How do you explain getting fired to your next potential employer?

If you were not fired due to misconduct or other wrong-doing, the first thing to keep in mind is that many employers will not mention that you have been fired in your termination letter. The separation is viewed and projected as a ‘mutual agreement to part ways.’ Employers realise that they are putting you through tough times and don’t want to make it any harder than it is. They also want to protect their reputation in the market and do not want former employees spreading a bad word, if it can be avoided.

Do make sure you speak with your former employer, to ensure that everyone concerned is clear about what reason for separation will be on record. In such cases, you should not have a problem explaining why you left the company to potential employers – you just decided to part ways.

In the event that you cannot avoid your former employer mentioning that you were fired, here are some suggestions to keep in mind:

• Be honest. While you can easily avoid the drama and details, it is important to be honest about why you left your employer. A simple – “They were cutting costs and had to let go of employees” will do.



• Avoid mentioning that your were fired in your application
  It is not important or relevant to mention it as this stage. Save it for the interviews.



• Obtain references from managers, co-workers and others you interacted/worked with
  Even if you mention that you were fired due to cost cutting, the first thing that your potential employer will thing is – “Was he/she part of the retrenchment due to low performance?” To overcome this, it is useful to get recommendation letters from people you worked with at your former employer(s).

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This is a guest post by Amit Puri is the Managing Consultant at Sandbox Advisors. He has over 10 years of business and HR related experience, with companies such as Bain & Co, Morgan Stanley and Citigroup. Sandbox Advisors is based in Singapore and provides career management and HR consulting services in Asia.

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.

The Importance of Access to Online Information for Small Business Owners

When I was completing my college, we have no access to computers then. Therefore, we rely on the traditional method of research, which is exploring the library and browsing through the index cards. How I wish then I could just ask a question and somebody gives me a good answer to start with. No! Instead, I have to formulate my own questions and find the answers in the stack of books, periodicals, and journals.

Today, information is available at the click of the mouse. Question and answers on any subject and topic is easily accessible over the net -free! In fact, there is a huge deposit of information on the internet, and still growing, on how to start and manage a small business. Thus, if you consider venturing into one, you have already all the information you need. Just go online and find answers.

Many of us, both would be entrepreneurs and novice, need all the training and information we can get to succeed. But, how many of us have really taken advantage of these available free information online?

A dictionary or encyclopedia of business trends and management will not suffice. On the net, you can find many like-minded individuals and entrepreneurs in your niche that you can always refer to. This is far better than spending time on other business books.

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.

Money Management Basics for Small Business

"Money is a good servant but a bad master." ~Quoted by Bacon

One of the most important aspects of managing your own business is managing its money. Your success and profitability hinges considerably on how you invest and spend money into your business. You should use money in the most productive and profitable way like a good servant.

Here are a few money management basics that any entrepreneur must know and have:

Bookeeping Know-How

Regardless if you have stumbled on a niche that you think you have no competitors, if you have the best product or service to offer, if you have plenty of money in the bank to use as a buffer for your business, if you a large following of loyal customers, if you don’t know how your cash flows, you will eventually close shop. Successful entrepreneurs are first and foremost good money managers. You need not to be an accountant to know the basics of accounting. You just need to know the fundamentals of cash flow, inventory management, AR (Account Receivables), assets and liabilities, and how your payment gateway and credit card facility work.

Moreover, you need to know how to read your balance sheet and income statement and be able to tell where your money is moving. Watch your cash flow carefully, especially your positive cash flow that there should be more money coming-in than coming out. If your company is releasing more money than what it is generating (negative cash flow) you are managing it towards bankruptcy. Do not just rely on what your accountant is telling you, if you have one, monitor and analyze your cash flow.

Invest on Assets

What are assets and liabilities? In simplest terms, assets are those things that generate money for your business, while liabilities are those things that suck-out money from your business. So do you really need brand new and expensive furnishings for your office or do you really need a huge store or office space? If these things will not help you generate more money, then they are among your liabilities. People or systems, on a broader sense, if they are not helping your bottom line can also be classified as liabilities.

Capitalize on assets. If you are familiar with the Pareto Principle, which states in the business context, 80% of your income comes from 20% of what you are doing. This 20% is your asset, focus on and nurture it.

Strengthen your Collection System

More often, B2B or business-to-business transactions are not done on COD’s (cash on delivery. Thus, in this case, you must have a concrete payment policy that you need to make known to your client and make them agree. Monitor your AR carefully and ensure that payments are collected on time.

Separate your Personal Finances

If you are buying an insurance, by all means do not use your business fund. Similarly, all other personal money matters and transactions should be removed from your business’ books. This way, you can clearly see how your business is performing.

There are other money management practices that you need to learn, however in the beginning it is sufficient that what I have enumerated above should at least give you a firm grasp on your business finances. Lastly, you might want to consult a finance expert from time to time to give a you a better perspective.

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.

Reading Books and the Practice of Business Management

Reading, after a certain age, diverts the mind too much from its creative pursuits. Any man who reads too much and uses his own brain too little falls into lazy habits of thinking. ~Albert Einstein

My first job after college was an assistant college instructor while pursuing a graduate degree, for which I stayed through only for two semesters. After that, I was hired a by a large appliance retail company to join their roster of in-house trainers and employee seminar facilitators.

It was fun!

I never really felt working there at all because 80%of my working time reading books, studying, preparing instructional materials, facilitating other training seminars, and brainstorming with my training team. The other 20% was the time by which I am conducting the training myself.

I have read countless management books from popular business gurus, so much so that I can quote verbatim some of the important principles they taught.

There was a problem though –I was training 'would-be' store supervisors the practice of business management directly out of the shelf. I had many management training, but I never truly smelled the trenches of business or people management, except in the context of training others. At times, I felt that I was detached from what I am sharing with my trainees.

Reading books or a book itself, according to Edward P. Morgan,

…is the only place in which you can examine a fragile thought without breaking it, or explore an explosive idea without fear it will go off in your face. It is one of the few havens remaining where a man's mind can get both provocation and privacy.

In effect, reading allows you to comprehend more any subject matter. And now, with the growing popularity of audio books, the task have been made easier for us. Thus, whether you are driving or doing something else, you can soak your brains with any good management book in audio.

However, one needs to go beyond reading and reflection in order to get the full benefits therefrom. Again, in the context of managing business and people, you need to immerse yourself on the experience itself. Otherwise, in my experience then, you will not lend credibility in what you teach.

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.