SMART Goals are out; it’s Time to Get DUMB!
If you’ve ever read any strategic or business planning literature, you’ve no doubt come across the acronym SMART for mapping out goals. SMART stands for Specific, Measurable, Attainable, Relevant and Timely. Those are all fine and dandy objectives, but I’m out to propose another side of the coin—DUMB goals. Hear me out for a second!
DUMB stands for Dreamy, Unrealistic, Motivating and Bold. If you stop and think about traditional and realistic goals, they aren’t that inspiring or exciting. They encourage status quo and/or staying within confined areas to achieve marginally better results at best. Most employees can see through status quo goals and aren’t going to go that extra mile to achieve things that are already within relative reach—greatness comes from inspiration; not reaching a plateau that the ordinary can achieve with typical or expected efforts. That might be why a majority of employees so willingly sign off on the goals during a formal review process—they know they don’t have to do a whole lot more to get the raise that comes from a satisfactory review next time around. Let’s dig a little deeper to see how “DUMB” we can get.
Dreamy goals repeatedly wake you up at night wondering if something is possible with an effort that is truly remarkable. They imply going for that rarified air no one dares to breathe. It’s finding that special “cause” that will unite people on a mission that makes them feel part of something special versus merely putting in time to collect a check. It’s like your kid at five years old saying he’s going to be President one day and you encouraging her/him to be anything they put their mind to. What happened to encouraging that blank canvas of wide open thinking?
Unrealistic goals are the ones traditionalists warn against and believe aren’t obtainable by anyone. To most, a job is a job until there is a challenge of the unimaginable or someone telling you “it can’t be done.” Unrealistic goals push people to really push hard to move beyond what’s expected to stand out in the crowd and achieve greatness. Isn’t it a lot more fun to do something someone says can’t be done?
Motivating goals are those that make someone wake up each morning ready to take on the day versus figuring out a way to muddle through it looking busy even though time is being wasted. They are those things that people want to come to work for instead of calling in sick because they just can’t stand spending all day in the office. Most SMART goals encourage toiling through the day in an effort to fool everyone around into believing someone is working really hard. A motivated workforce is tough to stop because momentum builds daily.
Bold is charting a course competitors don’t dare take because the fear of failure or success is too daunting. There’s a very fine line between failure and success, and most companies and individuals will walk right up to the line and toe it without ever stepping over it. What is the worst that could happen if you stepped across that imaginary line and really went for something? You’ll never know until you try, and most people simply aren’t bold enough to try—we’re too scared we might not be able to return to the comfort zone we currently live. That’s the beauty of the comfort zone however—it’ll always be there in one fashion or another.
I encourage you to DUMB down your goals the next time you’re charting the course for yourself or your company. Who knows what you might achieve?
Why Most Small Businesses Fail
Michael Gerber, author of the mega-best sellers “The E-Myth” and “The E-Myth Revisited,” is one of the people I admire and respect and who has had a significant impact on me and my businesses. Although I have listened many times to Gerber’s audio tape about the E-Myth, and have read and reread his book, I always come away learning more. In addition, I have read a booklet by Michael Gerber entitled: “Why Most Small Businesses Fail and What You Can Do About It.”
In this booklet – Gerber lists the 10 reasons why most businesses fail – and how you can avoid them. So – here they are:
1. Lack of management systems
2. Lack of vision, purpose, or principles
3. Lack of financial planning and review
4. Over dependence on specific individuals in the business
5. Poor market segmentation and/or strategy
6. Failure to establish and/or communicate company goals
7. Competition or lack of market knowledge
8. Inadequate capitalization
9. Absence of a standard-quality program
10. Owners concentrating on the technical, rather than the strategic, work at hand.
After reading this list a couple times, it became apparent that “strategic planning and strategic thinking” are absolutely vital to avoiding these reasons for failure. And that is the primary focus of my consulting practices, J. G. Ebersole Associates and The Renaissance Group(TM). If you would like to learn more about how to be better prepared to develop and grow a successful business and know how you can avoid these ten reasons for failure, please contact Glenn Ebersole through his website at www.businesscoach4u.com or by email at jgecoach@aol.com
Glenn Ebersole, Jr. is a multi-faceted professional, who is recognized as a visionary, guide and facilitator in the fields of business coaching, marketing, public relations, management, strategic planning and engineering. Glenn is the Founder and Chief Executive of two Lancaster, PA based consulting practices: The Renaissance Group, a creative marketing, public relations, strategic planning and business development consulting firm and J. G. Ebersole Associates, an independent professional engineering, marketing, and management consulting firm. He is a Certified Facilitator and serves as a business coach and a strategic planning facilitator and consultant to a diverse list of clients. Glenn is also the author of a monthly newsletter, “Glenn’s Guiding Lines – Thoughts From Your Strategic Thinking Business Coach” and has published more than 250 articles on business.
To find out more about the benefits & rewards of effectively working with a strategic thinking business coach, please contact Glenn Ebersole through his web site at http://www.businesscoach4u.com or jgecoach@aol.com
Planning And Starting An Online Business
You will find that the basics and logic of business remain the same, regardless of whether it is an online business or offline. The difference lies in the fact that, to run an online business successfully, you will need to know the fundamentals of any business and have an understanding of the dynamics that drive web-based businesses.
Let’s break this up. To start a business, you will need to have:
• A great business idea
• A solid, realistic business plan, including the financing aspect
• Understand legal issues
• Understand accounting and taxation issues
• Construct a marketing strategy
• Create and maintain a customer base and plan customer service
To start an online business, you will also need to:
• Make sure your business idea works for an online business
• Decide whether or not you need to start a website
• If you do need a website, you will need the technical skill to know how to start, run and manage one
• Understand online marketing and advertising tactics and tools
• Find new and creative ways to drive traffic to your start up online business
• Understand dynamics of customer interaction for an online business
So start with your business idea – try to do a SWOT analysis, i.e. an analysis of the strengths, weaknesses, opportunities and threats that face your concept. Be sure it will work as an online business by thinking – will people buy this product or service online and what value can I offer online that a customer does not get offline? Find out about legal issues surrounding your product or service before starting anything. Determine your start up’s business model – do you want to sell on eBay or start a site or extend your offline store?
Next, come up with a business plan –
Include all costs, all means of possible financing, how you will achieve the financing, logistics of how to procure the product and how to deliver it, and keep in mind that an online business needs to have realistic projections of future income, just like an offline one. Websites can be expensive to start and maintain. Make sure you really need one and account for the expenditure. Be sure that you find reliable service providers – such as the right web host and pay channels. Consider accounting and tax issues in your analysis and planning phase, so you will be realistic in your projections.
Build a comprehensive marketing strategy –
Understand the concepts of internet marketing like search engine optimization (SEO), online advertising, and other ways to increase traffic to your website. Finding a great name is important – something short and simple. Further, make a plan that includes effective and efficient customer service and builds a database or mailing list of customers. Remember that this is an ongoing process for any business and in the case of an online business, it is even more crucial to stay ahead of the game. An online business does not have face time with the customer so it’s important to maintain a healthy communication with all customers.
Keep the above pointers in mind and start planning your way to a successful online business.
William King is the director of UK Wholesale Drop Shipping Trade Supplies, Wholesalers Suppliers & Drop Shippers Products Directory, and Drop Ship & Wholesale Drop Shipping Directory. He has 18 years of experience in the marketing and trading industries and has been helping retailers and startups with their product sourcing, promotion, marketing and supply chain requirements.
Structuring Your Business Properly
Structuring your business correctly for your needs and tax purposes, is an important step in starting your own business, be it at home or at another location.
Here are brief descriptions of the different types of a business structure that will help you in your decision.
SOLE PROPRIETORSHIP— A sole proprietor is an individual who owns and operates the business.
GENERAL PARTNERSHIP—A partnership exists when two or more persons join together in the operation and management of business for profit.
LIMITED PARTNERSHIP—Like a general partnership, a limited partnership has two or more participants. In a limited partnership, there are two types of partners. A general partner has the same rights, powers, and restrictions as a partner in a general partnership. A limited partner is typically not liable for the obligations of the partnership.
C” CORPORATION—A corporation is a legal entity having its own rights, privileges and liabilities, apart from those of the persons forming or owning the corporation. It is the most complex form of business organization and is comprised of three groups of people – shareholders, directors, and officers.
SUBCHAPTER “S” CORPORATION—A special section of the Internal Revenue Code permits a corporation to be taxed as a partnership or sole proprietorship, with the profits taxed at the individual rather than the corporate rate.
PROFESSIONAL SERVICE CORPORATION—A professional service corporation, as the name implies, is a corporation made up exclusively of licensed professionals.
LIMITED LIABILITY COMPANY (LLC)—The Limited Liability Company may be treated as a partnership for U.S. income tax purposes and also provides the limited liability of a corporation. This option may be the preferred choice for certain new operations and joint ventures.
Once you have made a choice on the type of company you feel is best, be it Sole Proprietor, Partnership, etc., there are certain steps you should take to protect yourself and your business.
1. Once you have chosen a name for your company, you should register the name with department in your state that handles this function. Usually at this step, you can establish your tax ID number and resale number.
2. Next, decide on a domain name for your website. Try to have the name relate to your product or services if possible. You can use several different sources to see if the name you would like to use is taken.
3. Next, obtain a business license for your company. Depending on where you live, licenses may vary.
This is a must to protect youself and to prove to the IRS that you do have a business.
4. If you decide to incorporate at the beginning, use a good corporate attorney to properly set up your company.
5. Even if you are going to act as a Sole Proprietor for a part time home business, set up a separate checking account for your business. This will eliminate a lot of problems when filing your taxes. Use that account for all your income and expenses relating to the business.
6. Contact the IRS Business Section and obtain a Federal ID Number. This will allow you not to be passing out your personal Social Security Number to everyone. It will also allow you to keep your business income separate from your income from other sources. (If outside the United States, check your local laws.)
7. If working from your home, it is advisable to have a separate phone line(s) for your business. Again, this will save you a lot of time when filing your taxes in documenting your business phone expense.
8. If your business will require you to make contacts in person, get your business cards to hand out. You should also have business stationary for corresponding with your customers, if needed, my mail.
9. Set up a filing system at the start for your expenses, purchases, etc. File properly at the beginning, and you will save yourself a lot of time and frustration at tax time.
There are other things as your business grows, but do these few steps and you will thank yourself many times as your business grows.
Again, depending on your state, country, etc. different items may be required. The main thing is to create a good operating structure so you can spend your time promoting your business.Some businesses start out as one type and then change to another as they grow. So you do have the opportunity to change later if needed.
For a detailed explanation of the different ways to structure your business, and some pros and cons for each, visit http://www.homebusinesscreated.com and look in Step Three of the Seven Step Course offered for free to our customers.
ABOUT THE AUTHOR:
Tim Smith has over fifty years of tretain business experience. Tim has headed up several sucessful corportations as well as starting seven successful companies. Three for other corporations and four of his own. e was a keynote speaker before retiring from the retail industry. For additional articles on other subjects, go: http://www.homebusinesscreated.com
Are You Ready To Start Your Home Based Business?
By Allen Lundy
There are all types of people in this world. Everyone of us is unique in one way or another. We all look different, we have different hobbies, likes, dislikes, and most of all we have varied skills and learning abilities.
Our uniqueness is what makes each of us special. The ability to make decisions and take responsibility for our actions is what really sets an entrepreneur apart from everybody else with a desire for a home based business.
Making the decision to start your own home based business is just the beginning of a long, fun, exciting and sometimes frustrating journey. Are you ready?
With the Internet being such a prolific venue for anyone desiring to have their own home based business, it’s no wonder so many people have shelled out hundreds and thousands of dollars for their dream – a successful home based business – only to have that dream turn into a nightmare.
You may or may not have been one of those that started a home based business only to find out there is more to a work at home business than just putting up a website and waiting for the money to come rolling in.
If you haven’t been told before, let me say it now – It doesn’t work that way.
Running a successful home business takes planning, hard work and yes, even money. You may have heard that you can start your own home business and make a fortune for no money. That my friend is a myth!
Before you start your own home based business you absolutely MUST look before you leap. A home based business requires the same dedication, hard work and ingenuity as any other brick and mortar business.
Do you have a business Plan? Without a “blue print” of what you envision your home business to be and a path forward to get there, all your hard work may be for nothing. You need to have a business plan and you must research the niche that you are planning on making your fortune in. You must know what your business is all about and what it is going to take to make it a success.
You must have a positive attitude. Your home based business will succeed or fail, depending on how you approach it. Regardless if you work your home business full time or part time, you must always do everything in a positive manner. Your should always remember and believe that your home business is a business, it is not a hobby. Thinking of your home business in any other way could set you up for failure.
Set yourself up a balanced schedule. To achieve a balanced schedule, you need to sit down and actually write out a schedule to follow on a daily, weekly and monthly basis. Set up specific periods of time for your business. When your schedule shows it’s time to work, do nothing else but work on your business.
You will also set aside time for your family on your schedule. After all, isn’t more time with your friends and family a benefit of having your own business? Put in time for your hobbies, go fishing, ride your Harley, whatever you feel like. You absolutely must have some free fun time. Like the saying goes, all work and no play makes Jack a dull boy…Follow your schedule.
Learn everything you can about your products or service: Whether you are selling affiliate programs, software, PLR/MRR products or a service that you can offer, such as television repair, auto repair, the bottom line is you must be considered an expert or at least very knowledgeable. The more you know and the better you are able to articulate to others your knowledge, the more respect within your niche area you will receive. When you are considered the best, Word-of-Mouth advertising can do wonders for your bank account.
Purchase a good domain name: You have already done your research and you know what products you are going to sell, you now have to get one of the most important items for your new home based business. You need to “name” your business. Your domain name is one of the very first things people will see and it will be their first impression of you. Make a good first impression.
Set up your payment options: Many home based businesses will already have some sort of payment option set up on ready made websites. However, especially for individuals that may be new to Internet Marketing, I would suggest starting off with PayPal. It is one of the most popular payment processing systems around.
STUDY, STUDY, STUDY AND DID I MENTION – STUDY? You can never learn too much when it comes to setting up, running and maintaining your home based business. There are a ton of books in both hard copy and digital available for you to become an expert in your field in a very short period of time. Start off with the free eBooks you may find. They have excellent information for the beginner or those that just wish to refresh their knowledge. You don’t have to spend $197 for an eBook when you don’t even understand the basic fundamentals.
Finally: Take your time, be patient, don’t get down on yourself if you aren’t the next Internet Millionaire in 30 days or less. Think about this, Microsoft(tm)started out in a small garage and took many years to become what it is.
An overnight success story according to the newspapers and television – yet, that overnight success took 7-10 years to attain. Be patient, and you too could become the next “overnight success”.
Allen Lundy has been working online for the last few years. His new site The Home Business Plan teaches anyone how to create their own plan for a successful business.
