Technology

The holiday season is around the corner. You need to be prepared to shop for gifts. As you know, different gadgets of all sizes and shapes have been important during the holidays. That is the case with smart devices. In fact, smartwatches such as acquista smartwatch are always in demand during the festive period. These are the various reasons you should give a smartwatch as a gift.

Promote Healthy Living

Smartwatches come with health and fitness tracking apps to help you maintain an active lifestyle. Therefore, a smartwatch can help you track different things such as heart rate, calories burned, steps are taken, and more.

You should also note that smartwatches are compatible with most mobile apps. When you wear them, you can get additional support. Even if the smartwatch does not come with health tracking features, you can download and install third-party apps. Ensure you carry out extensive research to find a smartwatch with the features you need.

Provides Notifications

If you are a busy person, you may always be looking for your phone to check notifications, answer messages, and other things. Fortunately, with a smartwatch, you can break this bond you have with your smartphone. That is because you can pair it with the smartphone to get alerts and notifications in real-time. Also, they can handle emails, making calls, text messages, and more.

Whenever you receive notifications, you can check them briefly through the smartwatch. If the alert is not important, you can dismiss it. The good thing about this is that it allows you to interact with others without distractions.

Easy Customization

You can customize a smartwatch to fit your requirements. For instance, if the wristband that comes with the watch is not attractive to you, you can replace it. You can even change the user interface. The truth is that smartwatches have a given degree of customization, which means you can make them your own. In fact, most of these are compatible with the standard size watch. This means you can swap it at any given time.

They Are Attractive

Smartwatches have evolved over the years. The modern ones are not like the earlier models. They still provide exciting features but are still quite attractive. In fact, the initial watches were geeky and bulky. Fortunately, this has changed for good. The truth is that there are several smartwatches out there that are attractive, and more are coming. Also, with different models in the market, you can always find an attractive smartwatch for you.

Cost-Friendly

It does not matter whether you want to purchase the most expensive or latest smartwatch; you should adhere to your budget and get something cheaper. In fact, there are many options available without sacrificing quality or features. It is advisable to carry out some research on different models. You should not buy a smartwatch you come across. Always have a spending limit and choose the right wearable for your price range. You should not be concerned about limiting your options, since there are many great smartwatches out there for you. No matter your budget, you will always find a smartwatch for you.

Are you interested in getting an API with all the important geolocation data? Do you need a location search feature for android apps? Well, if YES is your answer to both questions, then the Huawei site kit is something you just have to get. It can be quite a challenge to collect various data from different locations. This is why you need the Huawei site kit. It does all the important work for you and even more. So here’s what we are going to do.

In this article, we are going to be showing you some interesting facts about the Huawei site kit. This includes its many awesome functionalities as well as how you can use it to the full. First, let’s get a real overview of site kit.

Are you ready? Let’s dive in!

Understanding the role of site kit

Site kit when used on apps can help users to access location-based services. This also allows them to make faster decisions which in turn helps the app developers make more money. for this reason, many app developers take site kit very seriously.

The Huawei site kit has some interesting abilities. One of these abilities allows you to explore your surroundings without getting there.

However, the beauty of the Huawei site kit can be seen in its functionalities.

Here are some of the best functions of the Huawei site kit

Functions of the Huawei Site kit

The Place autocomplete feature

Have you ever been unsure of the particular place you were headed? Did you need someone to help you out? If you were, then this site kit will make apps even easy. With the autocomplete feature, most users will be able to find places just by typing in their first few letters.

With this feature, things will become less stressful.

The Beauty of Geocoding

Another function of the Huawei site kit evolves around geocoding. This feature allows the Huawei site kit to turn coordinates into street addresses. This singular act has a lot of implications. First, it allows users to read their maps quite easily. This allows them to get to their destination faster.

It also allows you to see inner details about other places that are also on the map. This might include closing time as well as their overall ratings.

User’s Time Zone

Another amazing feature of this kit is the fact that it can tell the user the different time zones of different locations. When you type the name of a region or city, the site kit lets you know the time zone in that location. This impressive feature isn’t one you’ll see in other place-related services being offered.

Final Thoughts

The Huawei site kit is very popular among those apps that are location-aware. With most of those apps, the need to use the Huawei site kit becomes a must.

So it’s time to take advantage of the opportunity. Without even realizing it, you have the power to take your app to the next level. To begin, all you have to do is to take the first step.

If you feel their gadgets are cool, you need to experience their customer service. Huawei as a tech brand is becoming nothing short of revolutionary in its available tools and services this year. As of this year, Huawei has an arsenal of tools and services to make life a lot easier for both their end-users and developers as well. That is right, the platform to assist program and app developers is becoming wider and far more inclusive than it used to be. There are options to make the entire process of app development as easy as possible. From the coding stage to the monetization stage, Huawei has multiple app developer support mechanisms in place. The wallet development feature of the Huawei Mobile Services is a tech wonder in its own right. This article will be focusing on the uses and advantages of the Huawei wallet kit.

General Intro to Huawei Wallet Kit

The Huawei wallet is a feature that allows users to save various sorts of financially relevant documents. This makes it easier for users to access their needed financials under various circumstances. A few of the documents which could be saved via the Huawei wallet kit include boarding passes, credit and debit cards, gift cards, tickets, coupons, loyalty cards among other forms of cards and passes. The fact that these are available on the mobile phone means that they could be accessed at any time.

The Huawei wallet kit functions as a result of customized full-stack technology which is backed by a chip-device-cloud effect. However, the uses of the wallet are much more extensive than saving cards, tickets, and passes.

There is also a real-time status update effect. As well as an inbuilt notification system that delivers information and data based on the current location of the users.

Advantages of Huawei Wallet Kit

1. It is relatively easy to integrate the wallet service into one` Huawei device or gadget. All that is required in most cases is a single tap.
2. Wallet services offer broad and wide-reaching coverage. This means that regardless of the location, the user can still access the wallet based on the condition of the surrounding services such as Wi-Fi.
3. The app is relatively easy to open and quite secure at the same time. If your phone can implement it, all that is needed to access your wallet would be your fingerprint.
4. Worldwide reach, with the wallet kit service available in more than 200 locations all around the world, you can rest easy. As long as you have access to our gadgets and can make use of our services, then the Huawei wallet kit is most likely readily available for you.
5. For an app developer, the integration of the wallet kit is simple and relatively fast. In four easy steps, you are good to go. Starting from the registration to the identity verification stage, to the service configuration phase, and finally app development phase.

Conclusion

The Huawei wallet kit is readily available. All you need to do first is register as an app developer. Then you automatically get access to this awesome service at your fingertip.

If you plan to invest in mole photography, you will probably need the best camera to take high-quality photos. Tremendous advancements have been integrated into smartphones camera kit to ensure both beginners and professional photographers are impressed while in their line of work. Once you understand the essential features to look for in a camera, it is possible to capture top-notch pictures. Here are ways to take your mobile photography to another level.

Excellent photo app

An excellent photo app should get you started with photography. The photo app you use will make a difference when capturing images of shooting a video. Apart from the standard photo apps found on Android or iPhone, it would be best if you looked for an excellent photo app that will allow you to make adjustments on the ISO and quicker shutter speed to help capture clear images even in low light.

Check the advanced setting

Once you find a good photo app, you should consider the features and tools that come along with the app. Find and familiarize yourself with significant settings that will improve the image quality. For instance, learn about steps involved in adjusting white balance and shutter speed, among other settings that will affect your photos. Once you identify the app’s necessary functions, ensure you practice them to become comfortable with them.

High resolution

Images and videos captured using high-resolution cameras are easy to edit and crop. Therefore, you need to use the highest resolution possible to ensure that image quality is high, especially when you intend to upload it to a website or blog. Since high-resolution images and videos will consume more storage space, you may need to install an eternal SD card or use the cloud storage service.

Try additional accessories

You may need additional accessories to boost your photography to a higher level. Once you have your camera kit set up, you definitely need additional essentials like the tripod, extra lenses to mount on the phone, among others. Once you gather plenty of photography accessories, you will be able to capture different types of photos professionally.

Set up the focal point

The focal point defines the sharpness of the image. Before begin shooting, you should select your focal point before pressing the shutter button. The process of setting up your focal point may vary depending on the type of phone being used. If you want to refocus your target, you should lock the camera by turning off the autofocus feature. For the case of moving targets, you should tap on the screen before pressing the screen to keep the target in focus.

Conclusion

Once you have covered the necessary requirement s to boost your photography career, the chances are that you will shoot the best images and videos. However, it would help if you considered other external factors that might affect the photography experience. As such, you need to learn how to hold and adjust your camera phone to achieve a top-notch image or video of your target. Similarly, you need to practice and experiment frequently with the usage of the advanced settings that may help to improve your experience.

Are you considering getting your app listed on the Huawei’s appgallery? If you are, then you are not alone. Many developers have this same goal and have actually succeeded. So how can you do the same?

In this article, we will be looking at the step by step guide to get your app listed on the appgallery. It’s simple and you should be able to get the entire process easier.

If you’re ready, let’s begin!

Guide on Getting Your App Listed On Huawei

Here are the needed steps you need to follow.

Step One- Register on the Platform

The first thing you need to do is to register on the platform. To do this, you will need to go through the identity verification process. Also, enterprises will need to submit their DUNS number. If you do not have one, you can get on the platform for a service fee of $80.

Step Two- Find AppGallery

The next step will be to find the appgallery on the platform. Once you see it, it’s time to fill out the app form. This can be found on the Huawei Console for developers. The appgallery will lead you to the appgallery connect. Once you are there, you will need to name your app and select the APK package you have chosen.

Step Three- Your Assets Uploads

The next step will be to upload your assets. This means that you have to upload certain important details about the app that you are submitting.

Some of the details that will likely be needed include

• Name of the app and an introduction
• The features of the app and a brief introduction
• Your app icon
• Screenshots

Once this has been done, it’s time to move to the next stage.

Step Four- Your Localization Process

This allows you to create several listing. These listings can be in more than 70 languages. It is also related to the optimization of the conversion process.

Step Five

The last step will be choosing the category of your app. This says a lot about where and how your app is going to be viewed.

Once you have chosen your category, crosscheck that you haven’t missed out on anything. This will the right time to submit. Once submitted, an evaluation will be done on your submission.

So What Should I Do Now?

Well, if you are planning on submitting an app soon, this will be the right time to put your things in order. Make sure that you have everything that you’d need right from the registration to the uploading of assets is ready.

That will save you a lot of time and resources. Also, make sure you have your DUNS number ready if you are trying to register an enterprise.

Final Thoughts

So there you have it! Getting your app listed on the Huawei’s appgallery is not as difficult as it may sound. All you have to do is to follow the instructions above. It should be a piece of cake at the end.

If you’re reading this article, you’re probably looking for business advice.

You may have skimmed dozens of articles published on blogs, newspapers and magazines by successful leaders offering advice that either worked for them personally or that they simply found online.

Maybe you clicked this link because it appeared in your news feed or someone shared it on Facebook.

Regardless of how you got here, you’re part of the biggest group of advice-seekers in the country.

According to a 2019 study by time-tracking app makers TSheets, the Internet is the leading resource for American entrepreneurs seeking business advice, with 26 percent of their 1,067 respondents citing it as their preferred source.

The next biggest group talked to fellow business owners (19 percent). Books ranked third (14 percent) and family members ranked fifth (11 percent).

This is a problem. Disregard for a moment the inherent irony that I am blasting online advice articles in the form of an online advice article — the Internet should not be your go-to resource for business help.

The advice is often too broad, and the so-called advisors have too little at stake.

Your business is an inherently personal issue, with thousands of variables to consider, including your specific industry, your target audience and broader economic swings.

This isn’t to say all advice found online is bad. But it’s important to double-check any advice against numerous other sources.

After spending more than 20 years as an entrepreneur, strategist and advisor in the communications and advertising space, I always offer a simple piece of advice to anyone who asks: Start close and expand outward.

Start with people you know and trust

Everyone has heard that you should, “Surround yourself with winners.” At this point, it’s a cliché. But more than rubbing elbows with “winners,” I’ve found it’s most important to surround yourself with people you trust.

Friends and family may not work in your industry bubble, but that can be their advantage—explaining your idea to outsiders can help you hone your message and hear honest feedback.

Professionally, I often turn to those I know and trust, especially those with proven track records as successful entrepreneurs.

I usually have closer relationships with them, which makes it easier to ask them for advice, rather than going to colleagues whose time is more scarce.

Talk to those who understand your problems

It’s a misconception that playing your cards close to your chest is always a good business strategy. Many feel ashamed to ask for advice or help, believing that signifies ignorance or weakness.

In fact, the opposite may be true: A study performed by the Harvard Business School and Wharton School in August 2014 found that workers who seek advice are perceived to be more competent than those who do not.

Moreover, study participants felt smarter about themselves when someone asked for their advice — unsurprisingingly, people appreciate being appreciated.
Despite all of this, many entrepreneurs feel paranoid.

According to the TSheets survey cited above, entrepreneurs feel like their biggest challenge is competition. It’s logical that business leaders would prefer to carve out their own path.

Yet in my experience, networking and relationship-building plays out better in the long run.

In the creative industry, “competitors” will often team up, sometimes turning to other companies to deliver clients the best possible integrated solutions.

Talking to fellow industry leaders offers me unique insight into what’s working and what’s not, and helps me generate ideas I can bring to my own clients.

Obviously you don’t want to give away ideas you’re keeping under wraps, but attending industry meetups and networking events for fellow entrepreneurs can be incredibly useful.

They present an ideal place to pose problems and ask for advice. After all, nobody understands your problems better.

Gather board members you value

Writing in the Harvard Business Review, Roger Martin, a former dean of the Rotman School of Management at the University of Toronto, analyzes the role of a board in a company.

In the worst-case scenarios, he writes, boards can either comprise mindless yeasayers or group dictators, while CEOs can fail by either refusing to accept input, or by being too acquiescent to the board’s whims.

Obviously, both of those realities are failures of the system. A good board should always question and challenge the CEO, whose decisions should, in turn, be influenced by the board.

I personally took that advice to heart throughout 2019. This spring, I’m launching my latest company, Third Summit, whose flagship digital platform, Alteon, will ease creative collaboration and reduce the friction bogging down the production industry.

Over the past year, I’ve met with dozens of industry leaders, experienced executives, successful entrepreneurs and skilled creatives to assemble a rock-solid advisory board to ensure my company is a success.

I respect and trust my advisors completely, and made sure to create a diverse team that would be able to both appreciate and challenge our core mission. So far, their input has been invaluable.

That said, I prefer to turn to my board members for advice when the big is idea is in place to make the most of their input. That means turning to them for help fine-tuning go-to-market strategies, investor pitches and product design, rather than high-level brainstorming.

Let your own data guide you

Over time, you won’t need to ask others for advice—your business should be able to help you directly.

I’ve written before in this magazine about the value of investigating one’s own data. During the 20 years I focused on building my creative agency, I would frequently reflect on past numbers to make decisions about the future.

It’s not just about annual performance and growth projections, but also how specific projects fared and how satisfied clients were at the end.

On a micro level, any business leader can (and should) sort through months of social media campaigns, ad spends and capital investments to understand what works and what doesn’t. You can usually determine what’s working and what isn’t based on your past performance.

Any successful business ticks two boxes: It solves a problem with an intuitive solution, and it adapts based on qualitative data.

To achieve the former, you need creativity and innovation. For the latter, you need humility and trust in your data. Commit to those, and your path to success will be clear.

This article is included in Entrepreneur Voices on Effective Leadership, a new book containing insights from more than 20 contributors, entrepreneurs, and thought leaders.

“Go with your gut”: It’s an appealing phrase that encourages business owners, professionals and talented individuals everywhere to stop overanalyzing a situation, and instead rely on their instincts to make an important decision.

But, in the business world, you’ll have plenty of hard evidence, anecdotal evidence and input from others to guide your decision-making.

You’ll have partners, mentors, coworkers and even friends and family members giving you advice for the development of your business.

So, what happens when your instincts contradict a piece of advice given to you by someone, or even multiple people, you respect? Should you take their advice even if it contradicts your gut feeling?

The case for instinct

There’s no scientific rubric that allows you to test the true “power” of your instincts, and many entrepreneurs trust their instincts because of some supernatural quality they ascribe to them.

This is akin to a superstition that can’t be proven or disproven and may be hard to argue with. But, ignoring that, here are some of the practical, logical reasons why you might be wise to trust your instincts over outside advice:

Snap judgments. Our brains evolved for escaping high-stakes scenarios that don’t offer much room for contemplation; accordingly, we’re hard wired to make snap judgments about our surroundings, and the evidence suggests we’re pretty darn good at it.

Your “instincts,” in some cases, are merely the product of your experience, your beliefs and a high-level assessment of a given scenario.

Think of it as your subconscious mind doing all the problem-solving work for you and making a reasonable estimation rather than precisely calculating the “right” answer.

Accordingly, you’ll find that many of your snap judgments and decisions turn out to be correct — but only if you have the experience necessary to back them up.

For example, a novice chess player wouldn’t be able to “feel” that a move is correct the same way a grandmaster would.

Mavericks. Some of the most successful businesses are those whose brands are unlike anything else on the market. They’re the ones who dared to do what everyone else was afraid to and kept going despite people telling them not to.

Following the advice of the majority will lead you down the path of the majority — to moderate, but never breakout, success.

The argument here is that if you want a chance at standing out from the crowd, you have to go against the grain at least some of the time.

Satisfaction. Don’t neglect the importance of your decision’s aftermath. Imagine a scenario in which, against your instincts, you followed the advice of a mentor.

Ultimately, this led you down a terrible path that resulted in your losing a major client. Chances are, you had a hard time forgiving yourself for not going with your gut to begin with.

But, if you make your own decision and fail, you’ll at least accept responsibility for your own destiny.

The problems instinct may bring

Don’t let the above arguments fool you into believing that your instincts are always right, however. Consider the following problems:

Experience. If you’re a new entrepreneur, remember that there are many more people who are far more experienced than you are. Your capacity for snap judgments is limited, and people wiser than you have likely been through this situation before.

Remain humble in your early stages, and trust the more experienced people around you. You don’t have to agree with them on everything, but at least listen to what they have to say.

Survivorship bias. The “maverick” argument may be convincing, but don’t forget that our view of successful entrepreneurs is affected by survivorship bias.

Essentially, we only hear stories about the entrepreneurs who contradicted advice and ended up becoming millionaires, not the people who contradicted advice and became failures.

Keep this in mind before you try emulating your favorite celebrity business owner.

vidence and intuition. Remember that evidence exists as an objective reality, and intuition exists as a subjective feeling.

Using your feelings to contradict evidence is often unwise; for example, “believing” that the traffic light is green doesn’t change the fact that it’s red.

However, in the absence of evidence, intuition can help you fill in the gaps.

Limitations of snap judgments. Snap judgments may often end up being correct, but that doesn’t mean they have a perfect track record. If you’ve ever jumped in fright after seeing a mannequin in a dimly lit room, you know this all too well.

When it comes to making a tough decision, prioritize objective information as much as you can — no amount of instinct should overrule significant and clear evidence that contradicts your gut feeling.

But in cases where the “right” answer isn’t clear, where evidence is fuzzy and where you fundamentally disagree with your partners, let your instinct guide you in the right direction.

Decisiveness is more important than always making the perfect decision, so pick a direction and stick with it.

Payables are all the ways your business spends cash, from buying inventory and office equipment to paying employees and taxes. How do you keep your costs down in light of all the different ways cash can leave your business?

An important goal should be to make sure cash inflow exceeds cash outflow. Start with planning your payables so they’re predictable – and maximize them to their greatest potential.

A plan for managing payables

Get an overall snapshot of your outgoing cash flow. Here are a few practical things you can consider:

Log the date and source of all payments to find out what you’re spending and how often

Note any patterns, seasonal trends or other contributing factors that might be affecting your cash flow

Track your outgoing cash flow in a report

Review expenses and suppliers regularly to lower costs
Set expense budges for your employees

Use a credit card for expenses to slow the payment process

Consider payment terms as well as price when choosing suppliers

Find the right vendors

A good working relationship with your vendors can help with the management of your cash flow.

Establish good communication. Let your suppliers know your general financial situation and product and service needs.

Consider early payments. Find out if potential vendors offer discounts for paying early. It could positively affect your bottom line.

See if they’ll work with you. Extending payment due dates can help you with your cash flow.

Focus on more than the price. The lowest price may not always improve your cash flow, but more flexible payment terms might.

Set up vendor payment schedules

Optimize your payment schedule. You’ll reap the benefits of having more money in your account, earning more interest and being better positioned to make timely payments that will keep your vendors happy. Here are a few tips you can implement:

Make sure receipts and invoices are in one central place. A ledger sheet can help you assess your situation at a glance.

Strategize your payments. Take full advantage of creditor payment terms by determining when payment is due (30, 60 or 90 days).

Electronic payment methods are perfect for fulfilling this obligation. Timing your payments this way keeps cash in your business longer and enhances overall cash flow. You’ll have more cash on hand to meet other obligations such as rent, utilities and payroll.

Keep cash flow budgets and forecasts current. You will always know where you stand, which will help you make informed decisions about timing your payments throughout the month.

Reconcile daily

Accuracy is key when it comes to cash outflow, so it’s a good practice to try and update your accounts every day. An automated account payables process or software can be useful in this area.

Double-check your invoices

Make sure you match invoices against your purchase requests or purchase orders before you process payments. Also, keep a running list of invoice disputes and resolutions. Take notice of any patterns you may notice from invoice to invoice. If the same vendor is involved, you can work together to quickly resolve the issue.

Be diligent about account receivables

It’s a simple fact: You need cash to make your vendor payments. Staying on top of your potential income will better equip you to meet your own obligations.

Get a W-9

Before their first invoice is paid, every vendor should supply you with a W-9 form. The IRS requires it, mainly to establish a paper trail, and it gives you all the contact information you need to pay them. This may also protect you from illegitimate vendor expenses.

Control who authorizes purchases

Many small businesses do not have a formal purchase order system. That’s okay as long as you have a clearly defined procedure for purchases so that all employees know the authorization process.

Choose the right employees for specific account payables duties. Have a system for managing which vendors are approved and where your invoices and checks are going.

Protect your business against fraud. Never have one person handle it all. Separate the responsibilities for preparing invoices, writing checks and processing payments among multiple employees.

Cross-train and rotate employees. This gives multiple employees experience in account payables and the ability to cover absences. It may also discourage theft.

Make the most of commissions and bonuses

Timing is key to making the most of your cash. A good practice may be to defer the payment of sales commissions until you’ve received the cash from the customer. This protects you from paying cash out before it comes in.

Some companies set policies such as paying commissions on the tenth of the month provided the customer has paid. The same logic applies to bonuses: It is ideal to pay bonuses during the time of year when cash balances are high.

Payables management solutions: An overview

Speed up your outgoing cash flow. Plan and forecast your payments. Streamline your payroll process. There are many new and established solutions available to help you with your account payables.

Consider contacting a business banker to discuss the best options and solutions for your business.

Electronic payments

Gain speed, reliability and convenience. Consider electronic payment solutions such as Automated Clearing House (ACH), Electronic Funds Transfer (EFT) and Online Banking. Benefits also include:

Lower costs. Electronically processed check transactions cost 5X less than a paper check.

Security. Automatic and electronic debits can reduce the number of people who come in contact with your information, and they cannot be misplaced or lost in the mail.

Electronic payments enable you to initiate a payment online or by phone and remit it electronically to your vendor. You’re also able to monitor your transaction details and manage your account conveniently online. Many options include the ability to transfer foreign currencies.

Automated employee payroll

As a small business owner, implementing an automated payroll disbursement system can save time, trim costs and may help you stay on top of all your legal and regulatory responsibilities.

Consider direct deposit. Pay your employees by crediting their existing bank accounts. This helps eliminate check issuance and processing expenses. It can also serve to streamline reporting and enable you to manage funds from your desktop.

Look into employee payroll cards. These are similar to debit cards. Simply make an ACH direct deposit to each employee’s payroll card. This gives them quick and easy access to their funds at ATMs, bank teller windows and merchants worldwide.

Streamline employee compensation terms. Whether you’re tracking employee hours or paying overtime, health plan premiums and 401Ks, having these tasks automated can save you a lot of time and effort.

Credit cards

Using small business credit cards and timing your purchases correctly can help you enhance cash flow. No-interest credit cards can provide up to a 90-day interest-free window in some cases. Always be aware of the billing cutoff date for your credit cards.

Also, consider cards that pay you back. Many credit cards offer rewards programs, and accumulated points can be used for a variety of business uses including travel and office equipment.

To sum up: When it comes to managing payables, have a plan

Planning well, strategizing and forecasting can serve to help you better manage your account payables.

Also, keeping up with the latest advancements could really pay off. Many new technology solutions, like electronic payments and automated employee payroll, may help you streamline and speed up your process, save you money every month and free you up to run your business.

One way to help your business succeed is to plan for success by developing a business plan – a written document that outlines the steps you and your business need to take in order to reach profitability.

By plotting out this process, you’ll be able to identify potential opportunities and avoid some pitfalls.

Having a business plan will also assist in providing you credibility among potential investors.

It shows that you’ve analyzed and weighed options, so investors can move forward with full confidence in you and your enterprise.

That’s not to say that once you write it all down its set in stone. Your plan, like your business, should be evolving and flexible.

Prepare, prepare, prepare

A good business plan helps you better understand your company so you can run it more effectively.

It can be a powerful tool for creating achievable goals and keeping track of your progress. It can also help you make future decisions and measure your results.

More importantly, putting your entire business strategy in writing will create a comprehensive overview of all the components necessary for success:

Goals and objectives. What do you hope to accomplish? How can you get there in 3-5 years?

Value proposition. What’s unique about your business? What compelling feature sets your company, product or service apart from the competition?

Marketing and operational forecasting. Setting goals now will help you target customers more effectively as your business grows.

Finances. Consider the amount of cash flow you’re likely to need, how much you’re willing to accept and (potentially) how much control you’re willing to give up to succeed.

Staffing. An established and well-thought-out plan can be the key to attracting – and keeping – the right talent.

There are also helpful programs and apps available that can walk you through the process of creating your plan.

What to include in a business plan

Here is a list of essential topics for your business plan.

1.Executive summary

This is a quick snapshot that captures the essence of your business. What do you plan to achieve? How will you get there? Will you need financial backing? What outcomes will you deliver?

All of this and more should be condensed into a brief description – from a couple of sentences to a maximum of 1 page long – that is easily understood and limits the use of insider jargon.

You might want to write this section last, after you’ve determined the overall strengths and details of your strategy, but make sure it appears first in your document.

2.Company description

Now it’s time to provide more detail. Provide a history of your company and your experience, as well as a look ahead.

What industry will your business serve? Describe the nature of your industry now, as well as how you see it in 3-5 years.

Identify your target audience. What needs do they have that your company will satisfy? What products and services will you provide to meet those needs? Figure out what sets you apart from – and makes you better than – other companies in your industry.

Your company description is where you list the reasons to believe in your business’ success. Call out specific advantages such as a prime location, expert staff, better system, superior products and services or any other tangible benefit that can differentiate you from your competition.

3.Competitive analysis

Start by determining the size of your market. Then focus on your competitors and provide an objective summary of each. Include basic, measurable identifiers such as:
a.Market share
b.Age of the business
c.Demographics they serve
d.How they position themselves
e.Type of products they offer and how much they sell
f.What differentiates them from other companies in your market
g.Strengths and weaknesses

Now do the same for your business. Never be afraid to show that one of your competitors is profitable; after all, potential investors are going to want to know that your industry is a viable one and that success is not only possible, but probable.

Also include any opportunities (and threats) that may potentially affect your progress, as well as any rules and regulations your market has to follow.

4.Leadership and organization

Prove your business is more than just a good idea by presenting a team of individuals who bring experience, enthusiasm and credibility to the table.

Also demonstrate your commitment to these people (capital and expense requirements for the next 3 years) so that potential investors get a feel for your commitment to success.

This section should include:

a.Profiles of your board members and management team. If you have a board of directors, create a profile for each in order of their position, including how involved they are, their history, how they have contributed thus far and will contribute in the future to your company.

Most small businesses don’t have a board, but an unpaid advisory board can provide much-needed expertise and credibility to your business.

b.Organizational structure. One of the simplest and most effective ways to convey the team concept is with an organizational chart.

Give a brief description for each person on the chart demonstrating that there’s someone committed to every part of your company’s operational process.

c.Legal information. Are you a sole proprietor? Is your business incorporated? It is a C or S corporation? A general or limited partnership? Here’s where you disclose that type of information, along with the resulting structural descriptions.

5.Your product line or service

Describe what your product line is, its specific benefit, how it will meet customer needs and how it stands apart from the competition.

Share its history and where you see it going, including future opportunities and possible barriers. List copyrights, patent filings and other facets of intellectual property here, as well as any existing legal matters such as nondisclosure or non-compete agreements.

6.Marketing plan

Focus on these 4 areas in your marketing plan:

a.Market penetration. How do you plan to enter your market, make an immediate impact and gain customers?

b.Growth. Describe the strategy for building your business once it has entered the market, for example branching out, targeting different users or acquiring other businesses.

c.Channels. How will you distribute your product? There are many directions you could go, from original equipment manufacturers to an internal sales force to established retailers.

d.Communication. How will your message build customer awareness? Consider online promotions, printed brochures or catalogs, packaging, public relations and other forms of advertising.

7.Sales strategy

How are you going to sell your product? Here are some options to consider:

a.Sales force. If you’re using a sales force, will they be internal or independent? What’s the head count? How will you recruit, train and compensate those who will be the public face of your business?

b.Retail. How will you get your product to customers? A brick-and-mortar store? Will you sell products directly to a retail business?

c.eCommerce. If you decide to sell through an online presence, make sure it’s thoroughly professional and transactions are completely secure. It should be simple to use, rich in content and hosted by a reputable company with a history of minimal downtime. Is the purpose of your site to gather leads or sell products? Design it with that in mind. Consider hiring a professional website designer; the time you save versus learning how to do it yourself could be well worth it.

d.Pricing. Follow these basic guidelines
Make sure the price covers costs
If you want to lower prices, lower your costs first
While your main priority is making the sale, never focus solely on your competition when setting your price. You must also take into account factors like changes in the market, the practical uses for your product and how long it will last.

e.Sales projection. A quantitative forecast of your sales will help investors gauge your potential.

8.Funding request

If you need to procure funding to support your business, here’s information to include in the request:

a.Amount requested
b.The type of funding you prefer, such as equity or debt
c.The terms you require
d.Any additional funding needs necessary over the next 3-5 years
e.Details on how you plan to use the money
f.Future possible strategies, such as buyouts, being sold or debt repayment plans

If your small business is self-funded, keep in mind that it’s very important to keep a detailed financial plan, even if you’re not required to validate it with your investors.

9.Financial projections

This is one of the most critical elements of any business plan.

There are 3 major forecasts your plan should contain, and you should make sure that each lines up with the funding request, should you choose to include one:

a.Cash flow. Create a comprehensive view of how money comes in and goes out on a day-to-day basis. This will provide an overview of your financial peaks and valleys that have a direct effect on how you pay bills, buy stock, cover unexpected surprises and more.

b.Profits and losses. Otherwise known as an income statement, this is a simple scorecard that shows exactly when sales and expenses happen. By combining elements such as revenue, expenses, capital and costs, investors will have a birds-eye view of how much money your company makes or loses over monthly, quarterly or annual periods.

c.Balance sheet. This provides a snapshot of your business by breaking it down into 3 sections
Assets. Tangible objects you own that can be converted to cash.
Liabilities. Any debts owed.
Equity. The difference between the 2 (assets – liabilities = equity).

As a rule of thumb, keep certain things on hand that aren’t included in your business plan such as credit history, resume, letter of reference or any other relevant information that lenders might request.

Put your business plan into action

After putting a plan down on paper, run it past your banker or other trusted advisor.

Get impartial, knowledgeable feedback and have them confirm the basics: your management skills, familiarity with and a strategy for your market, available funds, a balanced operation and a commercially viable product.

Once you’re confident, take action one step at a time. Follow your plan. Meet planned targets and deadlines. Evaluate outcomes, both good and bad. Build on your successes. Likewise, build on mistakes.

Many entrepreneurs dream of starting a business — and with the right resources and planning, that dream can become reality.

But the steps you need to take to start your own business begin long before you open your doors and make that first sale.

Proper planning and groundwork will not only get your business off on the right foot, but can help you launch your business more quickly and give you a better chance for success in the long run.

1.Write a detailed business plan

You wouldn’t start building a house without a blueprint, so don’t start your company without developing a detailed a business plan.

Business plans typically map out the course of the business for the first 3-5 years and are reviewed and revised regularly as the business moves forward and its goals evolve.

2.Set up your professional support system

Locate an accountant who specializes in your type and size of business (keeping comprehensive and detailed records is crucial to the financial health of any business). Depending on your industry, you may also need to engage the services of an attorney.

Another good idea, if possible: Find a mentor — someone knowledgeable about your industry who has been through the business startup process before and can offer firsthand advice.

Having the right professionals in place from the start will help you accomplish 2 major goals: They’ll have a complete understanding of your business from day 1, and delegating those tasks means your time will be freed up to start and run your business.

3.Handle administrative details

Your business will need an employer identification number (EIN); the IRS can help you with that.

You’ll also need to register your “doing business as” name (DBA), which is typically done in the state or county where you live; your local chamber of commerce can help with specifics.

It’s important to note that you can’t open a business checking account or get a business credit card without having completed this step.

Finally, you’ll need to determine the legal structure of your business: sole proprietorship, partnership, limited liability company (LLC), C-corporation, S-corporation, nonprofit or cooperative; this is where an accountant, lawyer or business mentor can help.

4.Consider insurance and benefit plans

Obtaining the right business insurance is important. Contact local insurance agents or brokers to get a quote and information on what fits your unique business needs.

There are many types of insurance and your needs will vary greatly depending on the nature of your business, so be sure to get a thorough analysis.

Also, if you plan on hiring employees right away, consider whether or not you’ll provide them with benefits like employer-sponsored health care or retirement plans, and know the costs associated with those benefits.

5.Invest in technology

Even if you aren’t in the technology business, you’ll have technology needs. Consider these 3 elements at a minimum:

Business website: You’ll need to register your domain name, find a web hosting platform and choose an internet services provider

Website development: You’ll need to create a company website — even a simple one-page site — and this may be something you need to outsource.

There’s a wide range of costs to consider when building a website. It doesn’t have to be expensive, but costs can be significant depending on your business and its needs.

For example, if you’ll need your website to be able to sell products and accept credit cards and other forms of payment, setting that up properly will cost more than a static site with basic company information.

IT support: Your business will likely use some form of accounting, sales or business software. How will you manage your computer systems?

If something goes wrong, who will help repair it or provide support? It’s a good idea to put an IT support solution in place when you’re building the foundation of your business.

6.Tap into local resources

Take advantage of startup financing or unique loan programs available to micro-businesses, women business owners and other groups.

Consult with bank representatives to learn about any options available to you and consider reaching out to nonprofit organizations in your area.

Also, consider joining a local chamber of commerce, small business association or networking group to help join forces with other area business leaders and tap into their insights.

The Bank of America Small Business Community has a wide variety of online resources you can tap into, too.

7.Plan for hiring employees and staff

Determine how many employees you may need and in what roles. Sales or management? Full-time or part-time?

Think carefully about the logistics of bringing on staff and ask yourself these questions: What will you pay them? Where and how will you recruit them? When will you need them on board?

8.Open separate business banking accounts

When starting a business, it’s a good idea to open up a business checking account and a small business credit card account in order to separate your personal finances from your company finances.

Researching different accounts will help you find the right one for your business. Look for accounts that offer Online Banking, a Mobile Banking app for on-the-go money management and end-of-year summaries.