Franchise Focus Business News…

As 2008 comes to a close and you begin a brand new business year in 2009, get yourself and your staff motivated to begin a successful year of growth for your business!

In order to keep your employees or franchisees and yourself happy, remember these three simple tidbits of advice for the New Year:

• Establish an active avenue of communication with your employees, franchisees and/or franchisor. Be open to discussing the current state of the business and making plans for improving profitability in the coming year. Keep everyone involved in these discussions, as this will help everyone feel as if they are really contributing to the vision and success of the business. With everyone brainstorming ways to ensure business success in 2009, your business can start the new year on a positive note.
• Set achievable goals for your business in 2009. Work together to set realistic goals for 2009. As you reach each goal, take time to celebrate the accomplishment. That will help boost morale and set the stage for working toward the next goal.
• Treat customers, employees and franchisors or franchisees with respect. If you can create a culture of respect within your business, this will not only help with customer relations, but work as a motivational tool for those within the company. When a high level of respect has been established between all parties, employees and employers alike are more willing to work together and work harder towards achieving a common goal: success for the business.

With 2008 behind us, the New Year presents many opportunities for your existing business, or the new business you will be starting. Wishing you a healthy and prosperous 2009…

With the global economic crisis in full swing, business owners are feeling the effects of the credit crunch. But with some careful planning, your business can survive … and continue to thrive!

Here are some tips to help you get through the current economic situation and retain a successful business:

• Make sure you have an open line of communication between your business and your bank. If you can’t make payments on loans you’ve taken out, let them know why you’re short on cash and when you’ll be able to pay them. This may help you stay in the good graces of the bank, and you should be able to keep the favourable terms you already established with the bank.
• Keep abreast of what’s going on with your bank, and make sure you’re not getting hit with hidden charges. Review your monthly bank statement to ensure the bank charges are correct. If you find that your current bank tacks on more charges than other comparable financial institutions, consider changing banks to reduce your monthly costs.
• Contact your accountant often to discuss your business and its financial situation. Inquire about any money-saving tips and develop a sound financial strategy for your company.
• Aim to maintain little to no credit card debt. You want to pay as little interest as possible, so try to keep your balance down to a minimum. If you have extra capital, you may want to use it to pay off credit card debt.
• Try to reschedule major capital expenditures, if possible. If you absolutely need to make a large investment in necessary equipment or stock for your business, do so. But try to keep spending down to the absolute minimum.
• This is probably not the best time to give out pay raises and bonuses. If you want to reward your employees, it’s best to tie it to company profitability. Encouraging words also work wonders with employees.

These tips should help keep you on the right track to make it through the credit crunch. Remember, keep talking to your banks and your accountants to stay on top of your company’s financial situation. With the right planning and hard work, you can begin 2009 with goals for a successful year for you and your business!

The primary reason for European entrepreneurs to start their own business is because they want to be their own boss.

New research, released by Barclays Wealth and the Economist Intelligent Unit, indicated that 46 per cent of Europeans started their own business in order to manage their own time. By managing their schedule, these entrepreneurs are able to spend more time with friends and family, pursue other hobbies and passions, as well as explore other interesting business opportunities.

Another important consideration for at least 39 per cent of European entrepreneurs is gaining financial independence by starting their own business. This is especially valuable in the present economic climate, as it creates job security and gives you the ability to determine the amount of profits you can earn.

38 per cent of European entrepreneurs starting their own business were also interested in creating new products and services for consumers. This can be an effective way to draw in new customers, as they will want creative, innovative solutions for different needs in their lives.

Only 30 per cent of the European entrepreneurs said their main motivation was to make lots of money. In contrast, US entrepreneurs primarily start businesses because they are enticed by the prospect of making large sums of money.

According to Mark Esner, area director of Barclays Wealth in Liverpool: “Independence and the ability to innovate are deemed far more important to local entrepreneurs, rather than creating large sums of money.”

This new research should be encouraging for European entrepreneurs, who even in tough economic times, will likely find more satisfaction with their businesses and persevere to keep building their business into a success.