Author: Ethan Theo

Abe WalkingBear Sanchez is an International Speaker / Trainer / Consultant on the subject of cash flow / sales enhancement and business knowledge organization and use. Founder and President of www.armg-usa.com, WalkingBear has authored hundreds of business articles, has worked with numerous companies in a wide range of industries since 1982 and has spoken at many venues including the Shakespeare Globe Theater in London.

Categories
Finance & Capital

Your Business Is Mobile; Your Banking Can Be Too

Your Business Is Mobile Your Banking Can Be Too

The modern entrepreneur has a number of advantages over those of 20 or even ten years ago.  Marketing has become drastically different thanks to social media, as well as powerful software systems that can integrate, categorize, and manage contacts to make your efforts more efficient.

And products today are far easier to “manufacture”; no longer does a startup have to find space and tools to build a product and hire skilled people to assemble it.  The focus today is on intangible products that can be produced on a computer with very little overhead, usually right in your home.

Because you no longer need a drill press or arc welder to continue cranking out your product, you can crank from almost anywhere that you can find available Wi-Fi.  That frees you up for more traveling, provides options when you experience problems like a power failure at home, and stimulates the creative juices by letting you log a day’s work from a local park or simply out by your pool.

Mobile banking even allows you to take care of financial transactions on the fly, and if you adopt this method you’ll soon learn about the benefits of mobile banking.  Here are a few points worth considering if you’re considering doing financial work on a smartphone or laptop.

Quicker Detection of Problems

Mobile banking permits you to see what’s happening in your accounts just as quickly as a teller or customer service rep can do so.  That allows you to stop fraudulent transactions quickly and prevent additional ones.

Most credit card number thefts begin with a small purchase, just a couple of dollars, by the thief, to make sure the number is valid.  If you see that $2.36 on your account in a city hundreds of miles from you, you can act quickly to stop the card’s activity and save yourself a great deal of hassle later on.

With so many methods of automatic payment used today, it can also be easy to forget a scheduled transaction.  That could nudge you uncomfortably close to your credit limit or an overdraft.  It’s far better to take a regular look at account activity and make sure you’re current on where money is going before you make a mistake.

Safer Operation

That begs the question of whether mobile banking is safe.  While the FDIC has its concerns, there is nothing about mobile banking safety that is drastically different from online safety in general.  You use smart passwords, you keep up with your phone, and you watch for unexpected activity.  It’s just like your email or social media accounts.

Using a mobile app to deal with your bank or your credit card is actually safer than via a laptop.  Your phone is on your person or in your purse at all times, whereas a laptop can’t make a restroom stop with you and won’t walk in at the gas station to grab a cup of coffee.  Additionally, phones utilize data connections that are secured through your phone, rather than the free Wi-Fi at a fast food restaurant.

So not only is a swiping, scrolling banking method faster, it’s also considerably less vulnerable to hackers and theft.

Easier Recordkeeping

Whether it’s business expenses appearing on your credit card or checking account, the best time to categorize them is when you first incur them.  Waiting on a monthly statement to analyze how to categorize them for accounting purposes is just an invitation for mistakes.

Instead, you can utilize mobile banking to view expenses as they post to your account, and quickly record a breakdown on each expenditure regarding its purpose, amount, and destination.  That’s a big time saver when it’s time to take care of corporate taxes.

Going Greener

As a devoted mobile banking user can attest, it’s a nice thing to see less paperwork accumulating in the mailbox.  Statements from checking and credit card accounts will stop cluttering your office as you begin to transfer data from mobile banking apps to your own storage in your accounting software or spreadsheets.

That eliminates the occasional chore of shredding documents and the subsequent (often messy) chore of dumping the shredded paper.

A greener business not only saves money but also adds a marketing angle that provides extra appeal to many clients and customers.

Mobile banking use requires the same attention to detail and security that any other online transaction requires, and it carries the added benefit of greater efficiency and easier management.  As features and apps are developed, many entrepreneurs will join the ranks of mobile banking users.

Article contributed by Jenna Smith

Categories
Starting Up

Why Tech-based Startups Should Take a Deep Look At Their Assumptions

Why Tech-based Startups Should Take a Deep Look At Their Assumptions

When it comes to new business startups in tech industry, there are some assumptions that owners tend to make. Technology businesses are delicate ecosystems that should be driven with a focus on the stakeholders. The connection of the product with the target market should be stressed enough in order to stay away from some clichéd assumptions.

One of the assumptions that tech entrepreneurs tend to make is that if I build it, they will come. Any idea that pops into your mind may not necessarily translate into the next best thing in tech business. This can be understood in regards with the app business. The media and web projects make it seem like it’s quite easy for anyone to make money developing an app.

However, the reality is quite different. You may able to come up with a code that translates into an app and expect it to go viral as soon as you place it in the app market. Unfortunately, this isn’t the way it works.

Technology based business require genuine inspiration that can translate from even the most basic of ideas. Integration is also important with regards to product development. You don’t need to invent something, at times improvement itself is an innovation.

One of the simplest examples in this regard can be that of internet conferencing and how it has been used as an integrated model in a number of processes. This can be seen in the case of project management solutions and other tech based services that provide such communication options.

Another assumption that’s made is that people would understand your idea when they see it. Instagram is a good example of how to avoid such a case. There were a number of apps for sharing photos before Instagram, but they couldn’t excel. But how did Instagram? Filters my friend!

Instagram focused on simplification and feature access not present in other apps. What mattered was that Instagram was able to check in the user’s natural instinct and employed to their benefit. So, it’s important that you don’t underestimate the reluctance of people to learn new things.

The concept of functionality is important, but even more important is that of a minimum viable product. An assumption is that adding more features to a product would attract the user’s attention. No, it doesn’t always and it can actually scare them away. You should instead focus on the minimal set of features that are effective. At times, the overabundance of functionality causes confusion in the mind of the user.

Success in technology based businesses relies on how the entrepreneur focuses more on the response of the people instead of their own pride. Many businesses don’t take off or shut down after a few years because the owner’s enthusiasm is overwhelming.

When you’re pitching the idea, instead of focusing on its ‘awesomeness’, rely on the audience’s response more. At times, you would realize that your idea while seeming great to you, isn’t what the general masses need.

To cap it, don’t rely on the assumption that you can make anything go viral. The ecosystem of technology businesses defines the viral nature as more of a chance than a technique. So it’s not a wise strategy to think that your business can succeed because your product would go viral. A number of cat videos go viral, but some other videos with similar ideas didn’t.

Rely on the concept, not on the chance.

Article contributed by Jenna Smith

Categories
Home-Based Business

3 Solid Tips to Make Your Home Office More Secure

3 Solid Tips to Make Your Home Office More Secure

Managing your business from the comfort of your home is great, but since the environment is different from a traditional office, it’s easy to forget about the importance of securing it. When you’re working from home, you are the only one who’s solely responsible for office’s security.

Just the way it’s important to keep your home office organized, it’s also important to keep it safe and secure. Here’s how you do it:

#1: Install a Home Alarm System

The safety of your home office should be your top priority – not just when you’re home but also when you’re away. Installing a quality home alarm system goes beyond warding off any intruders and keeps your home office protected round the clock. Simply having visual signs such as a sticker on your front door or a clear alarm sign in your yard is enough to deter intruders from breaking in.

What’s more, top home security systems today come with “rapid alarm response”, where local authorities get notified in case of an emergency at your home office so that they can rush in for help. For more info on how the rapid response alarm works visit http://www.securitychoice.com/. And yes, here’s an added advantage for you as a small home business owner – you might be able to write off the home alarm system for that part of your house on your income taxes.

#2: Remove Obstructions

By removing obstructions around your home, you enhance natural surveillance. The main aim of natural surveillance is not to keep any intruders away from your home office, but to keep them under observation. So how do you achieve natural surveillance? The simplest way would be through effective lighting. You don’t want any potential burglars hanging out in the shadows in the dead of the night, right? Which is why having motion lights in your parking area and also next to your house can help a great deal.

Another way to improve natural surveillance is to prune any trees near your home by up to 10 to 12 feet and keep the shrubbery low. Besides this, make sure your premise is maintained and good landscaping is done as it shows that the area is active/alert. Lastly, you should place items such as dumpsters to get a better sight lines from within your home.

#3: Avoid Data/Identity Theft

Having backups is good, but what if your business computer gets stolen? Your data gets stolen too. Most of the computers today come with built-in security options/features that can be controlled through the system preferences panel. Make the most out of this to ensure you’ve got active security. For example, you can have your sensitive data dragged into folder protected by a single password.

Want to rev up security to the maximum? Then go ahead and activate the built-in encryption program that helps in scrambling all the files on your business computer. The upside to this is that not even a single file can be opened without the required password. And the downside? In case you lose the password, you lose the data. If you’re not comfortable with such advanced data security then install a strong door to your home office equipped with the solid lock.

Article contributed by Jenna Smith

Categories
Success Attitude

If You Want More Success & More Happiness, Be First Grateful For What You Have!

As I read the newspaper and forums daily, it seems that the majority of comments and news I read about is negative. People tend to spend more of their time complaining about how bad things are and focusing on what they don’t have rather than focusing on their blessings.

What many of these people do not realize is that they are actually sabotaging their happiness, health and future success. There is a powerful universal law in life that says that we attract whatever we focus on. By complaining and focusing on everything that is wrong (e.g. lousy government, too many foreigners, not enough money etc..), these people are actually attracting more poverty, ill health and unhappiness into their life.

When you don’t feel grateful for what you have, you are sending a message to God that you don’t deserve to get more of what life has to offer. When you are in a negative emotional and physical state, you will not have the passion and physical energy to notice and pursue the abundance of opportunities around you.

If we want more success, more happiness and a greater level of heath, we have to adopt the attitude of gratitude. Learning to be sincerely grateful for what you have and putting yourself in a state of ‘thankfulness’ increases your psychological as well as physical well-being.

When you focus on the blessings that you have, you put yourself into an emotional state of happiness. Not only does this make you feel good, it initiates a healing effect on your physical body. The left pre-frontal cortex of your brain is activated and positive hormones like Serotonin are secreted into your body. Serotonin is a ‘happy hormone’ that further boosts your mood. This natural ‘drug’ improves your physical health by strengthening your immune system!

Psychologists Dr. Robert Emmons of the University of California, Davis and Dr. Michael McCullough of the University of Miami, have found during their ongoing Research Project on Gratitude and Thankfulness that people who keep weekly gratitude journals had lesser health problems, had a more optimistic outlook on life, and were more likely to reach their goals.

Gratitude Attracts Greater Abundance

“Nothing new can come into your life until you are grateful for what you have.” 

Besides just making us feel good and positively improving our health, having an attitude of gratitude actually attracts greater success and abundance into our life. How does this work?

Every thought we have is a quantum of energy that vibrates at a particular frequency. Negative, pessimistic and unhappy thoughts vibrate at a much lower frequency as compared to positive, happy and optimistic thoughts.

Since all matter in the universe is actually made up of vibrating atoms at the quantum mechanical level, our thoughts actually attract and shape the kind of people, object and events we experience in our lives.

We tend to attract events and people that vibrate at the same frequency as our dominant thoughts. Simply put, if you constantly have positive, happy and grateful thoughts, you tend to attract even more happiness, abundance and positive circumstances into your life. You get more of what you focus on. This is a universal law of life. At the same time, if you always focus on lack and what you don’t have, you tend to attract more lack and more of what you do not want.

What Is There to Be Grateful For?

I once had a participant who attended my ‘Patterns of Excellence’ programme who was going through a really tough time in his life. He had recently been declared a bankrupt (he could not pay the debts from his failed business) and his marriage was in the final stages of divorce. He was potentially losing his kids and even his house. Nothing in his life seemed to be working. He felt as if the whole world was going against him.

“Gratitude is for people who already have a lot and want to achieve even more. What can I possibly be grateful for, with everything going downhill in my life?,” he said. At times, when we all go through rough patches, it may seem impossible to find something to be grateful for.

However, I believe that no matter how unfair or hopeless things may seem at times, there are many blessings that we can choose to focus on. Focusing on our blessings changes our energy from negative to positive and it is the first step we have to take if we want to turn the events in our life around. When we focus on what we have as compared to what we do not have, we draw the strength and the inspiration to turn our challenges into opportunities.

During the training, I got this man to start focusing on and writing down everything in his life that he was grateful for. While it certainly wasn’t easy, he gave it a shot and stretched himself to focus on his blessings. He began to realize how much he had to be happy about. He was in good health and had the knowledge, energy and experience to start all over again. He had a great network of friends who were there to support him and two children who loved him dearly. He began to realize that he had the chance to find someone new who would truly love him and stand by him should he go through tough times again.

He realized that he had the opportunity to learn from all the mistakes that he made with his former business partners and focus on starting a new business that he could own all by himself. Although he was temporarily broke, his reputation for honesty and connections would allow him to find investors for his new venture.

As he focused more on being grateful for he did have, you could see the excitement building up inside him again. His fear and depression faded away and the fire inside him was ignited once again. That is the power of gratitude!

Categories
Operations

Dedicate & Delegate

Dedicate & Delegate

In many businesses, small startups in particular, success or failure hinges not on the product or service, but on the financial management side.

There’s a chicken-and-egg element to it: a good product is worthless without proper financial management, and proper financial management won’t create a good product.

While many entrepreneurs have sufficient skill, knowledge, and experience to monitor financial performance, they frequently enough on their plates just keeping up with the product side of things.

The opportunity cost of spending time on the books instead of quality control or productivity is too high, and small firms may not have enough financial work to hire a full-time employee for the job.  A working mom with hopes of making it home for the first T-ball at-bat will be eager to be freed from this chore.

That leaves many CEO’s and upper level management searching for a way to outsource this work to an experienced, trustworthy provider who can produce meaningful, accurate data for analysis and planning.

Farming out this critical work to 3rd party systems like Goldleaf Financial Solutions frees you up to commit fully to providing top quality services and goods, instead of slogging your way through hours and hours of spread sheets, reports, and charts.

So what are some considerations you should make?  This is not an exhaustive list, but it will get you started.

Electronic Funds Movement

Everybody pays everything electronically.  We know that these days.  Debit cards, electronic payments, and other types of computerized funds transfers dominate the movement of cash–if you can still call it cash–in today’s financial transactions.  A worthwhile firm should offer efficient ways for your business to move money from customers and to vendors and employees.

Security, Security, and Security

Secure data storage, management, and handling is to today’s business what the strongbox was to the stagecoach.  All the slick operating platforms and voluminous data in the world won’t bring back money that is hacked or misdirected, and they will show you no mercy on behalf of shortchanged vendors or underpaid employees.  The systems they use must have fail-safe protections against both theft and error.

 Broad-Based Services

If you just want someone to keep up with inflows and outflows, then throw you the occasional report, you’d get a freshly minted CPA and put her to work.  Utilizing a larger firm that is involved in dozens of areas of financial management gives you the benefit of their insight and their awareness of what’s ahead.  Which brings us to…

Adaptability and Responsiveness

Software and systems for financial transactions are changing constantly.  Anyone who is attempting to maintain their own systems, while still juggling the other work of a company, finds that staying in the latest edition of everything is a job in and of itself.  Even ordering a coffee is a computerized event now.  Successful businesses must seek out and utilize firms with a history of staying up to the minute on technology.

The physical office is a reflection of our attitudes about our business.  If we spend as much effort keeping our finances organized as our office environment, we’ll be in great shape.  Because of the complexity and ever-changing technology in modern financial  management, we’re better served to delegate to a professional for these tasks and dedicate ourselves to the widgets that make them possible.

Article contributed by Jenna Smith