8 Pre-operating Activity and Expenses to Undertake Before Your Business Can Operate
Published May 15, 2012 | 
Today’s post is about one of the most important ingredient, that will enable you write a bankable business plan – The Pre-operating and Operating Expenses.
Most of the times, I come in contact with most people who ‘’dream” of starting a business and one of the questions on their lips are what is a Pre-operating and Operating Expenses? Or how do I know the Pre-operating and Operating Activities and Expenses that I must incur in business?
One of the things I was also told by one these people, is that they have gone on the internet, to search for some of the Pre-operating and Operating Expenses in business. But it’s either they did not get a satisfactory definition of the aforementioned terms, Or… the results the search engine gave was difficult for him to understand, because of the way they were explained, Or… the results the search engine gave, did not provide any list of some of the Pre-operating and Operating Expenses in business.
So for the sake of these people and others in this category, who do not know what some of the Pre-operating and Operating Activities and Expenses, you must incur before and during business, I’ll do my best to explain them in the simplest possible form and in a way that you will not get from anywhere.
Before I proceed any further, it is imperative for you to know that a business plan cannot be complete with these two very important ingredients. The fact, I must say here, is that these two business activities and expenses form the bedrock of any business plan. They can be likened to the ‘’Siamese Twins” and are simply inseparable.
Now, before I proceed into dividing them into two halves, I want to quickly explain what they are all about.
First up is the Pre-operating Activity and Expenses:-
Like I promised, I will explain them in the simplest possible form.
The Pre-operating Activity and Expenses are those things we all must do before starting any business and how much those things would cost. It’s as simple as that!
In other words, they are those activities and their expenses that you will undertake before the business can operate.
After nurturing the startup and expansion of some successful businesses with the business plans, I write for most people, I can boldly say that there are some activities and expenses that a business must undertake before starting out.
8 Pre-operating Activity and Expenses to Undertake Before Your Business Can Operate
I know most of you have been itching for me to list the Pre-operating Activity and Expenses. Alright!
First and foremost, I want to make it clear that these pre-operating activity and expenses may not be applicable to every business type, i.e. (Sole-Proprietorship, Limited Liability Company or Partnership).
PS:- Take note of this ‘’type of business” and ‘’kind of business”.
So depending on your preferred type of business enterprise and your budget, you may want to review the items on this list before writing your own pre-operating activity and expenses. But generally, all the business types must undertake most of the pre-operating activity and expenses.
1. Acquisition of Land
Depending on the kind of business enterprise you wish to start, e.g. (oil & gas, fish farming, poultry farming, schools, haulage & logistics, transportation etc), this is applicable to those who do not have a land of their own. So you might want to either buy a land or lease one. But if you already one a land, then it becomes an asset for you.
2. Rental of Premises or Office Space
You might also want to rent an office space, just in case you can’t afford to buy a land or lease one as a beginner.
3. Business Incorporation
This involves the registration and incorporation of your business enterprise/company with the Corporate Affairs commission (C.A.C) in Abuja – Nigeria (if your business enterprise is in Nigeria) or with the US Small Business Administration (S.B.A) in Washington – USA, if your business enterprise is in the USA or with the Companies House in Cardiff or London – U.K, if your business enterprise is in the United Kingdom.
4. Apply for Business/Operation Permits
Also depending on the kind of business enterprise you wish to set-up, e.g. Consumables, Production etc, you will need to register with NAFDAC, SON (Standard Organization of Nigeria) for a license or operating permits.
5. Registration with Tax Authorities
This is as simple as the name implies. It involves the registration of your business enterprise/company with Tax authorities, e.g. FIRS (Federal Inland Revenue Service), obtain the first tax clearance Certificate.
6. Open Corporate Bank Account
Very simple! Walk into your nearest local bank and set-up a corporate account for your business. Remember, I earlier said your business must have its own account.
7. Recruitment & Training
Most times, this activity is outsourced to a recruitment agency. It involves attracting, screening and selecting the best qualified person for a specific job.
8. Equipment Purchase
This entails the purchase or lease of equipments/machinery, for use in your business for a fixed period.
In conclusion, these pre-operating activities and expenses are a ‘’must” for anyone who intends to start a business.
So guys, if you think there are any other Pre-operating activity and expenses that I did not mention in this post please send in your comments.
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Improving The Productivity Of Your Business With Management Consulting
Published January 25, 2012 | 
Everyone that runs a business knows the goal is to be the best at what you do, and that reality is measured by the bottom line. Having a good product that has a viable market is the entry requirement, but will not necessarily guarantee success. To ensure the business is taking advantage of all the opportunities available, management consulting firms provide an excellent means of evaluating and improving overall performance.
Certainly the business owner and his staff have a clear understanding of the business environment, the product or service they provide, and the competition. They would not be in business if they did not also possess a competitive spirit and the desire to be productive. The nature of business, however, yields that being too close to it for too long can lead to blind spots that result in catastrophic downturns, performance management consultants are trained to identify these trends.
One of the oldest business adages is that the only constant is change. This may be trite but every company knows there is a significant thread of truth to it, even for products with immense popularity and market share. A perfect example is the video cassette recorder. Having fought off an intense rival in the format wars, it reigned as a supreme product in the entertainment industry. It allowed the customer to view what they wanted when they wanted to, and even allowed them to make their own video recordings. Now they are all but obsolete, as is any business tied exclusively to them.
The change that spelled the demise of the video cassette recorder was an advance in technology; the digital era arrived. Those companies that saw the new product, the digital video disc for what it was, began to move their recordings to the new format, and the recorders and players began transforming first to dual VCR and DVD players, then machines that could play VCRs and record them on DVD. An external perspective can often catch emerging external threats as well as identify internal improvements.
One methodology well executed by ban external assistant is the SWOT analysis, which encompasses strengths, weaknesses, opportunities and threats, and evaluates their impact on the company. Strengths are usually the easiest and thus the place to begin. Managers are quick to point out the areas they have the clearest competitive advantage in, but done well, the line workers will express their opinions too, which can often enlighten senior leadership. More than once a strength in a business, highlighted by a line employee will demonstrate to management how a bit more investment in a certain area can generate unrealized revenue.
Weaknesses are far too often ignored by businesses because they are painful and remind us that we have problems. It is the savvy, and most likely, successful businessman that actively searches for weaknesses. By identifying those areas where the company is vulnerable to external changes, competitive products, market shifts or advertising campaigns a business has the chance to defeat them.
Opportunities are not always something a business searches for, as running the business as it is becomes the task that fills every moment. But by running the SWOT analysis, an impartial eye can often find opportunities from within the list of weaknesses. Actions which serve to shore up vulnerable areas can often turn into areas for even greater success, because it is likely that if it your weakness, it is something your competitor must be careful of as well.
Threats to your business can come from everywhere and anywhere, from technological advances, to international law to a change in customer desires, and it is difficult to run a business ad keep track of everything that is changing in this global internet driven marketplace. It is in this vital search for what can be out there that challenges your niche that management consulting can pay the biggest benefit.
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5 Deadly Mistakes That Could Hurt Your Business
Published December 25, 2011 | 
Are you making any of these mistakes? If so then take a moment to make some changes that may help you.
Deadly mistake #1 – Using your payment processor user name and password to join a program. I know this may not sound like a bad idea because it makes it easier to remember but…
Think about the fact that a program owner has access to your login info. Maybe that person decides they need a little extra cash this month. They use your info, log in to your payment processor and help themselves to just a bit of your money.
Deadly mistake #2 – Using the program lead capture page instead of your own. You’ve heard it before YOU need to build YOUR list. If you use the program or affiliate lead capture page then you are giving your lead to the program owner rather than getting that lead for yourself. That program goes belly up and you have nothing…
But the program owner has all of your hard work wrapped up in one neat little package called a list. I’m sure that owner is going to send you a big ‘thank you’ gift.
Deadly mistake #3 – not offering a bribe to get people on your list. Ok, bribing may not sound like a good thing but info is what people want and that is what you need to offer. The bribe can be a short video, an ebook, an email series or a short report.
The bribe does not have to be too long. But you do need to give them something to make them WANT to join your list.
Deadly mistake #4 – trying to hardsell your prospect with every email. Give your subscribers the information they want. This should be at least 5-7 emails if you are using the email series bribe. This will help build some trust with your subscribers. Once you have done that then it’s time to make them an offer of a product or service that you have found beneficial.
Deadly mistake #5 – not tracking and tweaking your ads. You need to track and test which headlines work and which ones don’t. But there is a process for doing this. You have to track and test only one variable at a time. If you do more in the same ad you won’t know which tweak got more response. Then you have to evaluate your tracking to see what has worked and what hasn’t.
If you aren’t making money online then it’s time to make some changes to your business plan. Get more deadly mistakes that may be hurting your business and learn how building your list can help you.