The first five years are particularly crucial for a small business. According to government statistics, over 50% of businesses failing during this time. One strategy that definitely bolsters an entrepreneur’s chance for success is investing their initial profits back into the business. 

For many businesses, early profits are less than expected and there is little money to spend. But when the profits do come in, it is tempting to spend them in celebration. Whether that means buying a new car or going on a lavish ski trip, you can burn through your money at an alarming rate. For this reason, it is best utilized when it is invested back into the business. 

Regardless of profit size, you must hold the growth of your business as your primary objective. This takes discipline and dedication, but it is one of the most important things you can do to reach your business goals. Many entrepreneurs find it helpful to open a separate account strictly for their business profits. That way it is earmarked for business purposes and there will be no ambiguity. 

As you decide what part of your business to invest heaviest in, identify the needs with the largest effect on your long-term success. This might include facilities, employees, marketing, product development and a host of other business needs. By keeping your business goals in mind, you can allocate each investment where it is needed most. Doing so is a powerful way to give your business the best chance of succeeding through its first five years and on into the future.

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Traits Observed in Successful Business People
By J. F. Crook

I’ve spent many years as a business coach and consultant and therefore have had time to observe the traits that set the successful entrepreneurs and business owners apart from those that fail. I’ve taken these observations and condensed them here into short points to help new business owners or even those struggling to stay afloat find the key traits they need to work on.

Decisiveness. Some people agonize over decisions far too long and therefore never make any progress growing their business. Successful business people know how to make decisions.

Gather information about your options from trusted sources. See if you can find case studies or talk to someone who has actually taken the step you are considering if you can find them. Write down the upside and downside of each of your options so that they are clearer to you. Assign a value or weight to each consequence, both negative and positive. Then use that information to make the best decision possible. Remember, not making a decision is the same thing as deciding to fail. Not every decision you make will be successful or have the outcome you desire. But sitting around waiting to be 100% certain won’t get you very far either. Business is not for the timid.

Optimism. Is the glass half empty, or half full? That is an old analogy, but because of that it is one people easily understand. Successful business people use the power of positive thinking. Nothing can drain needed energy like focusing on all the things that aren’t exactly as you would like them to be. Virtually every situation or circumstance in life has both a positive and negative side. Which will you choose to focus on? Being aware of the negatives so you can prepare for them is not the same thing as dwelling on them. Plan for the worst but expect the best. Go ahead, view life through rose colored lenses, the few times you are disappointed will be far outweighed by the many times things work out.

Resourcefulness. The path toward anything worth having in life is going to have obstacles on it. Successful business people find a way around, or over, or under or through the obstacle. They don’t sit and bemoan that it is there, they work with it not against it. I’ve seen businesses fail because the owner ran into something that was harder to do than they originally expected. Remember, anything worth having will have a price. That price may be learning a new skill, asking for some help or getting out of your comfort zone. It may mean a small correction in course or a giant leap of faith. What it does not mean is that it is time to give up.

Successful business people know that business is not without risk, that’s why there is reward in it as well. They use that knowledge to help them overcome any fears they have and to keep their business moving forward.

J.F. Crook has spent many years in the coaching and consulting industry, helping others build successful businesses. Additionally, she has owned successful businesses as well as spending many years working in the corporate world. You can read more about business success at PMI Coaching

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Believing in Yourself is Crucial For Success
By Grant Olsen

“You have brains in your head.

You have feet in your shoes.

You can steer yourself in any direction you choose.

You’re on your own.

And you know what you know.

You are the guy who’ll decide where to go.”

–Dr. Seuss

Your success is your own business. It’s true that you’ll draw strength from the people around you and learn from their experience, but unless you decide to move up, you’ll stay exactly where you are. As Dr. Seuss explains, you can steer yourself anywhere you choose and you are the only one who’ll decide where that is. No one else can make that decision for you. Some will try, but their directions are obsolete unless you commit to the goal.

When you see a goal worth obtaining, the greatest hurdle to clear is often your own disbelief. Believing in yourself is absolutely crucial for success in life. In the words of Vincent Van Gogh, “If you hear a voice within you say ‘you cannot paint,’ then by all means paint, and that voice will be silenced.” This wise counsel underscores the importance of taking action. Great accomplishments often seem out our reach only because we’ve never before dared to try. It’s impossible to have a great track record if you’ve never put your cleats on.

Once you’ve identified a worthy goal, steer yourself toward it with all your energy. And don’t let the naysayers deter you. Just as we condition ourselves to doubt, so have many of our associates. In regards to this kind of opposition, W.C. Fields famously said, “It ain’t what they call you, it’s what you answer to.” With belief in your core, you’ll rise above the critics and silence your own inner critic. And because confidence is contagious, your success will inspire those around you and lay the way for future triumphs.

Grant Olsen is an accomplished author with articles in various locations on the internet. He currently works with Professional Marketing International helping people change their lives.

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Modern digital storage devices have come a long way from the floppy disks of the past. They have capacity and capabilities that would have seemed impossible only ten or fifteen years ago.   They are compact, versatile and affordable. Because they are used for storing everything from photos to expense reports, it’s no coincidence that the business world has seen a sharp increase in the use of digital storage devices. With the many options available today, the convenience of digital storage almost always trumps the bulkiness of hard copies. 

In addition to storing data for daily use, many home-based entrepreneurs back up their important files for permanent safekeeping. This is generally done with external hard drives featuring large storage capacity, though CDs, DVDs and Blu-Ray disks are also options. When important files have been backed up on a storage device, it should almost always be kept in a separate area of your home than your computer. That way, if theft or fire affects your computer, the storage device will ideally be safe in a different location. 

Here is a brief description of five of the most popular digital storage devices used at Professional Marketing International headquarters: 

External hard drives are similar to the storage components in a standard computer, but as the name suggests, they are completely separate units and are stored away from the computer. Data is transferred from the computer to the external hard drive via a high-speed cable. External hard drives vary in size and are one of the most robust storage options available. 

Flash drives are an extremely convenient way to store data. They plug directly into a computer and transmit data through the USB connection. While they generally can’t hold as much data as an external hard drive, they are smaller and easier to transport. For this reason, flash drives are popular for everyday use. 

Compact disks (CDs) are a cheap and convenient way to store data. Though they have limited capacity, they are nearly universal and store easily. High-end CDs are recommended because they are designed to last longer and resist surface damage. 

Digital virtual disks (DVDs) are similar to CDs, but offer increased capabilities. Their capacity is often five times that of CDs and they support more sophisticated media. As with CDs, the high-end brands are advisable because of their durability. 

Blu-Ray disks (BDs) are a more advanced alternative to DVDs. They are similar in size and appearance, but can hold an incredible 50 GB of data. They are currently the most sophisticated of the disk storage options.

Filed under: Business by Grant | Social tagging: computers > data > digital storage device > professional marketing international
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Every entrepreneur is motivated differently. These unique priorities and goals are the motor that drives their varied approaches to work. Some are driven by a desire to reach the highest levels of a certain field. Other entrepreneurs are motivated by the duty to support their families and protect them financially. Without this motivation, they would likely join the ranks of the also-rans. It takes commitment to reach elite levels of success. 

Even our smallest and quickest decisions are driven by some sort of motivation. We see something, want it and do what it takes to obtain it. Whether you are buying a new car or grabbing a gossip magazine at the checkout counter, something spurred the act. After nearly 15 years in the industry, PMI has observed that successful entrepreneurs are driven by a more powerful brand of motivation. They have the ability to summon the drive required for sustained success. 

Take a moment to think about what motivates you. Why do you get up each morning? Why do you push yourself to learn more about business? It is very likely that there are multiple reasons for doing what you do. The secret is to identify your dominant motivator and infuse it with your work. What will carry you through the inevitable challenges of starting a business? What will push you to higher levels once you have reached a degree of success? What will guide your decisions as you expand and develop your business? The answer to these questions is your dominant motivator. Make it part of day. By keeping it front and center, you’ll never lose sight of who you are and where you want to go.

Filed under: Business by Grant | Social tagging: entrepreneurs > goals > motivation > pmi > success
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 As a multi-tasking entrepreneur, it can be difficult to keep your workspace organized. This is particularly true for those of us who operate from home-based offices and have a smaller area to work with. History has shown that your desk is often the first place to accumulate clutter, so here are four simple tips from Professional Marketing International for keeping your desk clean and your productivity up. 

Get rid of extra pens and pencils. Most of us have only one or two writing utensils we use on a regular basis. Over time, we may accumulate promotional pens and pencils that clutter our desktops and drawers. An easy way to cut down on the mess is to ditch these extra writing utensils. 

Get a notepad. Post-it notes are not a good way to write yourself reminders, because they’re easy to lose and quickly contribute to the messiness of an office. Rather, keep a notebook at your desk to write down reminders and other information such as telephone numbers, order confirmations and flight times. 

Don’t eat at your desk. It may be tempting to eat in front of the computer, but doing so usually leaves trash in your work area and crumbs in your keyboard. By eating away from your desk you’ll keep things tidy and also be able to take a mental break from work. 

Choose two or three favorite photos. Keeping photos of loved ones on your desk is an excellent idea, but having too many cuts down on space and efficiency. Choose two or three that are most important to you and relocate the others. Additional photos can be stored digitally on your computer and you can view them as a slideshow during your breaks throughout the day.

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When choosing which bank account is best for your home-based business, PMI Education recommends that you pay particular attention to the charges and interest. High charges quickly take a toll on businesses that churn out a large number of check and cash transactions. Your goal is to find an account that matches your needs. For example, if the majority of your payments will be made online, look for an account that offers free electronic transactions. If you use a high number of checks, low paper transaction fees are crucial. 

Another element to consider is online access. While most banks offer telephone and online banking, you shouldn’t assume that this is always the case. Find out what services are provided and how convenient your account access will be. Doing so saves you headaches down the road and increases the efficiency of your daily operations. 

For entrepreneurs who are just getting started in business, it can be extremely helpful to have access to a personal advisor at their bank. If you feel that an advisor would benefit your home-based business, make sure that the bank you choose provides you with one. Some banks even have a small business advice team. The business consultants from PMI Education recommend that you identify what type of business each bank specializes in and find one with experience relevant to yours. 

One final thing to note is special offers. Most banks offer promotions to attract new business, but you should always find out what the fees will be once the promotion has ended. Some of the most attractive up-front offers are followed by higher than normal fees. Do your due diligence before signing up for a lucrative offer.

Filed under: Business by Grant | Social tagging: bank account > entrepreneurs > home-based business > online banking > pmi education
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1. Establish normal business hours. Even if you conduct much of your business at odd hours, such as extremely late at night, it is important for your customers to know there are set times they can consistently contact you. Making yourself available to answer emails and phone calls during normal business hours helps your customers know they can rely on you to promptly assist them. Another bonus of regular business hours is that it helps your family get used to your routine and respect your work time.
2. Create a professional website. Online commerce is a billion dollar industry and if you don’t have an internet presence, you’re missing out. Additionally, even those who don’t regularly shop online still go online to research businesses and learn more about certain products. Your site allows you to make contact with both kinds of web visitors. It is also a good idea to use social networking sites like Facebook and Twitter. Make sure to create a separate account for your business, rather than just using your personal profile.
3. Print your business cards and marketing materials with a professional printer. Using your home printer may seem like a good idea, but the results will be noticeably inferior. You’ll make a great first impression with high quality business cards and correspondence items. Also, if your business requires you to print a large amount of materials at home, consider upgrading your printer to a high quality business model.
4. Provide prompt customer service. Each time a customer submits an order or makes an inquiry, your response time directly impacts whether you’ll ever hear from them again. Impress your customers with prompt, polite service and you’ll even garner referrals from them. Reliability is essential for your home-based business.
5. Create a separate phone line for your business. This number should be reserved strictly for business-related purposes and children probably shouldn’t be answering it. Make sure you have a professional message on your voicemail, stating your hours of operation and informing customers that they can find additional business information on your website.

Filed under: Business by Grant | Social tagging: business line > home-based business > professionalism > website
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We’ve all felt overwhelmed to the point where we just want to throw our arms up in the air and storm out. However, if this is a constant feeling – as opposed to only in more high-stress situations – you may be burned out.

Burn out happens gradually. Over time, pressures from work, life, and within can wear you down. But burn out isn’t just being physically tired; it’s an emotional exhaustion. You may find yourself being more cynical, lacking motivation, and feeling depressed. (Although, it’s possible you’re actually dealing with a more serious issue like depression; if you don’t see improvement, you may want to consider seeing a medical professional).

You may not feel recognition for the work you’re already doing. Your job may be overly demanding. You may not be getting enough sleep. You may not have close or encouraging relationships. You may feel out of control or pessimistic.

You may forget to eat, shower, sleep, exercise, or other day-to-day activities. You may find yourself getting sick more often. You may suffer from more frequent headaches and body aches. You may find yourself procrastinating. You may tend to isolate yourself. You may be using food, alcohol, or drugs to deal with your problems.

These are all reasons to believe that you are burning out, if not completely burned out already. So what should you do?

• Prioritize For a week or two, don’t do anything that doesn’t absolutely have to be done. Take a break from the non-essentials and try to relax and regenerate.
• Eat Right, Exercise, Sleep In other words, take care of yourself physically. Focus on a healthy diet, try to get a bit of exercise each day, and get a reasonable amount of sleep.
• Delegate Do what you can to shift your workload – whether temporarily or permanently.
• Have Boundaries It’s occasionally okay to tell people “no” when you simply don’t have the time. Set a schedule and stick to it.
• Take Time for Yourself Whether it be a hobby, a passion, or 15 minutes watching some awful, trashy TV show, take a few minutes each day to do something you want to do.
• Try to Have Fun Once a month (or more often, if needed) take a Saturday to go on a hike, play video games, or whatever you need to do to get away from it all.

Burnout happens to the best of us, but by taking care of ourselves and properly dealing with stress, we can beat burnout and be productive once again.

PMI Coaching can help you develop the skills and knowledge to take your business to the next level. Contact PMI for more information.

Filed under: Business by Scott | Social tagging: balance > burn out > delegate > depression > eat right > exercise > prioritize > productive > sleep
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Fax technology has been around for decades and the big, blocky units seem like poster-children for the 80s. Yet, you can still walk into a modern office and find a fax machine, but not see any of the other devices that rose to prominence in the mid-80s like VCRs and Teddy Ruxpins. Why have fax machines persevered, while the others perished?

One reason fax machines are still around is due to the hardcopy element. A fax machine allows you to send and receive hardcopies of a document, rather than being limited to the digital version with email. This is particularly convenient for documents and forms that require a signature, because they can be signed and returned in a matter of seconds. A fax machine also allows those without access to a computer to send and receive messages rapidly.

Individual fax machine units are quite small and because they’re generally affordable, they can be purchased for both home and the office. Some entrepreneurs even keep them on hand simply as a backup communication system, in case of computer problems.

It should be noted that many businesses have indeed progressed beyond the fax machine. So what do they use instead? Online services like eFax are the most common replacement. With these services, you receive a fax number that is tied to your email and faxes are sent and received as attachments. To the person sending you the fax, it seems just like the good, old days. They’ll enter your number and send the fax, having no idea that it is arriving not on a fax machine, but on your computer or phone.

If you’re not sure about technology like eFax, you’ll be perfectly fine sticking with your old fax machine. There’s a reason they’ve been around so long – they simply work. And because fax machines are often included in copy/scan hybrid machines, the need for a stand-alone unit is waning with each passing year. So those are the cold, hard fax. Now it’s up to you to decide what the best option is for your unique business needs.

Filed under: Business by Grant | Social tagging: eFax > email > entrepreneurs > fax machines > home business > teddy ruxpin
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