How to Avoid the Dangers of Being a Serial Entrepreneur
by

How to Avoid the Dangers of Being a Serial Entrepreneur

Deciding to become an entrepreneur is an important decision that can potentially pay off dividends for you in the future. Becoming an entrepreneur can provide you with an extra source of income as well as address a prominent want or need in society. However, you should also realize that there are many kinds of entrepreneurs. One such kind of entrepreneur is the serial entrepreneur.

A serial entrepreneur isn’t a term that is used often within a business context, but it is a kind of entrepreneur who starts new businesses and comes up with new ideas continuously. Now, you may be thinking to yourself that a serial entrepreneur sounds like the model, ideal entrepreneur to be.

Coming up with new ideas and innovative ideas consistently sounds like the right way to go if you aspire to be successful. However, adopting this kind of entrepreneurship can have its drawbacks. Here are some of the dangers associated with being a serial entrepreneur and how to avoid the dangers of becoming one.

Lack of Commitment

This is one trait that is commonplace around many serial entrepreneurs. Remember that these kinds of entrepreneurs are noteworthy for their ability to create many new ideas and perhaps start many business ventures, only to not follow through on an actual plan. Having new ideas is greatly encouraged in the world of entrepreneurship. Unfortunately, this can also constitute a mindset of complacency, because most of these ideas never bear any fruit.

If you are going to be an entrepreneur, being committed is going to be one quality that you will need. You cannot come up with an idea, start the framework of what it will look like and then just completely abandon it. This can lead to sloppiness and the wrong mindset. You should have a mindset of wanting to run businesses instead of to just merely start them.

Consistently leaving ventures off will eventually leave you unorganized and unfocused. If you have an idea, act upon it. However, don’t try to act upon multiple ideas at one time. You will be in a worse position in the long term. You can learn more information about these pitfalls by visiting Rusty Tweed for valuable information.

Blinded by Loyalty

Another pitfall that many serial entrepreneurs suffer from is making decisions based solely on a sense of loyalty. This can be a particularly dangerous behavior to be engaging in, especially if you are a novice. Loyalty in itself isn’t a bad quality to have, but if you are making every decision based on your sense of not wanting to leave, then it can lead to unwise decisions.

You will eventually realize that difficult decisions will have to be made in order to move your business forward. Certain ideas may have to be abandoned, cuts in certain areas will have to be made and hard choices will have to be analyzed deeply. You need to observe everything in an objective manner.

It’s natural to have an inclination towards anything you think can benefit your business in theory. However, you need to be thinking about everything in a practical sense. You cannot accomplish that if your overriding sense of loyalty obstructs any other thought process. Information and other valuable resources can be found at Rusty Tweed to further your understanding.

Understanding Your Risk Tolerance

Serial entrepreneurs are also widely known for having an uneasy risk tolerance. Make no mistake that in the world of entrepreneurship, certain risks will have to be taken if you hope to yield a potentially high reward. In fact, not taking risks essentially places a barrier over how far your business could potentially go. At the same time, as with any risk you take, you should exercise caution and weigh the potential benefits and pitfalls. Taking a risk just because you want to take one is bad business practice.

As you progress in your career, you should be familiarized with what your personal risk tolerance is. The best way to understand this is to understand that there is a difference between those who have an aptitude for risk and those with a flavor for risk. The successful business people have an aptitude for risk and are able to analyze each situation objectively. Based on data-based projections on what taking a risk can yield for a business, a wise decision can then be made.

Serial entrepreneurship comes with many deficiencies that could potentially hamper how a business functions. If you get caught up in any of these behaviors, you could do harm to your business. Follow these steps to avoid these dangers, and you will increase your chances of being a successful entrepreneur

How To Bounce Back From Being Accused Of Criminal Activity As A Business Owner
by

How To Bounce Back From Being Accused Of Criminal Activity As A Business Owner

If you have been accused of criminal activity as a business owner, you must work with an attorney to plead your case. Plus, you must make certain that your customers, employees, and the general public know the truth. Use the steps below to ensure that you recover quickly. You can keep your business afloat if you make the right choices when the allegations come out.

Hire A Lawyer

You should hire a lawyer as soon as possible. Your lawyer will start collecting evidence to defend you, and they will conduct an audit of your business. A Tampa criminal lawyer needs to know the truth about everything your business has done. You should be honest so that the attorney is not surprised at any time.

Also, you should ask your lawyer how to respond to these allegations. Your lawyer can help you create press releases, and they will tell you what to say if you are questioned by the press or your employees.

Be Honest

If you have been accused of a crime, you should be completely honest. You need to be honest with your lawyer, and you should be honest with the public if you have done something wrong. The American public is willing to give you a second chance if you admit to your mistakes as soon as possible.

If you try to hide your wrongdoing, the public will see through your facade. You only have one chance to apologize, and you should do so quickly.

Can You Pay Restitution?

You can pay restitution if you are guilty of any crimes. If you are not guilty, you should not offer to make up for anything that has happened. Your lawyer will explain how you can pay restitution, or you can create a marketing campaign that shows you want to do the right thing for all the people who were affected.

Step Back From Your Responsibilities

Because you own the company, you cannot resign your position. However, you can step back from your duties while the legal process plays out. You can take the attention away from your business because you are the person who was accused of a crime.

Also, you should not try to interfere with the business if you are trying to prove your innocence. Let your lawyer figure out what happened, gather evidence, and make the right choices for you.

Prove Your Innocence

If you are truly innocent, Your Tampa criminal lawyer needs to figure out who did it. You should maintain your innocence, and you should not back down. Your lawyer will look into the case, figure out who did it, and help you clear your name. You cannot run off and solve the crime yourself. This is not a TV show, and you do not have the clearance to investigate the crime.

Plus, the police might think that you are trying to cover up the crime. If you have any suspicions, you should tell your lawyer. Your lawyer can use that information to investigate people involved with your business.

You Can Continue To Market Yourself In A Positive Light

You can use digital content to highlight all the good things you have done. When people search for your name, you want them to learn good things about you. Plus, this information will stay online even after you have been exonerated. If you have admitted that you did something wrong, these stories will mix in with stories of your guilt.

However, you can continue to pay for a content campaign that will make you look good. If you were found innocent or someone else in your company committed these crimes, you should start another campaign showing that you did not do anything wrong. You want people to know that you were innocent, and online searches should prove that.

Conclusion

When you have been accused of criminal activity, you must hire a lawyer as soon as possible. A lawyer can develop a case for you, help you admit that you did something wrong, and help you pay restitution. If you are innocent, your lawyer will help you plead your case, show the public you are innocent, and find the person who committed these crimes. You can bounce back, but you must be patient

Eight Easy Ways to Start a Virtual Debt Collection Agency From Home
by

Eight Easy Ways to Start a Virtual Debt Collection Agency From Home

Are you looking to earn a decent income from your home? If so, it’s worth considering the rapidly growing debt collection industry. Not only is debt collection growing in volume, but it’s also a job that’s ideally suited for a small home office operation.

With the right technology in place, collecting debts is a simple process with a lucrative payout.

Leverage the Power of the Cloud

Virtual debt collection is now accessible using powerful, cloud-based software. It’s essential to manage your business, and that’s where using a platform makes sense. Once you login to your account, you’ll be able to handle all of the tasks related to your business. Pacific Collection Group empowers virtual debt collectors to create a sustainable revenue stream.

Build Your Platform

With the ability to access a powerful debt collection platform, it becomes straightforward to collect debts. The key to this type of business is organization. Self-disciplined entrepreneurs will have no issue working their accounts and getting paid thanks to the streamlined work process.

Pacific Collection Group is already taking the heavy lifting out of your platform build by providing a robust software suite. The rest is a matter of your effort and your ability to stay self-motivated.

Find Your Niche

It’s worth deciding on a specific niche when you start any business. Even credit collection should rely on expertise in a field to maximize profits. It’s easier to maintain an industry-specific list of contacts who require your services. Finding companies in any industry should not be a problem since all sectors suffer from defaults.

If you’re able to provide successful recovery, most managers will be willing to listen to your pitch. If you already have a recognized name in the industry, it makes your job that much more straightforward.

Commit to Excellence

Dedicated debt collectors are providing a service that helps a business recover vast sums of money. Like any profession, doing it right requires ongoing education and training. Virtual debt collectors are no exception and must learn their craft.

The advantage of specialization and expertise is that you earn more than generalists. The difference may not be notable in the beginning, but over time it will expand. Those who are most serious about their careers will continue to grow their incomes.

Focus on Best Practices

Help businesses and consumers gain closure. The optimal way to accomplish that goal is through ethical behavior and excellent communications. There’s no reason to focus only on short-term goals when it’s possible to do a top job that gains you repeat business.

Anyone willing to research and learn tactics will improve in their virtual debt collection business. It takes time to master the basic principles of collecting debts, but one the knowledge is acquired, earning an increasing income is not only possible but likely.

Be Flexible in Your Approach

Growing any business requires an open mind and a bit of flexibility in approach. Things may unfold differently than expected, so it’s useful to be willing to change up tactics. Collecting debts also requires the ability to think on your feet, especially when dealing with people. Some people will resist paying and offer many viable sounding excuses, so patience and an even mood are also helpful.

Professionalism Is Always the Best Approach

Debts may be an emotional issue for the people who owe, so be aware that professionalism is always the best approach. Any behavior that is overly personal or insulting will result in resistance.

When you start your virtual debt collection business, pledge to be a professional at all times. That way, companies will be more willing to work with you, and consumers won’t fight you tooth and nail. You’ll still face many challenges, but overall your business will thrive.

Deep Dive Into Knowledge

It’s worth deep-diving into the industry to learn everything you can about the subject. That includes understanding the technical details behind collections and all legal and ethical obligations that collectors have. Doing that will help you not only avoid trouble but will put your firm on solid ground, ready for more growth.

There’s never an end in sight to learning in the debt collection business. Laws will change, and regulations undergo updates. It’s worth being a hard worker from the beginning, and then you’ll be able to stay up to date on all of it. Even more importantly, knowledge helps you increase your confidence and competence. Those traits will lead you to handle your daily tasks with even more ease

Small Business Laws You May Not Be Aware Of
by

Small Business Laws You May Not Be Aware Of

Many small business owners today think about regulations or laws, they are usually only thinking about which ones directly concern the business. Nonetheless, some laws can be easily missed, too.

When you think about it, there are some laws which are surprising that they get missed. However, ignorance is no excuse in the eye of the law, so it makes it that much more important to be aware. At the law office of Douglas Healy, they can give you an explanation of which laws are missed more often as well as go into detail concerning the laws we’ve listed below.

Laws Concerning Sexual Harassment

With the “Me Too” movement gaining more momentum, many of the laws and regulations governing the movement are being tightened by states and local governments. The laws differ by state so you’ll need to check the specifics for your area.

Currently, there are 10 states that have or are considering an increase in protections against sexual harassment. These states include New York, Washington, Vermont, Tennessee, Arizona, Colorado, Delaware, Maryland, Connecticut, and California.

Laws Concerning Antitrust

When it comes to antitrust laws, it can easily be understood as “not applicable” to a small business. But the truth of the matter is that the law surrounding antitrust is applicable to all business types whether big or small. The reason why is because monopolization, collusion, and price-fixing can occur in any business environment.

If any businesses are found to have violated antitrust laws, both criminal and civil punishment can take place as defined by the Sherman Act. The penalties for breaking antitrust laws include imprisonment for 3 years and being fined a max of $350,000. So when you think about it, it’s not really worth the time or money.

Laws Concerning Workers’ Compensation Insurance

When it comes to laws concerning workers’ compensation insurance, many small businesses don’t realize it as being a requirement to have employees. In some places, it is even considered illegal. Regardless of it being a requirement, many small businesses continue to go without it.

If a small business is in a state that requires workers’ compensation insurance and they do not provide it, then the fines for noncompliance are usually pretty heavy. In some states, if a business fails to provide it for their employees, whether full-time or part-time, could experience fines made up of a certain amount for every 10 days that it is not available. This is on top of the extra fines and costs that could develop if an employee ends getting hurt while working on a job that doesn’t offer it. With punishments varying by state, it really isn’t a good idea to ignore this law when the risks outweigh any rewards that a business plans for.

This is why it is critical that you, as a business, truly understand the law governing workers’ compensation insurance.

Laws Concerning Criminal Background

Laws concerning criminal background continue to grow and change concerning felony convictions and employment. This is referred to as the “Ban the box” movement where the effort is being made to remove the disclosure requirement for felony convictions from all job applications. The idea behind it is to eliminate the chance that an employer can discriminate an applicant based on their criminal background although their time has been served.

Currently, the movement has made many changes in several states regardless of business size including Washington, Minnesota, Vermont, Oregon, Massachusetts, Hawaii, and Connecticut. Several other states have also banned the requirement for businesses that employ a minimum of 4 employees. These states include Rhode Island, Illinois, California, and New Jersey and as well as the District of Columbia. Besides the state level, there are also individual laws that exist in many of the major cities around the country.

Businesses that violate this law can be faced with a fine that is stipulated by their jurisdiction as well as being threatened with a stint in jail. A good example of a possible violation can be individual fines being as high as $5,000 and an entire company getting hit with a $50,000 fine. If warranted, the law can also imprison violators for a max of a year.

So, if you don’t want your business to get into hot water with the law, you really need to keep these laws in mind so that you will always remain in compliance and not have to worry about any surprises down the road. If you are not sure of which other laws surround a small business, you need to get ahold of the law firm of Douglas Healy prior to launching your small business

What To Do After You’ve Been Notified About a Sales Tax Audit
by

What To Do After You’ve Been Notified About a Sales Tax Audit

It’s great to have a business and doing well. You’re proud and moving forward in the belief that you know everything you need to about sales tax law. You skim over the wayfair sales tax case so you have a more sophisticated understanding of what you can and can’t do.

Your sales team is reporting taxes according to the sales tax nexus guidelines and then it happens, you’re stuck in the middle of a sales tax audit. It feels like a death spiral, but it’s an illusion. Why? You can empower yourself and your business with knowledge on what to do after they have notified you of an audit.

Get Organized

The paperwork you must have in order is listed below. It’s the key to your seamless trip through your audit and the sales tax law.

Main ledger and notations.
Make it easy for the auditor to pinpoint what they need to find.
Sales and purchase invoices and journals.
Exemption and resale documents
All your tax returns for the years or quarter they’re asking for.
All financial statements
Bank statements
Depreciation documents.
If applicable, sales tax returns and shipping documents

Use a sales tax calculator for any formulas in question. We strongly suggest double checking. When dotting your I’s and crossing your T’s you can never be too cautious.
They will provide you a list with the notification so don’t worry too much ahead of time. Just know of anything you don’t have and get on it now.

Fix Documentation Issues

You may find issues in the documentation on the aforementioned list and the one they provided you. Scan and fix any issues that may have shown up by a change in your computer software or other reasons; we must rectify any documents that are incomplete or missing.

The point of this is to make sure the auditor can trace everything they need to. If you can’t find certain records or you do things unlike other businesses of your type, then you need to communicate this. You need to show what you do, how you do it and why it’s done that way and how you document your business operations.

Bottom Line of Electronic Records

When you have a business, by which sales income is global or at least within the US online and physical, the sales tax nexus comes to life. The auditor wants to see the password protection, access control, data access controls, data encryption, etc. You must have iron-clad ways of protecting data from corruption for obvious reasons.

When you perform a data inquiry, they need to know what information is retrieved and by whom. Do you have a manual that shows the system operations? This is all helpful to the sales tax audit.

Organize Sales Tax Deduction

Your sales tax deduction must be in order. The wayfair sales tax case sales tax case is a great resource to look at for understanding your online sales tax expectations. Your online, out of state sales must have the same organization and burden of proof of authenticity.

Sales Tax Outsourcing

If you’re a new business; are just coming into online transactions or if your business is just more complex, you may want to consider sales tax outsourcing. Allow professionals to prepare and file your taxes for you and advise you when an audit arises. Sometimes you need more than the sales tax calculator.

Tax audits can really ruin the feel good part of your business. But, you can avoid it with organization and services from the right tax professionals

Why Public Relations Is Important For Your Business
by

Why Public Relations Is Important For Your Business

There are a lot of businesses that are not aware of the power that public relations have when it comes to promoting or growing a business. The term is heard and bounced around a lot, but without the actual knowledge of how to perform the correct tasks in order or grow a business, you may be setting yourself up for failure.

When it comes to PR work for marketing purposes, this can build a business by online promotions, advertisement, media, and the latest with social media content. This is a reason why so many companies invest in PR firms similar to Behrman PR.

Public relations individuals and firms have the main goal which is to boost business and send out the right message. This goes along the lines of online branding, imagery, and clientele specialization. With the right public relation specialist, your business could go from making under your profit goals to making 6-figure profit goals within a year. The keyword is the right specialist because a business can be left high and dry with the wrong guidance when it comes to their industry. Always seek someone or a firm that has experience in your business industry.

Below are a few reasons why public relations is important for your business.

BRAND CREDIBILITY WILL BE BOOSTED

This is one of the most important aspects when building a business for many investors. Without the loyalty and trust of the customers or clients, there is little chance that a business can survive beyond a few months to a year. When trust and failure to retain customers begins to decrease at a rapid pace, this means that the business is losing sales and the ability to promote additional services or goods. Now, this does not mean that it is too late when sales start to plummet that help can not be acquired. The right PR can survey where the company is trying to go and devise a plan to get the business back on track.

SALES, CLIENTS, CLIENT RETENTION WILL INCREASE

Marketing is a big part of public relations. Public Relations is just that, getting the brand out into the public. When that is successful, so is the brand. A company can grow mounds and not only retain the current customer but gain potential customers. This leads to different avenues of accessing your business and gaining profits. Press releases and testimonials can be devised correctly with the help of PR to send out the right message that tells your story that your customers can relate to.

BRAND OUTLOOK WILL BE INFLUENCED

When a brand begins to flourish, their online reputation can come into play as well. Word of mouth can spread like wildfire. This can good or bad. The problem is if it is bad this can hurt the outlook for a business, and it can be the most fabricated story to ever surface. Focusing on a damage control PR plan can reverse this for a company and raise the proper awareness to bring in sales.

INCREASE IN ONLINE PRESENCE

What should not come to a surprise is having an online presence. Being digitally connected in this day and age can tip the scales for a brand’s online presence. For instance, Behrman PR specializes in turning online presence for a business into a booming success. Why? Digital promotion is important due to how much technology-driven the world is. Visualization for your business could expedite where your business goals are heading.

Having the right guidance, press releases, brand business strategy, and promotional media from a public relation specialist can bring ultimate success to your business. A PR firm or individual can prevent or overcome things that can hinder a business just in time to where it does not cause a business to down sale, switch to a target audience that was never intended, or close for good

How to Build a World-Class Customer Success Team
by

How to Build a World-Class Customer Success Team

Why do people buy from your company or any company for that matter? Is it because they just want to give you money or do you think that they have some other motive like they believe that by purchasing your product or service, you’ll solve a problem for them? In other words, do they get the desired outcome they were hoping for by buying your product?

If you believe the latter is the case, then you understand the principles of customer success, even if you don’t consciously call these interactions by that name. This principle is so critical that some companies have whole teams dedicated to it. This post covers some of the steps you can take in order to build a world-class customer success team.

1. Identify Your Target Customer

If you’re trying to be all things to all people, then your efforts will consistently fail in your customers’ eyes; instead, you need to identify your ideal customer, according to HubSpot.

Why is this? It comes down to this. Customers purchase your product or service specifically because they believe that they’ll get a certain outcome by doing so. Let’s make a hypothetical to demonstrate how this works in practice.

Suppose you write cookbooks. (Stay with us here.) Suppose further that you specialize in writing about baked goods. Finally, let’s suppose that a customer comes to you wanting to know how to grill a burger. Would your cookbook be helpful for this customer’s task? It’s not likely.

This seems like a silly example, but it proves a point. Creating products that satisfy the problem/ desire of your ideal customer means that your customer stands a better chance of being successful if you’ve created a product that specifically addresses his/ her issue. The team you’ve assigned to make your customers successful must know who your company’s ideal customer is or your team won’t be able to reach their goals.

2. Make It Easy for the Team to Accomplish This Goal

Many managers neglect to train their employees. This is a mistake. It sets your team up for failure. After you’ve chosen your team, then make sure you provide training for them and make it easy to understand. This is especially true when it comes to the customer success software you use.

Here’s a simple rule of thumb. If you explain your product or service to your customers via infographics, videos, and illustrated texts, then use these same types of tools to train your team.

3. Don’t Make Your Customer Guess

An article on the Salesforce website drives home an important point. Sending in a customer service rep to help your customer and then an account rep and then someone from accounting etc. is going to confuse your customer and amplify the risk of customer churn.

When you’re developing your team, make sure that every team member has the heart of a party host. This sounds funny but thinks about it. When you go to a party, a good host will introduce you to people you don’t know. The host doesn’t wait for people to mingle. He/ she makes it happen in a comfortable, welcoming way.

Your success team can do the same. It can be as simple as making a phone call to make an introduction or as elaborate as providing pictures and bios on your company’s “About Us” page.

Final Words

Your customer success team plays a crucial role in your company’s churn rates. The happier your customers are and the more satisfied they are with their purchase, the greater the chance that you have of keeping a happy customer. This is the true meaning of success in your customers’ eyes. If your customer gets what he/ she wants by purchasing your product or service, then you’ve done your job, which helps your company keep that customer for a long time

How Royalties Work in Modern Business
by

How Royalties Work in Modern Business

How the Royalty Process has Changed Over the Years

Introduction

Ninety years ago the United States dollar was backed by gold. What this meant was that a certain amount of cash money could be secured by the same value in gold and so the dollar had actual, real physical value. However, eighty-five years ago the gold standard was abandoned, and the dollar was no longer backed by gold so the dollar began to lose value and this changed the way we viewed currency, forever. So much so that in the past decade we have created crypto currency which aims to be safer than the dollar since a crypto coin cannot be duplicated due to its extremely complicated laws and algorithms. All of this brings us back to money and security and what is known in the business industry as “royalties”, so in this article we will focus on what royalties are, where they are most commonly used, and how money is secured for a period of time through these royalties by companies like Universal Manufacturing Corp.

How Royalties Work in Modern Business

A royalty is defined as a payment that is made from one party, typically the investor in an asset, to the other party, typically the owner or creator of the asset. In order to receive royalties for a certain product both parties have to agree on what is called a “licensing deal”. This licensing deal creates the parameters with which royalties will be paid, when they will be paid, how much will be paid, and for what period of time, like when Universal Manufacturing Corp does it. If you’ve ever seen the show Shark Tank, you will notice that one of the “sharks” always asks for royalties on top of his equity stake in the company asking for his investment. Why do you think he does it, just to be funny? No, he knows exactly what he wants and asks for royalties because he knows that the company will continue to sell and every time a product is sold he gets a piece. You will hear the word “perpetual royalty” and if someone agrees to this, the royalties will be paid until the company dies, or one of the two parties does. Royalties are not only seen in the show, but are also available in other industries which are listed below:

  • Fashion royalties
  • Book publishing
  • Music royalties
  • Television & cinema
  • Oil and Gas industry

The royalties listed above work in a similar way but are still different. In the fashion industry for example, the way that royalties are issued is as follows. First the designer creates a new design which has all of his or her signature characteristics. Their name alone may sell the pieces of clothing, but it also adds more value. A company that has been producing similar articles of clothing may want to become partners with the designer and so they offer to pay a royalty every time a piece of clothing is sold with the designer’s name on it. So, if Ralph Lauren gives a license deal to a jean company, every time a pair of jeans with Ralph’s name on it is sold, he gets a royalty simply for letting someone else use his trademark.

In book publishing the way the royalties work is by giving the author an advance on future royalties. What this means is the following. The author writes a book and makes a licensing deal with the publishing company. The publishing company then pays the author an amount which is for the author to do as he pleases, but he or she will not see another payment until the royalties start to exceed the advance because for a period of time the future royalties pay the licensing company for the advance. Music, television, and media royalties work in a similar way, except that the artist or the creators of the media receive a royalty for every time the movie, song, or television show is streamed. Finally, oil and gas royalties are paid to the owner of the land every time that a barrel of oil or gas is sold.

Conclusion

In conclusion in this article we discussed the topic of royalties and how they pay the licensee money every time an action happens such as a movie being played, a song being downloaded, or a pair of jeans being sold. If you are a very creative person who can create top-level products, but don’t want to struggle with selling them yourself, you should look into licensing it to someone who is a professional at selling them. You will receive a royalty for allowing them access to your creation or creations. Before you go into a royalty deal or any type of business matter make sure to do your research and hire a good lawyer to help you with the fine print of the contracts.

 

Thomas Gaudreau on Why it Pays to Reimburse Staff Education Expenses
by

Thomas Gaudreau on Why it Pays to Reimburse Staff Education Expenses

How an Educated Workforce can Boost Your Business

There can be no reasonable doubt education and training are the key to improved performance, lower costs and higher revenues at nearly any place of business. Leaving aside the performance gains for personnel in sales, manufacturing and customer service, the accumulation of institutional knowledge and the strategies made possible by expanding the knowledge and experience of key employees and departments forms the basis for any organization to advance its effectiveness and create a long-term foundation for future excellence.

One need only look to the military to see the results possible with continuous training and a commitment to being ready to face any challenge. Airlines, construction crews, specialized manufacturing and medicine all come in a close second, followed by teachers and professors and technology workers. All of these vocations require the discipline to improve through training and the accumulation of additional knowledge.

But of all the people who recognize the value of education and training, it is teachers who set the standard and challenge others to achieve their potential

Advance and Achieve

Career professional educator Thomas Gaudreau is one of the most well-known advocates of long-term training in both business and education. His voluminous experience has given him a unique perspective on the practical effects and the realities faced by both students and teachers in a huge variety of settings from the Boy Scouts to middle school literacy to union leadership.

What Thomas Gaudreau discovered is what most educators and business leaders have known for some time. The path to success rarely strays far from training, education and continuing professional development.

Leadership

Every organization benefits from better leaders. The reasons are relatively simple. Leaders are the people who take personal charge of a project. They are the ones who inspire others to greater accomplishments. They are also those who accept responsibility if their work comes up short, and they are almost always the first to pick up the pieces and try again. Leadership is one of the first things any business should add to its training curriculum.

Leadership habits are endemic to successful organizations and individuals. They spread through business and bring a positive energy to any work environment. They give people a context for understanding their own contributions and their strengths and weaknesses and they insist on teamwork above all else. Ask any athletic coach which side he would rather join: The one with the star player or the one with the better teamwork. That coach will join the team that understands how to work together every time, because they recognize that winning doesn’t happen without a team effort.

Teaching leadership is the first step towards inspiring a workforce, a management team or a group of students to want to learn. Once they recognize what’s possible through education and training, they will pursue the benefits on their own and in the process, they will dramatically improve the company, product and bottom line.

Good Financial Advice

If a worker, manager, salesperson, consultant or even new employee applies to an organization to cover the expenses of additional training, it should be approved without hesitation. The returns on even basic training in business subjects is without question the most lucrative and easiest to preserve. Even if employees take that training to other organizations, once it becomes clear your business is dedicated to improving the lives and employability of its people, it will gain and cultivate a reputation for being the right place to work.

It will also attract the right kind of employees: Those who want to learn and want to improve themselves. Having a staff comprised of those kinds of employees is its own reward, and it will position your company nicely against competitors who do not share your commitment to making your workers better, faster and more experienced team members.

Education is the key to everything, claims Thomas Gaudreau. Without it, human beings can neither build nor maintain a healthy civilization. The exact same dynamics apply in the workplace. Your workers are without a doubt your most valuable asset. Helping them improve is helping yourself and your business improve as well.

How Bad Data is Worse Than No Data
by

How Bad Data is Worse Than No Data

Why Businesses Can Suffer from Bad Data

At this point, it’s a widely-held belief that data is king. If you’ve got the right data, after all, you’ll be able to make better business decisions and avoid the seemingly endless downfalls that tend to befall companies that are less prepared. In this rush to collect data, though, it seems that many assume that any form of data has some kind of inherent value. In reality, though, bad data can actually be much worse than no data at all. While the lack of data on a given subject can be troubling, it doesn’t carry with it the potential pitfalls that can accompany the accumulation of bad data. If you’re looking into master data management, you’ve got to start by looking at why you need to exclude bad data.

Bad Data Means Bad Decisions

As the world has seen recently, bad data can have lasting consequences. In fact, one can go so far as to say that the decisions brought on by bad data are far worse than those brought on by not having sufficient data. Why? Simply put, insufficient data leads to more caution than bad data. If you don’t have enough data to act on something, there’s a chance that you’ll be careful simply because you know that you’re going into a situation blind. If you have bad data, though, you’ll often find yourself running straight into a bad choice with reckless abandon.

Bad data has the horrifying potential to allow your company to do the wrong thing with the full assurance that it is making the right choice. This means committing resources where they don’t need to go and making the kinds of decisions that would be perfect – at least if reality matched up to what you’ve got in your reports. When you only have bad data to go on, you can only make decisions that hurt your company.

Bad Data Means Ruined Reputations

It’s easy to think of data problems in terms of immediate end products. If you use bad data and do something wrong, your company will lose money. It’s simple, but it’s not the end of that journey. Bad data can lead to many long term impacts on your business, not the least of which is your reputation. When you work off of bad data, you lose one of the things that’s most important to a big business – plausible deniability if and when things go wrong.

If you don’t have data, your business will have the excuse of not being able to know what’s coming next. It might make your business seem a bit foolish, but it’s forgivable. Bad data, though, makes your business seem incompetent. When there’s so many great master data management resources like those offered by Profisee out there, the public has little patience for those who don’t gather data correctly. When you use bad data, your business moves from one that was struck by bad circumstances to one that isn’t aware of how the world around it works. Once customers start to think of your business as incompetent, even more problems will begin to occur.

Bad Data Wastes Money

Gathering data isn’t an easy job. Major data management services like Profisee put in many long hours and use a wealth of tools to collate data in a usable manner. As you can imagine, this kind of vital processing isn’t done for free. The money spent is more than worth it, though, if the data can lead to actionable decisions. When the data is bad, the choices that your business will make won’t pay off. When those choices don’t pay off, you’re looking at potential profits flushed away.

If you’re working with no data, you’re looking at an inability to make decisions at all. Obviously, an inability to make intelligent movements can cost your business money but doing so will usually be done with at least a bit of trepidation. Nothing’s more expensive than a decision made with the full confidence of a company behind it, so bad data can eventually lead to your company throwing away money in a situation that would usually cause it to take only a slight loss.

Bad data really is worse than no data. It hurts your reputation, it hurts your ability to make decisions, and it hurts your bottom line. If you want to ensure that your business is able to avoid these issues, you must ensure that the data you gather is valid. Doing so might require help, but it’s more than worth the effort.