Can an ERP Save your HR Department?

Is your HR department more disorganized than a 19-year old college student too busy playing God of War to care about his homework? Don't know whether the holiday hours, work schedules or pension benefits are in effect? It might be time to fully automate your business with an enterprise resource planning (ERP) system!

ERP systems can work with all facets of your business to make sure that your business processes are smooth and in tip-top shape.

So what exactly IS ERP?

ERP takes all of the management information, both external and internal and integrates it through the entire organization, including the finance department, the customer service department, the marketing and tech support department, the manufacturing department and the sales and service departments. Putting all this information into a big database, ERP can help any industry

ERP Systems, generally speaking, have four main features:

1. An integrated system that does not require upgrades, because it's constantly being updated in real- time (or close to real-time).
2. A database, common to all departments, that can effectively run all the applications needed.
3. A look and feel that is consistent for all the modules used.
4. The system can be installed without comprehensive application installing or data integration by the IT department.

What components of HR can be helped by ERP?

Practically all of them! HR's job is made that much easier since an ERP system can:

1. Ensure all payroll is accurately put into the system.
2. Ensure that employees are properly trained.
3. Ensure all benefits are accrued properly.
4. Enable the HR Manager to see that the 401(k) balances are applied to the correct employees.
5. Show who was recently hired and the proper pay rate to give to him or her.
6. Keep Diversity Management up-to-date . This ensures that departments are diverse enough to allow inputs and outputs from people from multiple backgrounds.

What are the specific components of an ERP system?

ERP systems generally consist of features such as: Customized Reporting, Workflow Management Internet access (for the purpose of gaining information and document management).

Some people are talking about "Best Practices". Should I be concerned?

Best Practices are the software's way of agreeing with the vendor's ideologies on how to run the company's business processes effectively. As such, complying with these regulations actually becomes easier when an ERP system is implemented. If your company does electronic funds transferring, such as through Paypal, ERP systems actually help facilitate that because they can effectively be coded into the system and be shared among multiple businesses.

Does ERP take a long time to implement?

Yes, but it's worth it. The average amount of time for a business is 14 months and requires 150 consultants. Because of the fact that ERP requires multiple and considerable changes to all the policies and practices, ERP services consist of three different items: Customization, Consulting and Support. Your actual implementation time will vary based on a number of factors, including but not limited to: The size of the business, the willingness of the employees to accept the change and exactly how expansive the scope of changing is. Small companies could see this program done in a month or two, whereas large and multi-national corporations could take as long as a decade.

Does ERP only help the HR Department?

Not at all. ERP is a total overhaul of the way the entire business is run and with information available to all the networks of the organization, you can easily see all facets of business, from accounting all the way up to upper management, being run quicker and more efficiently.

In sum, ERP is a comprehensive modernization of the way the business is run. Any department, from HR to Sales, can see prospective benefits in the long run with some short-term sacrifices. ERP is a good idea for a business that wants to see items ship faster, employees working more effectively and inventory being better accounted for.

This is a guest post by Steve, a recent graduate student living in California who has an expansive background in accounting. He has worked for multi-state companies which have implemented ERP from JD Edwards managed services where he had the opportunity to speak to several consultants about how ERP implementation can be done in a way that accommodates both the business and its employees.

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Doing Your Best With a Desperate Workforce

Today's business start-ups are faced with the honest fact that the current job market is unprecedentedly diluted. Millions of Americans are in need of work and millions more are struggling to attain the professional goals they set out for themselves through education and hard work. For fresh entrepreneurs this is both a blessing and a curse. Many talented individuals flood the system ready to be picked up and given a chance, yet finding them through the thick of non-qualifiers is no easy task.

Once they are hired, the modern workforce continues to present its own set of challenges on account of the dire economy and its affect on individual lives. The following are good ways to not only do your best for these sorts of workers, but to also ensure they don't make it any harder for you to start a successful business:

Get a Great Healthcare Plan

Peace of mind goes a long way in the minds of new employees. Not only do they want to know they're performing well, they also want to make sure they can count on their job to help them take care of their families. The best way to not only win over terrific talent but also keep your workers content and therefore willing to work hard, is to provide a fantastic healthcare plan. Changes in healthcare law have given small business leaders every incentive to get worthwhile plans, providing tax credits to those that do.

Insure Against Flakiness

One downside to the job market floodgates being opened and having access to overly-qualified employees is that these kinds of workers are likely to continue to keep looking for work. Contractors and those hiring remotely especially ought to consider such options as the surety bond and sub-contracts to make sure that the work gets done. Small businesses can't afford to be late on delivery of goods and services. Whether it's in the design of your business structure or simply in writing, protect against flakiness at all costs.

When Possible, Accommodate Busy Schedules

Not every business is able to let their workers perform their tasks whenever it's convenient. But if you're an Internet-based business or some other enterprise with around-the-clock access to the means of production, it's wise to be willing to let office schedules go out the window so long as the work gets done. Too many families are juggling multiple jobs along with the schedules of kids and otherwise to always expect everyone to make it on time everyday. By making it clear that punctuality isn't a priority, you'll let your employees relax, and are sure to see positive results.

Hone Your Interview Process

If there's one certain learning opportunity for entrepreneurs in this tough economy, it's how to hire the right people. Timing is off the essence in running a start-up, so it's imperative that you find the right people as fast as possible. Chances are you're going to be interviewing at least six individuals for one position. Now, imagine the amount of resumes that means you'll have to be looking through. Figure out an efficient system, whether that's scanning every resume for red squiggles and keeping the ones that are error free, or creating an exposing series of questions for the 1-1 process.

Today's workforce is not the same as those of times past. Things are different. The world is working in a very different way. So will the workers, but if they're smart, so will the business leaders.

WHAT'S NEXT? Get your updates by emailor via RSS.Follow us on Twitteror like us on Facebook. Visit ourFREE Business Resourcespage.

About the Author

Nor Franco is the Managing Director and Virtual CEO of nextManager.net. He's a former corporate executive whose passion is bringing out the full potential of HR in Businesses. This time that passion is pursued through Virtual Management. He writes and blogs about his management views and insights here. Follow him on Twitter.

Key Benefits of Learning Management Systems For Businesses

Many business and organizations are responsible for maintaining skills and competence for a large group of employees. As a workforce grows in size, managing employee needs can become challenging, even for smaller businesses. Learning management systems (LMS) are thus put in place to help an organization manage its training programs, online events, classrooms, documentation, and administrative work relating to employees.

LMS Advantages

Organization and Regulation

Many companies can benefit from a learning management system. Modern systems can help provide a central repository for administrative tasks, and automate many procedures. Payroll can be used more effectively, as self-guided services can help many employees manage their own training and competency in an organization. Educational materials can be assembled to meet an individual employee's needs, based on competency testing.

LMSs can also be used for automated administrative tasks and human resource management. Modern systems are used in a variety of industries with regulation (such as pharmaceutical, medical, and financial services) to manage employee compliance training.

Flexibility

A LMS also makes it possible to support varying portability requirements, for different regulatory and site standards. In addition, training initiatives can be consolidated to work on web based platforms, allowing cloud-based storage for learning materials.

Collaborative Learning Environment

LMSs can vary in function, from systems designed for managing educational documents and training records, to cloud-based learning solutions that can be delivered over the Internet. Online LMS systems allow for collaborative learning environments, and can help employees learn with a mentor or other educator.

LMSs can be used to manage all aspects of an employee's documentation. Some service providers provide employee performance and expectations management solutions, which allow employee reviews, feedback, skills-gap analysis, multi-rater assessments, and succession planning. By using competency-based learning solutions, employers can quickly fill in learning gaps, and build the skill set of a group of employees.

Channel Learning

One of the largest upcoming trends in learning management systems is Channel Learning, where allied companies can share educational content and compliance learning materials with partner groups. By thinking outside of traditional corporate boundaries, employers and firms can improve the skill set of their workforce at minimal cost. Large companies with many divisions can create a central LMS, and allow general skill training sets to be used by all partner groups.

Many organizations and businesses suffer from high levels of redundancy in their learning plans and initiatives. By using a learning management system, redundancies in a training system can be incorporated into a single central learning plan. This allows businesses to reduce HR payroll costs, ensure a centralized compliance management system, allow for employee appraisals and reviews using a central standard, and allow performance benchmarking across a large number of groups.

Many learning management systems integrate elements of a talent management system. A TMS can help companies recruit new talent effectively, by creating a database to manage needs in an organization. Many businesses recruit talent based on an organizational hierarchy.

A talent management system can proactively identify areas in a company that can benefit from additional talent, based on current employee appraisals and reviews. Predictive analytics can forecast upcoming trends and needs, and can help a company bring on additional talent before it is needed.

If there are areas where a learning management system has detected weakness, a talent management system can help a proactively identify opportunities to improve a workforce through recruitment of additional talent. In addition, if a LMS identifies a surplus of human talent in one division, and a need for additional talent, TMS-LMS integration can help identify situations where cross training can effectively increase value for a company.

Companies are people: by managing employee skills, talent recruitment, and feedback programs, businesses can learn how to effectively manage their most valuable asset. As technology progresses, talent and learning management systems can help businesses of all sizes adapt to a variety of economic climates.

WHAT'S NEXT? Get your updates by emailor via RSS.Follow us on Twitteror like us on Facebook. Visit ourFREE Business Resourcespage.

About the Author

Nor Franco is the Managing Director and Virtual CEO of nextManager.net. He's a former corporate executive whose passion is bringing out the full potential of HR in Businesses. This time that passion is pursued through Virtual Management. He writes and blogs about his management views and insights here. Follow him on Twitter.

Is Your Organization Customer-Focused?

What does it mean to say an organization is customer-focused?

A customer-focused organization is one that truly understands the needs and expectations of its customers and focuses on going beyond just meeting them. Customer-focused organizations consistently exceed the expectations of their customers. There is recognition throughout the organization that customer satisfaction should be a bare minimum – not a goal to strive for. If you want to be recognized as an outstanding provider of customer service, then you – and everyone who works for your company – must consistently exceed the expectations of your customers.

How can companies develop customer relationships characterized by loyalty?

Providing satisfactory service is a given in a customer-focused organization. Exceeding the needs of customers – both in terms of quality of products and services and in terms of how they are treated – is what will cultivate customer loyalty. Think about it like this: A satisfied customer is one that did not experience dissatisfaction with your company. He or she might come back in the future, but might just as easily to go a competitor. Ask yourself this: What can you do to make sure that your customers want to choose to keep coming back to you time and time again? Those are the things that result in loyalty.

What can a company do to become more customer-focused?

• Treat employees with the same level of respect that should be shown to customers
• Train employees regarded what is expected and why the expectation is what it is
• Never lose sight of the fact that perception is reality when it comes to customer service
• Realize that customers must be the first priority
• Maintain an appropriate attitude of respect and professionalism
• Focus on determining customer needs
• Work on building relationships with customers
• Work proactively to prevent problems
• Practice effective problem resolution techniques when problems arise

WHAT'S NEXT? Get your updates by emailor via RSS.Follow us on Twitteror like us on Facebook. Visit ourFREE Business Resourcespage.

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This is another guest post by Mary G. White, M.A., SPHR. She is the Training Coordinator for Mobile Technical Institute and MTI Business Solutions, where she specializes in human resources, management, and marketing training. She teaches business training seminars in Mobile, AL and provides on-site corporate training and conference presentations throughout the U.S., as well as human resource management and public relations consulting services. She is also the author of 101 Human Resource Management Tips and 101 Successful PR Campaign Tips in the LifeTips book series.  Article courtesy of the Recruiting Blogswap, a content exchange service sponsored by CollegeRecruiter.com, a leading site for college students looking for internships and recent graduates searching for entry level jobs and other career opportunities.

Tips for How to Choose an Excellent Business Administration Degree Program

Nearly every four-year university offers a Business Administration Degree program; however, not all degree programs are created equal. Just because a college offers a certain degree program doesn't necessarily mean that it is a good program at that school. Many colleges are distinctly known for excelling in a certain area such as the University of Missouri for Journalism, the University of California-Davis for Large Animal Veterinary, and the Harvard School of Business for, obviously, business. While we would all love to have achieved the academic excellence to attend the Harvard or Wharton School of Business, it's not always possible. However, you can still obtain a great degree from a reputable program even if the program isn't as prestigious as Harvard. You just need to know what you look for. Before deciding on any university or college to obtain your business degree, you need to ask yourself 3 key questions:  

What Does the Curriculum Offer?

When it comes to entering a degree program, it is obvious that the education itself it of the foremost importance. Before registering with a certain school, check out their curriculum online first. A good business program, whether it be an MBA or BA, should always have a curriculum that offers a balance between accounting, management, and finance.  

Who Will Be Your Professors?

If the professors of a program you are interested in have never sat on a Board of Directors, owned their own firm, or sat as a CEO or CFO, then there is a good chance that they don't have the real life experience needed to teach you real world applications. For each program you are interested in do a background check on each of the professors listed in the department. Choose the program that has the greatest number of professors with the most professional experience. Not only will these types of professors better understand real-world business, but they will have also established more contacts in the business world which will offer you greater opportunities for networking and future job prospects.  

What Professional Services are Offered?

The job market has been particularly tough for recent graduates – even those graduating with MBAs. Make sure the business administration programs you are interested in offer a great career services department that gives personalized attention to each individual in the program. You will also want to see what percentage of students are actually being hired from each graduating class of that particular business program. If you find that the number is below 85 percent, then you may want to reconsider your interest.  

What Professional Experience is Available? 

Education alone will not get you a job after graduation. You will not only need a great education, but also a great resume under your belt. Check with each program to make sure that they are established with several businesses and firms around the area so you are able to obtain a great internship, and gain the work experience needed to begin a solid career after graduation.  

Is the Program Accredited?

As surprising as it may be, not all business administration programs are accredited, nor are all colleges and universities. Without accreditation, you are essentially paying for an education and donating your time for a degree that doesn't even count. Before even looking further into any program, you should always make sure they are accredited first by visiting the U.S. Department of Education's page. There is no reason to get starry eyed about a program only to realize that it isn't accredited.

Higher education is a definite investment of time and money. There is no reason to immediately rush into a decision when choosing a program. In this economic climate, you need the best education and professional experience a school can offer to obtain a career after graduation. Don't sell yourself short. Take the time needed to research each school thoroughly to make sure that both your time and money are well spent.

WHAT'S NEXT? Get your updates by emailor via RSS.Follow us on Twitteror like us on Facebook. Visit ourFREE Business Resourcespage.

About the Author

Nor Franco is the Managing Director and Virtual CEO of nextManager.net. He's a former corporate executive whose passion is bringing out the full potential of HR in Businesses. This time that passion is pursued through Virtual Management. He writes and blogs about his management views and insights here. Follow him on Twitter.

How To Avoid Making Bad Hiring Choices

In today's economic environment, mistakes are spotlighted much easier than ever before. To be successful, every approach has to be calculated and played like a chess game. This basic principal goes for the hiring process as well. You want the best people in every position, whether it's for your IT management or HR department.

Far too many people make really bone-headed decisions on those they hire for equally poor reasons. This won't fly in today's economy. It's an employer's market, but you have to think about a lot of things if you want to avoid making a hiring mistake that could end up costing your company time and treasure.

Bullet Point Hiring

Sometimes a candidate looks great on paper but just doesn't translate into real life. As you scroll down the list of bullet point accomplishments, the choices seems to be obvious. It's not uncommon because, after all, you're trying to fill a slot with the best possible candidate. But just because a job applicant looks good on paper doesn't mean that you should be softer on them because they “fit.” Many managers overvalue a narrow range of abilities and work-related experience and totally disregard a candidate that has far more long-term potential.

Overvaluing Presentation Skills

During an interview, an applicant is required to put their best face forward, but it's also important not to overvalue presentation skills. Sometimes people aren't the best during interviews. The economy is bad and many people want a job very badly. This can sometimes lead to nervousness and end up causing the person to make mistakes during their interview. The whole picture needs to be taken into account and any good decision is going to be based on all of the information and not a “gut” motivated decision.

Making Gut Decisions

This is one of the worst reasons to hire someone, but it's also the most common. Managers often go on instinct when they hire someone, but find out quickly after the person starts that maybe they should have thought a little more about it before making a snap decision. Avoid doing this and analyze any choice you make with logic, not feeling.

With all of that said, try not to fall back on preconceived notions about a person. This is usually arrived at within minutes, or even seconds, after a meeting begins. Doing so can often inform your eventual decision and have too great an impact. This is why it's best you use the tips above to make the best long-term decision that will help your company's overall strategy for success.

WHAT'S NEXT? Get your updates by emailor via RSS.Follow us on Twitteror like us on Facebook. Visit ourFREE Business Resourcespage.

About the Author

Nor Franco is the Managing Director and Virtual CEO of nextManager.net. He's a former corporate executive whose passion is bringing out the full potential of HR in Businesses. This time that passion is pursued through Virtual Management. He writes and blogs about his management views and insights here. Follow him on Twitter.

Semantics is a Fundamental Element of Employee Motivation

People like to feel important. That bit of information is not just obvious, it's something you learn in HR 101. But people aren't idiots, either. Employees can smell a supervisor's insincere motivation a mile away, and while a pat on the back is always welcome, it doesn't do much to make an employee feel really special when it's obviously an effort to increase productivity. It's unspoken appreciation that does the most to motivate a person to excel at their work. Workers crave unassuming symbols of their importance.

Examples include the job title. It's something most companies don't care about beyond strictly practical terms, but naming the position correctly can make the individual who filled the slot feel like they're a necessary lever not a replaceable component. It all comes down to semantics, is the study of the meaning of words, phrases, symbols, and their particular influence on the human mind. It's overwhelmingly evident that the right words matter a whole lot when it comes to the response or reaction received.

There is perhaps no better example of the power of semantics like how they work in politics. Frank Luntz is the name you're probably most familiar with when it comes to the frighteningly varying results you can get when you choose different words and phrases to describe an unchanging idea or concept. Luntz famously encouraged lawmakers opposed to the estate tax to call it a "death tax" instead, which resulted in public opinion shifting towards their side of the argument.

If you want workers to do better, use the right words to project the right mindset. You can even go further than that, if budget allows, and invest in seemingly prestigious benefits for the worker. When it's time to replace office furniture order inexpensive "executive office chairs" for all low ranking staff. Traveling employees should be given first-class tickets even if the airline choice is second-rate for their employment rank. They'll never find out.

It doesn't have to be all smoke and mirrors either. Just simply remembering to hone your genuine appreciation to a point that allows for maximum employee self-satisfaction is enough, and you don't have to feel like you're manipulating the mind of someone else.

Mark Twain famously said of writing that "the difference between the right word and almost the right word is the difference between a lightening bug and a bolt of lightening." This quote also rings true to office semantics. Ho-hum words and perks can generate the energy of a lightening bug among your workers, but pick the right words, phrases, and symbols and you'll get lightening.

WHAT'S NEXT? Get your updates by emailor via RSS.Follow us on Twitteror like us on Facebook. Visit ourFREE Business Resourcespage.

About the Author

Nor Franco is the Managing Director and Virtual CEO of nextManager.net. He's a former corporate executive whose passion is bringing out the full potential of HR in Businesses. This time that passion is pursued through Virtual Management. He writes and blogs about his management views and insights here. Follow him on Twitter.

Relevance: One Key to Effective Employee Training

Does your job involve developing and delivering employee training, or choosing professional training companies to assist with your employee development needs? If so, it's essential that you take the time to think about what separate effective instruction that delivers results from development efforts that are destined to fail.

Effective employee training begins with one simple word: relevant. When employees are required to participate in development activities, it's up to you to establish relevance. Employee development activities can only be successful if the people who are being asked (or told) to participate in them can see the relevance of them.

Think about it this way. How would you answer if an employee were to respond to a request to attend a training session by asking, "What's in it for me?" The answer to that question – what is in it for the employee – is the solution to determining relevance. Good trainers are able to convey relevance throughout training events by using examples and building value.

By making sure that the training that you provide to your employees is delivered in a way that helps them understand how and why they can benefit from acquiring new knowledge and skills. That's the best way to ensure that team members develop transferable skills that can enhance their workplace performance and productivity.

WHAT'S NEXT? Get your updates by emailor via RSS.Follow us on Twitteror like us on Facebook. Visit ourFREE Business Resourcespage.

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This is a guest post by Mary Gormandy White, M.A., SPHR. Mary is the Training Coordinator for Mobile Technical Institute & MTI Business Solutions, where she specializes in human resources, management, and marketing training. She teaches business training seminars in Mobile, AL and provides on-site corporate training and conference presentations throughout the U.S., as well as human resource management consulting services. She is also the author of 101 Human Resource Management Tips in the LifeTips book series

Article courtesy of the Recruiting Blogswap, a content exchange service sponsored by CollegeRecruiter.com, a leading site for college students looking for internships and recent graduates searching for entry level jobs and other career opportunities.

HR Opportunities in a New Economy - Healthcare

After enduring a shaky economic overhaul, our country is beginning to bounce back with new progress in new directions. As new hiring efforts are being taken across several industries, employment in human resources is expected to increase over the next 5 years. This is great news for HR professionals who have been out of work, looking for something new, or are just entering the profession.

Healthcare reform has been all over the news lately, and although no one is certain what form it will end up taking, there is one thing the country can be sure of: more healthcare = more jobs. According to the U.S. Department of Labor, healthcare will generate 3.2 million new wage and salary jobs between 2008 and 2018, more than any other industry, largely in response to rapid growth in the elderly population. This is great news for recent graduates of medical, dental, or medical assistant schools, as well as non-industry specific employees. People will be needed for roles in maintenance, administrative, and facility management positions as well.

HR professionals will be required to handle this new influx of employment. Many smaller medical offices may not require an HR professional for their location, but the opportunities are still there especially in larger urgent care facilities and hospitals. Although hospitals constitute only 1 percent of all healthcare establishments, they employ 35 percent of all workers (Bureau of Labor Statistics).

With the changing role of healthcare in our country, the complexities of employee labor rules and government compliance is bound to change as well. HR prospects would do well to do their research before applying for new positions in the healthcare industry as knowledge around these complex changes would definitely set a person apart.

WHAT'S NEXT? Get your updates by emailor via RSS.Follow us on Twitteror like us on Facebook. Visit ourFREE Business Resourcespage.

About the Author

Nor Franco is the Managing Director and Virtual CEO of nextManager.net. He's a former corporate executive whose passion is bringing out the full potential of HR in Businesses. This time that passion is pursued through Virtual Management. He writes and blogs about his management views and insights here. Follow him on Twitter.

Be an HRM Leader by Example

Are you using your role in Human Resource Management to lead your company’s employees? With all of the other hats you’re wearing, leadership might have been pushed to the back burner. But don’t give up; here are 5 simple ways to lead by example. Check in and see how you’re using them to make a difference in your organization.

Winning Attitude - Be the exciting fulfilled employee that you want to see! Happiness begets Happiness, and sometimes that’s all your employees need. Lead by example so that others may remember why they are here. And if you find this a difficult task, then it may be time for you to re-evaluate, and remove whatever roadblocks are in the way of your own attitude. Because as leader, it is the most important tool you have.

Openly Communicate - That’s right, it’s a hidden way to say “Listen!” Are you listening to your employees? Are you allowing them an open door to share what they’re seeing or hearing on their end? Like any good relationship, open communication is key in regards to performance, enjoyment, and improvement. Also, notice when you’re being real with them, or when you’re just telling them what they want to hear. Don’t just make assertions, really get in there and find out the truth of the situation. It will give you a new perspective to lead from.

Make the Hard Choices - This is where the rubber meets the road: decision making. It’s a big part of why you’re paid, and showing up here is everything. How do you make tough decisions? Do you ever catch yourself waiting around until you can take an opinion poll? Or have you ever tried to pass it off as someone else’s problem. Be that stand for your company. Be the person who can step up, evaluate the situation, and make the tough decision. And do it regardless of what the popular opinion is. Anxiety is normal, but your gut will tell you what’s right.

Be the Brand - Are you being the proud face of your brand that you want to see in your employee’s? The marketing department usually handles the promotional pens, t-shirts, and tote-bags, but it is your job to help lead the company culture! How are you setting the example of what it means to be a part of your specific organization? What about a presence in your community? If you want people to hold your company in as high of standards as it deserves, remember it all starts with you.

Go Beyond - How have you gone the extra mile lately? It’s not always in quantity either. Putting in extra hours is not always the answer. What about being fully present when someone has a problem? Or, have you taken a few extra minutes with something because “good enough,” just isn’t? There are many little ways to go beyond what everyone else deems acceptable. And leadership is about setting that example. You know that you care, but sometimes it’s just a matter of showing everyone else. Show them by example.

And remember, the most important part of any journey is the step you’re taking right now. Get present, and get focused. Don’t dwell on the past and future, as they can take care of themselves. And you already have all the tools you need to lead! It’s just a matter of showing up, and doing the work that matters.

WHAT'S NEXT? Get your updates by emailor via RSS.Follow us on Twitteror like us on Facebook. Visit ourFREE Business Resourcespage.

About the Author

Nor Franco is the Managing Director and Virtual CEO of nextManager.net. He's a former corporate executive whose passion is bringing out the full potential of HR in Businesses. This time that passion is pursued through Virtual Management. He writes and blogs about his management views and insights here. Follow him on Twitter.

Business Planning Essentials in 6 Sentences

The best preparation for tomorrow is to do today's work superbly well. ~Sir William Osler

Many are drawn to the idea of startup and running their own small business without taking so much thought about the planning stage itself. A perfect business idea, a capital, and a niche is no guarantee to business success. You were misled. There are more things that you need to prepare before launching your dream business. “If you fail to plan, you are planning to fail.”

You have probably heard that maxim. However, many would-be entrepreneurs have taken that for granted. A written business plan, also, is not all there is. You need more.

1. Define your business idea and mission.
   
   The business idea is an excellent starting point. I don’t see any other way to start a business except a good and feasible idea. However, you need to articulate it. You need to define it, and the other components associated with it. Unless you are clear about that, a business plan is simply a piece of paper that you will just probably use when you apply for a business loan or when a VC shows interest in your business.
   
   Your idea is the springboard for your business mission. Your mission statement is an articulation of where you want to push your business idea into a realization. This is the grand picture of what you want. Write it. Refine it by discussing it with your partners, friends, or anyone who will be willing to listen to you. If you are familiar with using a mind map tool, that is an excellent way of defining and refining your mission.


2. Draw your plan and build your business around your passion and expertise.
   
   This is the chance to shine. This is your opportunity to pursue your passion and use your expertise. You have to examine your compelling reasons for starting a business. Otherwise, you are in for a major financial disaster if your motives are not aligned to your business venture.


3. Be stubborn as a Bull.
   
   If you are not willing to give 101% to your new business, don’t waste your time. Find a job instead. You need to be willing to commit more of your time in cultivating your business to growth. You need to develop the discipline of learning new things, the flexibility to adjust your sail where the wind’s direction is, and the stubbornness of the bull to weather any frustrations you will be encountering along the way, for they are many. It will never be a smooth ride.


4. Know your market and your competitors.
   
   Your niche is not only your target market; it also includes your competitor. Conduct a competitors’ analysis. This will need more time in data gathering, but it is worth all the efforts. Find everything about your competitors’ offering, which includes product specs, prices, promotions, advertising, distribution, quality, service, the people behind, and their unique proposition. You need not exceed everything that they have. Capitalize on your uniqueness, and do better.


5. Network with other small business owners and successful entrepreneurs.
   
   These are not necessarily on the same business with you but entrepreneurs who have learned the rudiments of running their own business. Learn from them. You will learn more with these people than taking an MBA. Seek their help from time to time. Join a trade association, shows, and conferences. Network with professionals and vendors who knows about the nature of your business. Keep on connecting, because you will never know when you are going to need their expertise, and support.


6. Don’t sleep, don’t eat, and don’t play.
   
   Well, this is actually tied up with item number 3 there. It only means that you need to sacrifice. Running your own show is entirely different when you are just among the stage actors. You need to devote your life. That is price you have to pay. It will never be easy, but if you are passionate and resilient about your business, for in the end, the difference between a successful entrepreneur and others is not the lack of capital, resources, and technology, but the lack of will to succeed.

“You can't overestimate the need to plan and prepare. In most of the mistakes I've made, there has been this common theme of inadequate planning beforehand. You really can't over-prepare in business!”~Chris Corrigan

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About the Author

Nor Franco is the Managing Director and Virtual CEO of nextManager.net. He's a former corporate executive whose passion is bringing out the full potential of HR in Businesses. This time that passion is pursued through Virtual Management. He writes and blogs about his management views and insights here. Follow him on Twitter.