FIVE FINANCIAL SECRETS TO BUSINESS SUCCESS

FIVE FINANCIAL SECRETS TO BUSINESS SUCCESS

1.      REVIEW YOUR BUSINESS FINANCES – In every business there are cash inflow and cash outflow. Business owner should review the financial information of the business daily, weekly or monthly. Inorder to know if there is a profit or loss and the scale of the business either it’s growing or it’s at risk.

2.     MAKE & MAINTAIN YOUR BUDGET

A business owner must make a budget on how much will be spend on expenses and how much income he/she would get. This can be done on weekly or monthly basis depending on the kind of business you own. An estimation for business results is very important thus budgeting. Keep on budgeting. Budgeting could help you make future decisions of your business.

3.     PAY THE LENDERS

Sometimes debts is good and bad. You should avoid unnecessary debts. If you know that you have  debts in your business you need to pay it as soon as possible after you get money.

4.     PAY THE GOVERNMENT  TAXES

You need to save an amount of money for government taxes. By paying taxes you are doing something which is very necessary in the contribution of your government revenue.

5.     PAY YOURSELF

After calculating the expenses and earnings of your business. You should pay yourself an amount of money from the business earning. Therefore your business must become the source of your income.  

TEN WAYS TO GET A GREAT BUSINESS IDEA

    1. Use your knowledge and skills

         You can use the knowledge or skills you have to come up with a business idea.This is the first and unique way to get a business idea.If you have the capital in your pocket but a question is what kind of business you should start? Do not sweats just think about your knowledge and skills. Everyone has his/her own knowledge or skills in a certain field. For instance you are a radio or TV presenter in one of big companies. You can start your own radio or TV channel, that business idea will be workable because you have the knowledge and skills in that field. Other examples, a tailor can start a clothing company, Mechanical man could start his/her own garage, A doctor could own a hospital, a teacher could start a school or college.

      

     2. Find the problems, needs or wants in your environment

         You can find what products or services that are missing in your environment.This may be in the street, district or in the country that you are living in.

     

     3. Turn your hobby or interest into a business idea.

   Hobby or interest is something that you like to do and you enjoy doing it. Interest       like music, dancing, football, swimming, singing, watching movies, writing,     reading,    playing soccer or basketball. Most of big entrepreneurs in the world have    been successful because of doing business they are interesting with.

  4. Business Network

You can get a great business idea from other entrepreneurs or business network. By using media like LinkedIn,Inc  you can get information from other successful entrepreneur. Also working with different people may help you come up with an idea of business to do. Start talking to people who you know may help you with an idea of business.

     5. To travel or move from one environment to another environment.

If you stay in one place all the time it would be hard for you to get new ideas. You should move from one place to another. Places like beaches, recreation place and other places. Greg Isernberg says “one cannot find a great business idea, a great business idea finds you. You are advised to move to new places where you can be relaxed and business idea will follow you.

      6. Find the needs or wants of big companies and institutions.

You can use availability of big institutions and companies to get a business idea. Institutions like schools/Universities, Churches, Hospitals and companies like food companies, clothing company, mining companies and so on. Do a research about what products or services these companies and Institutions need. For example many companies need security and cleaning services so you can start security or cleaning company. Wheat flour industry may need maize.

      7. Do a research.

     Business opportunities are more than the number of people. Research like reading        magazines, books, internet information about business. Interviewing business         people, attending different entrepreneurship seminars and projects.

8.To imitate a business from another person you know she/ he is successful or a business from other place like street or country.

Most of the ideas you are thinking about some people had already done them.For example one can copy a business from other country and start it in his/her country. For example bajaj transport business from India to Tanzania. One can also copy a business idea and strategies from other successful business people.

9.  To sell products of other people or company.

 You can sell products or services of other people or companies. For instance in      Tanzania there are companies like Airtel, Tigo, Vodacom you can become their agent  and start selling their products and services. 

    10.  You can discover your own.

    There are many ideas which are not yet discovered under the sun. For example people who have discovered their own technology and stuffs are successful like bill  gates - Microsoft, Facebook- mark Zukerberg and so on.

   

TOP 15 BILLIONAIRES IN THE WORLD

1. JEFF BEZOS: net worth of $112 billion
2. BILL GATES: net worth of $90 billion
3. WARREN BUFFETT:  net worth of $84 billion
4. BERNARD ARNAULT & FAMILY: net worth of $72 billion
5. MARK ZUCKERBERG: net worth of $71 bilion
6. AMANCIO ORTEGA: net worth of $70 billion
7. CARLOS SLIM HELU & family: net worth of $67.1 billion

8. CHARLES KOCH:  net worth of $60 billion
9. DAVID KOCH: net worth of $60 billion
10. LARRY ELLISON: net worth of $58.5 billion
11. MICHAEL BLOOMBERG: net worth of $50 billion
12. LARRY PAGE: net worth of $48.8 billion
13. SERGEY BRIN: net worth of $47.5 billion
14.JIM WALTON: net worth of $46.4 billion
15. S. ROBSON WALTON: net worth of $46.2

As a Business owner you should lead. ARE YOU A GOOD LEADER? tHESE 4 QUESTIONS MEASURE YOUR LEADERSHIP ABILITY. 

1. ARE YOU ABLE TO do your Important Tasks FOR THe DAY AND DELEGATE other NECESSARY TASKS to others EFFECTIVELY?

To become an effective leader, you should do those necessary tasks that you are suppose to do as a leader. And you should be able to delegate additional tasks to other people who are capable of doing them. You do not have to do everything by yourself just because you are in charge.

“To be a good leader, you cannot major in minor things, and you must be less distracted than your competition.” "To get the few critical things done, you must develop incredible selective ignorance. Otherwise, the trivial will drown you." Tim Ferriss said, the author of “The 4-Hour Work Week.” Leadership is also about intelligently. You cannot do everything by yourself, you need to have people who can help you out with decision making and other work.

2. ARE YOU ABLE TO COMMUNICATE YOUR IDEA about what SUCCESS means TO YOUR COMPANY AND TEAM?

A good leader must be able to communicate vision and mission of his/her company. Clearly explanation of your company’s goals would help the success of the company. You and your team could be able to work effectively toward those goals. You should define what success means to you and your company in some well-defined and measurable ways.

3. DO YOU CHECK IN TO SUPPORT YOUR TEAM?      

An authentic leader need to be supportive, empathetic and should understand his/her impact to the team. Your company team need to be comfortable with your leadership. If there are problems you as a leader should check in and provide your help effectively. Also your team need to rely on your help. For example Richard Branson the founder of Virgin Group has developed a plan for caring and supporting his staff.

4. DO YOU find DIFFERENT PERSPECTIVES OUTSIDE OF YOUR OWN?    

A good and effective leader seek different perspectives in order to make a decision. You need to compare your perception with others, do not simply depend on your own genius. Use the team of people to advice you on the idea and decision for your company.

Bill Gates is in Tanzania.

Bill Gates has arrived today in Tanga,Tanzania to help our healthy sector.

How could you be successful? Tips for successful business startups.

7 SIMPLE STEPS TO GET RICH

1.      GET IN THE GAME: The biggest mistake most people make when it comes to investing money. Robbins says, is simply not doing it out of fear that's too daunting a task." You don't want to own an Apple phone, you want to own Apple." He wrote in Money, Master the game.

2.      DON'T LOSE MONEY: This may seem like an obvious one but you always need to be thinking about mitigating risks. In unshakeable, Robbins explains that the first thing he wants to hear from his investors is how they can "minimize the downside" of a new investment.

3.      THE FIRST GOAL SHOULD BE FINANCIAL SECURITY: Robbins defines " financial security" as the money in your life where you are able to pay for at least five things with money you have made from investing; mortgage, utilities, transportation, food and basic insurance.

4.      MAKE FINANCIAL INDEPENDENCE YOUR NEXT GOAL: Robbins defines "Financial Independence" as the moment you make approximate 20 times your income off your investments. "It's where I don't have to work but I get the same lifestyle."

5.      DIVERSIFY YOUR INVESTMENTS: So how do you achieve security and independence? First Robbins says not to put all of your eggs in one basket. Diversify your investments in four ways: across different asset classes, within asset classes, across markets and countries and across time.

6.      BEWARE OF FEES: Compare adviser fees on everything. "What you don't know will hurt you in the financial world." Robbins writes in Money, Master the Game.

7.      BEWARE THE "ENDOWMENT EFFECT": Robbins says this emotional bias is caused by "Investors placing a greater value on something they already own, regardless of it's objective value." This makes it harder to part ways with a falling investment.

References; www.inc.com, The book; MASTER THE GAME written by Anthony Robbins.