Company formation and business solutions experts agree that it doesn’t necessarily have to be expensive to study the competition. Some of the competition-studying tactics that can be done are:

• Study the competitor’s website
• Talk to the competition (depending on the sector, this is possible but you must follow certain etiquettes)
• Ask friends and associates
• Investigate the competitor’s SEC papers
• Use Google or Yahoo!

The study was carried out by the Better Payment Practice Group (BPPG) as it polled over 200 small enterprises about the difficulties they have experienced in starting and operating a business into a thriving success.

A similar small business enquiry made by Enterprise Insight, the group behind the forthcoming Enterprise Week, also found out that half of young entrepreneurs with a good idea failed to bring it to reality because they had trouble in accessing funds.

But the BPPG respondents revealed that credit management problems hampered their start-up and expansion ventures more than any other factor. Over 35 per cent of respondents said they suffered because of poor credit management, while just 19 per cent said that accessing capital is the biggest obstacle in their business.

Meanwhile, a smaller number of entrepreneurs said that the biggest barrier that they faced was knowing how to get their idea off the ground. This is then followed by those who suffered from finding it difficult to find ongoing business support.

According to the BPPG “Although business owners know from experience the restrictions that cash flow problems can place on a new or growing business, the survey highlights that employees and budding entrepreneurs do not realise the importance of credit management.”

The group is urging entrepreneurs to consider the long-term vision of their enterprise dream and this could be achieved by listening to established company owners and business managers.

According to British Gas Business’ commercial director, Adrian Harvey said “Small businesses have to punch above their weight to compete against larger competitors with more established brands. A company’s name plays an important role in doing this as it can quickly inform a potential customer of the product or service on offer. If a name is not carefully thought through and does not properly reflect what you do, potential customers will go elsewhere.”

Harvey said that with the internet playing a bigger role as the search method of choice for consumers, more businessmen who and operate a business feel that a company that is named after a family name will not be noticed. They now want names that will be easily noticed and will be memorable.

Here are some things to consider when naming your business:

* Are you considering a name that would reflect what your business does – framing, moving, cleaning, building? Alternatively, would you like to use a more abstract name?
* Do you want to use a traditional-sounding name that evokes durability and old- fashioned values, or a modern name, that paints a picture of freshness and innovation?
* Think about the future – avoid words or phrases that are likely to become easily dated.
* If your business will have some aspects of overseas trading check that the name doesn’t mean anything inappropriate in the relevant languages. Also, determine if the name will be easily read and pronounced.
* Think about your callers and customers – avoid very long names, unusual words and spelling.
* Check that no one else is using the name you choose.

Here are some more characteristics a successful entrepreneur must possess:

Goal setting – The willingness and ability to set realistic yet specific business goals. It also means having the foresight to make the necessary plans to achieve the goals that have been set.

Flexibility – The successful entrepreneur must be the definitive jack-of-all-trades and show how flexible he is. He must be able to handle the various responsibilities and roles that is required when starting a business like marketing, finance, research and sales. Aside from this, the entrepreneur has to handle his staff and still be conscious about the various decisions that have to be made – are real juggling act.

Leadership – the successful entrepreneur must have the skills to lead his team to success. Strong leadership skills will enable him to set goals and targets and inspire his staff to achieve them. A true leader must also be able to share his vision to his staff and unify their actions in pursuit of that vision.

Independence – This is a trait that all entrepreneurs should have in the first place because it is rooted in the desire to be their own bosses – hence the decision to start their own businesses. An independent streak also means being able to go it alone especially during the crucial start-up phase where the entrepreneur must do everything on his own.

Perseverance – Focus and determination is a crucial formula for success. The successful entrepreneur must never be discouraged by setbacks or failures.

Here are some signs/warning signals that would mean the credit management policy of a business is in dire need of improvement:

• If a business oftentimes reaches or exceeds a bank’s limit for credit facilities, the best option is to review the company’s asset management policies and credit management
• If debtors always pay invoices outside the credit period agreed upon then the collection methods must be reviewed and improved.
• Good payers that slack off in payments may mean that the business’ collection system is also being ineffective look into this and improve as necessity dictates.
• Excuses that affect work may be a sign that the customer may have discovered the laxity of the credit system. Fix the system as needed.
• If the supplier suddenly discontinues its bills payment a point will be reached where the business will exceed the credit limit and supplies are stopped.
• The company’s credit insurance or the formulation of an effective internal system to assess credit risk can be a helpful way of protecting a company. This is particularly effective especially there is a heavy reliance on another business or has a collection of customers who have vulnerabilities with regards to cash flow.

What businesses charge for their products or service plays a huge role on the profitability and success of a business. Too much and a business loses customers, too little and profits will be to low to maintain operations. Striking a perfect balance between profit and price is the key to success. Here are some things company formation professionals would usually advice business owners in order to achieve this balance:

Reduction of operating costs – Try to find out if there are certain areas in your business that can still operate smoothly with reduced operating costs.

Look at the supplier base – Determine if the business is paying an external supplier for a service that could be done internally without sacrificing quality.

Look at the expenditures – An internal audit of costs will help in identifying possible problem areas.

Negotiate with suppliers – Suppliers may give your business perks and discounts if you ask for it. Also try to buy in bulk to get a cheaper price.

Look at the competition – look at your supplier’s competitors, they might offer better rates

Give incentives – offer rewards and bonuses to employees/staff who surpass sales targets, and also give incentives to customers who bring in new clients.

I’m sure you’ve come across this period in your office life where you need to just stand up and walk away.  Don’t worry, it’s normal!   What’s abnormal is if you keep working and slaving away on your desk EVEN when the shoulders hurt, EVEN when the eyes are strained, EVEN when that deadline is staring at you squarely.  YOU HAVE to stand up, so PLEASE do.

Office stress takes the most from all of us.  If we fail to prevent the symptoms, the weight on your health can be very devastating.  Carpal Tunnel Syndrome,  Kidney problems, Bowel movement problems, Migraines, that terrible morning headache and procrastination routine… just to name a few.

If you feel office stress more too quickly, please consider talking to your boss about your situation.  Maybe he can offer you help, a possible change of work routine perhaps OR a minor re-furnishing with a new and more ergonomically shaped chair to start with.

At any rate, YOU are the one to affect YOUR being.  Don’t fall into the trap of slaving the few hours when tomorrow will just be back getting you again.  Do something, control the situation, before it controls you.

OK, I’ve heard about great on-the-road multi-tasking tips but isn’t this a little over-the-top EVEN to think about!  Just wanted to make you start the week with a smile (i hope).  Don’t worry, those aren’t operational “thrones” they got there.  Just something I’d say this little town or telephone company would like to get known for.  They treat their customers like royalty… complete with thrones to boot!

Now it’s off to our brief run-through of multi-tasking tips I think will help you a lot.  In today’s “wired” world, there’s just too many things one can do at the same time.  But as usual, the more balls you juggle the harder it is to let everthing coming up and down in harmony.

So if you’re infront of your PC and just raring to do 10 things at the same time… pause and remember this list ok?

1. Don’t leave email sitting in your in box.
2. Admit multitasking is bad.
3. Do the most important thing first.
4. Check your email on a schedule.
5. Keep web site addresses organized.
6. Know when you work best.
7. Think about keystrokes.
8. Make it easy to get started.
9. Organize your to-do list every day.
10. Dare to be slow.

But what exactly is this Law of Reciprocity, you ask?

This law goes far back as early as kindergarten for most people. It’s the “I’ll be your friend if you’ll be mine” strategy (How crafty kids can be…!). And for others, it transcends into the “I’ll show you mine if you show me yours” trick (Oh, hormonal teenagers!). Despite my limited and rather simple demonstrations, The Law of Reciprocity is actually alive and present in many, different situations.

The workplace, for one, is the perfect place to exercise the Law of Reciprocity. Take note: This law does not translate into “I’ll do your paperwork if you do mine.” It is something deeper and more reliable than that. Exercising the Law of Reciprocity helps build up relationships with colleagues and even bosses. It’s a give and take kind of thing that allows people to better work with others and themselves. When you help someone out or create opportunities for mutual advancement, you are indirectly showing others that you are not a power-hungry, promotion-junkie employee.

Instead, you are giving off the impression that you are a successful person in your own right. This actually makes you more approachable and mature. This makes others feel that they can rely and trust you. And if you give your superiors this impression… Well, that is a very good thing indeed.