Tag: Get

8 Reasons Not to Get a Business Degree – CBS News #business #stationary

#business degree

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8 Reasons Not to Get a Business Degree

Last Updated Jan 24, 2011 5:46 PM EST

Business degrees are hot, but you might want to reconsider your decision. Here are eight reasons why you should not major in business :

1. Business majors don’t learn much in business school.

That’s one of the bombshell conclusions of Academically Adrift . a new blockbuster bestseller that suggests that 45% of college students don’t learn much of anything in their first two years of college, while more than one out of three students graduate with no improvement in writing and analytical skills.

Among the students who learn the least in college are social work, education and business majors . In contrast, the researchers found that students majoring in the humanities, social sciences, hard sciences and math do relatively well.

2. You won’t make as much money as you think.

When PayScale looked at starting and mid-career salaries of college graduates in dozens of college majors . business came in as the 56th best-paying college degree. It fared worse than such “impractical” college degrees as philosophy . history and American studies .

3. The job market is crawling with business majors.

It’s hard to stand out from the crowd when more than one out of every five new college grads is a business major . What you’re telegraphing when you major in business is that you want to make money, but do you have what it takes to some day earn that corner office?

4. Your quality of life could suck.

Prominent labor economists examined what Harvard Business School grads were doing 15 years after graduating and certain business majors were having a difficult time juggling career and home life. Here’s a post that I wrote about the study: The Perils of Majoring in Business .

5. Majoring in business could hurt your MBA chances.

Not having an undergrad business degree can actually help when applying to MBA programs . At some MBA programs less than 25% of their students possess undergrad business degrees. One study documented that business undergrads actually performed worse in MBA programs than non-business majors.

6. You don’t need a business degree to work in business.

You’re kidding yourself if you think a business degree gives you the skills to work in the corporate world.

A employer survey conducted by the National Association of Colleges and Employers indicates that workplaces most value these three skills that you are usually more likely to find with a liberal arts eduction:

  • Communication skills.
  • Analytic skills.
  • Teamwork skills.

What’s more, a survey by the Association of American Colleges and Universities found that 89% of surveyed employees said they want college students to pursue a liberal arts education.

7. You can make more money with an economics degree.

On PayScale’s list of the highest paying college majors, economics came in No. 10. Engineering majors dominated the rest of the top-paying degrees. Economics is one of the liberal arts so you are more likely to learn how to write and think in college, which is what employers covet in their workers.

Illustrious econ majors include Warren Buffettt, Steve Ballmer, Ted Turner, Steve Fossett, Henry Kravis, Diane von Furstenberg, Esther Dyson, Bill Belichick and Mick Jagger

8. Your parents want you to major in business.

Don’t be a wuss and major in business because your parents are nagging you. If you’re pressured into majoring in business or any other major, studies show that you’ll be less likely to succeed professionally AND financially.

More on CBS MoneyWatch:

2011 CBS Interactive Inc. All Rights Reserved.

View all articles by Lynn O’Shaughnessy on CBS MoneyWatch
Lynn O’Shaughnessy is a best-selling author, consultant and speaker on issues that parents with college-bound teenagers face. She explains how families can make college more affordable through her website TheCollegeSolution.com ; her financial workbook, Shrinking the Cost of College ; and the new second edition of her Amazon best-selling book, The College Solution: A Guide for Everyone Looking for the Right School at the Right Price .





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What is business acumen and how do you get it? Practically Perfect PA #best #business #loans

#business acumen

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What is business acumen and how do you get it?

September 9, 2013 December 29, 2015

Over the last few weeks I have been developing a twitter strategy for one of my company s clients. They are an online events business and we are helping them with their marketing so I have been learning about hybrid and online events. I already know how to market via social media, I understand the world of events and I can create content fairly easily but prior to. oh I don t know a few weeks ago I knew very little about hybrid events. I would be able to tell you what a hybrid event was but very little else, now I have online event information seeping out of every pore (it isn t very pleasant!)

The reason I can bring myself up to speed so quickly is because I have spent 10 years working as an assistant and I have become very good at developing business acumen! I also hopped from one industry to another so I had to constantly learn how these business were run, the jargon that was used and the different codes of conduct each industry sector had. I had to understand all of this to support my boss effectively.

I think it is so very important for assistants to have good business acumen because without it I don t see how we can support our managers or move up the career ladder.

So what is business acumen?

I really like this definition of business acumen, it is from the Financial Times Lexicon :

In practice, people with business acumen are thought of as having business sense or business smarts . They are able to obtain essential information about a situation, focus on the key objectives, recognise the relevant options available for a solution, select an appropriate course of action and set in motion an implementation plan to get the job done.

So that sounds easy to achieve right? Erm no, I didn t think so either! Developing business acumen takes time, it has to be achieved through learning and training and ultimately it has to be part of your ongoing development plan. Expanding your business acumen has to be constant.

Having strong business sense isn t easy to develop but it is incredibly important for an assistant to have. We support people that have very strong business acumen, they wouldn t be in the position they are in without it! How can we support them if we do not have an understanding of their business, their strategic objectives and the pressures they face on a daily basis? The difficulty is that a lot of organisations don t understand this need and do not offer assistants the opportunity to attend training courses or take time out of their day to build their business acumen. Many bosses do not see the potential in their assistants or the added bonus of having an assistant with a good knowledge of the business and what that means in terms of the extra support they would receive.

So how do we develop business acumen?

There are of course ways around this problem but it does mean that assistants will have to be particularly proactive in developing their own business acumen. Trust me though it is totally worth the effort!

Firstly, is your manager supportive of your training needs? If so, well done! Ask that you attend training courses on the areas that you could improve, for example business finance or process management. If your manager is supportive then build business acumen improvement into your overall development plan and ensure you have an objective based on the wider business such as working on a cross departmental project.

Does your organisation have a graduate programme? If it does then ask to attend their initial training sessions on the industry. I did this when I first started working in insurance. There was so much jargon and codes of conduct, especially when working with Lloyd s of London that I asked to attend an Introduction to Insurance course which was in-house and specifically for the new graduates. I was the only EA on the course but it was so helpful and didn t cost my company a penny.

Does your manager subscribe to business magazines? If they do, this is great because you open their post and can read the magazines before giving it to them! Don t worry I don t think they will be offended that you are reading their magazine they will probably be in total shock that you are taking an interest! Not only does this help with your business knowledge it also gives you something to talk to your boss about, which is great when you don t have a lot in common.

This brings me to a really important point! Read everything. I love Julie Perrin s blog on business acumen for administrative professionals because it really goes into detail on what assistants should be reading and how to actually create the time to read. This is well worth the read, once you ve finished reading my blog obviously! Reading business material does not cost your company anything and I honestly think it helps enormously.

Do you take minutes at meetings? Again this is another fantastic way to increase your business acumen. In a previous role I managed 12 Committees all of which had a special interest in different areas of accountancy. I attended all of the Committee meetings and took all of the minutes. During the meetings I would really listen to what everyone was saying and take notes on anything I didn t understand so that I could research it later. I would also talk to the members during refreshment breaks and read all of the supporting documents along with their regular newsletters. Oh my goodness, by the end of the 4 years I worked in that role my knowledge of accountancy was extraordinary! I once attended a networking event for one of the Committees and talked to a new member for half an hour before he realised I wasn t actually an accountant (thank God!)

Lastly do you attend meetings with your manager? This task will bring you into contact with the company’s decision makers and you will be privy to their conversations and how they come to make decisions. Ensure you listen to these people. If you know why decisions are made in the company then you can start to make choices about your everyday work following the same strategy as the executive team. This will massively increase your knowledge and keep you focussed on improving your business acumen. When it comes to your review you can demonstrate to your manager that not only do you understand the company’s strategy but you are also implementing it into your own work by thinking strategically. This depth of knowledge will be impressive because they might not think you consider the bigger picture.

Understanding the bigger picture, where your boss fits into it and in turn how you can help support their goals is a fundamental requirement of a great assistant. Developing your business acumen will also give you a fantastic foundation and allow you to move up the career ladder and gain a well deserved promotion.

And the ability for both of you to exchange information easily online
makes your being in-house less of a need. Audit-ready books
also enable a company to make more knowledgeable decisions on a time-sensitive basis.
If you are an employee of such a company, you need
to preserve the company. On the grounds that clerk services are
frequently served on an hourly groundwork, people who work snappier will permit you to
recover more.





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How to Get a Business License #business #technology

#business license

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How to Get a Business License

If you are planning on starting your own business. chances are that you will need some type of license or permit – maybe more than one – to move forward legally. A business license is a permit issued by a government agency that allows business to be conducted in said government’s geographic jurisdiction. By and large, your state or local government will determine which licenses and permits are required to operate in its jurisdiction. Additionally, the federal government requires special licenses for certain industries.

Why Is a Business License Required?

Obtaining a business license is necessary for three main reasons:

  1. So the government can track taxable revenue
  2. So consumers are protected in federally regulated industries
  3. So that you may demonstrate your level of professional expertise

Determining the requirements for your business is the first and most important step.

Identifying License and Permit Requirements

Business licensing requirements are determined by:

  1. Business activity
  2. Physical location

The U.S. Small Business Administration provides a great resource for determining the licensing requirements in your area. After entering in your local zip code and the type of business you are starting, you are presented with a list of the permits and licenses you will need along with the locations at which you can find the requisite forms.

NAICS Code

Before you can apply for a license, you will need to determine your business activity code. which is based on the North American Industry Classification System (NAICS). In order to select the proper code, you must determine the activities from which your business will derive the largest percentage of its total receipts, which is defined as the sum of gross receipts or sales plus all other income.

Taxation Requirements

The Internal Revenue Service requires businesses to register to receive a Federal Tax Identification number. also known as an Employer Identification Number (EIN). Your business will need an EIN if you can answer yes to any of the following questions:

  • Do (or will) you have employees?
  • Do (or will) you operate your business as a corporation or a partnership?
  • Do (or will) you file any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms?
  • Do (or will) you withhold taxes on income, other than wages, paid to a non-resident alien?
  • Do (or will) you have a Keogh plan ?
  • Are (or will you be) you involved with any of the following types of organizations?

    Trusts, except certain grantor-owned revocable trusts, IRAs, Exempt Organization Business Income Tax Returns

    Real estate mortgage investment conduits

    Licenses and Permits

    Federal

    If your business will fall under the regulating eye of a federal agency, you will need to obtain the corresponding federal license or permit. Examples of business activities that may require such licenses include:

    • Agriculture
    • Alcoholic beverages
    • Aviation
    • Firearms, ammunition and explosives,
    • Fish and wildlife,
    • Mining and drilling
    • Nuclear energy
    • Radio and Television broadcasting
    • Transportation and logistics

    Permits can usually be found online, on the website of the entity that regulates the specific regulated activity the business will engage in. For example, if your business is involved in agricultural activities, you can find the necessary applications at the website for the U.S. Department of Agriculture. If you plan to broadcast your own television or radio program, you can find the necessary application online via the Federal Communications Commission .

    State/Local

    It will also be necessary for you to register for applicable tax permits with state and local agencies. For instance, if your business will be selling goods or services, and you are operating in a state which levies an income tax, you will be obligated to obtain a tax license so that the state can track your taxable revenue. Contact the license commissioner in your county or municipality and the office of your state’s Secretary of State to find out the exact requirements that apply to you.

    Home-Based Considerations

    Even sole proprietorships run out of someone’s home are required to obtain business licenses in some areas. These can include:

    • General business licenses
    • Trade licenses (such as a license to operate a child care service or sell real estate)
    • Sales tax permits
    • Health and safety permits
    • Sign permits
    • Zoning permits

    Filling Out and Filing the Forms

    Once you figure out the licenses and permits you need to legally register your business, you will then need to fill out the necessary forms. These can be obtained from the appropriate federal or state agencies, and they usually can be found online. You may print the forms, fill them out, and mail them back to the agency; however, in many instances you will be able to fill out the forms and submit them online. Regardless, information you can expect to disclose may include, but not be limited to, the following:

    • Type of business
    • Business address
    • Name of business owner
    • Contact information
    • Federal ID number
    • NAICS code
    • Number of employees

    Expect to pay a filing fee, which can range from around $50 to hundreds of dollars or more, dependent upon the region you are filing in and the types of activities your business will be conducting. Fees are often calculated as a percentage of revenue, with a base minimum for new companies. The time it takes to receive your license can vary from a few days to a few weeks.

    Ongoing Licensure

    Obtaining the necessary licenses and permits for your business is required in order to operate legally. Moreover, the task is not a one-time occurrence. Most licenses and permits will need to be renewed periodically. For example, if you are running a restaurant with a bar, you will need to renew your liquor license once a year.

    While this process can seem daunting, being familiar with the steps will go a long way in making the experience as painless as possible.

    Related Topics





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Get Listed with Bizify the Free Business Directory Today #business #management #software

#free business directory

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Join the fastest growing free business directory

Bizify is one of the fastest growing free business directories in the UK for both small and large companies who wish to make themselves found online. The best thing about Bizify is how easy it is to use, and how fast you can search for, and find, exactly what you are looking for. Whether you’re a Carpenter in Kent or a Printing Company in Newcastle, Bizify has a space for you in our online business directory .

Business
of the Month

Xebra Accounting

How did Xebra Accounting come about? Xebra Accounting started when I left a larger accounting practice to develop cloud based accounting services, which I saw as a game changer as to how accountants work with their clients. The name was simply an idea that we came up for a modern firm, and when we saw the designers logo ideas, our xebra stood out from her other ideas. What is a typical day like at Xebra Accounting? We are a small team, but do operate as a team, so that we help and support each other. We.

What makes different?

There’s no one thing that separates us from most other business directories. however the overall service we are offer is far different to most. As well as being able to search for businesses as usual, you can also use Bizify as a Social Media Directory. providing unique benefits for both your customers and you as a business. Offering a free place to advertise and connect with businesses you require, Bizify also presents you with the opportunity to integrate your favourite images, videos and trusted customer reviews.

Bizify is an ideal place for you to list your business online. As a team of creatives, we specialise in helping you to get the best out of your advertising and online marketing. We are able to re-design your website or build you one from scratch. As well as this, we can help you to optimise your search results (via Google, Bing and Yahoo), with our industry leading SEO services.

Are you looking for a FREE Business Directory?

As a free online business directory. Bizify lets you advertise your company for free. The power is totally in your hands as we allow you to add your own information and various other attributes, such as opening times and reviews. This allows you to be easily found by those who require your services anywhere in the UK.

During the hardest recession known for generations, we have provided an all in one solution to advertising for free online. Because of our efforts, hundreds of companies are listing their business right here with Bizify. From plumbers and electricians through to multinational chains, we cater for all.

How does Bizify work?

Incredibly easy to use, Bizify is highly suited for businesses looking to advertise and customers performing a search. All you need to do is type in the kind of business you require and the location you are searching from. From there our advanced online directory will then do the rest, pulling up all the relevant businesses in that specific area and allow you to find exactly who or what you so desperately need.

Bizify work to give you the best service for your time and trouble by updating our records and listings daily. Doing this allows us to deliver the most effective results that have been optimised especially for you.

The benefits of Bizify couldn’t be clearer. With free business listings that offer a variety of features, including the ability to upload your own logo, integrate your Facebook page and add your company information, Bizify allows you to advertise your businesses services and skills to those who live and work locally.

So what are you waiting for? Sign up today. get listed and get reviewing other local businesses today .

Free SEO Report

For all small businesses looking to expand and grow, getting the fundamentals right is extremely important. No doubt you will have already signed up for a FREE business listing with Bizify, allowing you to be found on the web in more places than one, and are looking for new ways to improve your business online.





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How to Get a Small Business Loan – Finance a Business – Wells Fargo #business #cards #design

#getting a small business loan

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Financing a growing business

Learn about financing options for small businesses.

Supporting both the operation and expansion of a growing small business often requires some additional financial support. Getting a small business loan or grant can help you bridge the gap when you need to make capital investments, increase your workforce, or move to a larger space. To help you decide which type of funding might be right for you, here are a few great small business-financing options:

Line of credit. Using a line of credit as working capital can make it easier for you to manage your cash flow as your income or expenses fluctuate. It allows you to borrow only the funds that you need giving you more control over the amount of interest you will accrue.

Business loans. For larger investments, it may be time for a term loan. Like a mortgage or personal loan, term loans come with fixed interest rates and monthly payments over a period of years. Unlike a line of credit, a business loan will provide you with a large sum of cash upfront. These loans can be ideal for expanding your space or funding other large investments.

Commercial loans. For established businesses that own commercial real estate, a commercial loan is another option. Like a home equity loan, a commercial loan allows you to borrow against the equity you’ve built in your business property. Depending on the value of the property and the equity you hold, this could mean more borrowing power.

Equipment loans. If you’re specifically looking for cash to fund the purchase of new equipment – including vehicles, manufacturing or production machinery, farming equipment, or other necessary equipment – then an equipment loan or leasing program may be what you need. Like business loans, equipment loans offer fixed interest rates and payment plans over a period of time.

SBA loans. Wells Fargo is the nation’s #1 provider (by dollar volume) of loans guaranteed by the US Small Business Administration – or SBA 7(a) loans. SBA 7(a) loans have longer repayment terms and lower down-payments than most conventional bank loans, and can be used for the purchase of owner-occupied real estate, business acquisition, equipment, or working capital. Wells Fargo also offers the SBA 504 program for larger, fixed asset purchases or construction.

Federal or state grants. Small business grants – money that does not need to be repaid – are limited and harder to secure than loans. State and federal business grants are funded by taxpayer dollars, and the money is awarded through a complicated legislative process. For more information on how to get a small business grant, visit www.grants.gov.

By knowing which small business financing options are available, you’ll have a better idea of where to turn when you’re ready to take your business to the next level.

Business insights from experts

Discover our comprehensive resource library, offering guidance and information to help you start, run and grow your business.

Wells Fargo Works for Small Business ®





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Zee Business: Go local, get an audience #best #small #business

#zee business

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Zee Business: Go local, get an audience

Shuchi Bansal | New Delhi May 05, 2009 12:42 AM IST

Zee Business, the business news channel of the Zee Group, has increased its market share almost 100 per cent in the last one year. Launched in November 2004, it was the country s first Hindi business channel. However, it failed to make a mark. Up until one year ago, the channel lacked direction and a clear positioning. With a market share of approximately 11 per cent, it trailed CNBC, CNBC Awaaz and NDTV Profit by a huge margin.

Last summer, the channel s new business head, Raktim Das, went back to the drawing board to see how he could drive channel viewership. The problems were aplenty. We did not even know who we were talking to. However, what we knew was that business leaders like Ratan Tata or Nandan Nilkeni were not talking to us, says Das.

Step one included defining the core audience and the core positioning of the channel. Since purchasing power was growing in Tier II and III towns, it was decided to focus on small and medium enterprises of up to Rs 100 crore, especially those in the Hindi-speaking markets.

So, the spotlight turned on towns like Moradabad (for its crystal and brass exports), Agra (leather), Ludhiana (wool products and hosiery) and Jaipur (gems and jewellery). To connect with the audience in these towns, Zee Business began organising investor camps.

Zee held 30 such camps where an expert panel talked to people about their financial planning and investment needs. Simultaneously, it launched a hunt for smart investors in these towns who were meant to resolve case studies in financial planning. Selected viewers were shot with their families for an on-air show.

The exercise has been on for the last nine months and has created a huge rapport with the viewers. The grand finale of the contest is yet to be held, says Das. In another ground event, the channel organised discussions on emerging businesses in 10 cities. Result? Its viewership has risen from 11 per cent in March 2008 to 19 per cent in November to 25 per cent between January and March. Das claims Zee Business is now ahead of NDTV Profit and UTVi.





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Top 5 Small Business Loan Requirements – How to get a Small Business Loan #how #do #business #loans #work

#sba loan requirements

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Top 5 Small Business Loan Requirements

The time has come to expand your business with new employees, a larger location or a new product line. It’s an exciting time, but stressful because you’re not sure you have the cash reserves to manage the expansion.

For many small businesses, this situation calls for a small business loan a cash infusion that pays for itself, plus the interest, with the new opportunities and extra income it allows you to create.

Many of our Kabbage customers are new to small business lending. Though they’re familiar with personal loans, they only know the basics of small business loans and lines of credit. For those who “resemble that remark” and for more experienced folks who would like a review of how to get a small business loan here is your expert-researched, Kabbage-curated list of the top five small business loan requirements to get the best possible small business loan.

#1: Strong Credit

The bad news about small business lending is it can be hard to qualify for the best rates and deals. The good news is this decade has more options for good small business loans than any other time in history. You can choose between platform lending. traditional loans (like from a bank) and a variety of hybrid options available from local vendors or via the internet.

This flexibility doesn’t mean your company shouldn’t look as good as possible on paper. Your FICO credit score will figure heavily in any lending decision, so (if time permits) spend time grooming that number in the months prior to applying. Research what other metrics the lenders you want use, and groom them as much as possible, too.

If you have a major ding in your credit, like a repossession or string of late payments, be prepared to discuss them and why things will go better in the future.

#2: Solid Business Plan

Part of understanding how to get a small business loan is ensuring you have a solid business loan. You should have one of these anyway, since a strong business plan is a prerequisite for stellar business success. Traditional lenders will expect to see an updated, professionally prepared business plan as part of the lending process. Lacking one tells them you’re not ready for the “big leagues” and are a bad credit list.

Though platform lenders like Kabbage won’t insist on seeing your formal business plan, similar documents about your social presence, industry statistics and unique market advantages all of which are part of a comprehensive business plan will go into decisions about what to lend you and how much it will cost.

Either way, get a business plan together.

#3: Compelling Personal Resume

Traditional lenders want proof that the people responsible for running a business are qualified to do so, and part of that proof will be seeing the resumes for you and other principles like owners and executive officers. This resume should be as solid, well-edited and up-to-date as any resume you’ve ever sent out.

Consider: the purpose of a resume is to get you the job you want. The purpose of this resume is to get you the job of running the company you want, instead of the company you have.

Platform lenders don’t look at your traditional resume, but they will look at your business’ curriculum vitae in terms of performance metrics and social sharing. Take time to groom those items as substantially as you would a regular resume.

#4: Bulletproofed P L Statements

Like your business plan, you should have these anyway. You should be using your profit and loss statements as part of a robust monthly “vital signs” check for your business. If you’re not doing them, dig into your accounting software for half an hour. You’ll find a tool that compiles P Ls from your records. If you’re not using software to keep track of your financials get started on doing that.

Lenders of all stripes are looking for three things in your P L: reliability, professionalism and ethicality.

  • Reliability – They want evidence that you will be able to make your promised payments, based on enough cash flow to cover the loan. If you don’t, the lender will assume that lending you money is too high a risk.
  • Professionalism – Lenders presented with incomplete, inaccurate or hastily prepared P L statements will assume that your business is similarly disorganized.
  • Ethicality – If you “fudge” your numbers to look better and get caught, you are done with that lender. The decision makers will assume that you cut ethical corners in other places.

#5: Knowledge of the Loan Needed

This is actually the first of the small business requirements that you should address, but we wanted to mention it last so it would be the freshest in your mind. Lending isn’t what it used to be – a situation where you went to a couple of banks, all of which offered the same basic products, and hoped they would agree to give you a loan.

Modern small business lending includes a wide array of traditional, platform and peer-to-peer options with wildly varying qualification requirements and rates of interest. Before you start working in earnest on the other four requirements for your loan, decide what kind of loan you need. That way you won’t waste time and effort preparing the wrong documents.

Do you have a tale of success or woe to share with the Kabbage community about when you aced a loan application or were embarrassingly unprepared? Share your story in the comments below.





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Get online with Business Web Hosting – BT Business #small #business #advice

#business web hosting

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Cookies are small text files that are stored on your computer when visiting some websites. We use cookies to make our website easier for you to use. You can remove any cookies already stored on your computer, but this may prevent you from using parts or our website.

Select an option below to control the cookies types used on bt.com or find out more about cookies .

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BT Web Hosting





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What is business acumen and how do you get it? Practically Perfect PA #business #link

#business acumen

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What is business acumen and how do you get it?

September 9, 2013 December 29, 2015

Over the last few weeks I have been developing a twitter strategy for one of my company s clients. They are an online events business and we are helping them with their marketing so I have been learning about hybrid and online events. I already know how to market via social media, I understand the world of events and I can create content fairly easily but prior to. oh I don t know a few weeks ago I knew very little about hybrid events. I would be able to tell you what a hybrid event was but very little else, now I have online event information seeping out of every pore (it isn t very pleasant!)

The reason I can bring myself up to speed so quickly is because I have spent 10 years working as an assistant and I have become very good at developing business acumen! I also hopped from one industry to another so I had to constantly learn how these business were run, the jargon that was used and the different codes of conduct each industry sector had. I had to understand all of this to support my boss effectively.

I think it is so very important for assistants to have good business acumen because without it I don t see how we can support our managers or move up the career ladder.

So what is business acumen?

I really like this definition of business acumen, it is from the Financial Times Lexicon :

In practice, people with business acumen are thought of as having business sense or business smarts . They are able to obtain essential information about a situation, focus on the key objectives, recognise the relevant options available for a solution, select an appropriate course of action and set in motion an implementation plan to get the job done.

So that sounds easy to achieve right? Erm no, I didn t think so either! Developing business acumen takes time, it has to be achieved through learning and training and ultimately it has to be part of your ongoing development plan. Expanding your business acumen has to be constant.

Having strong business sense isn t easy to develop but it is incredibly important for an assistant to have. We support people that have very strong business acumen, they wouldn t be in the position they are in without it! How can we support them if we do not have an understanding of their business, their strategic objectives and the pressures they face on a daily basis? The difficulty is that a lot of organisations don t understand this need and do not offer assistants the opportunity to attend training courses or take time out of their day to build their business acumen. Many bosses do not see the potential in their assistants or the added bonus of having an assistant with a good knowledge of the business and what that means in terms of the extra support they would receive.

So how do we develop business acumen?

There are of course ways around this problem but it does mean that assistants will have to be particularly proactive in developing their own business acumen. Trust me though it is totally worth the effort!

Firstly, is your manager supportive of your training needs? If so, well done! Ask that you attend training courses on the areas that you could improve, for example business finance or process management. If your manager is supportive then build business acumen improvement into your overall development plan and ensure you have an objective based on the wider business such as working on a cross departmental project.

Does your organisation have a graduate programme? If it does then ask to attend their initial training sessions on the industry. I did this when I first started working in insurance. There was so much jargon and codes of conduct, especially when working with Lloyd s of London that I asked to attend an Introduction to Insurance course which was in-house and specifically for the new graduates. I was the only EA on the course but it was so helpful and didn t cost my company a penny.

Does your manager subscribe to business magazines? If they do, this is great because you open their post and can read the magazines before giving it to them! Don t worry I don t think they will be offended that you are reading their magazine they will probably be in total shock that you are taking an interest! Not only does this help with your business knowledge it also gives you something to talk to your boss about, which is great when you don t have a lot in common.

This brings me to a really important point! Read everything. I love Julie Perrin s blog on business acumen for administrative professionals because it really goes into detail on what assistants should be reading and how to actually create the time to read. This is well worth the read, once you ve finished reading my blog obviously! Reading business material does not cost your company anything and I honestly think it helps enormously.

Do you take minutes at meetings? Again this is another fantastic way to increase your business acumen. In a previous role I managed 12 Committees all of which had a special interest in different areas of accountancy. I attended all of the Committee meetings and took all of the minutes. During the meetings I would really listen to what everyone was saying and take notes on anything I didn t understand so that I could research it later. I would also talk to the members during refreshment breaks and read all of the supporting documents along with their regular newsletters. Oh my goodness, by the end of the 4 years I worked in that role my knowledge of accountancy was extraordinary! I once attended a networking event for one of the Committees and talked to a new member for half an hour before he realised I wasn t actually an accountant (thank God!)

Lastly do you attend meetings with your manager? This task will bring you into contact with the company’s decision makers and you will be privy to their conversations and how they come to make decisions. Ensure you listen to these people. If you know why decisions are made in the company then you can start to make choices about your everyday work following the same strategy as the executive team. This will massively increase your knowledge and keep you focussed on improving your business acumen. When it comes to your review you can demonstrate to your manager that not only do you understand the company’s strategy but you are also implementing it into your own work by thinking strategically. This depth of knowledge will be impressive because they might not think you consider the bigger picture.

Understanding the bigger picture, where your boss fits into it and in turn how you can help support their goals is a fundamental requirement of a great assistant. Developing your business acumen will also give you a fantastic foundation and allow you to move up the career ladder and gain a well deserved promotion.

And the ability for both of you to exchange information easily online
makes your being in-house less of a need. Audit-ready books
also enable a company to make more knowledgeable decisions on a time-sensitive basis.
If you are an employee of such a company, you need
to preserve the company. On the grounds that clerk services are
frequently served on an hourly groundwork, people who work snappier will permit you to
recover more.





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Top 5 Small Business Loan Requirements – How to get a Small Business Loan #women #business #grants

#sba loan requirements

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Top 5 Small Business Loan Requirements

The time has come to expand your business with new employees, a larger location or a new product line. It’s an exciting time, but stressful because you’re not sure you have the cash reserves to manage the expansion.

For many small businesses, this situation calls for a small business loan a cash infusion that pays for itself, plus the interest, with the new opportunities and extra income it allows you to create.

Many of our Kabbage customers are new to small business lending. Though they’re familiar with personal loans, they only know the basics of small business loans and lines of credit. For those who “resemble that remark” and for more experienced folks who would like a review of how to get a small business loan here is your expert-researched, Kabbage-curated list of the top five small business loan requirements to get the best possible small business loan.

#1: Strong Credit

The bad news about small business lending is it can be hard to qualify for the best rates and deals. The good news is this decade has more options for good small business loans than any other time in history. You can choose between platform lending. traditional loans (like from a bank) and a variety of hybrid options available from local vendors or via the internet.

This flexibility doesn’t mean your company shouldn’t look as good as possible on paper. Your FICO credit score will figure heavily in any lending decision, so (if time permits) spend time grooming that number in the months prior to applying. Research what other metrics the lenders you want use, and groom them as much as possible, too.

If you have a major ding in your credit, like a repossession or string of late payments, be prepared to discuss them and why things will go better in the future.

#2: Solid Business Plan

Part of understanding how to get a small business loan is ensuring you have a solid business loan. You should have one of these anyway, since a strong business plan is a prerequisite for stellar business success. Traditional lenders will expect to see an updated, professionally prepared business plan as part of the lending process. Lacking one tells them you’re not ready for the “big leagues” and are a bad credit list.

Though platform lenders like Kabbage won’t insist on seeing your formal business plan, similar documents about your social presence, industry statistics and unique market advantages all of which are part of a comprehensive business plan will go into decisions about what to lend you and how much it will cost.

Either way, get a business plan together.

#3: Compelling Personal Resume

Traditional lenders want proof that the people responsible for running a business are qualified to do so, and part of that proof will be seeing the resumes for you and other principles like owners and executive officers. This resume should be as solid, well-edited and up-to-date as any resume you’ve ever sent out.

Consider: the purpose of a resume is to get you the job you want. The purpose of this resume is to get you the job of running the company you want, instead of the company you have.

Platform lenders don’t look at your traditional resume, but they will look at your business’ curriculum vitae in terms of performance metrics and social sharing. Take time to groom those items as substantially as you would a regular resume.

#4: Bulletproofed P L Statements

Like your business plan, you should have these anyway. You should be using your profit and loss statements as part of a robust monthly “vital signs” check for your business. If you’re not doing them, dig into your accounting software for half an hour. You’ll find a tool that compiles P Ls from your records. If you’re not using software to keep track of your financials get started on doing that.

Lenders of all stripes are looking for three things in your P L: reliability, professionalism and ethicality.

  • Reliability – They want evidence that you will be able to make your promised payments, based on enough cash flow to cover the loan. If you don’t, the lender will assume that lending you money is too high a risk.
  • Professionalism – Lenders presented with incomplete, inaccurate or hastily prepared P L statements will assume that your business is similarly disorganized.
  • Ethicality – If you “fudge” your numbers to look better and get caught, you are done with that lender. The decision makers will assume that you cut ethical corners in other places.

#5: Knowledge of the Loan Needed

This is actually the first of the small business requirements that you should address, but we wanted to mention it last so it would be the freshest in your mind. Lending isn’t what it used to be – a situation where you went to a couple of banks, all of which offered the same basic products, and hoped they would agree to give you a loan.

Modern small business lending includes a wide array of traditional, platform and peer-to-peer options with wildly varying qualification requirements and rates of interest. Before you start working in earnest on the other four requirements for your loan, decide what kind of loan you need. That way you won’t waste time and effort preparing the wrong documents.

Do you have a tale of success or woe to share with the Kabbage community about when you aced a loan application or were embarrassingly unprepared? Share your story in the comments below.





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