Category: Home office

Home office can be defined as a specific area in a place of residence that is used as an office in which the occupant(s) activities are geared toward the achievement of certain commercial goaals and objectives.

Small Companies Can Pursue Big Business

Like the movie

In the movie “You’ve Got Mail”, if you put the love angle aside for a moment you’ll remember a sub-plot in which heroine Annie Reed (played by Meg Ryan) was forced out of business when big-time bookstore owner Sam Baldwin (played by Tom Hanks) moved into town.

You may recall that Annie owned a quaint little bookstore which she inherited from her mother, and although the prices of her books are a little more costly, she makes up for it with excellent service which included packing the books in a specialized bag and knowing all her customers by name.

Sam, on the other hand, moved into town to build a branch for a big chain-bookstore which offered discounted prices out of a huge building which housed the company’s operations, which made Annie’s little bookshop on one corner of the town’s street seem inconsequential.

As the movie went, Annie was forced out of business because her customers went to Sam’s monstrous bookshop, and although they did not get the kind of customized service offered by the small “mom and pop” store she operated they paid less and presumably benefitted from having a larger selection of books.

Thinking back to the movie, we’re told that Annie was forced out of business because she can no longer realize a profit due to her prices being too steep as compared to her competitor’s big business discounted rates; and therefore her only edge is to provide personal service and employ a very small staff (about 2 or 3 employees).

The movie aside, however, this situation no longer holds true in the modern-day business environment, as more and more small businesses are blazing the trail and giving big businesses a dose of their own medicine.

Competition

 

As a small organization you may consider incorporating these tools, resources and features in your daily operations as an edge in competing against the big business sharks. That having been said, here are a few tips on how you can hold your own against a big business:

1. Small businesses have big competition – This means that you need to know how to survive out there. No matter what nature of business you own or manage, it is better to learn about the competition so that you will be able to survive.

2. Keep your business alive – When it seems as if your cash flow is on a downward spiral, keep a tight rein on your budget. Do not spend on unnecessary business purchases, and always balance your books. If you are one who is prone to buying on impulse, or if you are the type who listens to those that sweet-talk you into purchasing “necessary” items, control yourself. Get a second and third opinion if possible, as these impulsive buys may lead to the end of your small organization.

3. Do not be afraid to seek professional help – The fall of most small businesses start with decisions on problems which are not carefully analyzed. Although you may think that you already have a contingency plan, make sure you have foreseen the results of a particular business decision; but in the long run, it is better to seek professional help than to embark on a plan that could lead to the downfall of your business.

4. Keep your books straight – The better option is for you to hire an outside accountant who is a professional to figure the returns of your investment and handle other financial aspects of your business.

5. Take advantage of every free business counseling whenever available – This not only helps to broaden your knowledge, but it will also give you an idea of how other businesses are managed by small-scale owners.

6. Know exactly where your business is headed – In your day-to-day operation, make sure you know where you want your company to be five or ten years down the road, and be always aware of the trends in your industry. Practice good money management and learn how to recognize potential problems before they arise.

7. Learn how to market your small organization – Marketing is not about trying to sell your products and services to everyone, but rather, it is about knowing who to market your products to. In marketing, it is good to remember these fast facts:

  • Know about your customers.
  • Communicate with your customers.
  • Build a good and personalized relationship with your customers.
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Never stop marketing!

This will be a great edge for you to have against the bigger companies. They might offer discounted prices but it is harder for them to keep track of customers on as personal a level as you can.

As a small organization, you need to routinely review the markets that you need to pursue so that you can better reach out to your customers. Remember, small organizations are big businesses these days so do not be afraid to work hard for the company that you have – no matter it’s size; because ultimately, if you work hard, make wise business decisions, learn how to market your small business and personalize your customer interaction, your small-scale business is sure to rise to the top.

Getting Job-Related Referrals from Warm Contacts

Relying on warm contacts

Some job applicants may find it difficult to use networking in their pursuit of a good job because they cannot rely on their warm contacts to provide the information needed. It is almost a certainty that the average job applicant would, at some point during the job search, have to ask his/her list of warm contacts for referrals to at least two people they know who will be able to provide job-related information.

However, there are times that a warm contact – particularly if s/he doesn’t know the applicant well – may not readily provide the information requested; and some warm contacts might feel reluctant about vouching for the applicant to their other contacts.

Based on this set of facts – if you are the applicant – it could possibly be difficult to effectively use your network in your pursuit of acceptable employment. Therefore we’ve put together a few tips we hope will be helpful in simplifying your networking and referral-getting efforts.

Nurture your warm contacts

Before you even have a need to all on your warm contacts or before you even ask for help, make sure to keep in touch with each member of your warm contacts list. You can easily do this by sending notes or greeting cards from time to time; you can make a phone call to chat a little with them them; you could also invite them to lunch, show interest or help in their business; or do anything to cultivate your relationship with them.

By nurturing the relationship, you will find it much easier to reach out to them when you need their help, because they will remember you and therefore will more readily provide information about their other contacts that are able to assist you.

Be polite and listen

Since you might not have close personal relationships with some of your valuable warm contacts, it may inappropriate – depending on the individual – to just give them a call and ask them for information about your field of interest. Sometimes, sending a note in advance, or asking to meet them for lunch is a better way to ask for their help.

Most of the time, even if your warm contact knows little about the field in which you are attempting to find a job, they might still offer you advice. However, it is during these interactions that you must be polite and show interest in what they are saying; because, who knows? the information they’re sharing might possibly be valuable to you in the future.

 

There are times when your warm contacts may be giving you tips on which approach will work best when you talk to the persons you are being referred to; and your warm contacts may also imply what qualities and qualifications the person is looking for, so it is important to listen attentively, thereby showing interest in what they have to say.

Ask for at least two referrals

Before you ask for referrals, make sure your warm contact had said everything s/he has to say about your field of interest. Even if s/he knows little about that field, it is impolite if you interrupt while s/he is speaking simply to ask an inane question like, if s/he knows anyone who will be able to help you.

If s/he wasn’t able to refer you to at least one contact, thoughtfully ask why s/he couldn’t do so. You might get answers that include indirect comments or suggestions. The contact may also indicate a lack of confidence in your work strategy, and if so, you may have to make follow up calls/meetings with them to prove that you are indeed credible and have the ability to match his/her requirements.

However, there are also times when a warm contact can’t refer you to his/her own contacts because s/he simply doesn’t know anybody who might have the information or interest in the product. In this case, ask that s/he keep you in mind and continue looking for opportunities that you might be interested in. Of course you could also leave copies of your resume with all your warm contacts.

Ask only for two referrals

The rule of thumb is that two referrals are enough from each warm contact since a job applicant should have a second option in case the first one didn’t work out. On the other hand, asking for more than two referrals could be seen as impolite because it could be too time consuming for your warm contact.

Also, such a request might make your warm contact feel that you are relying too heavily on him/her for your job search. So unless they volunteer the information, don’t ask for more than 2 referrals.

Contact referrals as soon as possible

When your warm contacts provide you with referrals, they might also call these people to personally provide more information about you. Contrarily, when you contact the people to whom you were referred, your referrals may call your warm contacts to verify the information or to ask for more information about you.

Either way, you have to contact your referrals early enough so that these they can still remember their conversation with your warm contact, or your warm contact can still remember you have talked to them. At times, after your referrals were contacted by your warm contacts, they anticipate your call and even prepare questionnaires and exams for you to take.

Do not waste this opportunity by delaying follow-up on referrals. We hope that keeping these tips in mind will help you during the occasions that you have to ask your warm contacts for good referrals.