Monday, February 11, 2019

Business Management

Start-up Challenges in Business





Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges every business faces whether they are large or small.






Here are a few challenges that face many new business ventures.


1. The Market
There is not a compelling enough value proposition to cause a buyer to actually commit to purchasing. Is this product/service “nice to have” or “need to have”.
The market timing is wrong. You could be ahead of your market by a few years, and they are not ready for your particular solution at this stage.
The market size of people that have interest and funds may simply by too small to support a viable business.

2. Starting without a plan:
Enthusiasm over a good idea is over-rated. An idea is only an idea and without a well-developed business plan chances of success are minimal. It is also very difficult if not impossible to raise financing without a plan.

3. Money Problems
The majority of small businesses that fail do so because of lack of cash. Often, this is because owners borrow based on their ideas of a successful business, instead of borrowing for a worst-case scenario. A start-up business owner needs to be optimistic, but often is too optimistic about seeing profits. Without adequate cash flow, slow sales or a downturn in the market can end the business before it has a chance to gain momentum.

4. Fatigue 
The hours, the work and the constant pressure to perform wears on even the most passionate individuals. Many business owners, even successful ones, get stuck working much longer hours than their employees. Moreover, they fear their business will stall in their absence, so they avoid taking any time away from work to recharge. Fatigue can lead to rash decisions about the business, including the desire to abandon it completely. Finding a pace that keeps the business humming without grinding down the owner is a challenge that comes early (and often) in the evolution of a small business.


5.  Trying to Do It Alone
A common problem for most entrepreneurs is the belief that they can handle all of the start-up’s operations by themselves. It may be a cost-effective way to run the business, but operating the entire business on your own may not be a wise decision or the best use of your time. Many small-business start-ups may not require full-time employees. But it's a good idea to have at least two teammates, a lawyer and an accountant, ready to help. With experienced, reliable assistance, you can avoid common business mistakes. When it is time to hire staff, be careful in your choices. Employees are a crucial component in the success of your business.

I hope these thoughts help you plan for a successful venture. Entrepreneurship is not for everyone. Please let me know your thoughts. gerry@polarisgroupmc.com



Sunday, January 27, 2019

Business Management

Let’s Maximize Profits



Profits are the lifeline of small businesses. As your profits increase and become more predictable, your small business has a greater chance of surviving—and most businesses don't.
Most of the time, small business owners can't afford to wait for the results of long-term, large-scale changes to their business model.
As much as possible, if you want to turn a bigger profit as a small business owner, the quicker you can do it, the better.
The following simple changes can help you maximize your profitability right away.

1. Convert One-Time Clients Into Recurring Clients
There are many reasons why converting your customers into repeat clients can quickly   improve your profitability. Recurring customers tend to spend more and purchase more frequently than new customers.

2. Examine key performance measures 
    Falling sales, shrinking working capital, and rising costs are key indicators to monitor.

3. Manage your costs
    More effective purchasing can improve margins. Eliminate waste of materials and time.

4. Encourage Referrals
    If there's one marketing channel that can maximize your profits, referrals would be it.

5. Review sales to long term customers
   You may find out some customers are not as profitable as you thought.

In most cases, a combination of these measures will give a boost to profitability. Incorporate these measures into your business plan and review frequently.

Be diligent and execute, execute, execute.

I hope these suggestions help you focus on improving results. Please let me have your thoughts: Gerry@polarisgroupmc.com

Sunday, January 13, 2019

Business Management

Want to be Quantum – Safe with Your Cyber security?








Cora Cybersecurity Inc is a company developed by our guest blogger, Joe Latouf.

Here is an interesting brief outline that should attract your interest.


Cora Cyber Security Inc. has pioneered Quantum Safe Cryptography. Current standards of encryption can and have been broken and when Quantum Computers become more commonplace a new standard of security will be needed.

Cora Cyber Security can provide QUANTUM SAFE CRYPTOGRAPHY TODAY. And it is UNBREAKABLE.

Cyber criminals cost the global community  over $700 billion annually.

CORAcsi has developed Quantum Safe Encryption that is:

Fast – cyber hygene is an important consideration. When users do not have to wait for files/data, the temptation to “bypass encryption” is removed.

Central Control – unlike decentralized peer to peer networking technology like “blockchains” Cora is centrally controlled. Ownership of the data/solution is well defined.

Secure – both today and tomorrow. Let potential adversaries spend the time, energy and money to record your transmissions. Even quantum computers, when they mature, will not unCORAFY (decrypt) your information.

These are but a few insights into how you can strengthen your organization’s protection against cyber theft.

For a demonstration on how to secure your business, don’t procrastinate.

Call Joe Latouf, President, Cora Cyber Security Inc. today for a demonstration on this exciting leading edge technology.
Cell: 519-968-1338
Email: jlatouf@coracsi.com