Business Articles

Finding the perfect networking group
By Joe Liotta

Are you considering joining a networking group to generate more business?

There are so many to choose from that its wise to spend some time thinking about which type of group will suit you best.

It has been said that 80% of business today comes from referrals. People want to do business with people they know, like, trust and respect. One of the best places to develop strong referral relationships is at a networking group. These groups typically meet once a week, with the same core group of people in attendance. These simple suggestions will help you to identify an ideal networking group.

Talk to the members

All networking groups allow you to visit as a guest before asking you to decide joining them. Spend time talking to as many of the existing members as possible to learn about how its worked for them. You might want to know more about the turnover rate of members. What results are being produced? What do they like/dislike about the group? What have they learned since joining? How, besides receiving leads, have they benefited? Do they feel their best interests are being looked after?

Consider the fees and structure. How do the fees compare with traditional methods of generating leads?

Ask yourself if it is cost effective - not is it expensive? Assess what each lead could be worth to you and how that equates to the fees involved. Everyone seems to know the cost of things and not their value.

Consider the group's structure Some people like structure, some don't. Decide what works best for you! The structured groups do tend to produce the most results as they keep you focused on producing qualified leads for one another. Consider if the structure suits your personality. Will you be able to adhere to the rules and regulations?

What opportunities are there to take on a leadership role This is really important as it gives you the chance to show off how you do things. It will raise your status and credibility in the group and show you to be a leader. You will also create a greater awareness of your offering, which, in turn, will bring you more leads

Be honest about your level of commitment

Will you be able to attend the meetings regularly? Building business relationships takes effort and you will need to be committed to growing them. If time is an issue, join a group that is less structured and works more on a drop-in basis. Go as often as you can to create mutual business relationships. If you resent the time it takes to go to these events you will not be going with the right attitude for yourself and your fellow members.

Make sure there is a code of ethics

Remember, you're making referrals. Your name is on the line. You need to know that the other people in the group are reputable, too. Find out who is running the group. What is their reputation? Do they provide training on networking strategies and techniques? What other kinds of support are provided? Be sure that the values of the group are a good match for you. Make sure that guest speaker luncheons are limited to once a month or every other month. Remember it is not eatworking or sitworking, it is Networking.

Networking is also meant to be fun so relax and enjoy!!

Generating leads and referrals, building healthy relationships, and delivering value over the long-term are at the heart of networking.

How to Buy a Business

Starting from scratch isn't the only way to start up -- buy an existing biz to hit the ground running. Here's how.

When most people think of starting a business, they think of beginning from scratch--developing your own ideas and building the company from the ground up. But starting from scratch presents some distinct disadvantages, including the difficulty of building a customer base, marketing the new business, hiring employees and establishing cash flow...all without a track record or reputation to go on.

Buying an Existing Business
In most cases, buying an existing business is less risky than starting from scratch. When you buy a business, you take over an operation that's already generating cash flow and profits. You have an established customer base, reputation and employees who are familiar with all aspects of the business. And you don't have to reinvent the wheel--setting up new procedures, systems and policies--since a successful formula for running the business has already been put in place.

On the downside, buying a business is often more costly than starting from scratch. However, it's easier to get financing to buy an existing business than to start a new one. Bankers and investors generally feel more comfortable dealing with a business that already has a proven track record. In addition, buying a business may give you valuable legal rights, such as patents or copyrights, which can prove very profitable. Of course, there's no such thing as a sure thing--and buying an existing business is no exception. If you're not careful, you could get stuck with obsolete inventory, uncooperative employees or outdated distribution methods. To make sure you get the best deal when buying an existing business, be sure to follow these steps.

Finding Out More About a Franchise

How do you find out what kind of training program your franchise is offering? Ask these questions.

When investigating a franchise, it's important to know what kinds of programs are offered to explain the franchise's systems and way of business. Below are a few questions to ask the franchisor about its training programs.

What are the locations, duration and additional costs of your initial training? Is the cost of transportation and living expenses included in the initial franchise fee or does the franchisee pay for those expenses?

Who is required to attend your initial training program?

Do you have the option of bringing your staff to the training? How much does the franchisor charge for each staff member who attends? If the franchisee's staff does not come to training, who trains them?

How comprehensive is the training curriculum? How much of the training takes place in a classroom? What subjects are covered? How much of the training is conducted in the field? Do you learn how to manage the operational, financial, marketing and personnel aspects of the business, or is the training limited to how to make the product or deliver the services? How does the franchisor describe the management training provided?

Who conducts the training? What are the trainers' backgrounds? Have they ever operated a location? When? How long have they been in the business? What positions did they hold? How long have they been conducting the training? Do they have any training in conducting these programs? What are their responsibilities in the company when they're not conducting training programs?

As staff and managers turn over, how do the new staff and managers receive training?

In addition to the operations manual, will the franchisor provide any training materials for training new staff?

How often does the franchisor introduce new products and services? When new products and services are introduced, how does the franchisor train the franchisee, managers and staff on the new products and services?

Are training programs continual and regularly scheduled? What types of additional training are provided, who can attend, what is the cost and where does the franchisor conduct this training?

Do any members of the headquarters staff or field staff provide hands-on assistance during the pre-opening, grand opening and initial period when the franchisee is beginning the operation of the business? What type of assistance does the franchisor provide, who provides the assistance, what is the duration and what is the cost?

What is covered in the operations manual? Are you allowed to see it before you sign the franchise agreement? When was the operations manual last updated? How often is it updated?

Are you allowed to attend one of the training sessions before you sign the franchise agreement?

How does the franchisor communicate with the franchisees? How do the franchisees communicate with the home office?

What happens if you have an emergency problem or question--maybe after regular hours or on weekends?

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Risk Management 8 steps To Avoid Litigation

Accidents, mistakes and misunderstandings can happen in any business. Some are settled amicably, others grow into full-blown disputes, and before you know it you could be facing a legal claim. Being sued is stressful, time-consuming and expensive. Even if you win the case the disruption to your business can outweigh any financial gains. A key objective for most businesses is to avoid being drawn into litigation in the first place and here we outline the steps freelancers can take to safeguard their business against litigation. Eight steps to safeguard your business

Professional contract agreements. No work should be done without a contract. Always have one in place that defines scope of services and terms of remuneration before you commence an assignment. Without an agreement the opportunities for misunderstanding and controversy are numerous.

Documentation and tracking changes.A common source of dispute is when the client believes they have asked for a solution that does one thing only for the freelancer to deliver a solution that does another. Know who is responsible for when things go wrong. Meticulously document client requirements and be particularly vigilant when changes creep into a project - as it is easy to lose track of them. Make sure all changes are costed and signed off. These records will be of immense value in defending against legal claims.

Checking work.Freelancers are not required to be perfect. However, this does not relieve them from the obligation to check their work because this is one of the standard systems used to discover and correct errors. Errors, per se, are not evidence of malpractice, but failure to check the work product is.

Communications with the client.Many of the claims made by clients are not for serious damages but are based simply on discontent and dissatisfaction with the Freelancer. This is often brought on by the Freelancers own lack of consideration of the client. Seemingly minor things such as missing deadlines, lateness to meetings, unavailability by telephone, failure to return emails, and failure to keep the client informed at all times. With this background of discontent, a real problem such as exceeding the cost or time budgets will trigger an avalanche of serious legal problems. The best way to keep clients happy is to treat them with respect, keep them informed, and maintain a friendly relationship.

Early recognition of potential disputes.When issues do arise, dealing with them quickly and professionally can prevent them developing into a major problem. Burying your head in the sand never makes disputes disappear. Deal with complaints in an appropriate way and seek advice from a solicitor who understands IT law if your issue escalates. Most insurers offer a free 24 hour advice helpline, which will put you in touch with experts on how to best handle your situation.

Meeting budgets Costs.Clients become very dissatisfied and resentful when costs exceed the approved budget. In such situations, the client may give serious consideration to making claims against the freelancer as well as withholding payments of professional fees.

Time.Overall scheduling of a project should be realistic and should be updated whenever necessary. Client approvals should be sought all along the way. When the client is counting on use of the project at a certain date, failure to receive it will often be very expensive. Freelancers must avoid being a contributing factor in schedule slippage by failing to make prompt decisions and delivering work late.

Fees and chargesMany client dissatisfactions are based on fee disputes. In some cases this is because the billing is not clear and consistent with the written contract. All invoices should be rendered on time and strictly in accord with the contract. If the bill is not paid within a reasonable time, the best thing to do is talk to the client to find out if there is any misunderstanding. A billing adjustment to satisfy a client at this point will usually be less costly than fighting and paying lawyers later.

Have an up to date Professional indemnity insurance policy in placeLitigation is always costly, however big or small your case is. It makes sense to have an up to date Professional Indemnity Insurance policy to defend your legal position-just in case. Read the policy wordings carefully and make sure they are relevant to your profession.

Although we may never achieve perfection, we can at least try. By being constantly alert and aware of the usual sources of errors, we might lessen their occurrence. From time to time we should stand back and take a good objective look at our operations. Even minor improvements could prevent or avoid some economically ruinous claims. These suggestions above are not all-encompassing, but should help you avoid being sued by your client.