 100% and we lose a customer. Our sales continue to drop so we pick up more work. And so on.
Create and maintain customer loyalty. In today’s competitive environment, many business owners think that consumers are concerned only with getting the lowest price for the product or service they are buying. So, they spend money trying to attract new customers based on price which means they constantly erode their profit margins. Although price is a factor in every sale it is not always the most important factor. It is much more effective, not to mention profitable, to create and maintain customer loyalty. Here are a few questions to consider:
Do you keep a data base of clients and stay in regular contact with them?
Do you know and use your customer’s names?
Do you give them a reason to continue doing business with you?
Do you know what your customers want or expect?
The benefits of investing your time, effort, energy and money to create loyalty include: more referral business, higher margins, and reduced advertising costs. It’s important to note though, developing customer loyalty is not something you do once in a while, it is the way you conduct and run your business.
Deliver outstanding customer service. Virtually every business recognizes the importance of delivering excellent customer service. Yet, few actually consistent execute. The excuses run from “I have to reduce my head count” to “My employees are just here to collect a paycheck” to “I can’t be in the store twenty-four hours a day.” Again, it comes back to why you are in business. Obviously, if you want to deliver great customer service on a consistent basis you won’t be the lowest priced vendor; it’s economically impossible to achieve this goal.
To deliver outstanding customer service you need to get personally involved. You need to determine what great service means to you and, even more critical, what it means to your customers.
Improve your selling skills. Constant refining of your sales skills will help you close more sales and/or increase the value of each sale. I don’t suggest you adopt or use aggressive, hard selling tactics. Instead, I recommend you develop your skill at uncovering your customer’s needs, suggesting solutions that are appropriate to their needs, and overcoming objections. Learn how to engage the customer in the sales process and how to ask for a referral. There are many selling skills books on the market; review a few and adapt some of the concepts to your specific situation. And make sure you teach your employees how to apply these concepts too.
Running a small business is not easy. Define your business, give people a reason to buy from you, hire and train the right employees and get involved in your community. These strategies will help you remain competitive now and in the future.
andcopy; 2004 Kelley Robertson, All rights reserved.

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Common Question Is This Business Viable

Posted on 30th July 2008 by jarcant in Business Note

Starting any small business is, for lack of a better term, a challenge. You can’t just jump into it without plenty of thought and research. Running your business is a never-ending roller coaster of good days and bad; ups and downs; rewards and failures; all from which we learn.
An even bigger challenge is starting a business in an industry that is still very young and filled with competitors who have similar skill sets and who are vying for clients in the same target market as you. The Virtual Assistance industry is an example of this. It is still trying to make a name for itself and the entrepreneurs that make up the industry have similar professional experience and similar prospective clients.
But, that doesn’t mean that this type of business can’t be viable and successful. It takes a lot of work but the opportunities are endless. Think about it… as VIRTUAL workers, and with so many advancements in technology, it is much easier to offer our services to a wider market. We are no longer limited to advertising to local markets. The Internet makes it possible to expand our markets and our creativity.
So, what can we do as entrepreneurs to ensure our businesses are successful and to stop the doubts we have any time business is slow whether this business is viable?
Tops on the list is … MARKET, MARKET, MARKET. As small business owners we need to be in “marketing mode” all the time, no matter where we are or what we are doing (well, almost ALL the time :-). Our brains need to be trained to make us think like we aren’t in business mode but if we spot something or hear something that may help our business to build and succeed, a light bulb should go off. An idea should start building and our creative juices should start flowing.
We also need to be shameless self-promoters. If the chance comes up to mention your business, go for it. And, as shameless self-promoters, we can’t be afraid to ask. When you are talking to people, be sure to mention something special that you do or offer. For example, let them know where they can read your articles and that they are free to re-publish them if they have a newsletter or other publication that could use some content. It works for me :-)
Speaking of articles, this is one of the best ways to market your business. It is a process of writing, locating areas where you can have them published, and then waiting for people to take notice. It then starts all over again. But, writing articles helps to establish yourself as an expert in your field. I wrote my first article about 4 years ago and I wrote about what I knew…. what it was like to be in the startup phase of running a business. As I experienced different and new aspects of my business and my industry, I wrote about those too. I then offered my articles to editors of online and print publications. After 4 years, I look back at my writing and see that it has gotten better (IMHO) and I still see some of my earlier articles show up in publications.
And don’t forget to make a page on your website where you can highlight your articles.
So, pick up your pen or warm up your mouse and write about what you know. If database design and management is your specialty, write about the capabilities that most database programs offer. I bet you that a lot of people have no idea how much a good database system could help streamline their business. If newsletter design is what you do best, write about the benefits and the options that people have for offering an online newsletter. Be creative!
Another great way of marketing yourself and your business it to “toot your own horn”, cause if you don’t, who will? The big companies have PR departments but as a small business owner, that is just another one of the hats we have to wear. If you win an award or obtained a certification or any other newsworthy accomplishment, let others know. Announce it on your email discussion lists… share your good news.
You can also toot your own horn by putting announcements on your website. Find a spot on your homepage and make a special box or graphic to highlight the achievement. If it requires more of a description, make a page that your homepage special links to and put all the information there.
There are many other ways to keep the viable doubts away and many other marketing techniques that you can try. Take a look at some of my other articles for some ideas. You can find them at http://www.docutype.net/press.htm. (See… shameless self-promotion and it didn’t hurt a bit :-)

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Build Your Own Board Of Experts

Posted on 30th July 2008 by jarcant in Business Note

The most successful entrepreneurs rely on their advisory boards to help spot new opportunities and potential pitfalls.
Now you can have your own advisory board: a shadow board of directors.
A shadow board of directors is a low-tech technique for accessing the expertise of others and increasing your confidence and options. A shadow board can help you get a variety of perspectives and access to information just like a regular board. Shadow boards of directors can push you out of your rut and help you find alternative solutions and expert advice. The only difference between a regular board and a shadow board is that shadow boards exist only in your own imagination. Because your shadow board is portable, light and easy to carry, it’s always available. It will challenge you to sharpen your thinking skills and expand your perspective. Your shadow board of directors teaches you to consider the views of others whether you agree with them or not. It also makes available experts who are living or dead, known to you or strangers; talent you could never buy.
To build your shadow board of directors, choose a variety of people for their strengths and skills. Choose them for their specific skills and talents, knowledge and gifts, no matter what their limitations might be. You’ll be tapping their strengths, not their limitations.
Make sure you have the people you need or could profit from, no matter how outrageous anyone else might find them.
Use your shadow board of directors to help you think through and make tough decisions. You’ll use them for input and advice.Some of the members will change depending on the topics or the questions, others will be your old standbys.
My standard members include Einstein, just because he was so smart. I can only hope to emulate his thinking process. Liz Taylor is on my list because she is gorgeous no matter what her size, very loyal to her friends, not afraid to speak out on difficult or unpopular issues, and is one classy lady. I just wish I had her violet eyes.
Marti Burns is a composite character, a combination of two cognitive therapists: David Burns, who wrote Feeling Good: The New Mood Therapy, the best book on combating depression I have read and recommended, and Martin Seligman, a psychologist whose pioneering work includes Learned Optimism and What You Can Change… and What You Can’t. Together these two men, in my embodiment of Marti Burns, help me deal with my bouts of feeling bad and help me confront myself when I get into irrational thinking. I also check in with them when I’m faced with clients who present difficult interpersonal issues.
Jane Johnson is another composite member, taken from two friends and colleagues who are the best technical manager and human resources manager I’ve been privileged to work with. Their high ethical and moral stance, willingness to do the hard work, and clarity in thought and action challenge me to meet their level of expertise. I ask them how they would handle the hard situations I face in corporate consulting challenges. Then I listen.
For family issues, I look to Fitzhugh Gottman, another composite character. He is a combination of Fitzhugh Dodson, my favorite child rearing expert and John Gottman, known for his solid, experience based work with couples and relationships. No sound bites or stereotypes for these two. They know what works for kids and couples.
The list could go on, but you get the picture. These are people I have known personally, or through their work, or in my image of them. I match their expertise to the challenges I face.
If my question involves critical thinking and creativity, Einstein is always the chairman of the board. But I don’t even think to include him for grooming or social questions. Liz gets the honors here. A quick conversation in my head with her, and I know how to solve the problem with dispatch, class, and grace. I wouldn’t use her as my marriage consultant, though. Wedding consultant, yes; marriage consultant, never.
A shadow board of directors complements the real experts you know and rely on. They can get you started with your own research, in your local library, browsing bookstores, and searching the Internet. By going step by step, asking good questions, and thinking through the answers, you’ll get closer to the information you need to help you face your challenges.
Start building your own Shadow Board today.
(c) 2004, Pat Wiklund. All rights in all media reserved. This article may be reprinted so long as it is kept intact with the copyright and by-line.

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Budgeting The Critical Flaw That Causes Most Budgets To Fail

Posted on 29th July 2008 by jarcant in Business Note

Budgeting. It’s a word we’re all familiar with. Everyone knows what a budget is, right? Yet how many of us actually make and stick to a solid monthly budget? The truth is that most of us start out with the best of intentions, but an unexpected expense comes up and busts our budget. Then we give up and go back to juggling our finances and worrying about having too much month left at the end of the money. However, if you are striving to create a budget for the purpose of systematically paying off your debts, or to start a savings and investment program, then it’s critical to develop a workable and realistic budget.
So what’s the problem? Why do most of us fail at the simple task of creating a budget so we can live within our means? The simple truth is that most budgets don’t work because they fail to account for irregular or variable expenses. Everyone knows how much their rent or mortgage payment is. It’s the same amount month after month. If your rent is $1,000 per month, that’s a “no-brainer.” The same is true of many other fixed expenses, such as auto loan payments, cable TV subscriptions, insurance premiums, and so on. It’s easy to budget for these expenses because the amounts don’t change from one month to the next.
Besides expenses that are the exact same figure each month, there are numerous types of expenses that vary a little from one month to the next, yet we still have a pretty good idea what we spend each month. A good example is our grocery bill. Most of us have a fairly clear picture of how much we spend each week at the supermarket. So we can insert a realistic figure into our budget-in-progress and not be too far off the mark. Sure, the amounts may go up or down slightly each month, but we usually know the range we’re dealing with. Other examples of this category include telephone bills, utility bills, and gasoline (although this one certainly seems to be going nowhere but up these days!).
The real culprit in busted budgets, however, is the variable or irregular expense. How much will you spend on car repairs over the next 12 months? What about medical bills? Home maintenance costs? It seems that bills for these types of expenses hit us out of left field, and there goes our budget. Before long, we’re using food money to cover a new set of tires for our car, and the whole budget comes crashing down.
So what’s the solution? There is no perfect answer to this problem. But we can come to a close approximation by using the simple technique of monthly averaging. Start by gathering 12 months’ worth of checkbook registers, bank statements, and credit card statements. Write down (or enter into a spreadsheet) how much you spent each and every time your money went toward something that was not a fixed expense. Group these expenditures into categories, such as auto, home maintenance, clothes, etc. Don’t try to break it down too far. What you want is a handful of useful categories. Then keep listing each of these expenses under their relevant categories for the full 12-month period.
When you are done with this exercise, you should have an excellent idea of your total annual expenditure for these variable expenses. For example, if you add up all the automobile repair or maintenance expenses for the year, and the figure comes to $1,200, then divide by 12 to get the result of $100 per month average. That’s how much you need to allow in your monthly budget in order to build up enough reserves to handle an auto repair when it comes up. Again, this method isn’t perfect, because an expense may come up that exceeds your estimated outlay, but at least it takes into account a closer approximation to reality than simply guessing, or worse, ignoring auto maintenance in your budgeting.
The trick here is to set up a separate savings account in which to set aside these “extra” funds. Let’s say the “extra” $100 goes into the savings account for six months, and then you get hit with an auto repair for $400. You pull the money from your $600 savings that was purposely built up for this type of expense. This way, you’re automatically setting aside amounts intended to cover each type of irregular expense that you encountered over the previous year.
Most people are shocked when they perform this 12-month analysis of irregular expenses, and it immediately becomes clear why their budget is always breaking down. This technique leads to the discipline necessary to recognize that “extra” money is seldom really extra. If we think we have our bills covered, and there is some cash burning a hole in our pocket, our tendency is to spend it on something fun. But if we know that there really is no cash left over, because we haven’t yet set aside the extra $100 needed to keep our car on the road, then we’ll be less inclined to spend it on pizza, beer, and movies.
Budgeting can be successfully accomplished by this technique of monthly averaging, especially if we consistently apply it year after year. As we move forward, our understanding of our true expenses becomes clearer and clearer, and we are no longer surprised by the occasional unexpected expense. The best way to implement this approach is to set up a regular savings program, where the amount you’re setting aside to cover irregular expenses gets automatically deducted from your paycheck and forwarded to your savings account. If the money is deducted from your paycheck before you even see it, then you will be less tempted to skip this critical part of the budgeting process, and you will greatly increase the chances of making a budget work over the long term.

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Success Define Your Own

Posted on 29th July 2008 by jarcant in Business Note

Many of us are prisoners of our own success. Maybe we started our careers with a goal of climbing the corporate ladder, or earning $100,000 per year, or another milestone we wanted to achieve.
We then achieve “success”, are respected by our peers, have a nice big house full of great stuff, take nice vacations….. And yet, we often think, “Is this all that there is?” We have a sense of emptiness inside.
I think many of us experience this “mid-life crisis” because we have borrowed society’s definition of success instead of crafting our own definition of personal success.
Take a moment and write down the Definition of Success that has guided your decisions and actions up until now. You don’t have to agree with it, but put down on paper what has been lurking in your mind.
Where did you get your current definition of success? Is this your parents’ or teacher’s or spouse’s definition?
Do you agree with your current definition of success in your heart? Does it make you feel inspired and ambitious? Or are you trapped by a definition of success that you don’t even agree to?
It’s time to create your very own personalized definition of success.
Here are some alternative definitions of success for you to consider and reflect upon:
“Too often, people focus only on results. But getting results without learning something or without having fun are incomplete. So is having fun without getting the results, or having fun without learning something new to help and empower you in the future. Accomplishment is all three: the result, personal growth, and having fun.”
- Peter L. Hirsch
“There are many aspects to success; material wealth is only one component….But success also include good health, energy and enthusiasm for life, fulfilling relationships, creative freedom, emotional and psychological stability, a sense of well-being, and peace of mind.”
- Deepak Chopra
“He has achieved success who has lived well, laughed often and loved much; who has gained the respect of intelligent men and the love of little children; who has filled his niche and accomplished his task; who has left the world better than he found it, whether by an improved poppy, a perfect poem, or a rescued soul; who has never lacked appreciation of earth’s beauty or failed to express it; who has always looked for the best in others and given them the best he had; who life was an inspiration; whose memory a benediction.”
- Bessie Stanley as published in the Lincoln Sentinel on Nov. 30, 1905. Mrs. Stanley won $250 in an essay contest by the George Livingston Richards Co of Boston, MA
What is YOUR definition of success? If you found yourself at the end of this lifetime, what would you like to be remembered for? Would your current occupation, career, and accomplishments make you feel like a success? What would you regret either having done or not having done?
Remember, you are free to change this definition of success on a daily, weekly, or yearly basis. Have fun. Put pen to paper and do a draft version.
MY DEFINITION OF SUCCESS:
Make several copies of your Definition of Success and hang it where you can see it: your bathroom mirror, your computer, the dashboard of your car, the refrigerator, etc.
Does your definition inspire you? Give you energy? Does it inspire you to work and play and have fun? If not, tweak it until it does.
Now, given your definition, where are you on a scale of 1-10? What is missing in your life? What do you want to change?
This is not a process of beating yourself up or dwelling on the past. You are creating a definition to pull you forward and inspire your tomorrows. (If you are having trouble with this exercise, please visit http://www.corporaterebels.com for more guidance.)
After absorbing your new definition of success, are you inspired to stay in your current job or seek something more to your liking and better suited to your natural talents? If you decide to make a change, consider hiring an unconventional career coach who can guide you through the process and make it easy and fun!

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The Ultimate Pr Scam

Posted on 28th July 2008 by jarcant in Business Note

It happens to business, non-profit and association managers when their public relations budget fails to deliver the crucial external audience behaviors they need to achieve their department, division or subsidiary objectives.
Behaviors they should have received leading directly to boosts in repeat purchases; growing community support; more tech firms specifying the manager’s components; increased capital donations; stronger employee retention rates; new waves of prospects, or healthy membership increases.
If that rings your bell, you need to take two actions.
First, insist that your public relations activity is based on a fundamental premise like this: People act on their own perception of the facts before them, which leads to predictable behaviors about which something can be done. When we create, change or reinforce that opinion by reaching, persuading and moving-to-desired-action the very people whose behaviors affect the organization the most, the public relations mission is accomplished.
Second, as the manager for whom they labor, get personally involved with the professionals managing your PR effort. Tell those specialists that you must list, then prioritize those key external audiences whose behaviors effect your unit the most.
Identify that outside audience sitting at the top of your slate, and we’ll work on it right now.
Nothing happens, of course, until you gather some pithy information. Namely, how do members of that key target audience, whose behaviors affect your unit’s success or failure, actually perceive you?
You and/or your PR team must interact with members of that audience and monitor their perceptions by asking a number of questions: Do you know anything about us? What have you heard about our services or products? Have you ever had contact with our organization? Was it satisfactory?
The trick here is to stay vigilant for negative signs, in particular, untruths, exaggerations, inaccuracies, rumors or misconceptions.
By the time you complete this exercise, you will have gathered the raw material you need to establish a corrective public relations goal. It might aim to fix an inaccuracy, clear up a misconception or lay that rumor to rest.
How you get to that goal, however, is another question because you have just three strategy choices when it comes to perception/ opinion matters like this. Create perception/opinion where there isn’t any, reinforce existing opinion, or change it. A warning: insure that your new strategy is an obvious match for your new public relations goal.
Now, alert your team to a real writing challenge - a message tasked with altering the offending perception. Which means your writer must produce a message that changes what many target audience members now believe. No easy job!
It must be clear about how the current perception is out of kilter. And it must not only be truthful, but persuasive, compelling and believable if it is to lead ultimately to the desired behavior. True heavy lifting!
By the way, messages like that best retain their credibility when delivered along with another news announcement or presentation, rather than a dedicated, high-profile press release.
Speaking of delivery, it’s time for you and your PR team to select the communications tactics to carry that message of yours to members of a target audience that really needs to hear it. Fortunately, there are dozens of such tactics awaiting your pleasure - speeches, radio/newspaper interviews, brochures, op-eds, newsmaker events, newsletters and many, many more. Be careful that the tactics you use have a record of reaching folks just like those you’re aiming at.
It won’t be long before people around you begin asking about progress. Which, once again, will put your team back in the opinion monitoring mode out among the members of your target audience. And the questions they ask will be very similar to those used in the first perception monitoring session.
Difference this time around will be your close attention to just how much current perceptions are really undergoing the change for which you planned. You want solid signs that the offending perception is actually being altered.
You can always shovel more coal into the boiler by adding new communications tactics, then using them more frequently to achieve faster progress.
When you apply a comprehensive and workable plan like this, you have little to fear from “a PR scam.” Instead, you are on-track to achieve those key audience behaviors you must have to reach your unit’s operating objectives.
end

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5 Things In Selecting The Best Mortgage You Should Know

Posted on 28th July 2008 by jarcant in Business Note

Your goal is not only to find the best rates and programs, by searching through a huge number of lenders products, and save yourself thousands of dollars on mortgage payments every year, but also, to save time and hassle by simplifying the loan process and reducing the paperwork. Here are some things you can keep in mind when selecting a mortgage provider.
1. Shop For Rates
You should get instant online free quotes, and be able to apply securely online.
2. Apply Online
Be able to use a secure online application and let a qualified loan specialist help you find the best loan program.
3. Get Prequalified
Find out how much money you can borrow for your next home purchase!
4. Get Pre-Approved
Get free, no obligation pre-approved commitment letter that you qualify.
5. Loan Processing And Approval
This is when your loan is processed, goes through underwriting and final approval.
Taking these steps will be in you best interest to secure a mortgage that will benefit you and your family. It will also help to save you money

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Poster Digital Printing For Growing Business

Posted on 27th July 2008 by jarcant in Business Note

With the modern complexities of life now days, it is but important to be abreast with the latest and the more effective ways of advertising and promoting your services and products to let your business grow and be wide known popular. That is why poster digital printing is recommended for a sure win advertisement for your growing business.
It can be noticed that in poster digital printing the pictures, images and illustrations are clearer and sharper because of the modern way of doing it. Even the smallest detail in the poster could be understood by its viewer. Large format printing from your digital files, photo enlargement from your own slides and negatives are just some of our latest innovation to attain that effectual poster digital printing for your growing business. Poster digital printing is recommended for growing business that wants to be more known by its target customers, for their digital poster will already build good impression for their company.
For the demand in continuous innovation of poster digital printing, commercial printing companies specially those that specialize in poster printing made sure that they are powered by creative team and skillful workers that conceptualizes and prints the digital posters for your growing business.
Here are some of the choices in poster digital printing that you can choose from to have your goal attained for your growing business. We are offering pigment based inks for large format printing and glossy paper for heavy weight materials. Since it is not good to look at it on a matte paper for the density of black ink on it is not very high. Also, dye based inks for large printing is recommended for prints will be clearer and sharper with the use of glossy paper again.
That is why if you want to have the advantages in poster printing, then it is the right time for you to try on poster digital printing afterwards access its results in your growing business. Our poster digital printing has an improved resolution that would impress your target clients and eventually would stop at your business. After all, that is the primary purpose of your poster to attract customers for your business to grow even more.
It is true that poster digital printing costs a bit higher than the conventional posters that we have yet are we going to sacrifice the good quality that would ultimately draw-in customers for your growing business. More often quality really matters for it will be the first focus of the interested clients since just after the accepted invitation of the prospect clients would made their decision to go with the business or not.
After all, if you will have poster digital printing it is guaranteed that your expenses will be given back to you by the customers that were hooked up and it can even be higher than that. Competitive price for your poster digital printing is what we’re offering and satisfaction guaranteed for your money spent will be regain.

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How Well Do You Speak

Posted on 26th July 2008 by jarcant in Business Note

The ability to speak well can enhance your career, clinch a sale, sell a point of view and increase your business productivity.
1.The most important objective of any speaker is to appear credible and knowledgeable about their subject. Speak to your audience as if you were having a conversation.
2.Grab the audience’s attention in the first few minutes with a question, startling comment, inspiring story, a funny experience. This will help you connect immediately with everyone and reduce the tension. Stay away from jokes!
3.Reduce your nervousness by taking several deep breaths immediately before you are introduced. And for you chocoholics, eat some chocolate to relax your vocal chords.
4.When making a presentation, look at one person long enough to deliver one complete thought, then move to another individual and repeat the process. Everyone else in the audience will also feel attended to.
5.Use visual aids to increase audience retention of your message. But NEVER become a master of ceremonies to your overheads.
6.Avoid the # one mistake in the speaking business…failing to check your audio-visual equipment before your presentation. Show up early to check out the sound system and any other equipment you will be using.
7.Personal benefits from acquiring excellent speaking skills include: more self-confidence, becoming more persuasive and evolving into a magnetic or dynamic speaker.
andcopy;2004 by Sandra Schrift. All rights reserved
Publishing Guidelines: You are welcome to publish this article in its entirety, electronically, or in print fre*e of charge, as long as you include my full signature file for ezines, and my Web site address (http://www.schrift.com) in hyperlink for other sites. Please send a courtesy link or email where you publish to sandra@schrift.com Thank you.

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Make Your Fortune As A Professional Finder

Posted on 26th July 2008 by jarcant in Business Note

Have you considered the lucrative opportunity in finder`s fees? You could become a professional finder and earn a fortune from this alone. Alternatively, you could supplement your present income with finder`s fees.
A finder is someone who finds something for a person or business. The amount paid for this service is called a finder`s fee.
What is the difference between a finder and a broker or commissioned salesperson?
A broker or commissioned salesperson gets paid a percentage of the sale made. Usually, such person acts as an agent for the owner of the goods or services sold. He becomes actively engaged with the sales process, supplying information to facilitate the sale, negotiates the contract, arranges financing, and completes paper work.
On the other hand, a finder simply introduces a buyer to a seller for a fee. He does not become involved in the sales process and is not an agent acting on behalf of the seller.
The best areas to earn finder`s fees are those in which you already have expertise and interest. For example, if you are an expert on airplanes and have connections in the aviation industry, you could earn finder`s fees finding suitable planes for those needing them.
You can earn finder`s fees in many areas including equipment (used or new), equipment leasing, finding locations for franchises or vending, scarce materials, commodities, financing, et cetera.
Connections are the inventory of a finder. You are being paid to find something of value by someone who doesn`t know where (or doesn`t have the time) to find it. Your knowledge of where and who to get something from is invaluable information that people are willing to pay for.
Protect yourself with written contracts. Also, document all efforts you have made to earn your finder`s fee.
Before you introduce a buyer to a seller, have the seller acknowledge in writing that they have agreed to pay you a finder`s fee of so much upon successful completion of a sale. After obtaining a properly executed written contract (which may be a simple one page letter agreement), inform the person by written correspondence (sent by registered mail) about the buyer. Keep all copies of correspondence and other written documentation in case it becomes necessary to enforce your rights later. Proper documentation should help you to avoid any misunderstandings.
Just as the business that sells something pays its sales staff, likewise the seller generally pays the finder`s fee. The seller is the one that makes a profit from the sale and so usually is the one that pays commissions or finder`s fees.
However, if a buyer is particularly anxious to buy something, he might offer a finder`s fee. Therefore, it is possible to collect such fees from either the seller or the buyer.
It is possible to find finder`s fees opportunities offered in magazines, newspapers, and newsletters. You can find additional opportunities by doing your own research. Use your contacts, reference and phone books at the library, the Internet, persons you know (or don`t know) who might have the information you need, as well as other sources to find what is needed.
For example, if someone tells you they can`t find a pilot with an airplane outfitted with geophysical survey equipment, have you considered talking to airport employees, pilots, business acquaintances, exploration companies and manufacturers?
Make sure that all your communications and dealings (telephone, correspondence, letterheads, contracts, et cetera) reflect the professional nature of your business.
You must be willing to do the necessary legwork and research required to earn your finder`s fee. As well, you must project a business-like, professional image and protect yourself with written contracts and other documentation. Above all, you must follow through and diligently apply what you have learned. In that way, you, too, will become a highly paid professional finder.
For further information about finder`s fees, visit: http://www.yenommarketinginc.com/finder.html

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