Category Archives: Business Success

When Your Small Business Fails

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“Despite my best efforts in running my own business, I have to admit that my venture is just not going to work out. Over the years, my business has cost me a lot of money and hurt my relationships with my family. Now, I feel like a failure because I really believed that I would have been successful at being my own boss.”

The entrepreneurial journey can oftentimes be treacherous, as there are many pitfalls and challenges en route to business success. Whether you are new to business or a seasoned entrepreneur, you have to be prepared to take on the risks which are inherent in any enterprise.

There are very few successful businessmen today who at some point didn’t face a disappointing result from their ventures. Like any other career, being an entrepreneur requires you to advance through a learning curve, where time and experience will help you to become better at your job.

Instead of only focusing on the negative aspects of the collapse of your business, consider your experience as your initiation rites into entrepreneurship. Don’t think that your inability to succeed after your first attempt only signals the end of the road for your business goals. In fact, a ‘failure’ can actually help you to become a better entrepreneur. Continue reading When Your Small Business Fails →

Financial Wellness in the Workplace

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“Employees with money problems are like sharks swimming around the workplace taking bites out of the bottom line.” – E Thomas Garman, Personal Finance Employee Education Foundation

Last week we looked at some poor money habits that can cause you to feel distressed about your finances. These practices include spending more than you earn, not saving for emergencies, depending on credit for consumer purchases, not planning for financial goals and taking unwise investing risks.

Research has shown that people with money problems usually end up being tense, worried and depressed. The Centre for Financial Social Work has stated that “money issues are the greatest stressor in peoples’ lives.” Financial distress can actually lead to insomnia, high blood pressure, migraines and other serious health concerns.

While it’s clear that people’s money challenges impair their personal lives, it may not be that obvious that these troubles can negatively impact the workplace. What happens when financially challenged people go to work? Do they leave their money worries at home? Continue reading Financial Wellness in the Workplace →

‘Nuff Hope’ for Entrepreneurs

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There have been several encouraging signs that the entrepreneurial spirit of our Jamaican people has not been dampened by news of a global recession. Several newspaper articles have highlighted positive stories of persons who, despite facing the devastation of job layoffs, have decided to make the best of the bad situation by seeking self-employment.

Recently, Nuff Hope Limited, the business arm of Swallowfield Chapel, presented a workshop of practical solutions for these tough economic times, showcasing several income-generating options. The seminar was designed to help persons identify business opportunities based on their skills sets and passions.

One of the challenges for those who have become accustomed to nine-to-five employment is learning how to adapt to the new rules that comes with being a business owner. Many persons believe that starting a small enterprise should be a relatively easy process as long as they love what they do, and can acquire enough start-up capital. Continue reading ‘Nuff Hope’ for Entrepreneurs →

Don’t forget your taxes!

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Ahhh. tax time is back – that time when we all look forward to remitting our dues to the tax authorities to ensure that we are compliant. Well, maybe that’s how the Tax Administration would like us to feel as the March 15 annual income tax deadline draws near, but the reality is that nobody really likes paying taxes!

This year, the deadline will be extended to March 16, as the statutory date falls on a Sunday. If you haven’t given your taxes a thought yet, it’s still not too late to do something about it. Here are some tips to make the tax payment process a little easier: Continue reading Don’t forget your taxes! →

How To Optimise Your Operations

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Over the past two weeks, we have been focusing on strategies that small business owners can implement to counter the negative effects of the global economic downturn. If the going is getting tough for your business, it’s time for you to get innovative in meeting your customers’ needs and publicising your products and services.

To ensure that your business can survive and even succeed in challenging financial times, you have to focus on the efficiency of your operations. Under normal circumstances, small businesses falter and fail from using improper procedures and expensive processes. In this period of economic uncertainty it is vital for your business to become a lean, cost-effective machine.

One of the most pressing concerns for small businesses is maintaining a positive cash flow. As the saying goes, ‘Cash is king,’ and to survive a financial downturn, entrepreneurs must have a good handle on incoming and outgoing cash. Even a minor reduction in sales can trigger off the inability to meet bills, source raw materials and generally stay afloat. Continue reading How To Optimise Your Operations →

How To Maximise Your Marketing

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As the reports of company shutdowns and employee layoffs continue to dominate the financial news worldwide, it would be understandable for small business owners to feel slightly panicked about their future. How can they possibly survive, much less succeed, in the middle of a global recession?

Last week we explained that entrepreneurs can weather the economic storms by adjusting their offerings to meet changing customer needs. In fact, small businesses can be more flexible at creating innovative products or services to take advantage of new opportunities, unlike many large enterprises.

Once your product or service is designed to meet the current needs of your customers, the next step is to maximise your marketing. Many organisations look to cut costs by reducing their marketing budgets, but to outlast the tough times, you actually have to increase your promotional efforts. Continue reading How To Maximise Your Marketing →

Surviving and Succeeding in Business

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Many persons have decided to cut back on their discretionary spending due to declining consumer confidence, job losses, and general uncertainty about the financial future. This tightening of the purse strings has left several business owners in a quandary, as they contemplate how they will survive if their customers stop buying.

In light of the various challenges that small operators face even in good times, is it realistic for them to hope that they can weather this economic storm? Is it actually possible that they could come out ahead of the game when normality returns?

In nature, where survival of the fittest is the rule, living species have to adjust and alter their actions, and even improve their genetic makeup, in order to continue existing. In the same way, businesses must have the flexibility to adapt to this new, challenging environment if they are going to survive. Continue reading Surviving and Succeeding in Business →

Selling on the Web

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Last week we looked at the process of setting up an Internet presence for your business. If you have a limited budget, cyberspace doesn’t have to be out of your reach. With less than J$15,000, you can buy a web address, design your own website using templates, and be up and running in a short time.

After you’ve established a website to showcase your products and services, you should consider getting E-commerce capabilities to sell your offerings online. According to ecommerce.networksolutions.com, electronic commerce or E-commerce is a term for any type of business, or commercial transaction that involves the transfer of information across the Internet.

E-commerce is becoming prevalent worldwide as the growth in Internet usage explodes. “In the near future the boundaries between ‘conventional’ and ‘electronic’ commerce will become increasingly blurred as more and more businesses move sections of their operations onto the Internet,” the website concluded.

Most of us are familiar with E-commerce websites such as Amazon.com, the massive cyberspace shopping mall that allows you to purchase almost anything under the sun. But what exactly does it take to turn your basic website into an online sales outlet? Continue reading Selling on the Web →

Put Your Business on the Web on a Budget

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One of the most frequent requests I receive from readers is for tips on making money on the Internet. The worldwide web presents almost unlimited potential for both established operations and enterprising individuals alike to create extra income. In the 21st century, if you’re only focusing on customers who walk through your physical door, then you’re missing out on tremendous marketing opportunities.

Many local operators have not yet jumped on the online bandwagon, as they may not be internet savvy or may not have realized the powerful reach of the Internet as a marketing tool. Some are of the opinion that their local customers rarely use the Internet, so they don’t see the economic benefits from pitching their products and services in cyberspace.

The reality is that internet usage in Jamaica has been growing rapidly. Recent statistics published on www.internetworldstats.com reveal that some 1.2 million people in Jamaica have access to the Internet.

Also, as the internet generation (persons 25 years old and younger) start earning in the workforce, they expect to have instant access to products via online shopping options.

So how can you tap into the over 1.3 billion persons worldwide that surf the web? Continue reading Put Your Business on the Web on a Budget →

Too many taxes for the self-employed?

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Last week we discussed the financial obligations of self-employed persons for income tax, National Insurance Scheme (NIS) and National Housing Trust (NHT). This week we’ll complete our look at all the various taxes that the self-employed are responsible for paying.

Education Tax

Self-employed persons are required to pay two per cent of their statutory income in education tax every month. If you’re new to business you’re probably unsure of exactly how much income you may earn for the year, or initially you might not earn any net income at all.

The amount of education tax you pay will be based on the expected taxable earnings that you indicated in your estimated income tax return form, so it’s best to be conservative with this estimation.

It’s interesting that although there are constant reminders about paying your income tax, you hardly hear about your responsibility to pay education tax. In fact, I discovered that even the Inland Revenue Department seems a little ambivalent about when this tax should be collected. Continue reading Too many taxes for the self-employed? →