FAMILY BUSINESS

LESSON #41: 

FAMILY BUSINESS

Just like a couple business a family business is much as important. This helps secure your hard work and wealth within your family boundaries. Indians are good examples of family business practices. They involve their children in the business from an early age as young as 8 years. Their wives also know how to run their businesses on their behalf so that nothing falls in the hands of foreigners.

During school holidays involve your children in the family business. If you don’t have any start a family project like raring chicken, rabbits, planting trees, Upcycling any activity to keep you children’s mind creative and active. Do not just leave them in front of the T.V the whole holiday. Children’s minds are sharpened by creativity but dulled by inactivity. If you want your children to be the next inventors, innovator, environment conservers’ e.t.c start such home projects TODAY! Not tomorrow, not next week or next month but TODAY!

I remember when we were young our parents restricted our T.V watching to a maximum of 3 hours a day. 1 hour for cartoon time from 4:30-5:30 p.m and at night from 7:00-9:00p.m. We used the rest of our time creating things in our childish games. Most of you remember girls making dolls from banana fibers, boys making wire cars. Where did that creativity fade too? Our children nowadays do not know how to make things with their hands all they do is get blind from violence related video games and scanty music videos. Do not neglect your responsibility of bringing up your child to be a productive independent being or world will punish them.

 

Teach your child how to fish so that he /she will never be hungry.

MARRIAGE AND BUSINESS

LESSON #40: 

MARRIAGE  AND BUSINESS

Do you own a business with your spouse? Or would you like to start one with your spouse? In most cases if spouses have a common interest of running the business together in most cases it turns out successful reason being they are both doing it for the development of their lives.

It’s good to own a business with your spouse not only does it make the business strong and successful it also makes your relationship stronger. Both of you know the stresses each of you go through during the day and there is a mutual understanding between the two parties.

Although couple businesses are good there should be a high level of professionalism in the business. Home issues should not distract the running of the business. A business place should be treated as a totally different atmosphere from the home.

·        When choosing your life partner, remember that this is the most important decision of your lifetime. The marriage relationship offers 90% of all your support, happiness and fulfillment so choose it wisely. Consider qualities such as affection, sense of humor, intelligence, integrity, maturity, temperament, compatibility and that indescribable characteristic of chemistry. If these are present, your relationship stands an excellent chance of great success. Move slowly and let no one press you into an uncomfortable decision.

·        Become your spouse's number one supporter, the one who is always there supporting and fueling hopes and dreams. Develop together and march confidently through the world as an army of two.

·        Value your spouse's laugh and keep your partner's picture close by your work desk for inspiration and pleasant thoughts throughout the day.

The Top 200 Secrets of Success and the Pillars of Self-Mastery -- Robin S. Sharma

BUSINESS FRIENDS

LESSON #39: 

BUSINESS FRIENDS

In business much as you have competitors not all of them have to be your enemies. You can create business friends whom you can brain storm ideas to make more quality products, arrange charitable events or partner up to make a stronger venture.

You can make business friends to know how they think, what makes them so successful and maybe apply one or two of their tack ticks in your own business. Like I said in earlier lessons do not be too proud to be taught and do not also be too mean to teach others. Business is a give and take industry, but do not share all your company secrets because that’s what makes your business special.

·        Associate only with positive, focused people who you can learn from and who will not drain your valuable energy with complaining and uninspiring attitudes. By developing relationships with those committed to constant improvement and the pursuit of the best that life has to offer, you will have plenty of company on your path to the top of whatever mountain you seek to climb.

·        Make a new friend or acquaintance every day. Keep an updated list of all contacts close at hand. Rich relationships are the DNA of a rich, rewarding life.

·        Get to know and enjoy your neighbors. They make life more pleasant and can provide helpful resources when you least expect it.

The Top 200 Secrets of Success and the Pillars of Self-Mastery-- Robin S. Sharma

BUSINESS RELATIONSHIPS

LESSON #38:

 BUSINESS RELATIONSHIPS

How is your business relationship with your clients/customer? Business relations/relationships with your clients are very important in sustaining and growing your business in the long run.

HOW TO MAINTAIN BUSINESS RELATIONS

1.     CUSTOMER CARE

This is the most important aspect you should inject in your business. “Happy clients make a happy business”. If your clients are treated well with respect they will always come back and will soon be loyal customers as long as the hospitality exists. For example if you have a welcoming receptionist at your office who talks well with clients always has a smile on her face, she can potentially land you big clients or business partners as compared to one who is rude and doesn’t mind the clients. A shop attendant who has good language and good attitude, always willing to give assistance to customers will make the customers loyal. So customers care is paramount.

2.     QUALITY PRODUCTION

Now this can be in terms of goods or services. The quality of your product will sustain your customers even when there is competition. If you are to improve your branding then also improve on the quality of your product. Your product quality should be consistent and improving e.g Omo detergent it’s consistent but ever improving in quality.

3.     PROMOTIONS

How often do you have promotions? How often do you involve your customers to enjoy your product at a discount or free samples for your improved product?

Promotions create a bond between you and your loyal customers plus it draws in new and curious clients. Your promotions can be once a year, twice a year quarterly e.t.c. You can even reward loyal customer’s inorder to attract more loyal customers.

The more your clients feel at home with your business/product the more they will be loyal. Do not be after making money only be after making a legacy like Coca cola just to name but a few.

RESPONSIBILITIES

LESSON #37: 

RESPONSIBILITIES

How responsible are you to your business? Do you take total control over it or do you let someone else take the rails? Do you spend all your profits or do you re-invest them? Are you the one responsible for balancing the ledgers or do you fully trust your employees?

How do you run your business?

A business is a big responsibility and the one in charge is you the business owner. All the responsibility and stability of your business is on your shoulders. I know of a business owner who left all the responsibility to his sibling who had no idea of how to run the business and when it finally went to the ground the business owner blamed his sibling for making his business fall.

Your business is your dream much as you have employees they may or may not share your goal because they are there to earn a living from you while you employ them to archive your dreams. Never leave 100% responsibility to anyone even to your business partner. At least share 50-50 because much as you might a common goal with your business partner he/she might have his/her own perspective. 

Take control of your business documents like ledgers, tax payments (PAYE, Income tax), inventories, budgets make sure that you’re up to date with what is going on. Best still learn how to balance your books (do not leave everything to your accountant) you can install user friendly accounting software like Tally, inventory software like Inventoria stock Manager. A smart businessman is multi-tasked. Be organized have all your documents filed and clearly labeled. Keep both soft and hard copies of your documents from day 1 of your business i.e. Invoices, receipts, payment vouchers, pro-former invoices, cheques, delivery notes e.t.c .Insure your business so that you don’t fall in debts in case any calamity occurs.

Remember no one can run your business better than you. Do not forget to teach your children the business they will keep it running even when you grow old and cannot work anymore or when you fall ill or in case of any accidental disability.