The 3 Major Reasons why ALL Business Owners MUST GET a Business Coach

by Dominic Ashley Timms In times of economic difficulty, it is a brave man indeed that invests heavily for the future of the business - yet this is the one thing that has been consistently shown to be the key to longer-term survival. Acting against the herd (who are all pulling in their necks at this time), means that businesses that have carefully directed their investments and have strengthened the key attributes of their businesses, will be those that enjoy the most explosive growth when the economic shackles are loosened! Employing a Business Coach at a time when money is generally tight may seem like an indulgence. In fact, nothing could be further from the truth - if you are going to focus on ensuring your future business success, then where will you actually start? More importantly, will you actually start? A Business Coach can work with you to quickly assess where your efforts should best be directed in order to capitalise on your business strengths - remember, at difficult times, it is all too easy to become a busy fool, which for most of us means that we shall fail to capture the best from the inevitable upswing when it comes. At any time, practically every business suffers from one of the following issues - if any of these speak to you then perhaps it is time that you had a good long look at your likelihood of sustaining your business into the medium-term. 1. You have lost sight of where your business is going and why? We have all suffered this at times in our careers or within our businesses - our heads are down so much we forget to focus on the horizon. During these times, it is even more important to know exactly where you are going so that you can develop some more of the 'how am I going to get there!' As an 'outsider', a good Business Coach can see the wood for the trees. They are not blinded by industry preconceptions or your business' previous way of doing things - "we've always done it this way" is not in their vocabulary! They will ask you the difficult questions (that perhaps you have been avoiding yourself) and challenge you to take action. 2. Your business does not generate enough profit to justify your efforts. Then why, exactly, are you in business? If you want to continue doing what you have always done it should come as no surprise that you will always get the same results! This incidentally, is the definition of insanity...! A Business Coach will challenge your thinking and help you to get focused on taking the actions that will drive your business forward and grow your profits. This will involve a level of change (remember if you've always done the same thing...), so you need to be open to this for it to be successful. A level of commitment is also required if you are to change what has been and drive for growth. The results though could substantially increase your revenue and profits within only a few months of starting work with your Coach. 3. Because you are already good and recognise that it's going to take that bit extra to become Outstanding! What is it in each of us that leads us to believe that we should be able to make a success of our business all by ourselves? We aren't all born great entrepreneurs, and for most of us this means a lot of hard work. Let me tell you, I have been in the Personal Development field for over 20 years, and I still don't know it all! Seeking out coaching support is not a sign of weakness, it is a sign of strength, a recognition that to be the best, we need external support to motivate us towards higher performance. In the same way that top sportsmen and women will always seek out the top coaches in their field in order to excel, you too need a Business Coach if you wish to excel in your business. Your Business Coach will motivate you to want to excel, will hold you accountable for your performance, will demand results from you pushing you forward, will cajole you (at times) but will also be there to congratulate you on a job well done! Next steps - taking Action This is one of those periods that will sort out the weak from the strong in business - those who have the strength of will to focus on what needs to be done to ensure their business success, and those that will hold their heads in their hands and bemoan what's happening all around them. Do yourself a favour, get yourself a Business Coach and get your business into shape. Dominic Ashley-Timms runs the UK's leading Business Coaching company; BusinessCoaching.co.uk, representing the Top Business Coaches across the country. To find out the other reasons why you should work with a Business Coach click the link to download the full article from our website www.businesscoaching.co.uk Article Source: ArticleRich.com

Business Coaching Statistics: How To Gain A Recession Proof Competitive Edge

by Lyn Troyer Here are some interesting statistics to consider if you own a small business or internet business. Did you know business coaching statistics show that applying the skills of a business coach is a great way to keep your business ahead during a recession. It is predicted that for a small business owner to be able to work competitively on their own will become more challenging. During this recession especially, when the competition among companies is exhaustingly fierce, it becomes crucial to look for assistance to give you that competitive edge. Business coaches give you an outside perspective on how your business is running. Because this is something most businesses do not bother to find out, this in itself gives you a lead over your competition. A practice development research revealed that 42% of businesses don't use a business coach. This same study though, found you can increase your profit margin by an average of 46% by using a business coach. Thus 42% of businesses are missing out on a 46% profit increase. If you among that group you may want to carefully consider if you can afford to not use a business coach. An article posted on affiliatedragon.com stated that having your own internet business was the last weapon against a recession. However, as we've seen more businesses both off and online negatively affected by this slow economy, having your own business isn't a fool proof plan. However, hiring a business coach can be the difference between those that struggle and those that survive. To help them develop plans to build profit-growing businesses even during a slow economy many business coaches show their clients how to navigate their way through changing economies. Giving them another competitive advantage. A study conducted by the International Coach Federation surveyed 210 coaching clients for demographic data and feedback /opinions about the value and use of coaching. The study revealed that those who were coached had a positive change in personal work habits. This is instrumental to changing your business during a recession. Here are some of the statistics this study shows us about business coaching. 62.4% smarter goal-setting 60.5% more balanced life 57.1% lower stress levels 52.4% more self-confidence 43.3% improvement in quality of life 25.7% more income Those are just a few of the outcomes found through the study. What we see is the number of people who are experiencing positive personal development skills to apply to their business. It's not just about dollars and cents and most times companies who are struggling have a personal reason linked to their financial struggle. Some more interesting business coaching statics were those that we don't immediately link with business for example, 33.8% saw their health or fitness improve, 33.3% had improved family relationships and 25.7% stopped a bad habit. Although we don't immediately associated something like stopping a bad habit to having an effect on our business, the fact is something like being lethargic can affect your work habits. To find out what may be keeping them from advancing their business clients can turn to business coaching. Sometimes it's a simple as learning how to organize their office in a more efficient and effective manner. The business coaching statistics found in this study prove that even during a recession businesses that use coaches can still thrive when they take advantage of the skills offered by a business coach. Lyn Troyer and his Niche Power Group teach beginners how to make money online in niche markets with affiliate marketing. Please visit their online business coaching website here to learn how you can go from making nothing to a full time internet income in 12 months or less. http://nichepowergroup.com Article Source: http://www.articlerich.com

Make Your Home Business Professional

by MASCOM

A common misconception is that a home business is somehow less professional than one in an office building. While this perception is changing, there are steps a home-based worker can make to ensure your home business looks legitimate.

Don't fall into the trap that just because you are working from home your standards in basic things have to go by the wayside. If you want your clients to take you seriously, the first step is to take your business seriously.

First, the SBA recommends any home business incorporate or register your business name. Having your name incorporated means you can put Inc. behind it. True or not, that adds a bit of legitimacy to your business. Though regulations vary state by state, incorporating your business is fairly straight forward. To find the regulations in your state go to the US Government website. For example, in Indiana, the state's website lays out in clear language each step you must take for the specific business you plan to operate, including which forms will be required and how to obtain them.

Second, if you plan to meet with clients face to face, it is a good idea to obtain an executive suite or serviced office if they are available in your area. A service office is an office you can rent - even for a single day - for an important meeting. Usually they are located in larger cities. Even if you have a designated office in your home, this sort of arrangement looks far more professional than leading someone through your living area to get to your office.

Third, have a designated phone and fax line for office use only. Only do this if you can guarantee your six-year-old won't answer the phone. SBA recommends giving your direct-contact phone number only out to existing clients. Hire an answering service for all other calls.

Fourth, take a good look at your website. Even if you've designed it yourself, it shouldn't look like you have. Take a look at other professional websites and pattern yours after them. Don't try to go for a "friendly" look. That only comes across as unprofessional. The importance of your website and what it says about your business cannot be overestimated. If you don't feel confident about building your own website, by all means bite the financial bullet and hire a professional to do it. Most have vast portfolios that will help you find the proper "look" for your site.

Fifth, make the investment to get business cards and letterhead printed on professional printed quality stock. Don't go bargain-hunting here. It's worth the investment to get this done right. Don't worry that your business card looks boring - boring sometimes translates to professional. Keep it simple and uncluttered.

Sixth, dress for success. Just because you work from your home doesn't mean you can ditch the business suit all together. It is easy to fall into a world of slippers and sweatshirts, where dressing up is wearing a clean shirt and khakis. If you are meeting with clients, you must dress the way you would when you were working in the corporate world. Don't think your clients won't care. They will - even if they say they don't.

Finally, invest in a good laser printer to produce your correspondence. Sloppy printed materials translate to an unprofessional image.

If you plan to make this giant leap into working from your home, remember to treat everything like a legitimate business.

About the Author

Visit Our Site For Work From Home Businesses. Get More Information On Professional Home Businesses.

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Writing a Business Plan

By EricSMeyer

The business plan consists of several major components. They are provided in some detail below. Your type of business, needs for capital for startup and initial phases, customer demographics and more will dictate to a degree the content you would probably want to place in the business plan.

As owner of three businesses now, formerly of four businesses, the information here will be based on my own experience and research; however, you might find the content of this essay interesting and hopefully useful to some extent.

The first part is the title page. Here, you would place the name of the business in the middle of the page, just about one inch from halfway down. Below it, write “Business Plan prepared by” then your name. Lower, place the date and revision number of the plan.

The second part is the summary sheet. This is where you will name the owner(s) and the planned or existing structure. Examples might be “A sole-proprietorship owned by...” or “A partnership owned 60% by [person A] and 40% by [person B]”. This should accurately define who will make what decisions and how much wealth is owned by each participating owner or partner.

The third part is the reason why the business should exist, and who will probably buy from it. Here, you would use research on your future customers, and what products and services they most likely would be interested in purchasing from you and/or your business partner(s).

The fourth part is the assets sheet. Here, you would like the property, like domain names, toll-free numbers, office equipment like computers, printers, faxes, and any real estate owned by the company, as well as any intellectual property like copyrights, patents, trademarks or other similar works.

The fifth part is to write up an anticipated cash flow chart and breakdown, to help investors know a little more about what exactly you have in mind for your business and here you get to show your diligence in researching permits, licenses, insurance, bad debt from nonpaying buyers, etc. Show a date when the business is expected to go into the black, so investors may get a sense of how long they will have to wait to get a return on their investment.

The sixth part is to write a summary, indicating what you need (if anything) like capital, intellectual property, domain names, phone numbers such as toll-free numbers, and anything else that is required. Be sure to list necessary workers and private contractors who will be key to the success of the business. List everything you will probably need in the first year of operation, and describe anything that has to be put together to make everything work property and generate a profit.

The seventh part is to consult with an attorney to get the plan copyrighted. This can be done with the help of an attorney; however, many individuals choose to copyright works on their own. Copyrights vary in cost, depending on if you choose online or paper based registration, but generally can be about $35 to $50 and are typically good for the life of the author plus about two decades. The copyright is optional, but is definitely something I like to do.

Write to the United States copyright office, or visit http://www.copyright.gov/ for more information on copyrights.

For the finished business plan, you may want to make a number of copies, depending on how many people you trust. A non-disclosure agreement is often a wise investment, to be signed by every person who is about to be trusted with the business plan.

Finally, take the plan to a office supply store and purchase some copies of your paperwork. A thermal binder often makes the best presentation. Then, carry some copies with you and visit your favorite bank(s) and venture capitalist(s). Keep in mind that your credit score will be a big factor in deciding your loan amount and interest rate. Good luck on your new endeavor!

Content Source: Writing a Business Plan - Bukisa.com

MBA basics

By Mansi gupta

The MBA is perhaps the most coveted course in today’s world. This course tops the list of courses almost in all the developed and developing countries across the globe. The enthusiasm for the course has brought in many small private institutes etc. to offer this course. However, only those students who have obtained the MBA degree from some recognized eminent university find the best of placements. So the institute or the university is the first factor for a successful career in this field. This article will educate you about the various issues like finance, strategy to study, interview etc. related to choosing MBA as a profession. • In today’s competitive world there are no shortcuts. The student willing to take admission in one of the best institutes either in Asia or abroad, need to study hard and get the good grades. 3.0 to 4.0 are the minimum grades required at the undergraduate grade point average (GPA). • Most of the MBA schools or colleges adjudicate the caliber of the student via the GMAT or The Graduate Management Admissions Test exam. This test is to estimate the individual’s knowledge of English, Math and Analytical writing skills. The verbal or English section comprises of 41 questions to be answered within 75 minutes. The questions like correcting the hidden grammatical mistakes etc. The Math section has 37 questions and same 75 minutes. Questions are on various mathematical topics like percentage, ratio and so forth. The writing analysis is based on writing two essays on different issues. • The school and university depend on the grades that you get in the exam. Good grades will fetch you a deemed university while poor ones may not. • MBA programs are full time and part time and within this program there are many choices. Like you can take up finance management, HR, etc. it is at the discretion of the student to decide which course to go for. • Once you have made a preference for the course, the time comes to look at the fee structure. Usually the MBA schools charge a high fee which is not within the reach of students. In this case they look for other financial aids. Many schools offer scholarships, grants etc. that can be looked up to. Else the loan facility is always available. The loan providing banks and companies also consider the grades and the institution that recommends the name of the student. The successful schools are known for producing productive students who can repay the loan conveniently with their salaries. The FAFSA or the Free Application for Federal Students, loan offered by the federal government is doing remarkable job in this area. However, due to the popularity of the loan, the application should be sent as soon as possible. • Many MBA schools ask for recommendation letters. This is in order to justify a student’s authenticity. In this case the letter should be taken by an honored and known authority whose recommendation lifts your name in the eyes of its seekers. • The school life is followed by hunt for a job. If you have passed from a top most school, job is not an issue; still you need to be prepared to win your contenders. When going for an interview wear decent clothes that are not too jazzy and funky and colorful. Practice properly with a friend or family member before the day of interview. Don’t forget to take a copy of resume and cover letter along with your certificates. You need to be familiar with each and every word of your resume and cover letter. Don’t be nervous and maintain a calm composure. Try replying in a prudent manner to all their questions. Even if you make a mistake, don’t let it affect your rest of the answers and your attitude. So go ahead and chase your dreams!

Mansi gupta writes about MBA .. Learn more at http://www.mbasmakemoney.com

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Identifying and Avoiding Mortgage Fraud

By Brian S. Icenhower

Recent financial industry distress publicly attributed to widespread mortgage loan defaults has generated mounting pressure on federal prosecutors to increase investigations into incidents of mortgage fraud across the nation. On February 6, 2004, CNN reported that the FBI warned that mortgage fraud was becoming so rampant that the resulting “epidemic” of fraud could trigger a massive financial crisis. Mortgage fraud has now become so prevalent that the United States Department of Justice and the Federal Bureau of Investigation have been forced to create an entirely new category for tracking these cases. According to a CBS news report, the number of FBI agents assigned to mortgage related crimes increased by 50 percent from 2007 to 2008. Prosecutors and investigators on both the state and local levels are also feverishly organizing task forces and creating real estate fraud departments to counter this burgeoning wave of crime. CRIME & PUNISHMENT The primary focus of these investigations appears to be on borrowers, investors, mortgage brokers, appraisers and real estate agents. Some of the charges levied against these perpetrators have included making false statements on loan applications, bank fraud, mail fraud, wire fraud, conspiracy to launder funds and a number of applicable state laws. However, the primary legal vehicle implemented by federal prosecutors has been section 1014 of Title 18 of the United States Code which declares mortgage fraud as a federal crime encompassing anyone who willfully overvalues any land or property, or knowingly makes any false statement, for the purpose of influencing a financial institution upon a loan application, purchase agreement or other related documents. A violation of the federal mortgage fraud law (18 U.S.C. § 1014) alone is punishable by up to thirty years imprisonment and a one million dollar fine. MORTGAGE FRAUD SCHEMES The most effective way to avoid prosecution for mortgage fraud is to identify mortgage fraud schemes prior to any actual involvement. Most mortgage fraud offenses fall into one of two general categories: “fraud for housing” and “fraud for profit”. Fraud for housing often involves fraudulent acts committed by a borrower, often coached by his or her mortgage broker or real estate agent, to obtain a loan for the ultimate goal of acquiring a home. These fraudulent facts generally pertain to the falsification of facts and documents during the loan application process to enable the borrower to obtain financing that he or she would otherwise not be qualified to receive. Conversely, fraud for profit typically involves a more concerted plan to abuse the entire real estate transactional process for pecuniary gain. FRAUD FOR HOUSING Income Fraud This occurs when a borrower inflates his or her amount of income to qualify for a loan or a larger loan amount. Although recent reductions in the use of “stated income” or “no-doc liar loans” has somewhat curbed income fraud, daring borrowers are increasingly generating more fraudulent documents to falsify income. Information technology and photocopy equipment have become so advanced that very convincing documentation, such as income statements, savings accounts and tax returns, can be produced on demand. Employment Fraud In order to justify overstated income in a loan application, borrowers will claim self-employment in a non-existent company or represent having a higher position in a company than the borrower actually holds. Failure to Disclose Liabilities The debt-to-income ratio is an important part of the loan underwriting criteria used to determine a borrower’s eligibility for mortgage loans. Consequently, borrowers will conceal financial obligations like newly acquired credit card debt, other mortgages, and private loans to artificially reduce their debt-to-income ratios. Occupancy Fraud Generally occurs when a borrower states on a loan application that he or she intends to occupy a property as a primary residence to secure a lower interest rate when the borrower actually intends to obtain the loan to acquire an investment property. FRAUD FOR PROFIT Equity Skimming and Cash-Back Schemes A straw buyer is typically implemented as the buyer of the property due to his or her creditworthiness and resulting ability to obtain favorable financing. Unknowing straw buyers can be manipulated by mortgage brokers and real estate agents to purchase a property as a primary residence with the broker or agent later serving as a property manager to collect anticipated rental income. After the escrow closes and the mortgage and real estate brokers collect their commissions, they proceed to collect rental income and fail to make the mortgage payments. Complex schemes can involve a knowing straw buyer, an appraiser who intentionally overstates the property’s value, a dishonest seller that intentionally inflates the selling price, and a dishonest settlement officer that makes undisclosed disbursements from the loan proceeds. All of these conspirators collaborate to collect portions of the proceeds of an inappropriately large loan before eventually letting it go into default. Appraisal Fraud or Price Inflation This fraud occurs when a dishonest appraiser intentionally overstates the value of a property or when an existing appraisal is altered to reflect a higher value. When a home is overvalued, more money can be obtained by the seller in a purchase transaction or by the borrower in a cash-out refinance. The New Appraisal Fraud: Price Deflation When done legitimately, a short sale occurs when a borrower that owes more than his or her property is worth sells the property below market value and the lender agrees to accept the lower repayment amount and forgive the difference. A new hybrid of fraud has emerged where an appraiser or a real estate agent drastically devalues the property in an appraisal or broker’s price opinion (BPO) so that the home will sell with ease at a price well below market value. Of course the new buyer is in collaboration with the seller, agent and appraiser, so all of the conspirators proceed to sell the home at a higher price for a big profit. Identity Theft Identity theft fraud occurs when a victim’s identity is assumed by another to obtain a mortgage without ever intending to make any payments on the loan. The perpetrators often abscond with a portion of the loan proceeds and sometimes are daring enough to lease the property and collect some deposits and rental income before disappearing. The Buy and Bail This completely new scheme is perpetrated by a home owner who cannot sell the home because more is owed on the property than its worth. Because no lender will provide the owner a loan for a second primary residence, the owner tells the lender that he or she plans to rent out the current home despite having no intention of doing so. Sometimes a falsified rental agreement is used to further support the falsehood. Once the second home is purchased, the owner “bails” on the original home and fails to make any further mortgage payments. AVOIDING & PREVENTING FRAUD Mortgage fraud frequently emanates from groups that complete an abnormal amount of similar transactions or churn out many offers to purchase at once. These outfits may appear disorganized or unprofessional due to the large amount of transactions they are attempting to manage. It is also no coincidence that mortgage fraud has significantly increased as housing values have decreased since most fraud schemes involve a financially distressed or otherwise vulnerable seller. It is equally important to remember that agents owe a very strict fiduciary duty to act in their clients’ best interests. So before reporting a client to your local authorities, speak with legal counsel or your state real estate licensing department to ensure that your proposed actions don’t constitute a breach of your fiduciary duty to your client. Real estate agents are in a unique position that enables them to identify and even prevent the occurrence of fraud by recognizing the red flags, asking appropriate questions, and giving the principals in their transactions the full picture of what consequences are associated with participating in mortgage fraud. While a lot of damage has been done in the real estate market, we can prevent more of the same from occurring in the future.

Brian S. Icenhower, Esq., BS, JD, CRB, CRS, ABR, a California Association of Realtors Director, practicing real estate attorney, a real estate expert witness and litigation consultant, a prosecution consultant of Tulare County District Attorney Real Estate Fraud. He may be contacted at bicenhower@icenhowerrealestate.com, or http://www.icenhowerrealestate.com/.

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