5 Focuses For Business Owners Across Different Industries

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StrategyDriven Entrepreneurship Article |Business Owners|5 Focuses For Business Owners Across Different IndustriesNaturally, every single business, even rival companies, are entirely different and vary widely in terms of how they operate, the structure and design of their individual business model and how they conduct business.

However, the world of business does share more than a few similarities across the plethora of different industries so here, for your reading pleasure and of course information, are 5 things to know for business owners across different industries.

1. Always Analyze Your Competitors

There is no feasible way your construction company can climb to the upper echelons of success within the field without keeping a close eye on its rivals and competitors.

It is therefore important to always ensure you are aware of any large developments, changes or new directions that other local construction businesses are making, so as to best assess not only if those changes will work for your own company, but to see if they are more successful as a result.

2. Always Keep Detailed Records

Attention to detail is absolutely essential to the success and longevity of a business working in the construction area.

Every single job you undertake, no matter how big or small, should be recorded and filed and it is generally advisable that records of each and every job should be safely and securely stored for at least five years after the job has been completed.

3. Always Endeavor To Exceed Service Expectations

The construction industry is firmly centered around people; both your clients and your employees.

It is for this reason that it is exceedingly important to always strive to exceed the service expectations of your customers and clients, be those from a small and private firm or a national, larger corporate company. One way to ensure your customers are receiving a top-quality service is to outsource, for example to a reputable and established Aluminium Supplier, such as Righton Blackburns.

4. Always Be Aware Of Both Risks & Rewards (and Be Prepared to Compromise)

When approached by either an individual customer, or else a large corporate client, even though the bottom line and the main focus is to make as much money as possible to increase both cash flow and profits, it is still important to assess the risks and rewards of taking on the specific contract.

Whether you are the owner or manager of a construction business, or else are a loyal member of the workforce, the secret to teamwork is the knowledge that sometimes, it is much more effective to compromise or even sacrifice, in certain situations, too.

5. Always Be As Organized As Possible

Organization, both in one’s professional and personal life, is one of the most important ways of giving oneself the space and opportunity to be objective.

It would therefore be exceedingly pertinent to ensure that both yourself and your department heads and senior managers are all committed to being as organized as possible, at all times even when you are under the proverbial pump.

Entrepreneurial Success Is About Finding What Stirs Your Passion

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StrategyDriven Entrepreneurship Article |Entrepreneurial Success|Entrepreneurial Success Is About Finding What Stirs Your PassionAn entrepreneur has to be all in, fully engaged, and willing to do whatever it takes to make the business successful. How can you tap into that level of commitment? It’s about doing something for which you have a passion.

You may have read articles or books advising you to build a business around something for which you have a passion. That’s usually interpreted to mean finding ways to profit from a hobby or a talent. Examples of this might be the car enthusiast who starts his own sports car dealership, the musician who opens her own recording studio, or the computer geek who creates apps and software programs.

There’s a lot to be said for turning a hobby or a talent into a money-making venture. I highly recommend it. But don’t rule out other opportunities. I know many entrepreneurs who are simply passionate about the process of finding opportunities to create and grow businesses of all kinds. We’re like gardeners who enjoy planting, nurturing, and growing things, whether they’re flowers, herbs, vegetables, or exotic grasses — or a paver manufacturing company.

Like many of my entrepreneurial friends, my passion isn’t focused on one field of business or any particular product. My two biggest business successes so far have been our chain of PeopleCare Heritage Centers and a paving stone manufacturing company. Now, my parents moved off the farm to run a similar nursing retirement facility when I was a teenager, but I certainly didn’t grow up yearning to run a chain of them. And while I like nice landscaping, paving stones weren’t exactly the stuff of my childhood dreams, either.

Yet I truly enjoyed the many years I was involved in both businesses because we were able to build successful companies that provided top-notch services and goods to appreciative clients and customers. In the process, we created thousands of jobs that had a positive impact on the lives of our employees and our community, as well as all our suppliers’ companies and the families they supported.

I love the feeling of being in the flow of my business and of doing work that fires up my passion. When you can become that engrossed in what you do for a living, it’s a very good indicator that you’ve found the right line of work.

Here are a few tips for finding that level of passion that will enable you to prevail as an entrepreneur:

  1. Play to your strengths. As an analytical, math-minded guy, I especially enjoy homing in on the financial aspects of my business and figuring out ways to improve performance. I really get engaged in solving problems and puzzles. When I’m locked in on a set of spreadsheets, I lose track of time. I get so focused that I don’t hear any background noise.
  2. Possess a passion for the process. A passion for the process of creating and running a business is what drives many entrepreneurs to have diverse companies across various categories and fields. Some businesses offer more day-to-day excitement than others. Some are more fun to talk about with friends. Some demand more creativity. But even paving stones and nursing retirement centers, or logistics and real estate, can make for very interesting lines of work and rewarding lives.
  3. Improve others’ lives. Our PeopleCare Heritage Centers will never make the list of “Top Ten Most Exciting & Sexy Businesses.” I get that. But when I look back at how grateful our nursing retirement center residents and their families were for the high quality of care we provided and the life-enrichment programs we offered, I find that pretty darn exciting.

Key to firing up your passions is to get into a business that engages you on multiple levels, plays to your strengths, challenges your mind, and builds upon your talents and abilities. And, last but not least, it should help you build more resources than you ever could working for someone else.

About the Author

StrategyDriven Expert Contributor |Bob SchlegelBob Schlegel and his wife and business partner, Myrna, came from humble roots in a small Ontario, Canada farming community. Together, they launched their first family business, PeopleCare Heritage Centers, that grew to include 15 facilities in both the U.S. and Canada. While Myrna operated the centers, Bob Schlegel and a partner also launched Pavestone Company, which became the nation’s leading supplier of concrete landscaping products. The Schlegels sold both businesses and today are involved in a myriad of new enterprises and philanthropic endeavors. Bob’s new book, Angels and Entrepreneurs: A Lifestyle Formula for Starting Your Own Business and Riding the Rollercoaster of Entrepreneurship (SAVIO Republic, Feb. 22, 2022), shares the lessons learned from navigating the life of an entrepreneur. Learn more at bobschlegelauthor.com.

Making Money Through Leasing

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StrategyDriven Entrepreneurship Article |Make money through leasing|Making Money Through LeasingIf you’re looking for different ways to invest or grow your money, or if you’re looking at focusing on a new way of making money, you may be considering the property market. Now, there are countless ways to invest in this area, but one particularly enjoyable and potentially prosperous method is leasing. Of course, this is complex ground when you first wade into it, but with the right information, you could find yourself on track to make a lot of money and generate an impressive property portfolio. Here are some of the basics of leasing, as well as a few challenges to expect, should you decide to pursue this venture!

What Is a Lease?

Let’s start out by defining what leasing actually is. A lease is a contract that outlines the terms under which one party agrees to rent an asset owned by another party. In regards to property, a lease involves the person who owns the property allowing another person to use that property for an agreed sum of money and an agreed period of time. Of course, there are finances involved in this. Generally, the lessor will attach a price to their property and the lessee will agree to pay this sum, usually in monthly installments. The contract between these two parties will have terms and conditions, detailing responsibilities on both sides. It will also detail the consequences of either the lessee or the lessor breaching the terms of the contract.

Residential vs. Commercial

When you choose to get involved in property for financial gain, you have two key areas that you can get involved in. You can lease residential properties or commercial properties. Of course, there’s nothing stopping you from engaging in both, but often, people like to stick to one or the other, either through personal preference or simply to organize things more easily. There are different rules and laws applying to these different types of property, so generally, it’s better to specialize in one or the other. Whether residential or commercial leasing will best benefit you is dependent on your individual preferences.

  • Residential leases – these are leases intended to provide property rights for daily living. When you lease a residential property, the leasees will actually live in the property, making it their home for the contracted time.
  • Commercial leasing – commercial leases are intended for business use. This means that the lessee will run a business from the property, rather than living in it. Usually, you will create a contract that outlines the specific business types and practices that can operate from your property.

Organization

Now, the majority of people will start out by leasing one property. However, if you get a hang of it and find that this is a way that you enjoy generating money, you may start to invest in more properties to lease out, creating an impressive portfolio. Of course, this can be difficult to manage. You need to keep in-depth records about each property, the finances tied to it, the contracts associated with it, contact details of those leasing it and more. Sure, paper files can work. But these are easily prone to loss and damage and, in the wrong hands, could lead to data breaches. Instead, you may want to use lease management software. This can help organize your portfolio and ensure that you are managing everything properly in a way that you can safely store and recover the data and documents that are vital to your investments.

Management

Of course, if you have people in your properties, you need to make sure that you’re managing the properties properly. As the leaseholder, you have a number of responsibilities that can revolve around the health and safety of those in the spaces you’re leasing out. You may be responsible for the maintenance of certain elements of the building or certain systems within the building. You also need to make sure that the tenants, or lessees, are treating the property properly. Sure, most people will take some sort of deposit to cover any potential damage, but it’s still good to check in so that you can resolve any minor issues that could lead to more costly and serious damage down the line. If you don’t have time to manage all of this yourself, you may want to entail the help of a property management company.

Sure, leasing is going to be a steep learning curve for anyone taking their first forays into the area. But at the end of the day, it can prove more than worth the investment of your time, effort and money. Leasing can help you to generate a high, passive income. Give it a go and see how you get on!

The Keys to Becoming a Great Consultant: A Practical Guide

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StrategyDriven Entrepreneurship Article |Becoming a consultant|The Keys to Becoming a Great Consultant: A Practical GuideConsulting can be a lucrative way to make a living. You set your own hours and work on projects that interest you. But becoming a great consultant requires more than just learning how to do the job. It requires great people skills and the ability to work well with others. And, of course, it requires a hefty investment of time and energy. If you’re ready to put in the work, here are some things you can do to become a great consultant.

1. Set up Google Alerts for your client and its competitors.

Do you know who your client’s competitors are? If you’re like most consultants, the answer is no — and that’s a huge mistake. If you know who your client’s competitors are, it gives you a much better perspective on your value proposition and shows you where you need to improve.

If you set up Google Alerts for your client and its competitors, you’ll be the first to know when they release new content or make major press announcements. If you keep up with digital trends, you’ll be the first to see and respond to trends that might impact your business.This will help you stay current on client and industry developments, which will come in handy through the project. Go here to get started.

2. Network like crazy

Network marketing, like consulting, is a profession that requires more than just a strong work ethic. It also requires a network of people who can vouch for you and refer business your way.

As a consultant, you’ll find that the more you network the better your opportunities will be. You never know who you might meet or what connections you might make. So, if you’re sitting at a networking event and an opportunity presents itself, take it.

Networking can be nerve-wracking. You have to make time for it, but you also have to make sure that you don’t spend too much time worrying about making a bad impression.

Here are a few tips that can help you make networking productive and enjoyable.

  • Begin conversations with questions. There’s a lot you can learn from other people by asking questions and getting insights into their businesses.
  • Be genuine. The way customers see you and the emotions, associations, and facts they relate to you are what makes you stand out from your competition. Making sure you keep up a positive business reputation is, therefore, obligatory.
  • Be patient. Networking is a process, not a single event. If you’re expecting a quick payoff, you’ll be disappointed. But if you’re patient and give it time, the network will come to you.

3. Be transparent about your time

If you’re going to take on clients as a consultant, they need to trust you. And to build that trust, you need to be as transparent as possible about your time.

Clients expect to pay you for your time. So, when you’re accepting new clients, be upfront about how much time you’ll need to devote to their project. If you promise to deliver results in three months and then deliver them in two, you’re going to lose trust.

4. Stay flexible and learn new skills

If you’re looking for ways to become a great consultant, you should consider staying flexible. You never know when you’re going to need to pick up new skills.

For example, let’s say your company decides to start offering financial planning services. You’re currently working on a project that requires some financial planning expertise, so it’s a good opportunity to learn.

Now, let’s say you decide to specialize in marketing consulting instead. You’ll want to stay flexible enough to take on projects that interest you and allow you to make money.

5. Partner with other consultants or firms

Partnering with other consultants or firms is a great way to take your income to the next level. The more partners you have, the more volume you’ll be able to handle and the more money you’ll be able to make.

If you have a friend who’s a certified public accountant, you could team up to offer combined accounting and auditing services to local businesses. At Continuum Innovations they strive to deliver state-of the art services helping businesses automate and streamline their processes in a cross-functional environment. This means that you can execute your strategy or take on a project that you can’t handle on your own.

Conclusion

If you’re looking for an easy way to make money, this may not be the career for you. But if you’re ready to put in the work to build a successful consulting business, the advice listed here will get you on the right track. Becoming a great consultant takes hard work and dedication, but the effort is definitely worth it.

How to Prosper in Business as a Second-Language Speaker

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StrategyDriven Entrepreneurship Article |Second Language Speaker|How to Prosper in Business as a Second-Language SpeakerFor many people, learning a second language is a difficult task. However, for those looking to prosper in business, learning a second language is essential. English is the most commonly spoken language in the business world, so you will be at a disadvantage if you are not fluent in it. This blog post will discuss some tips that will help you succeed in business as a second-language speaker!

Improve Your Language Skills

The first step to prospering in business as a second-language speaker is to improve your language skills through language training. If you are not confident in your abilities, it won’t be easy to succeed. There are many ways to improve your language skills, such as taking a class or practicing with a native speaker. In addition, invest in phonics reading books to help with your pronunciation and grammar. Finally, one of the best ways to learn a language is to immerse yourself in it. This means surrounding yourself with the language as much as possible. You can do this by watching English movies and TV shows, listening to English music, and reading books in English.

Make A Point Of It To Speak English As Often As Possible

Another way to prosper in business as a second-language speaker is to speak English as often as possible. This will help you to become more confident and fluent in the language. When you are around other people who speak your native language, try to speak English as much as possible. If you are not comfortable speaking in front of others, you can practice by yourself. You can use many resources to practice speaking English, such as online forums, chat rooms, and language exchange websites.

Don’t Be Afraid To Make Mistakes

One of the most significant barriers for second-language speakers is the fear of making mistakes. However, it is essential to remember that everyone makes mistakes when learning a new language. Do not be afraid to make mistakes, as this is the only way that you will learn and improve. If you make a mistake, try to correct yourself and move on.

Ask For Clarification On Your Perception of the Matter

If you are unsure about something, do not be afraid to ask for clarification. This is a common mistake that second-language speakers make, as they try to avoid asking questions for fear of looking stupid. However, it is essential to remember that there is no shame in asking for help. If you are unsure about something, ask a native speaker or another second-language speaker for clarification.

Increase Engagement With Colleagues

To prosper in business as a second-language speaker, increasing your engagement with colleagues is vital. This means participating in meetings and networking events and being an active team member. Also, do not be afraid to share your ideas, as this will help you stand out from the crowd.

By following these tips, you will be well on your way to prospering in business as a second-language speaker! However, do not be discouraged if you are not fluent in the language, as there are many resources that you can use to improve your skills. With dedication and hard work, you can succeed in any business venture!