You've been approached about buying a business. What do you do first?

The demographics tell an exciting story: we're likely to see hundreds of thousands of small owners looking to retire over the next decade. Does the big question then become what will happen to all those companies?

One possibility is that we might see a boom in opportunities for younger people to acquire those businesses. Maybe you even work in a company like this where the owner has already approached you about taking over. While that might seem like a dream come true to finally own your own business--there's also some considerable risk you'll need to evaluate before you go ahead on a transaction.

I've identified a few critical high-level questions any prospective entrepreneur should ask before taking the plunge to buy a business of their own.

1.     Does the business have recurring revenue?

One of the riskiest aspects of any business is the stability of the revenue. That's why one of the first questions you need to ask a seller is how their company earns its revenue. Knowing if the business you want to buy has predictable, recurring revenue streams in place is critically important. 

That might include long-term contracts or a customer base that pays a fixed amount every month. Having these kinds of recurring revenue streams not only makes the business less risky, but it also becomes more valuable if you ever want to sell it yourself. On the other hand, if the business requires you to go out and make a new sale every day, you will be taking on a great deal of risk.

2.     What are the relationships with customers?

Ask a seller what the status of their customers is. Are they happy and likely to continue buying from you? Or, are things messier, where some customers might be at risk of leaving? The other key question to ask is about sales concentration. 

Does the business have 20 to 30 customers representing no more than 10% of company revenue? Or does it have 3 or 4 customers, two of which account for 90% of revenues? The more distributed and secure the customer base is, the better. Otherwise, the business becomes riskier.

 3.     What's the nature of competition in the business?

No business operates in a vacuum. So, it's essential to understand what kind of competitive pressures it's been facing. One area to look closely at is gross margin--the business's revenue minus the cost to deliver service. Is gross margin is growing over time, which means the company has found ways to keep costs under control while raising prices? 

Or, is gross margin eroding, which might indicate rising costs and pressure from competitors and customers to squeeze prices? This could also result if the business is being pressed on price by its biggest customers. Any company that erodes gross profit should be a big red flag. As the old saying goes, nobody wants to catch a falling knife.

4.     Is there a growth engine?

A stable business can be great for an owner who wants a simple lifestyle business. But if you're looking to acquire a company, you'll need to find some levers to help grow the industry to help you pay off the seller over time. Ideally, there are opportunities to grow the business by 5% to 20% a year. That way, you'll be buying an appreciating asset, not one that's stuck at the price you paid for it.

5.     Is the business dependent on the owner?

Many small businesses revolve around their owner or founder. They are the most skilled and vital people in the company, and it's hard to imagine operating without them. This would be another red flag for a potential buyer. 

While you might have a healthy enough ego to believe you could step in and provide those same skills, you should be wary about if the business will transition well to a new owner. That can be an especially tricky scenario if the seller plans to stay inside the company for a while to help the buyer and new owner. 

It's a double-edged sword. While the seller can provide some guidance about how the business had been run, they can also become a dampener to innovation--putting the brakes on any changes the new owner might want to make. 

6.     Is the owner willing to take back financing?

Some new business owners might not be aware that it's common for sellers to provide "seller financing"--meaning they will be paid out over time, maybe five years, through the business's profits. This can often be a win-win for both the seller and buyer: the seller typically can get more for the company while the buyer doesn't have to secure outside financing to make the deal. 

The problem can be if the seller wants their money right away. If that's the case, it becomes a more risky and challenging deal for the buyer because they know they must either come up with a pile of cash or take on debt from a bank to buy the business.

As I said earlier, these six questions are just a high-level primer to help see if the business makes sense to buy or not. It might be wiser to walk away if you see too many red flags. But suppose you get excited by the answers you get. 

In that case, you can then proceed to the next level of due diligence, where you could begin to dig more deeply into areas like bad debts, the quality of inventory, the maintenance history of the equipment, etc.

Just remember that while it's exciting to think about finally becoming your own boss, make sure you take the time to ask the right questions before leaping to ensure you're buying a Cadillac and not a lemon.

The study focus on looking on youth employment along with their entire economic situation but also the study advising what the government and other organizations should do to help youth and free them from all life challenges including youth employment and the entire economic situation they face.

The findings of the research show that many young people are still unmarried by 91% of the youth interviewed even though a few are married by 5%, but also many young people have been seen living in families with people less than 3 family members, but also within those families it has shown that there is almost equal depending ration between people who work for salary or wage and people with no work or job but are actively looking for a jobs.

Many young people have shown that they have completed their first degree education from the first enrollment of 466,985 students by more than 91% and 9% of them have completed their first and make a total of more than 54,799 (11%) of all graduate where by 38,111 graduate first degree each year and 302 graduate second degree. Youth goals many of them respond at the moment are making a contribution to society, but many also wish to be more successful than where they are now. Many young people currently like to work in private organizations, but also in multinational corporations, and some would like to be self-employed by starting their own business as shown in the study below.

10 Steps and Tips for Success

You’ve heard this buzzword “entrepreneur” thrown around from the startup world to overhearing one of your distant cousin’s latest career bends. It sparked your curiosity enough to land on this article and give it a try for yourself, but do you really know what being an entrepreneur is all about?

An entrepreneur is someone who understands the big risk and yet still takes the initiative to turn their unique idea into a reality. This kind of person isn’t looking for a comfortable, stressless lifestyle. They are willing to take on a major life change, and one that won’t be easy. It will be exciting though, as there are many twists and turns that no rollercoaster ride can compare to.

If you have butterflies in your stomach when hearing this - and in a good way - keep on reading to learn how to become an entrepreneur, from coming up with an idea to creating a website in order to promote it and more.

How to become an entrepreneur

The following ten steps can be used as your personal checklist for setting yourself up for success. From being in the right headspace to creating value behind your business idea, here’s how to become an entrepreneur:

Decide if it’s the right fit for you

Choose an idea and educate yourself

Find your target audience

Plan and launch your business

Hire great partner(s)

Build your network

Test your idea

Plan your finances

Develop a strong brand

Create value in your market

01. Decide if it’s the right fit for you

Beyond this topic being the latest trend, the reality of being an entrepreneur is not necessarily swimming in a pool of cash or enjoying a surplus demand for your products and services. However, some of these known entrepreneurial perks are actually quite true, such as taking on a very high risk for hopefully equally as high of a reward, and running your career independently.

Considering you own priorities and personality type, see if these entrepreneurial skills resonate with you:

You are passionate about your idea and motivated to see it through.

You’re realistic and have a good idea about whether or not a business concept will be profitable.

You’re confident and fearless no matter what opinions others may have.

You’re resilient when it comes to your business and your personal emotions associated with it.

If you’re not quite ready to follow through with your plan, take it slow. There is no rush when it comes to completely changing your lifestyle. Instead, start with adjusting a tiny part of it at a time with one of these successful habits. Then, when the time is right, you can come right back and pick up at step number two - we’ll be waiting for you!

02. Choose an idea and educate yourself

When trying to understand how to start a business, choosing an idea for your new venture is all about setting yourself apart from others. Even if you decide to do something as straightforward as opening up a restaurant, it’s important to have your own twist on the concept. For example, you could call your business ‘Spice Street’ and offer the largest variety of hot sauces out of all of the other restaurants in town. You can always use this handy business name generator to get your creative juices flowing.

On top of finding your competitive edge, think about what it is that you really love doing. What passions in life are you able to focus on without feeling like you’re putting in the effort? Or another way of looking at it, what problems are you passionate - or nearly feel obligated - to solve. Such as, replacing the use of plastic straws with one built right into the cup (we’ll leave the creativity up to you here). Sticking to what you love, what you know best, and what you feel the world needs, is a recipe for success and the key to great entrepreneurship.

And of course, twist these practical ideas into something unthought of by blending in your own originality. Beyond just being passionate or determined, it’s always necessary to educate yourself on the topic more. This could mean going back to school to get a degree, or just doing some Internet research by turning to one of your favorite blog’s guides.

03. Find your target audience

Although an idea can sound genius in your head, before you pat yourself on the back, make sure that others are willing to pay for it. In fact, a big reason businesses fail is because there is no market need.

Taking some time to picture who your audience is will allow you to see the potential for profit. In addition, you will also be able to understand your clientele’s needs when it comes to marketing to them and providing them with what they are looking for in the best way possible.

Later on in the article we will speak about testing your idea and creating value. For now, you should just start to list out the characteristics that define your target audience by performing market research. What age range do they fall in? What are their hobbies? Where are they located? And so on.

04. Plan and launch your business

Take this step slowly, because there are many components to it. Becoming a small business owner requires a lot of planning, and launching your business involves everything from pick a type of entrepreneurship, building your concept and understanding it to actually turning your idea into a reality.

First you’ll want to get started with an organized business plan. Creating this extensive document allows you to walk through all of the core components of your idea as in-depth as necessary, from your mission statement to your marketing and operations plan and more. Writing these down enables you to visualize your goals and understand how you plan on carrying them out.

Another very important document that functions both on its own and together with your business plan is your executive summary. When looking for partners, requesting funding, and giving a brief overview of your business, this report is absolutely essential.

After you’ve completed those documents, you might want to step away from this article to turn to a more technical resource filled with all of the administrative knowledge you need to do for your biz.

05. Hire great partner(s)

Now that all of the administrative parts are behind you, you can get right back to business. However, it’s advised that you don’t do this alone. Flying solo is great, but having a partner to support you will help you see different challenges and opportunities that you might miss alone. Starting your own business can get lonely at times too. It’s nice to have a companion that completely understands first-hand what you’re going through on a day-to-day basis.

Did we convince you yet? If so, start thinking of the qualities you would like from a partner, and the people you know who possess them. Have a semi-planned speech when you reach out to your chosen potential partner to propose your idea of working together. And already having created your business plan will show them just how serious you are.

Beyond having a partner, it’s a great time to start thinking about the qualities you would look for in an entire team. This is known as company culture and it encompasses the entire personality and identity of the humans who make up your business. Even if you aren’t hiring them just yet, it’s still important to have these qualities in mind for when you do.

Such foresight will ensure that everyone on your team is focused on the same visions and gets along with each other personally and professionally. A fluid and in-sync company culture can determine whether or not your business is successful, so don’t underestimate its importance.

06. Build your network

Your team or partner offers a great support system, but you could use all of the help you can get, especially at this stage in your business. Mentors and other professionals who can provide you with value and guidance will always be worthwhile connections to have. This is especially true for working with them one-on-one, as it will provide you with more focused help.

The world of business is not a solitary journey, even if you choose to not have partners. Having people you can reach out to for things you simply don’t know yourself will help you understand your market better, and avoid missing opportunities or making costly mistakes. In this field you’re always learning, and one of the best ways to do so is through the help of experts.

You can certainly attend as many networking events, speaker series, fairs and expos as possible and relevant for you. On top of those, you can impress others in your industry by hosting your own networking events or creating an online forum community.

07. Test your idea

A trial period is important for gaging the interest around your product or service, and seeing where you can make improvements. In fact, you should treat this stage as if it’s the first step in selling your idea.

It’s an opportunity for you to begin engaging with your potential customers and get a first hand experience understanding how you can best serve them with your offerings. Getting their feedback here and taking it seriously is crucial to your success.

There are many ways to do so, whether that’s sending out samples, hosting focus groups, or working with individuals one-on-one. Figure out what best serves your product or service. For example, if you are selling something expensive, free samples will not be in your best financial interest. However, keep in mind that the more ways you can get your idea out into the hands of consumers, the more able you’ll be to build on your concept and create brand awareness.

08. Plan your finances

This might not be the most exciting step, but it is mandatory. Therefore, it’s a good idea to just dive into it focused and get it checked off your list in as timely of a manner as possible.

Begin by taking a look into the scope of your financials. How much do you need to support your business? Run through the costs of materials and production, supplies, hiring employees, promotion, office space, etc. Remember that you are new and you’re also potentially going to need to request the help of others, so make sure to keep your expenses as low as possible.

Once you have a good idea of how much funding you’ll need, check in with your own financial situation. How much of this are you able to sustain by yourself? Even if you do reach out to investors for help, showing that you personally took on the risk will not only impress them and make them more willing to support you, but will also help your own motivation by having skin in the game.

Once you have the funds, immediately open up a bank account. On top of emphasizing that serious mindset, it might also be mandatory that this account is separate from your personal one (depending on the business structure you file for). And also, once profits start coming in and expenses start coming out, you’ll be able to track everything in order to fulfill your small business accounting needs.

09. Develop a strong brand

The way that a vibrant green and black distinguish Spotify from its competitors or how Dove prides itself on promoting real women, a brand identity is present in both the most subtle and the most apparent ways.

Verbally, it’s comprised of your core values, language, employees, and customers. Aesthetically it involves your brand colors, font choices, logo and more. When used consistently and over time, these different components generate recognition and build trust amongst customers.

Implement your brand identity across all channels and assets related to your brand. First and foremost: your business website. When you make a website, you’re building an online home for your brand. This is what customers mainly associate with you, and therefore you want to represent yourself on here in the best light. Whether you will offer bookings or an eCommerce store, or simply want to use this as a gate to direct customers to your brick and mortar shop via local SEO, you’re going to want to build it to the best of your abilities. That doesn’t mean you necessarily need to spend the money hiring a professional website designer though. Instead, you can explore this large array of fully customizable website templates for getting started. You can also use this business card maker to create one-of-a-kind cards that showcase your brand identity.

10. Create value in your market

Now that you have the right funnels for promotion between your website and social media accounts, and you’ve taken the time to test your idea - you’re ready to sell it.

For that to happen, you need to create value behind it. Give your customers a reason to choose you. This can include developing thought leadership, which you can do by routinely publishing fresh content relevant to your industry.

Use the power of social media and your website to raise your voice and allow more people to hear you. Target them through catchy social posts, create a blog for sharing great content, and send out a beautiful newsletter and throw in some coupons.

In-person promotion shouldn’t be undermined for the strength it has too. You can give speeches and promote through word-of-mouth. If you’re going this route, you’ll want to fine-tune your elevator pitch to get your point across in as few words as possible.

Mobile sector in Tanzania is the leading sectors with heavily taxes, operator’s subjected to more than 10 different taxes plus regulatory fees and charges. Leads operation cost becoming higher every day, this including the cost of MOBILE DATA purchases.

Currently it is difficult to prevent the use of mobile data and use of mobile data increasing every day. Most of us we use mobile data for business purpose to earn income, but also for students they use mobile data and internet for self-study.

 Mobile sectors company are the only corporate company in Tanzania that has more than 53 million subscribers, compare to currently Tanzania population which is approximately to reach more than 64 million.

Let's look at the way of doing business in Tanzania by focusing on the following things, How to start a business, relations between the government and businessmen, relations between local investors and how the government can protect them, doing business at our borders, how to pay taxes through our businesses, how to hire workers for our business or investment but also how to get permits to run our businesses including contracts, electricity and obtaining permits for other construction activities in the business area.

Finally we will look at how to get loans for all small, medium and large businessmen as well as investments. This research is focused on gathering information about 29 areas or districts but we have also tried to check and take at least a few districts for each zone to be able to get the opinion of each area of Tanzania.

General, if you look at the current state of doing business in Tanzania, it is not good based on the criteria mentioned above and by analyzing one by one criteria and its overall situation. if we start talking about a few things like how to start a business in Tanzania while it goes hand in hand with paying taxes, many businesses in Tanzania start on the day that you have already taken a TIN from TRA, then that is the same day that you start being counted as a taxpayer and you have to pay taxes, something that for business which are starting at least should be given a certain limit until they reach a certain condition before they start paying taxes, our past reports especially this one to look at the opportunities and obstacles facing our businesses include this one to start collecting taxes only when the business is registered with TRA.

75% of the businesses that are established every year end up dying due to environmental reasons including the way of tax payment. Taxes are the economy, but business is also the economy, so the more businesses there are, the more stable the country's economy is, but it also leads to the simplification and increase in the circulation of money.

The methodology adopted in this study is mixed approach where by both qualitative and quantitative data were collected, for a qualitative study, in depth interview with key informants were conducted. The results found from a qualitative suggested that there should be Doing Business.

Furthermore, for the quantitative study a survey questionnaire was employed, and data analyzed by STATA and SPSS. The quantitative also found significant direct and positive effects on doing business in Tanzania for both on attracting domestics and foreign investors and small business growth.

Summary.   

How can you develop habits early in your career that will help you create a good work-life balance and avoid burnout?



Where your work meets your life. See more from Ascend here.

At some level, we’re all aware of the negative effects of overwork on our health, relationships, and social life. And yet, many of us still have difficulties slowing down and getting rest.

Social pressures, demanding bosses, imposter syndrome — there are a lot of reasons we choose (or feel obligated) to push ourselves to work longer and harder. Especially when you’re just getting started, you may feel an increased desire to prove your dedication and ability to succeed in your chosen path.

Spoiler alert: “Putting in the work now” in the hopes of reaping the benefits later won’t work. The habits you create early on, like poor work-life balance, can follow you throughout your career.

If you want to develop a healthy work-life balance and avoid burnout long term, you need to make smart choices now. The first step is understanding why it’s so challenging to choose rest to begin with.

Why do we work long hours?

Prioritizing work over rest isn’t always a choice. There are many factors that influence us to work long hours despite the evidence that burnout is bad for our health and relationships.

Take a look at these phrases. Have similar thoughts ever crossed your mind?

“Well, everyone else is doing it.” When everybody in your office works long hours, it can be difficult to deviate from the culture. You may feel social pressure to mimic this behavior, exacerbated by mobile technologies that make it easier for our jobs to follow us everywhere and at all hours of the day. Your boss may tell you not to respond to their late-night messages, but if they’re working, you may feel obligated to do the same. It’s common to feel insecure about signing off when your manager or colleagues are working later, which can often lead to overwork.

“If I want to succeed, I need to put in the time.” Early in your career, you may feel an increased need to work long hours to prove yourself or gain experience. In a recent study on professional firms — including audit, law, and consulting companies — the authors found that some consultants believe that working long hours and “having no life outside work” will lead to a fast promotion or early retirement. Junior consultants, in particular, voiced the sentiment that five to six years of sacrifice are necessary to gain the experience needed to move to another company with a lower workload. The misconception here is that prioritizing work now will reward you with rest in the future.

“I have to prove to others that I’m a hard worker.” Many of us have been socialized to believe that working hard is the “right” thing to do. Having a job, and succeeding at it, is often seen as a necessary part of being an “upstanding member” of society. As a result, you’ve likely heard phrases like this thrown proudly around your office: “I worked all weekend.” “I haven’t taken any of my vacation time this year.” “I checked my email every day while I was on break.” You may have even said these phrases yourself in the hopes of receiving praise or recognition from your colleagues.

Unfortunately, research shows that many professionals, especially men, do not disclose their personal commitments outside of work to their colleagues for fear of being judged as less competent or capable of mastering their tasks at work. There’s nothing wrong with caring about your work or being passionate about your job. But putting too much emphasis on how others interpret your dedication can lead to work-life imbalance.

“I like being busy.

It makes me feel important.” For some, work can feel like an escape from the tolls of everyday life — tedious chores, boring routines, or relationship tensions. Are you afraid of having free space on your calendar? Do you overbook yourself with meetings, coffees, and business trips? This behavior is common for those who rely too heavily on work to feel purpose, and it’s a dangerous approach.

For example, take Clint Eastwood’s character in the movie The Mule. As he approaches his wife on her death bed, he explains why he spent so much time at work and very little at home: “I thought it was more important to be somebody out there [at work] than the damn failure I was here at my own home.”

Studies also show that having a busy lifestyle, rather than a leisurely one, has become a sort of aspirational status symbol. (The busier you are, the higher your status.) But while being busy may make you feel good in the present, overwork can have long-term negative effects on your life and relationships.

How can we prioritize rest?

Even if you love the work you do, a greedy job that leaves you no time for friends, family, hobbies, or other non-work activities is bound to burn you out. But given all the reasons you may choose work over rest, how can you start to create the work-life balance you need?

Gain self-awareness. Take a step back and ask yourself: What’s driving my desire to work long hours? Does being busy give me a sense of purpose? Am I just following the crowd? How do my current work habits make me feel?

Emotional reflexivity, or the ability to understand how a situation impacts you emotionally, is key to achieving a better work-life balance. Determining why you overwork, and exploring how you truly feel about it, will help you design the life you want. This isn’t a static process — it’s a cycle. We all live through several life stages, and our priorities change based on them. Think about what you need right now to feel engaged and enriched both at work and in your personal life.

Regain control over your time. Remind yourself that even if everyone else around you works long hours, that doesn’t make it “normal.” It can feel challenging to create work-life balance when you feel that the reasons you overwork are not in your control.

But small changes can go a long way. Try leaving work on-time (or early!) two days a week to do something you love. Let your boss know that you won’t always be available after hours to respond to their emails. And only take on projects that you know will add value to you and your work. Learning how to say “no” is an incredibly useful skill. Although it will be challenging at first, it will feel good to take back some of your time.

Redefine “leisure time.” Shawn Achor makes a point of this important principle in his book The Happiness Advantage. Instead of labeling your free time as “unproductive time,” remind yourself that the time you take for leisure is needed to recharge your energy and make room for new ideas and creative thoughts. Instead of finding pride in working late or never taking vacation, try celebrating the moments you take to rest. Research shows that leisure activities, mainly those that different from your work, can have a positive impact on career sustainability. But reminder: The sole purpose of leisure is not to help you work more. It’s okay to enjoy leisure for what it is — time spent on the things you love.

Quit your toxic workplace. When all else fails, you may realize that your workplace is toxic, and it’s the culture that’s pushing you toward overwork and burnout. Consider quitting and finding another job. Do not let yourself get overwhelmed with pessimism or the idea that you’ll never find a job that will give you better balance. Healthy work environments do exist. Despite your negative experiences, the talents and skills you gained at your current job will help you find them.

However, keep mind that it’s very challenging to figure out the culture of a workplace before you are hired. You will have to do some serious vetting to ensure that you’re making the right move. Check out reviews for companies you’re interested in on Glassdoor, ask questions in your interviews about workplace flexibility, and try connecting with former employees to get their perspective. Keep in mind that even at a new company with a great culture, you’ll have to set boundaries to create the work-life balance you want.

Learning to prioritize rest isn’t easy. But reminder: You’re not Benjamin Button. You will not magically get younger and full of energy when you retire, just in time to enjoy your life. You must begin enjoying your life now.

While there is no one-size-fits-all solution to a hybrid workplace structure, SMBs who cater to the diverse needs of their staff will be well-poised for long-term success.

As a result, a labor shortage has erupted, positioning employees to be more in control of the future of work than ever before and digitally-native generations are setting the pace for how businesses will operate moving forward.

With flexible remote and hybrid work options solidifying as a must-have benefit rather than a nice-to-have perk across nearly all industries, how can a small to medium-sized business (SMB) adapt to meet the varying needs of their team members to retain a multi-generational staff, foster positive employee and customer experiences and drive productivity all while advancing their business priorities? 

Evolving from hermit habits to hybrid high performance

As many businesses prepare to return to the office, there are plenty of decisions and adjustments to be made. Namely, determining the best way to proceed — either in-person, remote or adopting a hybrid working model. To support flexibility, foster team connection and inspire a harmonious working environment, many SMBs will need to provide opportunities for digital collaboration and online engagement in order to attract and retain talent.

Evolving employee preferences and comfort levels must be taken into consideration when planning for the future as employees have new workplace expectations and have reevaluated their priorities within the last year. Recent research shows employees value different topics than in previous years, for example, the value of “protecting family” has risen dramatically among employees, while values such as power, status and adventure are on the decline. By incorporating policies that recognize employee preference and allow flexibility, SMBs can accommodate a workforce with more diverse needs. 

The hybrid working model can look different from business to business as there is no one-size-fits-all approach to the model. SMBs have different sizes, operate in different vertical markets and operate in different parts of the world. Therefore, they require customized approaches. The pandemic has forced SMBs to reconfigure their business models for efficiency and survival. These amendments, which vary on an individual SMB basis, are necessary to ensure that a hybrid work environment is effective.

Transitional technology

Throughout the last year, SMBs have uncovered how much they can accomplish by adopting a more agile, digital approach. To create a truly streamlined and united global team, both technology and business culture must grow to ensure equal investment and opportunity for employees, regardless of their age, background or where they choose to work.

It’s always been important to have the right tools to improve productivity and collaboration. However, as teams become more dispersed, it is critical to have the right technology to keep team members connected, engaged and productive.

During a time that is now being called the Great Resignation, it’s imperative to equip your SMB employees with the right technology to keep the team actively collaborating and working towards their goals. One way SMBs can harness technology to help bridge remote and in-person work environments is by implementing multi-functional solutions and ensuring technology is available to spark some of the same spontaneous interactions that an employee would have in an office setting. Remote meeting attendees should not suffer because they are unable to attend events in person, and by providing technology that offers high-quality video and audio connectivity, all participants can stay engaged and be equally involved in discussions and decisions.

Intelligent transformation initiatives will pave the way for business revival and stronger agility in the future. Although enabling work-from-anywhere policies does not come without the possibility of growing pains, small businesses that prepare for change by leveraging the right technology, solutions and services to meet the needs of their staff will be well-positioned to ensure their business not only stays afloat, but thrives.

Reaching remote resilience

Fortunately, digital acceleration is unlocking human potential while purpose-driven innovation is paving the way for the next-gen workforce. Businesses that continue to offer flexibility when it comes to meeting and exceeding the expectations of a hybrid, multi-generational workforce will have a better chance of sustaining higher engagement and productivity among their employees. 

By empowering SMB employees to consider all possible options to improve their individual and collective work performance and overall experience, small businesses will be able to expand their workforce and hire based on qualifications versus proximity. Furthermore, by opening up flexible, hybrid job opportunities to prospective employees, SMBs will be able to scale more cost-effectively and build a more diverse team. This evolution will be a driving force in the small business sector's economic recovery.

A pandemic and a difficult economy creates the perfect time to get back to the basics.

Over the years I've worked with dozens of managers and interviewed hundreds more. As I consider how they approach their jobs and how they characterize their successes, I've noticed they tend to adhere to the following rules:

1. Manage individuals, not numbers

Conventional business thinking is that what's important is slicing and dicing the numbers, putting the numbers into graphs, and talking about where the numbers are and where they ought to be.

However, numbers are the result of how well you manage people, not how well you manage numbers. The only way to get better numbers (regardless of your measurements scheme) is to improve the performance of the individuals who work for you.

2. Adapt your management style to the individual

Despite the popularity of the phrase, in fact it's impossible to "manage people." You can only manage individuals. Since everyone is unique, there is no one-size-fits-all management style.

Therefore, as you explain exactly what you want from each employee, actively solicit the employee's suggestions and ideas about how you can get the best possible work from that person.

3. Adopt Simple and Relevant Metrics

While your main focus needs to be individuals rather than numbers, you still need a way to measure how well those individuals are doing. Complex measurement schemes, with multiple metrics, inevitably create confusion among employees and managers alike.

Ideally what's being measured should be simple enough for every employee to understand at a glance, and relate as closely as possible to the behaviors that you're trying to encourage. If the work doesn't affect the metrics, metrics are a waste of time.

4. Set a single priority per individual

I recently received an email from someone whose boss assigned multiple tasks and insisted that each was a "huge priority." That boss was an idiot, because if everything is a priority, then nothing is a priority.

The entire concept of a priority is that one thing is more important than everything else. Giving your employees multiple priorities is foisting on them the responsibility of deciding what's really important. That's your job.

5. Keep your temper

When you explode at an employee, or make a cutting or hurtful remark, it creates a wound that never heals completely and that festers with secret resentment. You don't have to be perfect, but your employees are not your punching bags.

Employees despise bosses who are so emotionally weak they have to dump their anger and frustration onto others. By contrast, employees deeply appreciate a boss who remains calm in a crisis.

6. Measure yourself by your weakest employee

Managers often use their top performers as a measure of how successful they are as leaders. However, while you may have a top performer on your team, that success is more likely to reflect their drive and ability rather than anything you brought to the table.

Measure your management ability based on how you handle your worst performers. It's those employees who define the lowest level of performance you're willing to tolerate, and how much you expect the other employees to compensate for your low standards.

7. Be generous

Being generous is not just about money; it's about how you treat people. Smart bosses know their real job is to:

1 Fix the failures before they happen

2 Publicize the wins employees achieve

3 Take the heat when things go wrong.

Money is what employees expect from their jobs, not their bosses. Employees want bosses to be generous with information, time, praise, and the coaching that teaches employees how to do their jobs better.

8. Don't be a know-it-all

Many bosses wrongly believe their job is to be the expert and know all the answers. However, when managers provide all the answers, they rob their employees of the opportunity to think and grow.

While experience has value, people can't learn when wisdom is presented on a platter or forced down their throats. Employees respect bosses who admit they don't know everything and ask questions that help spark an employee's own creativity.

9. Don't play favorites

Since you're human, you're going to like some of your employees better than others. Even so, you must not let these personal preferences become an excuse for treating those you like differently from those you don't.

Playing a favorite demoralizes the other employees because they know that their best work won't count for as much. In addition, playing a favorite creates a lot of hostility toward the favorite. If you remember from school, the teacher's pet usually got clobbered in the playground.

10. Give loyalty to get loyalty

As a boss, you want your employees to watch out for your interests, help you to be successful, and not leave you in the lurch the second they find a better job. In other words, you want some loyalty.

Loyalty, however, must be earned. You can only expect employees to be loyal to you if you're willing to first be loyal to them. That means watching out for their interests, helping them to be successful, and keeping them on board even if you can hire someone else for less.

11. Be transparent

Some bosses play their cards close to the chest and never let employees in on the decision?making process. By contrast, smart bosses know that decisions are more successful when those tasked with their implementation are involved from the start.

A boss who disappears into their office, makes a decision, and then emerges with a set of commands leaves the impression that the decision is arbitrary. Even if they don't like a decision, employees far prefer to understand the workings of the boss's mind and exactly why that decision was made.

12. Make decisions quickly

Some bosses are so risk?averse that they require mountains of information before making any important decision. Smart bosses, on the other hand, understand there's a point (and it usually comes fairly quickly) at which additional information merely muddies the waters.

Obsessing about (and second?guessing) your decision?making is always a waste of time. You're better off making a good enough decision than waiting for an imaginary perfect decision to emerge from a real?world situation.

The Takeaway

1 MANAGE individuals, not numbers

2 ADAPT your style to each person

3 MEASURE what's truly relevant.

4 ONLY one priority per person.

5 STAY even-tempered.

6 TAKE responsibility for your low performers.

7 SHARE your thoughts and ideas.

8 ASK questions rather than providing answers.

9 TREAT everyone as equally as possible.

10 DON'T expect more than you're willing to give.

11 EXPLAIN the reasoning behind your decisions.

12 DON'T prevaricate, decide now!

Due to multiple expected development benefits, through tax reformation and policy planning to foreign investors will attracting foreign direct investment (FDI) which has been a key objective on sustainable industrial development and economy growth general although this is not the only factors, find out more on details below.

Therefore, in order to attract FDI which is very important on brings foreign currencies governments have to offer various incentives, including fiscal incentives such as reduced corporate tax rates, financial incentives such as grants and preferential loans, and monopoly rights with the possibility of neighboring countries engaging in harmful competition the so called race to the bottom.

No matter how it’s looked at, writing accurately, briefly, and with clarity is an essential business skill. This is because writing, particularly in a business context, fulfills four important roles:

1. It conveys information by communicating intentions, objectives, opinions, and ideas as well as on-going developments and plans for the future. Written material in any format - can also be conveniently filed away and stored as a form of definitive recording.

• It clarifies information by helping to eliminate misunderstood ideas. Writing forces the person who is writing to think about and clarify the idea/subject that he or she is writing about. Topics tend to be confirmed and strengthened when someone takes the time to write them down.

• It reflects seriousness on the part of the writer. Committing a project to writing shows intent, devotion, and dedication.

• It holds people accountable. Poor communication is often blamed for problems as diverse as: a) credibility issues; b) incompetence; and, c) differences in beliefs. These situations can be avoided if the use of clear, concise information is understood beforehand. Writing also provides a guide that can be used to measure and compare thoughts with others as well as future results.

Why Write A Business Plan?

When one takes into consideration the fact that the number one reason why new businesses fail is a lack of planning, the importance of writing a business plan becomes more apparent. Don’t try to avoid the time and hassle of sitting down and putting together a comprehensive plan. A well-researched business plan makes it possible to:

• Define and refine a business concept,
• Keep a focus on objectives,
• Spot and rectify weaknesses before they become major problems,
• Recruit personnel by defining what is needed and what skills employees must have,
• Create a map that helps guide a business through unfriendly environments,
• Convince investors that the business idea is sound,
• Convince money lenders of the entrepreneur’s ability to pay back a loan,
• Convince potential customers that the business will serve them reliably, and,
• Obtain necessary permits and licenses.

The Essentials of Good Planning

The main purpose of a business plan is to compare the (potential) sales of a product against its expenses. Put another way, a business plan is not a forum for an entrepreneur to brag about how wonderful or creative his or her idea is. What potential customers say about the product and what the market reveals are far more important. 

The point of business research is to:

• Determine who is going to buy a product,
• Find out how many are going to buy it, and,
• Discover if the market is strong enough to sustain future sales. A business that plans on selling ice cream, for example, needs to know how much it costs to produce, sell, and store ice cream. This includes the cost of raw materials, equipment expenses, the cost of licenses, utility costs, and so on.

A Sample Business Plan Layout

The essentials of a good business plan include

(1) an executive summary,

(2) a clear description of the product and the people behind it,

(3) research findings,

(4) marketing strategies,

(5) costs, wages, and financial projections.

In other words, good business plans do not rely on expensive bindings, novel-length discourses, or fancy graphics; the emphasis is on solid information and reliable explanations as to how the information was collected. The following outline is designed to help write a solid business plan. A brief description accompanies each section. Note that nine sections are not mandatory when it comes to writing a business plan, however, the criteria in each of the nine sections does need to be addressed. Ideally, every section of a business plan should be easy-to-read and be arranged to suit the eye of the intended reader.

Section 1: A Cover Page and Table of Contents. First impressions are important. Every business plan needs an eye-catching, professional-looking cover page followed by an easy-to-use table of contents.

Section 2: An Executive Summary. A good summary briefly uses one or two pages to describe the product (or service), its competitive advantages, who the product will serve, the size of the market, the goals and objectives of the entrepreneur, and a few profitability estimates. Keep everything short. The objective here is to whet the reader’s appetite not to explain details.

Section 3: A Full Description of the Product/Service. This includes how it was conceived, why it’s needed, its function and design, why it’s different, and comparisons with similar products/ services. Focus on competitive advantages and disadvantages and provide a brief overview of the intended customer base. Profitability estimates (along with how the estimates were obtained) should also be included.

Section 4: A Description of the Business. Goals and objectives should be mentioned as well as the intended location of the business (and why). An explanation of the business’s legal structure and organizational set-up is mandatory. Comparisons with similar businesses are also useful.

Section 5: Market Potential. Here’s where market research enters the picture. This section needs to have a full assessment of the market (itemized demographics, characteristics, and trends), a complete description of product demand (i.e.: where perspective customers are located - and their numbers), the future outlook of the market, and a thorough analysis of the competition (who the competitors are, where they are, their strengths and weaknesses, and a forecast of their future intentions). Be certain that the data used is accurate and reliable (in other words, don’t exaggerate). All numbers and forecasts will need explanations clearly showing how data was obtained if a loan from a bank or other source is needed.

Section 6: Marketing Strategy. This is a plan showing how the business will announce its arrival, how its product will be advertised and promoted, the costs involved, market entry barriers (and solutions), the intended price of the product, and distribution plans (and costs).

A brief description of selling procedures and how sales (or the sales team) will be organized is equally as important.

Section 7: Financial Overview. If outside funding is being sought this will be the section most studied by investors and money-lenders. Indeed, many experts consider the financial section of a business plan to be the most important. Financial forecasts for the first year, second year, third year, and fifth year (with balance sheets) are mandatory, along with a brief description explaining how the numbers were obtained. Income statements (based on research estimates).as well as outgoing cash-flow projections (itemized costs) need to be clear and concise. A breakeven analysis is important as is the intended sources of required funds and how that funding will be applied. Do not place financial information in paragraph form.

Section 8: The People behind the Plan. This section involves a description of the main people who will be implementing the plan including a run-down of each person’s skills, experiences, education, and background. Also worth describing are the number of employees needed, a run-through of wage requirements (including those of the entrepreneur), job descriptions, a brief synopsis of job responsibilities, and the business’s employee training procedures.

Section 9: An Exit Strategy. Because too many entrepreneurs don’t know when to call it quits, an exit strategy is an important consideration. For example, if the business proves to be successful it may be necessary to hire an experienced manager to handle growth. At what point will this be done? On the other hand, if the business is losing money, a course of action should be established in advance as to when and how to end operations. How much money will be lost before failure is recognized? Will the business be sold in its entirety – or will it be broken into pieces and sold? An exit strategy can provide possible answers to these questions long before the entrepreneur descends deeper into debt.

The Most Common Mistakes Made When Writing a Business Plan

• Verbosity. If asked to describe themselves, few people begin by talking about their birth, their adolescence, their teen years, their first love, their pets, and all their experiences and encounters up to the present day. Curiously, however, many people take this route when writing a business plan. The message? Don’t overdo it. Keep each section of the business plan as short and concise as possible.
• Lack of Scope includes not having sufficient data to complete nine sections of a business plan as well as ‘the 13 Main Reasons Why Businesses Fail’.
• Overconfidence or Lack of Insight. ‘Eager beaver’ entrepreneurs who rely on hope, charm, or enthusiasm rather than legitimate research impress no one. Every section of a business plan should stick to solid research and facts. All it takes is one embellished ‘fact’ or uninformed opinion to reveal itself and the entire business plan will be seen as a complete fabrication.

Additional Suggestions for Writing a Solid Business Plan

Keep the following suggestions in mind before, during, and after writing a business plan:

1. Stay on track (consider the specific reason why your plan is being written)

• What is the plan’s intention? What is it supposed to accomplish? Is its purpose to acquire funding, to gain licensing permission, or is there another focus?
• Can the aim be summarized in one sentence and be used as the main point? It should.

2. Convey the message of the plan in a way that its recipient(s) will understand

• Exactly who will be reading the document?
• What are their likes and dislikes? (if this is not known, ask the recipients)
• Is the correct tone or attitude being used?
• How much does the recipient already know about the topic?
• Will he or she understand the terms and language used?

3. Structure the plan carefully (organize and clarify)

• Does the document proceed in a logical and organized way?
• Does every sentence and paragraph justify itself? (i.e.: is it organized around a central theme?)
• Have enough graphs, details and/or explanations been included to support the main point?
• Is everything that has been written down necessary? (if not, remove it)
• Is it clears to the reader what he or she needs to know or do afterwards?

4. Take the time to develop, revise, and edit the ‘completed’ document before submitting it.

• Is the document’s layout effective? (are its titles, spacing and text well-balanced?)
• Is the documents information and style easily accessible?
• Has someone proof-read the document? (it should be proof-read by several people)
• Do the beginning and ending statements have a resounding impact?

Business Plan Advice from the Pros

1. Don’t try to impress the intended recipient of a business plan (usually a financier) with fancy jargon or overly-technical wording.
2. When crunching your research numbers, don’t forget to add personal wage requirements into the overall expenses – even if you plan on living off your savings (or your parents) for a while. Wage requirements include rent (or mortgage payments), car payments, insurance needs, bills, energy costs, pocket money, and food and living expenses.
3. Keep your business plan short and to the point. Avoid long sentences and long paragraphs.
4. Don’t be ambiguous. Ambiguity does not reduce opposition, hide insecurity, cut down on questions or allow you to be all things to all people. It just makes you look bad.
5. Have all facts and figures reviewed by a professional before showing them to others.
6. For the financial section of the business plan, develop a worst case scenario, an expected scenario, and a better-than-expected scenario for the first, third, and fifth year of operations. For example, if you think the business will capture 10% of a particular market, also make forecasts for 5% and 15%.
7. Check with a local bank to see if it offers a business plan booklet. Business plans that are tailored around the preferences of a lender improve the chances of obtaining a loan from that lender.
8. Use graphs rather than an avalanche of words to explain complicated numerical information.
9. If help is needed in putting together the financial section of a plan, consider hire an accountant. It may be money well spent.