Do You Have A Business Mindset?

In order to build the right infrastructure, you must think strategically – that’s having a business mindset. Before you make any decisions in business think about the outcome on all levels; here are seven examples of having a business mindset:

1. Having a business mindset is knowing that the purpose of business is to make money. Sometimes your hobby is just a hobby. Either you’re going to have a hobby that makes you a little extra money or you’re going to have a business that requires a higher level of development in order to acquire a higher level of income.

2. Having a business mindset means thinking for yourself vs. letting other people think for you. Don’t allow the experts to control your destiny or your dreams, let them help you get there. Take some time to think, document, research your own idea before asking for help – if you do – you will be better equipped to ask for exactly what you want and getting it.

3. Having a business mindset means being more strategic about your business activity. Don’t just go to any networking event or take on any job; know what results you want before you invest in business activity.

For example, do you know how much it really costs you to attend a training session or a networking event – Money, family, time, babysitter, gas, etc? In order to recoup your investment your reasons for investing in the training must be things other than meeting people and “I just want to learn something.” Why? That’s a given when you go to networking (meet people) or training (learn something). Your purpose for attending any event must be 1 – aligned with your vision and 2 – focused on profitability. So make sure you have a specific outcome in mind before investing in business activities like networking and training.

4. Having a business mindset is knowing that we need to connect with our businesses and that connection is…profitability. How do you connect with your profitability? By knowing your profit margin, cash flow, competitive advantage, sales goals, and your key profit indicators. If you’re not sure what these are, you should consider joining our Free Telecourse, How to Build Your Small Business Infrastructure.

5. Having a business mindset is understanding strategy and implementing it into your business practices. These days we tend to focus on the day-to-day mundane tasks and deadlines, solving short-term problems, and implementing marketing tactics that aren’t a good fit for our businesses. Strategy concerns itself with what’s ahead, looking at where you’re going and how to get there. Thereby, making you ask the question–”is this task in line with where the company is going and/or where I want it to go?”

6. Having a business mindset is being open to multiple streams of income and multiple businesses. I met a lady at a conference a while back, and I will never forget what she told me – “I have one business that’s my passion that makes me a good income and I run it. I have another business that generates substantial profit for me and I have someone else to run it.” The point: you don’t have to put all your eggs in one basket – that’s part of having a business mindset.

7. Having a business mindset is understanding your emotional ties to your business. Understanding the emotional ties to your business will allow you to break through your personal barriers that prevent you from doing what you say you’re going to do and also doing what you want to do. The next time you get emotional in your business jot down what you’re feeling and what triggered it, this is how you begin to recognize which emotions are keeping you from doing good business.

The point is, every business decision you make today affects your business today, tomorrow, and in the future – so become a good strategist. A good strategist looks at all facets of their business today in context of where they are trying to go. A good strategist reacts to problems positively instead of negatively. A good strategist also welcomes change and turns it into an opportunity. A good strategist can react quickly with the unexpected.

A good strategist has a business mindset.

© 2003-2006 Effició, Inc. Sherese Duncan

Save Your Business from Setbacks, Avail Low Rate Loans Today

Business is unpredictable. You do not know what’s going to happen next. If your business is thriving at this moment, it might face a setback at the next. In order to get through these setbacks you need to have an easy and convenient financial backup to prevent your business from any kind of hindrance. Business loans are one such helping hand which give you the right kind of fund at low rate keeping in view your convenience and requirement.

Low rate business loans can be borrowed not just in the case of setbacks. You can take business loans even if you want to give your running business a boost up or even in case you want to start a new business. Business loans provide you low rate funds to meet all your financial requirements needed for your business.

Low rate business loans are offered in both secured and unsecured forms. If you have a property, you can take a secured business loan which will provide you money with low interest rate. With a secured loan you will have to put a security against the loan such as your house, car, real estate property etc. On the other hand if you are worried about risking your property, you can avail unsecured business loans with which you do not need to put any security but then you might find the interest rate a bit higher.

You can a low rate business loan with an amount ranging between £10,000 and £50,000. However the amount may vary depending upon your lender and the value of collateral in case of a secured loan. The repayment term of these loans usually varies between 3-25 years.

Be it secured or unsecured, getting a low rate business loan does not include much hassle. With the help of online lenders, getting a loan has become quite an easy job. Now you do not need to visit lenders personally and ask them for application forms. You can now easily fill the application form available online in just a few minutes. But before going straight to filling the form, you should be ready beforehand with the necessary documents and information.

The application form will most importantly ask for the purpose of the loan. If you are taking the loan to expand your business, mention the required amount in detail including the purpose and the proceedings with the loan. In case you are taking the loan to start a new business, you will be required to show a business plan about how would you go with this business, what are the prospects and the feasibility of your new business in the market. All these information are required in order to assure the lender about your repayment capability. Try working hard on this loan proposal as it determines your loan amount and the rate of interest. Once the lender becomes assured, the loan will be transferred in your account very soon.

Financial incompetency is common in all types of business. Avoid this situation to enter in your life by availing low rate business loans.

Business Development Training: Follow Up Business Opportunities

Consider the scenario of a business networking event. These are superb sources of leads and referrals that can be the life blood of your business. The business skills you develop in this arena can easily be applied in any business scenario. Assume you have engaged in conversation with a good potential contact. Once you have created a positive first impression start the interesting chat about various areas of common ground. By careful listening, you may identify an opportunity to do some business to your mutual benefit at some later date. You are looking for the moment when someone says something to you to make you think, “Ahaa, there’s a potential business opportunity here.” Suppose you are a business development consultant who specialises in the food industry and who has a good track record in helping companies to increase their margins. If you were asking all the right questions such as “So how you finding things at the moment?”, and you hear the answer “We’re doing reasonably well but we don’t seem to be getting the efficiencies in the factory.” That is an Ahaa moment.

Can I mention again, that networking using business development skills isn’t selling; it’s building business relationships, and gathering business information?

This should be the start of the follow up business development process which is as follows

1. Ask for their business card and read it carefully.

2. Always find something to comment on; maybe the spelling of their name or perhaps they have their business in a particular part of town which you know intimately. It doesn’t matter as long as you show them that you are interested in them, their business and their circumstances.

3. Now this is a key moment. Ask if you can phone them next Wednesday or Thursday to discuss the problem they have with their margins. You can say something like “Now isn’t the time or place, but maybe your problem is a simple issue which I can give you some help on”. The chances are if you have made the right impression, the answer will be “yes”.

4. Bear in mind all the time that if you don’t ask the question then you don’t give the other person, with the business opportunity, a chance to say yes.. You will be at your most popular at this juncture. If you have done it all right, are you really going to waste a great opportunity? Not every business event and not every person you meet is going to turn into a business opportunity but if you are awake alive and alert, listening attentively and with empathy… you just never know.

5. Write down on their business card the day you have agreed to call and let them see you do this. This shows that you are serious and the chances are you’re likely to do it. At this point, there is no reason whatsoever not to excuse yourself in one of several ways which we will show you another time.

6. As part of the bridging process ensure that when you get back home or to your office or even before you leave the business networking event write down where and when you met the person a quick description of them and any salient facts which you may use at a future date to show them that you are truly listening to what they had to say.

7. When you make the follow up call as agreed, review the business card or refer to your business development software if you use it and confirm that they were happy for you to follow up. If you had picked up that the person was going away for weekend then make sure that one of the questions you ask is “How did the weekend go?” I’m not asking you to remember these details. What I am doing is asking you to write down some small talk facts that you gathered on their business card. It helps break down their barriers to talking about business.
When I ask my audiences “what is the most important thing with regard to business cards?” the normal answer I get is “make sure you carry plenty of them with you”. Of course you know now that the most important thing is to ask for theirs. Offer your business card by all means, but don’t be too quick to do this. I think it’s a little pushy and it’s another form of saying “aha you want to know all about me don’t you. Here’s my business card”. It just may be that they don’t want to know all about you … not at that moment anyway. There’s a lot more to say about business development training and in particular working the room but you can find out about that on my other articles.
Take note that business development and networking is about giving first and receiving second. If you go into it thinking “What’s in it for me and what am I going to get out of this tonight” then the chances are you won’t succeed. If you ask questions such as

· “How can I help you?”

· “Who would you like me to introduce you to?”

· “How will I know if someone I’m talking to will be a good introduction for you?”

You will be showing them you are a proficient and skilled business networker.

Dr. Albert Scweizer once said “Give without remembering and receive without forgetting”. That should stand you in good stead when you’re out there looking to create new business opportunities.