Melanie Bayon

Leadership Styles in Management

November 30, 2012 by Melanie Bayon

Effective Leadership Styles

One of the most important tools for corporate managers is leadership. Corporate managers generally arrive in their successful positions through hard work, diligence, and the proper training and education. Often coming from executive MBA programs and other top schools, corporate managers will have worked their way up as specialists in their fields into broader roles that let them lead teams and large groups of people to ensure company success. Because team management can be stressful and project development often comes under a tight deadline, it is necessary that corporate managers have the leadership skills to ensure everyone they supervise fulfills their respective roles to the best of their abilities. A good understanding of leadership and leadership qualities is essential for the corporate manager.

No Leadership Formula

There is no magic formula for successful leadership, just as there are no unique set of traits that leaders share that make them effective. Qualities like integrity and empathy, assertiveness and likability, good time management and good decision making skills are all qualities that good leaders can possess, either alone or in combination with one another. But an effective leader does not have to be well liked to motivate people, and a good leader can make good decisions without a strong sense of empathy. Thus, it is necessary to look more closely at the actions of leaders and the styles that leaders can adopt.

3 Different Leadership Styles

There are essentially three different leadership styles in management. Each has its place and is closely tied to [Read more…] about Leadership Styles in Management

Are You Ready to Start a Small Business?

November 17, 2012 by Melanie Bayon

Start a Small Business-

So, you have a great idea to start a small business, but you’re not sure if you’ve taken all the steps you need to in order to make your business a success?

Many people get to the “great idea” stage, but can’t get beyond that because they don’t know where to go, but if you feel you have a good product or service to sell, you can make it profitable if you do some leg work first.

Research… Before You Start a Business

The first thing you need to do is check that your idea can actually work. Carefully analyze how much it will cost to produce your product and then double it. (Everything costs twice what you expect).

Look up similar products to see if you have something that people will want to purchase and what price they are willing to pay. Don’t count on producing the lowest cost product. Competing on price is a losing game. Create a unique product or a higher quality product or a product that fills a unique niche. Supplying a “want” is easier to sell than a “need”. One way to discover a want that needs to be filled is to keep your ears open. Whenever you hear someone say the words “I wish” you know a want is about to follow. If enough people have that same wish, that idea may be the basis for a new market sensation.

Find out how much time it will take to make your product and if there are any extra costs, like shipping, that might eat into your profits. If you can give numbers and facts for all of these areas and show your product to be profitable, you’re at a good spot to give your business a shot.

One big difficulty for new businesses is the cost to get started, so make sure you have the cash on-hand to cover the early costs or get a loan to help you get through the rough spots. There are plenty of lenders out there that specialize in small business loans, so you shouldn’t have a problem finding a loan if you have a detailed plan.

If you need help creating a business plan the U.S. Government operates the “Small Business Administration” which provides training, counseling, information on loans and grants and information on working with the government. Often the best strategy for getting started is to start small and see how it goes and work out the bugs before getting yourself into a lot of debt. Many businesses don’t generate a profit for the first year or two so during that period you want to keep debt to an absolute minimum.

Do You Have Customers?

The greatest idea in the world is worthless if you can’t get it to your customers. Use as many ways as you can think of to get your idea to your target customers as quickly as possible to help your Small Business get off the ground. Self-advertise locally, get your product in any shops or businesses you can, and make yourself a presence on the web. Open Twitter and Facebook accounts dedicated to your product and even get a website going with information so people outside your immediate area can start buying. Getting your name and product idea passed around is the quickest way to get consumers to start purchasing from you, so you need to get yourself out to as many people as possible as quickly as you can.

Some Guru’s suggest gauging demand for your product by running Google Adwords ads before you’ve even created a product and see what people click on and even test sales pitches. Once you find out what they want you can tailor your product to thier needs and know what kind of prices to charge and better gauge your profitability. Of course you can’t actually accept any money until you are ready to ship the product but this way you know what people want and how to sell it to them before investing heavily in a product that you can’t sell. Murphy’s Law definately applies to a new business, everything takes longer and costs more than you expect. So, you need larger margins than you ever thought possible in order to run a profitable business.

One interesting new way to raise funding (and guage interest and even find customers) for your new idea is through “crowd sourcing”. Organizations like Kickstarter.com allow you to presell your idea to potential investors not necesarily for a share of the profits but often for the priviledge of receiving one of the first items produced or simply a line in the credits page of your new movie or App. Recent items funded include a new ultra thin wallet where investors get one of the first items off the assemply line. In this case, the entrepeneurs wanted to raise $10,000 and ended up raising $203,488 because people kept ordering their wallets through Kickstarter. Other successful projects that received funding included a space age jacket that can change how much it insulates based on how much Argon gas you pump into it and several new Photography projects, video projects and computer apps. On kickstarter you won’t receive any money until your project is “fully funded” based on your initial cost estimates and what you list as needed to get started. But it is an excellect way to get start-up funding, gauge interest and recruit customers all at once. And you don’t give up a share of the business or burden your start-up with debt.

Have You Talked to a Lawyer?

Before starting a big venture like your own business, it’s always good to check with a lawyer first. A couple of hundred dollars could help you avoid any law or copyright infringement, which could save you thousands of dollars or more down the road. Knowing that your business is secure and legal will keep your business from getting bogged down in legalities as it begins to grow, which can be invaluable you’re your company becomes successful. But remember, Lawyers are by nature overly cautious. Many a good business would never have started if they had asked a Lawyer first. So keep it legal but don’t let the Lawyers discourage you if your market tests show you have a profitable idea.

Starting a Small Business takes Time and Determination

If you aren’t willing to put in the time and effort to making your business work, there’s no way it can be successful. However, even a good, well tested, idea can take a lot of effort to get it off the ground. You have to truly believe in your idea and be willing to make sacrifices to get it off the ground. If you’re willing to work hard and push your business into becoming successful, you can make it happen.

If you take the time to make sure your business is viable, find your target customers, and then put in the work and effort necessary to make your business successful, you’ll be able to turn your “great idea” into a profitable business that will get as big as you are willing to push it. You can do it if you’re passionate and prepared.

10 Things You Need to Know Before Starting a Home Business

7 Tips to Finding More Clients for Your Home Business

Small Business Credit Cards

Five Unusual Business Ideas

Open Your Own Restaurant

How to Start an Auto Repair Shop

How to Start a Day Care Center

10 Ways to Make Money Online

The Joys of Outsourcing

Current Trend to Virtual Offices

Is Business Insurance on Your Priority List?

Is it Time to Expand Your Small Business?

4 Tips for Staying Organized in College

October 21, 2012 by Melanie Bayon

What is the Real Unemployment Rate? One thing about college is guaranteed: When you start, you’re going to be inundated with paperwork, emails, names, phone numbers, and a million other things you’ll never remember. Here’s the good news: You don’t HAVE to remember them, because we’re going to tell you how to stay organized in college.

1.) Keep Hard Copies of Things that Matter

This includes (but is not limited to) emails and any work that is submitted online. Technology is great, but it isn’t foolproof. If you email your professor your essay and he notifies you after the due date that he never got it, in addition to forwarding him the email from you “sent” folder, provide him with a hard copy of the email you originally sent.

This is also beneficial to do when you’re dealing with money online. Bank statements, student loan information and receipts, resumés, etc. should all be in your possession in hard copy, in addition to floating around somewhere in your computer.

2.) Organize Important College Paperwork in a File Cabinet

All of that important (and sometimes confidential) paperwork looks fantastic in a messy pile on your computer desk, right? Wrong! It’s also unsafe and could be damaging should you start to lose track of things. Clearly labeled file folders will keep your information secure and organized, just as you need it. This is perfect for receipts, scheduling information, student loan documents, and all of those other hard copies you’re going to start to keep. [Read more…] about 4 Tips for Staying Organized in College

Data Storage and Small Business

September 29, 2012 by Melanie Bayon

How to Pick the Right Data Storage Site for Your Small Business

If you own a small business, you’ve probably already heard of the advantages of online data storage. Greater document security, the ability to send files with just a link, and online collaboration are all available for you through different storage sites. The problem, however, comes in choosing which site you want to use. After all, you are entrusting them with your important documents, so it’s important to choose a company you feel comfortable with. Here are a few things you should look at when deciding on a data storage site.

Features Available

Different sites offer different options. Some may be incredibly useful for you, while others would be a waste. Go through the available features and see what is useful for you. Online collaboration is great for some business owners that need multiple people working on one document at the same time. If that’s not necessary for you, then it shouldn’t be your big selling point.

For most people, features that are sure to be useful are those that help make audits easier as well as those that make the site easy to use, like icons on your desktop, a good customer support system, and good syncing capabilities so you aren’t stuck working from a single computer. Whatever features you need, check carefully with the sites to ensure [Read more…] about Data Storage and Small Business