New Zealand is now ranked the best country in the world for starting a business

 2009 World Bank “Doing Business Indicators” have just been issued and New Zealand has been ranked as the easiest place on earth to start a new business.

Starting a Business indicators evaluates the steps & and expenses related to forming a new business.  This excellent result is primarily attributed to the Companies Office & Inland Revenue Department’s shared project which allows new companies to apply for IRD numbers and also apply for GST registration at the same time, during its incorporation.

Additional factors that contributed were New Zealand’s recently lowered company income tax rates and revised insolvency legislation.

New Zealand also retained its second place in the overall Ease of Doing Business ratings; ranked second only behind Singapore – further showing New Zealand as an excellent overall performer overall. The Ease of Business results is an annual initiative carried out by the World Bank which evaluates more than 180 countries’ economy and policy frameworks. It evaluates each country’s regulatory framework and how that structure translates to achieving regulatory targets – for example: providing separate legal identities businesses.

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8 tips to close the floodgates and improve your cash flow

Cash flow is definitely the lifeblood of every business. One of the biggest challenges while running a small business is cash flow management.

Read on to find out how you can close the floodgates and improve the cash flow of your business.

Insist on down payment:
This way, it is your customers and not you that fund projects. Also, ensure that you are paid in full upon completion of the project, without any 30 or 60 day extensions.

Prompt billing:
In case of long-term projects, make sure you negotiate in advance for regular payments.

Incentives for faster payments:
Offering a discount for quick payments reduces the time spent in waiting for payments.

No-pay customers are a strict no-no:
Make enquiries about a new customer. If they have a reputation for not paying on time, avoid them like the plague.

Reduce inventory:
Money spent on inventory does not create any interest or savings for you. So don’t keep too much product on hand, and make sure your inventory turns over at a regular pace.

Cash cover for expansion programs:
Expansion plans should be initiated only if you have the requisite cash to cover them.

Buy time for payables:
Wait for about 30 to 60 days before you make payments. If suppliers press hard, ask for discounts for early payments.

Cushion for the future:
Make sure you are adequately prepared to face a cash crunch in the future.

Implement these options depending on the needs of your business and watch your cash flow improve dramatically.

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How much is your time worth?

Successful people use many time management strategies to manage and value their time.  This article offers a few simple time management strategies to help you use your time more effectively.

Realise that time is running out
Time is a unique resource, which is finite and expires at the same rate for every single person. When it’s gone, it’s gone…forever! Other key resources like money and people can be found – although I accept that it may not always feel that way!

We all start with 1,440 minutes every day. It doesn’t matter how much demand there is for more time, the supply will never increase…ever.

Time is money
Benjamin Franklin said that “time is money”. Every minute wasted will have a cost. How do you value your time and how much is your time worth? It may be time to decide right now to calculate your worth!

What’s the minimum that you want to earn this year? How many hours will you work this year, after deducting weekends, public holidays & annual leave?

Let’s say that you want to earn $180,000 and you will work 1,856 working hours. By dividing $180,000 by 1,856 you’ll be able to calculate you required hourly rate. In this case, you’ll need $96.98 per hour.

But are you 100% productive?
If you’re in business, you’ll need to adjust this figure to allow for down time, etc. Let’s assume that you’re productive for only 60% of the time. Your time is now worth $161.64 per hour (180,000 divided by 1,856 x 60%).

How tolerant are you now going to be of anyone “stealing” time from you?

Find out where you’re wasting your time
So now you know the real value of your time, what (or whom) are the common time wasters?

“Have you got a minute?”; “Of course, I have time for a quick chat”; “My door is always open”. Sound too familiar?

The 1st major challenge you must overcome to manage your time more effectively is YOU!

Successful, productive people know how to handle the never ending barrage of interruptions by using proven time management strategies. Make it hard for people to abuse your time by respecting your own time.

Learn to say “no” and set yourself goals and deadlines to avoid veering off track. Audit your time to identify non productive areas. Eliminate tasks that need not be done at all. Ask yourself: “What would happen if this task wasn’t done at all?” “Which activities that I currently carry out could be done more efficiently and effective by some-one else”?

Learn to delegate. Learn to outsource. Be tough.

The Pareto Law time management strategy
One of my favourite time management strategies is the Pareto Law (or the 80:20 principles). Pareto’s Law can be summarised as follows:
* 80% of the outputs result from 20% of the inputs.
* 80% of your results come from 20% of your efforts;
* 80% of your income will come from 20% of your clients;
* 80% of your sales will be generated by 20% of your products;
* 80% of your problems will come from 20% of sources;
* And many more

Carry out your own 80:20 analysis and you’ll probably be surprised at the results.

Time is the scarcest resource on this planet. Remember, YOU have a choice on how you choose to use yours. Life isn’t always perfect and you may struggle to follow these principles all of the time. Don’t give up and develop better time management habits to create the freedom and lifestyle you choose. And most of all have fun!

Let me show you a few of my secrets that have helped me save time and money which will work for you too!  You’re invited here!

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How to achieve anything in your business

I am a big believer that “if you think you can, you can” and “if you think you can’t, you cant”…either way you’re right.

So the next time you say something can’t be done, stop and take a look at this video.

I know this won’t please the animal activists but it does stop and make you think.  If you are like me, you will also be filled with a profound sense of regret and sorrow for what we are doing to our planet and our fellow sentient beings. 

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Do you walk the talk?

Christopher Reeve is a hero to many people. His unbelievable courage after a terrible accident was truly an inspiration to many. Here’s a quote from him that I admire:

“I think we all have a little voice inside us that will guide us…if we shut out all the noise and clutter from our lives and listen to that voice, it will tell us the right thing to do.”

How true it is! And this “little voice inside us” captures the essence of our new gift book, Walk the Talk, by Eric Harvey and Steve Ventura. It reminds us that having values is very important, but it’s much more important to live them.

So sit back, turn up your speakers, and enjoy 3 minutes of inspiration from our new movie…Walk the Talk. Just click here …and don’t forget to share it with your friends and your team.

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The 10 Commandments of Goal Setting

Setting goals personally and professionally is a crucial step to implement to ensure success. Here are 10 Commandments of Goal Setting:

1. Be Passionate

Be passionate about your goals so that you are motivated to achieve them. Scratch off any goals on your list that you are not willing to do anything it takes to accomplish them.

2. Be Realistic

When you choose goals for yourself, it is okay to dream, but you want to be as realistic as possible. You do not want to become discouraged when you don’t achieve a specific goal. Choose time frames that are reasonable and goals that are a stretch from where you are today.

3. Write your goals down

Writing your goals down will lead to an increased chance of achieving them. Write them all down and then prioritise them in order of personal importance.

4. Be Detailed

Every goal should have a time frame and amount assigned to them. For example, “I would like to increase sales by 10% by the end of the year”; instead of, “I would like to increase sales for my business”.

5. Be Accountable

To become successful at achieving your goals, you will need to hold yourself accountable by scheduling regular check points for progress review.

6. Ask for Help

Mentors and other professionals are valuable tools to help you in achieving your goals.

7. Have Integrity

Do what you say that you are going to do.

8. Be Persistent

Keep going until you reach your goals. Don’t give up prematurely.

9. Be Prepared for Failure

If you fail, set a new goal and keep going. Most successful people fail at some point, and most business owners will tell you that they have failed numerous times on the way to becoming successful.

10. Reward Yourself

Choose a reward for each goal that will encourage you to work hard to achieve them. You are more likely to work hard when there is a reward at the end of the process.

To apply goal setting to your business, read my article called, “5 Reasons why a Business Plan is Essential for your Business”.

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How to cope with stress

Everyone experiences some level of stress in their life but if stress is not properly coped with, it can have many serious side effects to your health.

There are several strategies available to cope with stress including lifestyle changes, dietary changes and proactive steps to avoid burnout.

In business, stress is often associated with the demands of the career or with work and family imbalance. To avoid burnout, try the following strategies:

Take care of yourself
It is important to maintain a healthy diet and lifestyle to properly cope with and to reduce the effects of stress on your body. Be sure to limit your alcohol intake, avoid smoking and eat a diet rich with vitamins and minerals by regularly eating fruits and vegetables.

If you are unable to maintain a healthy diet regularly, consider adding a multi vitamin supplement to your daily routine.

Take Time Off
Schedule regular long weekends, holidays and time to relax throughout your work year. If you do not have time to take regular holidays with your work schedule, practice relaxation techniques in your weekly schedule to help you cope with stress.

To read more about time management, click here to read an article on my blog.

Set Limits
Business owners tend to take on the majority of the work responsibility. Time management is a priority to ensure that you are not overworked and that you are able to complete tasks in a timely manner without being overloaded.

Outsource
If you are feeling overworked, outsource tasks to other employees or outsource them to another company to avoid being overworked.  Virtual Assistants can assist you with a variety of tasks, leaving you to focus on your health and business.  I regularly use the team at Office Elves for these type of jobs. 

To read more about outsourcing, read the recent article that I have posted onto my website.

Get Enough Sleep
Most business owners are not getting enough sleep. Lack of sleep can affect your ability to concentrate and can have serious health consequences if not addressed. It is recommended to get 6-8 hours of sleep on a nightly basis.

All of these strategies are important to help you reduce the effects of stress on your body and to help you to cope with stress that you have from your personal and family lives.

If you need to reduce stress, start by evaluating anything in your current life that is causing your stress and then take proactive coping steps to reduce the effects of stress on your body.

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Leverage your Time and Use it More Productively

In business, time is one of your most important assets. There are many time management tools available, yet many business owners fail to implement the ideas into their daily schedules.

If you are looking to become more successful in business, there are a few simple strategies that will help you to immediately boost your daily productivity by leveraging your time.

To start, identify where you are wasting time throughout the day. You may be spending more time than you realise on activities such as reading emails, making personal calls, searching the internet or simply preparing or organising your day.

If you are unsure of your own personal time wasters, create a daily time tracker and record what you complete throughout the day.

Once you have a few days of data, you will be able to identify potential distractions that you can eliminate.

Using time management tools such as a day planner or a software program are essential business tools. There is a large difference between using the tool and using it effectively.  Your time management tool should include all business, personal, charitable, health related and any family obligations that you have throughout a given week.

To read more about time management, click here to read my article called “Take Control of your Life- Use your Time Effectively”.
 
As you are using your time management tool, you will need to prioritise your daily activities and responsibilities. Begin each day by reviewing the tasks that you will need to complete and set performance milestones for yourself throughout the day.

Eliminate all tasks that are unnecessary to ensure that you complete as many important tasks throughout the day as possible. Establishing a daily routine is also beneficial for ensuring that you leverage your time throughout the day.

Outsourcing is a powerful business tool. No matter how large or small your business may be, leveraging other people to carry some of your business load can allow you to focus more of your time on valuable business tasks.

To learn more information about outsourcing, read this article.

Don’t waste time waiting for appointments, meetings or through waiting in traffic. Always have something to do while you are waiting such as an audio book to listen to, a report that needs to be read, a business book or just a blank notepad that you can use to plan your day or next project on.

Leveraging your time to be more productive in business is a crucial skill to possess to ensure your overall success.  Learn how to control your time at www.secretstobettertimemanagement.com 

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5 tips for clear and effective writing

Writing is one of the most important skills that a business owner can possess.

Whether you are looking to write business letters, emails, blog postings, forum posts, articles, newsletters, eBooks, eZine, autoresponders or sales copy; your ability to be both clear and effective will determine your levels of impact on you readers.

Here are 5 tips for clear and effective writing:

Catch the Reader’s Attention

When you are writing you should start with a short sentence that is designed to captivate your reader’s attention. The goal of the introduction is to make your reader interested in what you have to say.

You will want to identify the bigger picture of your writing by explaining why your topic is important and how it applies to your reader’s personal or business life. You will also be able to catch your reader’s attention by knowing the audience; who they are, what their needs are and what would they be hoping to learn or gain by reading your text.

Use Strong Verbs

Verbs describe action and readers pay attention to action. Use active verbs instead of static verbs, avoid turning verbs into nouns and beware of using technical terms that you reader may not understand.

Clear descriptions are powerful when communicating a message in a way that is interesting and easy to follow for your reader.

Keep Your Writing Simple

If your writing is not simple, you may lose your reader’s attention. Be sure to construct simple messages, avoid parentheses, strive for simple paragraphs and have a clear and organised path for your reader to follow.

An organised writing structure with well organised thoughts is crucial to use when planning your business writing.

Keep Your Readers Involved

There are several ways to keep your readers involved while they are reading your writing such as providing specific examples, using stories to paint pictures in the minds of the reader and using effective quotations when appropriate.

Use an Effective Closing

When you are concluding your written content, it is important to summarise your thoughts and to include a clear call to action for the reader to follow. Be brief in your conclusion and be sure to end by emphasising your thoughts and what the reader’s learnings or calls to action should be.

You will need to learn how to be effective in all forms of written communication in business.

To learn about how to use clear and effective writing when drafting an email, read my article called “3 Incredibly Simple But Outrageously Powerful Keys to Guaranteeing your Email Messages are read”.

Emails can be used for business communication, general communication and sales messages as an autoresponder.

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How to run a successful home based business

Home based businesses have become widely accepted as an effective income generating alternative to traditional employment. Many business owners decide to run a home based business for the flexibility to work at their own pace and to have a better balance between family and work.

Working at home allows you to work in your own time and at your own pace. There are several important strategies that you can implement to ensure that you run a successful home based business.

One of the most important skills to master when you are running a successful home based business is time management. It is crucial to set up a work schedule that is organised, effective and one that you adhere to, as it is easy for business owners to become distracted without a schedule when they are working at home.

You need to treat your schedule the same at home as you would if you were going to an office every morning. Also, ensure that you have an organised work space that is separated from any distractions in your home, such as children during the times that you are scheduled to work.

Your workspace should be structured in an efficient manner, with all of the necessary tools at your disposal to enable you to work continuously throughout your workday without disruption. For more information on time management, read my article “Take Control of Your Life- Use your Time Effectively”.

Marketing is the key to growing any business and is crucial in driving your business revenues. Leveraging your current network is one of the most important strategies in running a successful home based business. You will need to regularly contact your network, stay visible and grow the number of people within your network.

You can also tap into any existing customers that you may currently have by using drip marketing systems to help increase your sales rates per customer and to solicit qualified referrals.

Other important marketing techniques to help you grow your home based business include: eZines, Automatic email responders, Blogs & blog carnivals, IM’s, Podcasts, nanocasts, webinars, Social networking, forums and advertising. For more information on how to grow your home based business, click here to read my article called “Growing your Business: Top 5 Tasks that you must perform”.

Education is another key step to help you run a successful home based business. Be sure to leverage newspapers, eZines, eBooks, books, articles and websites that would contain tips or ideas that you can use to help build your home based business. The best strategy is to read something on a daily basis from blogs, forums and articles that are relevant to your business topic to help you to keep up with the latest news and tips from within your industry.

A case study outlining how one company similar to your own became widely successful just may be the jumping off point for your home based business to do the same

Home based businesses have made millions of people income every year across the world. By implementing time management, marketing and education strategies, you are more poised for home based business success.

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