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The Importance of Delegating to Grow Your Business

Responsibility, when it comes to running a business, is a very crucial element that every employee should possess. As a business owner or someone who has been tasked to make sure that the business runs smoothly, delegation or assigning certain responsibilities to your staff or co-employees is an important procedure that you should not disregard no matter how simple the task at hand may be.

A lot of business owners and managers nowadays tend to find delegating an excruciatingly difficult task. This might be because of their fear of failure in being unable to acquire the right outcome needed. This might also be caused by the idea that they can do all of the tasks better by themselves, which is a type of thinking that hinders most businesses from achieving their full potential.

Improving Delegation Skills

For some, delegating responsibilities is an innate skill that makes them thrive and help their company grow. The ability to direct your people’s skills towards achieving your business’ end goals is a very rare and profitable skill a lot of companies are looking for.

Knowing the strengths and weaknesses of each employee is an important part of successful delegation. You should understand each other’s traits, as this will also help you develop a team that can complement each member’s weaknesses, allowing you to create an efficient and successful workforce that will make everything possible for your business.

Entrusting Responsibilities

Delegating very important tasks shows how much you trust your staff or co-workers. You are providing them with responsibilities that can greatly affect the business and this is something that they will not take lightly.

As you provide them with a responsibility, no matter how big or small, you are giving them an opportunity to do something for the business, which will make them do their best not to disappoint as they understand that trust is something that is hard to repair once it gets damaged.

All you have to do is to entrust your staff and believe in their skills, as it is one of the reasons why they were hired in the first place. Never hesitate to communicate with them and check on their progress so you can also find ways to assist them or help them do their task better.

Building trust requires time. As much as possible, you should get to know each of your employees and coworkers and treat each other as one big team or family. This will not only help you strengthen your bond and improve your office environment, but it will also make delegating an easier task and the ultimate tool towards achieving full growth for your business.

The Business Plan Is Essential To Finding Financing And Success Of A Small Business

A recent article from the NY Times reported that undercapitalization or the lack of cash is one of the main reasons that most small businesses fail in the first five (5) years so financing should be one of the main considerations the entrepreneur needs to address when entering the business world.

The report makes a depressing statement but you shouldn’t allow that deter you from starting your business if that is what you truly want to do.

One of the companies that we work with has recently been able to obtain a total of over three hundred thousand dollars by hustling and not getting discouraged. Yeah; even in this economy they were able to procure financing!

What are their secrets?

A good business plan and sound business practices are two of the things that have been essential in obtaining their financing. Using a good plan and sound business practices can catapult your business into the big league!

Please understand that my statement is not all hype and don’t think that they were able to waltz into one bank and get an approval for the financing they were trying to obtain. The truth is they made many visits to a lot of banks and received countless rejections.

The fact remains that banks are not gambling institutions and they will not gamble on a shaky business. You just need to convince them that you are not shaky and your business has a good future.

Bank financing for businesses has not completely disappeared! You can find and obtain financing if you are willing to persevere, have good business practices and are willing to deal with the necessary paperwork.

The first and most important step is to develop a good business plan. Don’t worry; there are many resources that are available to help in developing a sound business plan!

You should start by researching the information available at the Small Business Administration. They are a great resource for all businesses and you should use the information they offer.

They even have an online outline that you can follow to develop your plan. I believe that it takes about fifteen to twenty minutes to complete. You should take whatever time is necessary to get your plan established. The dividends are well worth whatever time it takes!

I recommend that you take the business planning process very seriously. The business plan is one of the most important assets you can have for your business. It gives you a blue-print that you can use to focus your efforts to achieve your goals and make your company successful.

The thing to remember when you establish your business plan is that you need to make it flexible. Times will change and opportunities will become available so you should make a date with yourself or your partners to periodically review and update your plan.

I hope this may have given you some food for thought and will help if you are trying to get some financial help with your business. There are sources that are available that can help you.

Plan your work and work your plan!

Three Ways Business Data Analytics Can Improve Your Business Model

As the corporate climate becomes ever more competitive in the face of a flagging economy, companies must search out new ways to surge ahead of the opposition. Streamlining data processing and using technology to improve corporate efficiency is one way that technologically savvy organizations are maximizing their ability to compete. One of the best ways a company can use today’s technology to get ahead is by employing a business data analytics program to increase their productivity and reduce errors in their day-to-day business functioning.

Here are just three of the many ways these programs can reinforce an optimal business model.

Reduce Fraud Risk

In today’s world of continuously evolving technological platforms and business models, devious fraudsters have developed even more complex ways to access and defraud business through electronic channels. By using a data analytics program, savvy businesses can access several data sources simultaneously to assess patterns and trends and create “hotlists” that can be shared throughout business lines. In addition, a strong platform will allow companies to identify all fraud types, from simple acts like usage, identity and payment fraud to the highly complex business of SIM card cloning and others. Good analytics platforms will also have functions to minimize false positives and will be able to automatically flag and generate cases and manage queries and reporting.

Maximize Data Quality Management

Data quality management is at the heart of a thriving business. Many businesses, from accounting firms to retail operations, are challenged by duplicated data, redundancies and confusing entries. These types of errors can result in loss of leads, erroneous client contacts and increased downtime or an increased workforce to repair discrepancies. Using a data analytics program can clean and process data and organize this information much more time-efficiently than the usual manual database management techniques. This will free employees to pursue client leads or improve customer satisfaction and provide ease of communication and trustworthy data sharing among departments within an organization.

Manage Multiple Data Streams

Managing multiple data streams, or complex event processing, is at the forefront of the arsenal of tools for businesses that look to react quickly to changes in markets or internal issues like fraud or incorrect contact data, and increase communication between support, service and IT departments within an organization. Data can be collected on customer experience, market shifts, financial data or any combination of relevant statistics to increase operating efficiency, reduce error or miscommunication between departments or create a big-picture scenario for decision-makers in upper management to determine the course a business will take. Strong, reliable data from multiple sources results in smarter decision-making at all levels.

Whatever your business needs, an analytics program can provide your business with a level of efficiency that can’t be matched with outdated manual input systems.