How to Protect Your Business during the Holidays

Holidays are the best time for businesses to attract more customers and generate increased sales and profit. However, it may also be a time for unexpected situations and impulsive decisions. In order for your business to keep intact during this season, you need to follow some guidelines.

Concentrate on Customer Service

When you know how to deal with your clients like Terry Powell, you’ll earn their trust and loyalty. That will allow you to earn a constant stream of revenue as people come back to your business for their next purchase. Always be equipped with ideas and tips that you can give to your customers. These simple gestures can add value to the commodity you are marketing, thus improving your recall among your customers.

Take Safety Precautions to Prevent Accidents and Injuries

During the holidays, people tend to be more careless when shopping. That’s why accidents and injuries happen. Being a concerned entrepreneur, you must think of ways to keep your clients safe when they shop. 

Maximize Security

Shoplifters and burglars are more active during the holidays. Therefore, you must give a 101% on security. If possible, install security cameras and burglar alarms to protect your shop from being robbed. If not, you can hire security personnel that will safe keep your franchise. 

All in all, the holidays are also a time to feel positive about the things we do, so make the most out of it and take the time to enjoy the little blessings of life.

Bookkeeping for Business Start-ups

The term bookkeeping is often mistaken with accounting. People confuse the two terms for each other, as they are related and go hand in hand. Accounting has an extensive scope, which includes analyzing and interpreting transactions and events with regards to the people and history involved. 

Bookkeeping is part of accounting. It is the first phase of accounting wherein all financial transactions are systematically recorded, either in journals, petty cash books, ledgers or daybooks. This is done by a bookkeeper. After which, the accountant transfers all the records from the bookkeeper to the balance sheet and income statement. 

How to survive a Financial Crisis

Financial problems are detrimental to both the economy and the small business industry. Most countries have experienced the wrath of the "global economic depression," and that's why governments are trying to find ways and strategies to combat this economic downtrend.

For the most part, let's talk about how an ordinary person can avoid suffering from the effect of this global crisis.

Here are some effective and time-tested ways to avoid a financial crisis:

1. SAVE your money - It is easier said than done, and it takes a lot of self-constraint. But we all have to be practical and wise at times like this, and it is better to have some cash stashed for economic downtimes.  If you're working, at least save a bit of money from your monthly paycheck and deposit it in the bank.

2. Try using PUBLIC TRANSPORT - Gas prices are fluctuating right now, and this idea probably crossed your mind at one point. If you plan to buy a car, opt for one that is fuel-efficient. It would also do you good to consider walking over short distances. That would be good for your health and the environment – it’s just like hitting two birds with one stone.

3. Focus on buying NECESSITIES – This is where being practically hits hardest. Just buy necessities that you are constantly in need of, like a carton of milk, bread, eggs etc, and if possible buy that in bulk.

4. Educate your family about the economic crisis and how they can help ease financial burdens - This can be fun, and you can be surprised by your children’s reaction. It would be like a team effort.

5. Learn to simplify your life - Cut or reduce the use of credit cards, if you have any. Credit cards can tempt you to buy things you do not need, and even one can drain your income.

6.  Educate your children about the value of money - Inculcating good values in children at an early age can help them practice good financial management when they get older.

There is no reason for anyone to suffer financial problems. But in the face of the economic crisis, it's high time to become wiser in making financial decisions. These are just some ways to avoid falling into a financial crisis. Terry Powell, IFA, CFE Founder and CEO of FranchisEsource Brands International, has a lot of ideas regarding financial management. He is one of the experts in economic and financial control, and his ideas can be beneficial for small business owners out there.

 

The Evolution of Business and Trade

The things we have and do today have a history, and some of these originated long ago. The telephone was invented during the 1870s by Alexander Graham Bell. As time progressed, the telephone was developed to become smaller, more efficient and more powerful. Now we have mobile phones which are capable of browsing the internet, playing music, and managing minor tasks.  Its evolution made it easier for man to communicate. But a more interesting topic is how business and trade began, and we will discuss its history briefly here.

Business and trade began in the ancient times when nomads traveled to different places. Because they did not know how to generate resources for themselves, they relied on what nature provided them. However, this was not enough, and the need for basic necessity increased for them. This lead to the discovery of clothes and body ornaments which were considered as “luxurious goods.” Skills were developed in weaving, metal craft, pottery and sculpting. The products of these skills became commodities which paid for in gold, silver or copper. Others exchanged the products for wool, ceramics, spices, iron, semi-precious stones, livestock, textiles and many more. People exchanged the commodities they had to acquire other commodities which they needed or wanted. Others learned to speak different languages in order to cross distant lands through caravans. Camels were used for long travel across lands, and shipping trade routes to Asia, Africa and Europe were established. 

The start of trade triggered the advancement of the business industry. As time changed, new ways were found for marketing and selling products. Until now, the field of trade and business is experiencing vast and rapid changes. Trading was a mark of cultural awareness, social bonding, and economic success during the nomadic period. In some ways, the same can be said today.  Business experts like Terry Powell are aware of the history of business and trade. That knowledge has helped them in understanding the ins and outs of the field. Entrepreneurs who are just starting would do well to emulate these experts in their pursuit of success.

Social Networking: Strangers No More

When a person is interested in somebody, an intrinsic urge to find out more about that specific person arises. But back in the days, people found it difficult to acquire information about a particular person, regardless of whether that person is a famous celebrity or the object of another’s affection. 

Now with the introduction of social networking sites, connecting with other people has become so much easier. These days, almost everyone has at least one social networking account in Facebook, Twitter or MySpace. Through these accounts, people provide personal information, upload pictures, and post updates about themselves for the public to see.

In fact, the most popular celebrities today have their own pages and personal accounts in social networking sites. Fans can subscribe to these celebrities’ accounts and be constantly updated with live feeds. People who have connected social media accounts can also acquire live updates from each other.

One fine example of a social networking site is Facebook. It is very interactive and accessible. You can browse a person’s profile and view the information therein. Facebook also allows you to keep in touch with your loved ones, family and friends. 

Moreover, you can now meet different people through social networking sites. Gone are the times when you had to meet someone personally in order make them your acquaintance. Through social networking sites, getting to know someone can be done instantly. Terry Powell points out that "poking" has become the new handshake. Basically, making friends and renewing old ties is easier.  

Social networking has somehow shaped the lives of people today. It would be difficult to imagine how life would be without social networking. The internet and social networking sites will continue to grow and prosper. Social networking will become more interactive and, accordingly, people will share a very strong relationship with each other.

Businesses that can survive any Economy!

During these trying times, when almost all the economies in the world are struggling, starting your own business seems impossible and unthinkable. But starting a business just depends on one's mindset and determination. If you are confident and are willing to take the risks, why don't you go for it? According to Terry Powell, Founder and CEO of FranchisEsource Brands International, always start with a great idea and hire the most capable people.

Consumerism Explained Through A Shopaholic

[c/o http://thejetsetgirls.blogspot.com/2009/02/confessions-of-shopaholic-get-look.html]

Have you ever felt the urge to buy an iPhone, a PS3 or an iPad? Was there a time when you bought a piece of clothing impulsively? If you’ve watched Confessions of a Shopaholic, you will understand what I’m saying. The lead character Rebecca had to use all her credit cards in order to satiate her craving to shop. She needed to find a job because her debts were steadily increasing. 

Consumerism isn’t bad. It can even be beneficial to the economy, as it helps generate cash flow. However, compulsive buying is detrimental. Some people do not know how to control their urge to shop, just as how Rebecca repeatedly bought expensive things she didn’t really need. 

She wanted to become a fashion editor, but instead ended up as a column writer at Successful Savings. And the problem was she didn’t know anything about saving up. 

There is always a positive and negative side to what we do. It’s just a matter using ideas the right way. Terry Powell can give advice on how one’s personal and psychological growth can affect one’s future.

Transforming Your Passion into a Career

image c/o: http://healdsburg.towns.pressdemocrat.com/2011/08/news/treasure-hunter-parlays-passion-into-career/attachment/stasea/

Stan Lee made a fortune in the comic book industry.  Martha Stewart became famous with her homemade crafts and recipes.  Stephen King wrote books that were turned into movies over the years. Shepard Fairey made pieces of art out of his clothing design. What’s common among these people?  They turned their hobbies into viable sources of income. The best thing about their careers is that they’re passionate with what they’re doing.

Many of them enjoy what they’re doing because they put their hearts into their work. Their dreams are their main drivers, and it earned them their success. With the right attitude and mindset, anyone can achieve success just by doing what they love to do. Take Anthony Bourdain and his travel documentaries. He gets to travel the world for his job, and you can tell he loves what he’s doing by the way he conducts the show.

A marketing guru like Terry Powell would advise you to maximize the time you spend on something you’re passionate about. You also need to hire the right people who could help improve your business. Remember to never rush things, and that it’s better to be patient. Even the great Walt Disney  started out as a comic strip artist at a local newspaper before becoming a household name.

Being passionate with your career isn’t all about having fun – perseverance and discipline are also included in the mix. Remember that if you love what you do, you only need to work hard and the money will follow.

Have Creativity, You Must

Last week's post was all about colors. You saw how the brands' logos are somehow related to the meaning of the colors. This week, we're going to talk about creativity. Two weeks ago, we talked about how we can mix something established with the preferences of what the people want to see. If you look back to that post, you'll see an image of how Wolverine was redesigned for the Marvel fans in the East.

So... What's up doc?

[image c/o www.imnotthatdrunk.com]

In the business world, you have to get those creative juices flowing. Again, never hesitate to ask for help from experienced people and advisers like Terry Powell.

True Colors of Branding

[image c/o http://www.custombusinesslogos.com/]

“Colors, like features, follow the changes of the emotion.” - Pablo Picasso

Colors have an effect on mood, emotion and behavior. For example, take a look at interior designers. In order to produce a perfect combination of furniture and decors, interior designers decide on the appropriate mix of dark and light hues. Companies in the field of business, meanwhile, play with colors and color combinations to make themselves familiar among consumers. They do this with their logos, their products and their advertisements. Each combination of colors and design then becomes the embodiment of a particular company – it becomes an identity.

Terry Powell uses business strategies that can help products or services sell. In this case, choosing a color is a strategy through which consumers can be drawn. Let us now take a deeper look at some of the popular color choices in the business world and the companies which bear them.

Mix!

Yes, that's the title. Just... Mix!

If you have an idea, you do not just put it on the table, plain and simple. You have to think of ways that would make it click among your target market. Mix a little bit of what you cooked up with the things that your potential customers would like. The most straightforward approach is to ask your target market what they like. You could also ask for advice from business coaches like Terry Powell or from those who have experience in the kind of product development that you need.

Teaser:

[images c/o comicbookmovie.com, wikipedia.org, and wolverine-trailer.blogspot.com]

Okay, let's think of something cool... Read more after the jump!

Influence of Pop Culture towards Consumer Behavior

Advertising is considered to be the oldest form of pop culture. It is the revolutionized way of selling products through the idea of what mainstream and popular is.  Consumers tend to be drawn toward products or brands that are endorsed by their favorite celebrities. That is why pop culture has become a means of selling products and services.  

The Practice of Relationship Marketing

Relationship marketing is an approach to create long-term engagement among existing customers. Its best strategies include intrusive advertising and promotional messages. Its main goal is to satisfy customers, create value and retain them for future affiliations. In order to achieve this goal, companies need to utilize tools, equipment and tactics! Terry Powell thought about sharing a foretaste of how the practice of relationship marketing has been developed.

Relationship Status?

To quote someone from Tumblr:

"In the age of social networks, being 'in a relationship' is just a bonus. Making [her] happy is what matters most."

If you're the romantic type, you'll probably think that whoever said this quote is really the sweet and devoted type. It may even be too cheesy at some point. But believe it or not, this quote is very true in the business world as well. Let's try to make the connection.

Glimpse of the Marketing Mix

Marketing is the lifeblood of a business. Its goal is to engage the minds of the people that a business or a specific brand exists for. It brings awareness, gets and retains customers. If marketing isn’t done well, the whole business operation will be badly affected. In order to do it well, businesses prefer to make short- and long-term marketing plans. People have actually made different marketing strategies that could help them attain their business goals and objectives. Those strategies are included in a marketing plan. But what kind of strategies should businesses implement? What aspects should they consider before doing so? 

Here comes the marketing mix.

The marketing mix is also known as the “Four P’s.” Its elements are product, price, place and promotion. Terry Powell thought about discussing each of them in diminutive ways, just to refresh the minds of business owners and improve their marketing strategies.

Athletes: Gone Broke?

Image from http://www.bestweekever.tv/

LeBron. Kobe. Beckham. Woods. Federer.

What do they have in common? Sports? Fame? Endorsements?

Everything that you thought of them is true. In fact, we admire them. Seeing them play in their playground is really awe-inspiring. Together with the instant celebrity status that they enjoy are the hefty paychecks they receive.

Recently, Yahoo! Sports released an article about athletes who lost it all. These are the sportsmen who filed for bankruptcy in the recent years. The list includes Scottie Pippen, Latrell Sprewell (Former NBA players) and Mike Tyson (Former Heavyweight champion).

Despite earning millions and millions of dollars in their careers - compiled from salaries, endorsements, TV appearances and guest appearances - it is sad to know that they still went broke. Pippen and Sprewell earned at least $100 million dollars throughout their careers while Tyson earned a whooping $400 million dollars. How come these large amounts of money vanished just five to ten years after their retirement?

Their bad investments are one reason. They invested their resources in the wrong businesses, thus depleting their hard-earned money and hastening their downfall. And when there was nothing left, their partners left them kneeling.

Another is their luxurious spending. Some athletes have become so accustomed to the life of excess that they have more cars than children. A lot of athletes also buy mansions and eat in fancy restaurants frequently. That's the pitfall of having a hefty paycheck.

The third reason is their marital and legal issues. Some athletes face cases here and there; they have wives and children whom they have to tend to every month. Most professional athletes have divorces after they retire, when the pay checks are no longer coming in. And according to the American divorce law, the wife is entitled to half of the husband's assets, including everything he earned during his sports career.

Having a whopping paycheck is a blessing. But spending these in an ill-advised way could spell trouble. On the contrary, spending it the right way is one way to keep the money flowing. Investing these on productive businesses is another. It is good to take note that money comes and goes. That's why, when you let it go, you should at least know that you would get something of the same value in return.

Terry Powell is always willing to lend a helping hand to keep your money productive, even after your sporting career.

It is way better to be remembered, not only as an athlete who dominated a certain sport, but also as a successful businessman who dominated the market.

Snakes and Ladders

It's good that you have a great vision of your goals, but do take note that the path that you take may not be a straight one. It may lead you back to where you started. Have you played a game of Snake and Ladders? The rules of the game are pretty simple. Read more after the jump!

Total Quality Management for Business Start-Ups

"Quality can be achieved by doing things better today than yesterday, and better tomorrow than today."

Total Quality Management stresses out the involvement of both the internal and external environments of the company. The internal environment consists of the 5Ms (Man, Material, Money, Machinery and Management). Those are usually within the control of the business. On the other hand, the external environment includes those that are beyond its control such as the suppliers, customers, intermediaries, competitors and the public.  Both business environments should always be taken into consideration to meet or exceed consumer expectations.  

The main function of TQM is to constantly improve the quality of the products and processes of a company. Quality is what the customer says it is. It means that the performance of the company greatly depends on how its consumers will react on the products and services that it offers.

TQM can be easily applied to businesses that are about to start! Terry Powell answered some WH questions that can explain simply how TQM can be used for Business Start-Ups.

Office career: not for a lifetime

[image c/o google.com]

Everything has its end. And sometimes, these endings scare us. What we don't realize is that something will new come in, and that's change in the best context.

Change is defined as "to give a different position, course, or direction to" by the Merriam-Webster dictionary. It isn't hard to think why. Giving in to a new environment, new working habits and new experiences waiting to happen are not what one necessarily thinks about.

For students graduating from college, thinking about where their careers will go is a big deal. But how about graduating from the career you've chosen? What's your next big deal?

With the slumping economic situation of today, you just can't sit and relax. Job security is not the same as it was before.

That is why having a business is a popular choice to maintain financial stability nowadays. You won't be earning six-digit figures monthly for a lifetime, you know.

With a business, you have your daily income on the go. Second, you're the boss, and your convenience will be a priority. Third, you can fulfill your dreams and be wealthy. The list goes on and on.

So the question is: Will having a business make you financially-stable? Yes, but it depends. It depends on how you run it as the 'captain of the ship.'

Although it takes a lot to make your business career successful, the basic tenets of hard work, perseverance and dedication still stand true, just like in the old office times.

Having second thoughts? Terry Powell is just around to keep your curiosity floating. So who would have thought change would be this fun? :)