Managing Your Home Based Online Business – 6

Written by Roy Thomsitt

Your Home Business Purchasing

Inrepparttar previous five articles, I've mentioned some ofrepparttar 148984 key elements of managing your online business when you are working at home. Working at home in your own business does not mean there are no management responsibilities, as you are nowrepparttar 148985 manager of allrepparttar 148986 different "departments" inrepparttar 148987 business. It is your business now, so you get allrepparttar 148988 benefits of good management, and allrepparttar 148989 consequences of bad management. The buck stops with you, though if things go wrong, you may be tempted to blame others. But when you arerepparttar 148990 CEO,repparttar 148991 responsibility forrepparttar 148992 well being ofrepparttar 148993 business is yours. Apart from everything else, you are alsorepparttar 148994 CEO.

There are three "departmental" elements of management that I have not covered yet: purchasing, and, if appropriate, research and development, and production. I will not delve into production or research and development, as I suspect few of you will have a need for these. However, working in any home based business will certainly have a purchasing input. Whatever you are doing, you will spend money. The better you manage that spending,repparttar 148995 better your profit and loss results will be, and that is true whether you're working in an office or at home. A large business will probably have a professional purchasing manager, watched closely byrepparttar 148996 finance director and CEO. If you are working alone at home, you are that purchasing manager. However,repparttar 148997 finance director and CEO parts of you need to watch out for what's going on. You need to give yourself a tough time in justifying your expenditure.

Why Do You Need to Manage Your Purchasing?

This is really a statement ofrepparttar 148998 obvious. To be profitable, you need your revenue to be above your expenditure. Your expenditure is made up of purchases, whether for internet access, power, ebooks, advertising, or printer cartridges. The more efficiently you can manage that expenditure,repparttar 148999 better for your bottom line.

Spending money is easy. It is one ofrepparttar 149000 easiest things inrepparttar 149001 world to do. Spending it well and in a business like fashion is very different, and not anywhere near so easy.

Where and how can you go wrong with your purchasing if it is not managed properly? Here are just a few examples:

• There will be numerous temptations every day to spend money, supposedly to improve your business. If you succumb to all those temptations quickly, you could very soon be cash poor. If you are an impulsive buyer, this could be a dangerous area for you and your business.

• You may be paying too much for a product or service. That directly affects your profitability.

• You may end up buying inadequate products or services, damagingrepparttar 149002 growth potential ofrepparttar 149003 business and affecting profitability.

• You may miss superior products or services that, although more expensive than their competitors, will improve your bottom line by being more productive.

Business Writing Secrets Vol. 1

Written by Christos Varsamis

One ofrepparttar most important aspects inrepparttar 148936 business world is writing. It isrepparttar 148937 critical process of communication inside a corporation and of course inrepparttar 148938 B2B (Business to Business) and B2C (Business to Consumer) trade.

Writing memos, letters and reports isrepparttar 148939 daily task forrepparttar 148940 employers andrepparttar 148941 executives insiderepparttar 148942 company. Every firm follows some specific rules for their communication needs but they all have as a cornerstone of their standards these critical questions:


1. What is it? 2. What isrepparttar 148943 purpose ofrepparttar 148944 document? 3. When is it due? 4. How much time should you spend preparing it? 5. What key information should you cover?

AUDIENCE ANALYSIS 1. Who arerepparttar 148945 readers? 2. What is their knowledge ofrepparttar 148946 subject? 3. What is their opinion ofrepparttar 148947 subject? 4. What actions do you want them to take?

PRESENTATION ANALYSIS 1. What format should you use? 2. What style should you follow? 3. In what order should you presentrepparttar 148948 information? 4. What attachments should you include?


What is it?

The first question asks you to identifyrepparttar 148949 type of business communication you are going to write.

What isrepparttar 148950 purpose ofrepparttar 148951 document?

You must identify what isrepparttar 148952 purpose you are writing for. You must be as specific as possible. For example, you can write a memo for a specific problem with a client in your corporation.

When is it due?

If you have a deadline for completing your letter or memo thenrepparttar 148953 procedure is easy but if you don’t , then you must determine by yourself allrepparttar 148954 facts you need for completing your document.

How much time should you spend preparing it?

You must estimaterepparttar 148955 time you are going to spend forrepparttar 148956 preparation of your document. For example, 8 hours for contacting a business proposal letter is reasonable but spending 8 hours for a memo is not reasonable at all.

What key information should you cover?

That question defines what kind of information you should include in your memo,letter or report. For example, should a business proposal letter contain allrepparttar 148957 technical requirements forrepparttar 148958 potential prospect or not?

Who arerepparttar 148959 readers?

In this step you must identify who isrepparttar 148960 reader. Is it a co-worker or an important client?

What is their knowledge ofrepparttar 148961 subject?

This is very important. Think wisely who are your readers. Do they have a decent knowledge aboutrepparttar 148962 subject or they don’t know anything about it. If they have a great familiarity withrepparttar 148963 subject, then you don’t have to explain much. If they have basic familiarity then you must explain more in order to be understandable. Finally, if they don’t know anything aboutrepparttar 148964 subject, you must analyze it in detail and take nothing for granted.

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