Mastering management skills to help your business succeed

Business

There’s no getting around it: one of the key contributors to failure in small and medium-sized businesses (and sometimes even big ones) is poor management. Altogether too many people think that because they can build a business they can run one, and try to learn on the job. Others get out of their depth at a departmental level, inadvertently undermining the rest of the enterprise. However, it doesn’t need to be like this. What makes the difference is recognizing that a manager isn’t just there to tell people what to do – good management requires specific skills.  Making sure your business is the best it can be is so important. Check out these business management solutions.

Strategic thinking

The first thing you need to understand is that management isn’t just internal – it’s about understanding the position of each department within the company as a whole, understanding how that company fits into its sector, and understanding how that sector fits into the wider economy. This makes it possible to make effective decisions about actions that are needed and how finances should be managed. A manager has to be able to see the big picture, and should aim to plan about three years ahead while remaining flexible enough to account for changing circumstances.

Networking

Part of a manager’s job is to network, both within the company and outside it. Good networking brings in opportunities for improving the mechanics of the supply chain. It provides the chance to keep on learning new techniques for internal use, and it helps you to keep your finger on the pulse as far as developments within your sector are concerned. Networking doesn’t just take place at formal events, so you should be ready to get out and about and build up useful social connections.

Time management

In order for a business to run smoothly, everybody needs to be coordinated. This means that sticking to deadlines is really important. Managers not only need to get their own work done on time but also need to make sure that everybody in their teams do. This isn’t just about pushing people. You’ll also need to be aware of their individual capacities and make sure that work is portioned out in a manner that is practical, even if that doesn’t always seem fair.

Setting objectives

In order to facilitate work getting done on time and employees being able to engage with it enthusiastically, managers need to be able to set clear objectives and persuade their teams of their importance. At the most basic level, employees know that their livelihood depends on the company’s success, but they need to understand why particular actions are important to that success, and they need to have a clear picture of what’s required of them. As a rule, they will be more efficient when they can see how what they have been asked to do will contribute to the whole.

Communication

Communicating successfully with employees, board members, and others requires real flexibility on a manager’s part. This is one of the most important aspects of the job, and the reason why, for instance, Washington State’s online MBA program offers specialist courses in communications. First and foremost, it’s important to recognize that individuals vary and that information can’t always be delivered in a one-size-fits-all way. To be successful, you will need to be able to identify and adapt to the needs of your team. You’ll also need to be strong on formal communication techniques, especially for external use.

Investing in people

Ultimately, a manager can achieve nothing without a good team, but it’s the manager’s job to refine and develop that team. This means that you’ll need to be able to identify talents that should be brought to the fore, deal with clashes between team members, and identify weaknesses that suggest the need for additional training. All this will be more successful if your team members feel valued as individuals and are able to develop real trust in you, so you will need to work hard to be seen as supportive, attentive, and fair.

Good management enables a business to optimize its assets – including human ones – and punch above its weight in the marketplace. Management skills can be learned, but this is only possible when managers accept that they don’t know everything already and are willing to see themselves not only as bosses but also as functional parts of a larger business organism. If you’re ready for this, sharpening up your skills could enable you to take your business to the next level.

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Keeping Your Eye on the Ball: How to Stay on Top of Your Business Overheads and Taxes

Business

Being self-employed is challenging enough for most people, but trying to keep up with business records while focusing on keeping everything running can be downright difficult. Yet keeping accurate business records is a legal requirement.

Besides, if you can manage to keep track of your bookkeeping, you might also save money. Organized business records make it easier and faster to prepare your end-of-year accounts, so you save money on accounting costs.

Related: Last minute tax tips

When your book-keeping is accurately documented, you also have the advantage of being able to monitor your business’s cash flow at a glance.

Related:

The problem many self-employed people face is knowing exactly what to record. Here are some tips for staying on top of your business records.

  • Invoices: All the invoices you receive need to be tracked accurately. Include information about the amount, the date the amount was paid, the name of the company or customer and what the invoice was for.
  • Receipts: Staying on top of your expenses is the easiest way for your business to remain tax-efficient. Keep track of any receipts that relate to your work in any way.  Your accountant can offer some advice about which expenses you can claim as a self-employed person.
  • Business Expenses: There are some business expenses that may not receive receipts. For example, if you have a credit card for your business, you might use your bank statements to keep track of some expenses instead of recording receipts.
  • Keep Personal Finances Separate: Many self-employed people combine their business and personal finances in the same accounts. However, no matter what size your business might be, it’s important to keep business and personal finances separated. Open a separate bank account to for your business funds and use this account to cover your expenses. You’ll find it much easier to keep track of what’s been spent on business. You also won’t be wasting time trying to break down which expenses related to what entity at tax reporting time. There are plenty of tools to help you with your taxes if you need them, and a lot of them are free too!
  • Use the Right Apps: Self-employed people can make their lives much easier by using the right apps to record and track their accounts on the go. If you enter in one or two items every couple of days, you’re staying on top of your records as you go. You’re also saving plenty of time, as you won’t need to spend long hours at the end of the reporting period trying to catch up with all those entries.
  • Back-up Regularly: No matter how busy you are, make the time to back up your records on a regular basis. There’s nothing worse than suffering a hard-drive failure or technical disaster and losing your business records in the process.

Staying on top of your business records doesn’t have to be a time-consuming chore. The key is to take financial control and be sure your records are up to date on a regular basis. You’ll end up saving a lot of time and hassle in the long run.

Related: How to be a great landlord

 

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7 Steps to Healthy Time-Management

Business

Who among us couldn’t use a little more organization in our lives? Whether you are just discovering the wonders of  planners or you are hyper-organized already, there are a few ways you can work smarter, not harder toward accomplishing this goal. We’ve gathered seven simple tasks that can set you on the path to perfect planning

1. Create Categories

Just about everyone has some basic categories under which all their tasks fall. These are things such as:

  • Home
  • Work
  • Family
  • Personal
  • Money
  • Long-term

Keeping your to-do list and appointments organized based on these headings can make a huge list seem more manageable. Plus, tasks in some categories, such as “home” may only be possible to accomplish on the weekends, which helps you prioritize your weekdays. The opposite could be true for “money,” which mostly must happen between Mondays and Fridays.

Related: Increase productivity with standing desks

2. Consider Color

Once you’ve created your categories, you might want to assign a color to each one. Get yourself a rainbow pack of highlighters or writing pens and then color-code all of the entries in your planner. If you are a visuals-oriented person, this method can help you see what you need to be working on with just a glance. As an added bonus, having a little color on your list makes it seem a bit less intimidating – and all the more rewarding when you cross a task off the list.

3. Brain Dump

When putting together your planner, try to think of every possible thing you want to get done. Be specific, and don’t feel you have to leave things out because they are too big as projects. Include birthdays, appointments, phone calls to make, household chores and goals you want to accomplish. After you’ve written down everything you can think of, then it is time to organize the list according to category and priority.

4. To-Don’t List

Many people struggle to stay organized because they spend time on tasks that are more pleasurable than the harder chores in the planner. But these distractions usually work against you. It is OK to create a to-don’t list, which will include things you want to accomplish someday but not in the immediate future. When you start to feel yourself go on a tangent, remember to stick to the to-do list and not the productivity-sapping to-don’t list.

5. Consolidate Calendars

If you have a anniversary/birthday/holiday calendar, a medical appointment calendar and a work deadline calendar, you are juggling too much. Find one planner format that will accommodate all the different scheduling types that you maintain and fit the important stuff into that. That way, you will have a wide overview in front of you at all times, and you can even color code each type of task (see No. 2, above).

6. Planner Pamper

The only thing that competes with the satisfaction level of crossing something off a to-do list is the handfeel and aesthetic nature of an attractive, well-organized planner. The smell of the pages, the geometric designs of the calendar pages and the heft of the book all add to the appeal. Even if you are more drawn to electronic planning apps or your cell phone calendar, there’s something appealing about choosing the system and look that’s just right for you.

7. Make It a Habit

Finally, take the time to update your chore lists and appointments every day. Not only will you keep on top of your time management, you’ll also be creating a healthy habit after a stretch of time. It doesn’t have to take more than a few minutes to cross things off or add them, and you’ll be glad you made the time.

Getting organized isn’t difficult when you get a planner, make your list and keep it updated. These seven tips should keep you on track.

You might also enjoy: Mini-guide for home business

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Top Tips For Your First Business Trip

Home Business Wiz

Heading out on your first business trip will be an exciting time, meetings to be had, deals to make and a company to represent. Whatever the nature is of your trip, you are going to need to be prepared , both from a business and personal point of view. To help you get prepared in the right way, we’ve put together a list of tips for you and whether you are traveling transatlantic for your business dealing or just a few hours away from home, we’ve got you covered. So before your next business trip, check out these tips and make sure that you are prepared in the right way.

Bought a travel wallet :(

Organization

The first thing to ensure is that you are fully prepared for your business dealings and your itinerary during your time away. Make sure that you have paper and digital versions of all documents that you are going to need and whatever schedule you have whilst you are away. Be sure to secure all of your transportation before you go,it is likely that plane or train tickets will be already sorted out but ensure you have a car waiting for you to take you to a meeting.  The last thing you need is to be searching for taxis in the middle of Bangkok when you have a pressing business lunch, or trying to catch a bus in Edinburgh for a business launch, plan ahead, and book a private car to get you there.

Downtime Planning

When you’re on the road for business you are bound to have a lot of downtime and you need to be sure to use this wisely. It’s important that you plan ahead for this, whether it be in order to relax or in order to brush up on your business dealings. If movies and games are your thing that you need to relax then download some ahead of time, if you like to exercise then check out if your hotel has a gym and if not, look for one nearby. Regarding the business side of things, try to create some one page sheets which will enable you to quickly study some key points about your business or take the opportunity to look for areas of growth. Planning ahead means that when you get that downtime, you are ready to spend it however you see fit.

Staying in Touch

You absolutely want to make sure that you can stay in touch with friends, family and the business itself whilst you are away and it’s important that you know the best ways to do so. If you don’t already use them then you should be utilizing FaceTime, Whatsapp, Skype and even Facebook messenger to stay in touch with people whilst you are away. All of these mediums work so long as you have an internet connection and you should look to buy a local SIM card if you are heading to a foreign country. A local SIM gains you access to mobile data and means that you are never out of reach when people need to get in touch with you.

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Why the internet has driven retailers online

Business

Wondering Why the internet has driven retailers online?
Photo by CC user techinasia on Flickr

If you are thinking about starting a business, you have to consider where and how you’ll showcase your products to customers. A mere 30 years ago, your options were limited. You could have a brick-and-mortar building, or work out of your home, but you had to attract customers to your store. You had a limited region of coverage for sales, at least until your business expanded into other markets. Advertising was very different. The use of mass mail marketing was common, and you had to rely on word of mouth. Billboards and television commercials caught the eyes of your customers.

Fast forward to 2017, and the options for you as a business owner have expanded exponentially. Your customers can be from anywhere on the entire planet, via the internet. You can still send out mailers and advertise on TV, but if you aren’t taking advantage of the opportunity to develop your business online, you are missing out on your full business potential. Here’s why the internet has driven retailers online.

Potential for profits

It is expected that online sales via computers and mobile devices will be over $500 billion by 2020 in the US alone. E-commerce is growing at a faster rate than retail, with over 224 million shoppers spending more online every year. The bottom line is that there is money to be earned from online selling. To ignore it is to hobble your own business potential.

Online to enhance a physical site

Even if you aren’t ready or able to launch a website, you can still take advantage of the internet to build customers. If you establish a news feed, you will be reminding subscribers of your company every time that you post a new article. Posts on Facebook and Twitter also get your company name in front of subscribers, whose reposts are an open invitation to new customers. You can use online communications to invite customers to events at your store, publicize sales, and announce new products.

Online combined with a physical site

No matter how successful your brick-and-mortar business is, an online presence can help drive new customers to your door. Imagine that you are an artisan who sells handmade pottery and runs a storefront. Your customers are going to consist of the people living in the city where you sell. They may recommend your pots to friends, and eventually you may see customers from around the region, the country, and even the world. However, these people must call or write to you for your pots. Somehow, you must send them photos of your products for them to decide if they want to buy something.

The time invested alone in making a profit on the pots is staggering. With a small investment in a website, where you can showcase your pots, receive payments, and set up shipping, you will save time in customer contact. You will build your customer list by recommendations and search engine optimization (SEO). By using social media, you can update customers on new products. With a customer reward program, you can get positive reviews and return business. These efforts will all convert into sales with little to no work save the initial set-up.

Online presence only

Many stores operate solely online. Businesses that are only online can take advantage of the same networking and marketing opportunities as the potter, but they don’t have to pay for the cost of a building and all its attendant expenses, including employees and utilities. With your online presence, you can offer detailed information and videos on your company’s products and services. Customers can preview products and compare prices before they buy. One company that has made a success of an online-only presence is As Seen On TV. The company offers a variety of great products for the home, cars, pets, and more. It produces videos to show customers how its products are used, and the videos are just one way that the company drives sales.

Online is the future

The technology explosion is having a major impact on retail sales. Robotics can now put together customer orders. Analytics can tell you how to target certain audiences with specific products. Online payment systems are popping up to keep transactions safe and quick. Quick delivery of online products with drones is just around the corner.

Whether you are dipping your toe in the water, or basing your business solely online, there is an advantage to using the internet. Even a small investment can mean great profits. Start looking into how the internet can improve your business.

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Dealing with small business accounting issues

Business

It seems that every entrepreneur has dealt with small business accounting issues before
Photo by CC user PDPics on Pixabay

In a small business it is common for employees to share job roles, including the role of taking responsibility for financial matters and the daily work of keeping business accounts up to date and chasing late payers. Such person(s) often have no training in accountancy and this can lead to issues arising that can be problematic.

Issue number one: collecting payments

Failing to secure payments is the most common and most dangerous issue a small business can deal with when it comes to accounting. The source of the problem can be customers deciding not to pay, but surprisingly often it is simply the inability of a business to reliably send an invoice. If a customer does not get a receipt or invoice they won’t be aware of any payment that is due – having receipt maker software is an efficient way to prevent this happening.

In terms of making sure all payments are made, good record keeping is the most important factor, while being diligent and persistent at following up unpaid accounts is also vital. This does not require any great financial skills – just make sure that a particular staff member is in charge of doing so and importantly, ask them to report on their progress.

Accounting methods and software

Thankfully there is a host of software solutions to make accounting problems less likely to occur. If you automate your accounting processes using software, you can make sure you don’t, for example, send payment to the wrong supplier – which could really harm your cash flow. Software will also make it a lot easier to report your business accounts to the tax authorities, while having a prepared set of accounts that are tidy makes it easier to sell your business or to gain investment.

It can be problematic in some businesses when staff members are used to performing accounting tasks in an old fashioned manner, with pen and paper. Though keeping files and rows of filing cabinets served businesses well over the years, it is not effective these days – your business productivity will be impeded, and you may struggle to effectively connect with some customers and suppliers who would expect electronic record keeping.

Finding professional help

It is unexceptional for businesses to outsource their accounting functions. In fact, almost all businesses outsource at least some element of it – for example, the filing of final accounts with the government. Every accounting process can benefit from professional help – from invoicing, through to debt collection.

A qualified accountant will also introduce you to the more interesting parts of financial reporting, producing tables and charts which would give you an insight into where your business is profitable – and where it is not. Large corporations produce detailed financial reports for a reason: keeping track of the numbers behind your business is an informative exercise that can help you improve business performance.

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How Businesses Can Save Money by Shopping Online for Toner Cartridges

Business Home Business Wiz Tips

toner-cartridges

The paperless office isn’t quite here yet, and many people think it shouldn’t ever happen, because print on paper is a primal thing – we just need a bit less of it! Not everything can be done digitally just yet, which is why you’re probably still looking around for the best deals on toner cartridges for your business.

By using a laser printer you’re already spending less anyway, as toner is typically cheaper than inkjet ink, but if you can find a way to make it cheaper still, you’ll be in the pink (or the magenta).

Going online is your best bet

By shopping online, you’re taking the easiest path to brilliant savings on your toner cartridges. Online retailers like Cartridge People are always offering good discounts and incentives. They also usually have a huge range of brands and products on offer so even if you have one of the lesser-known printers, these retailers will most likely be able to help you.

Why is buying online so cheap?

Quite simply, because online retailers don’t have the same overheads as physical stores – shopfronts, retail rents, shopfront staff as well as backroom and warehouse staff, fancy advertising hoardings and so on. It all costs money and it’s something that online retailers don’t need – they just need a cool, safe warehouse, dedicated staff and a good-looking, easy-to-navigate website!

Buying online also means better bulk deals

Because online cartridge retailers are able to store large amounts of stock cheaply (no shopfront, remember), they are usually more than happy to supply bulk orders, which will save you lots of money per unit. In addition to this, toner stores for much longer than ink, which means you can order enough to last for an entire year! Ordering large quantities of inkjet ink can be a bit risky, because it degrades over time and sometimes you’ll have dried out or useless cartridges, wasting your savings.

Other ways to save money by buying online

Order refilling kits

A lot of online sellers stock refilling kits for the better-known brands of toner cartridges. This solution isn’t for everyone, but if you’re quite handy you could make it work for you. You should read all the instructions properly before you start to make sure you do it properly and don’t end up with a huge mess.

Try recycled cartridges

If the idea of refilling your toner cartridges fills you with horror, then try some recycled ones. Recycled means that they’ve been collected as empties and sent to a company that can check, test, refurbish them and then refill them. This solution isn’t as cheap as doing it yourself, but it’s much cheaper than buying new ones and the print quality is indistinguishable.

Buy compatibles

Buying compatible cartridges is also a great solution, especially if you get them from an established, well-respected retailer like HP Photosmart Ink Cartridges as they’ll only stock tested and trusted cartridges . A decent online retailer will also give you a warranty and a guarantee just in case something goes wrong or the cartridges don’t work.

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How to Determine Your Home Business’ Value

Business

Do you know How to Determine Your Home Business’ Value?
Photo by CC user nikcname on Flickr

Determining the value of your business is called valuation. It is an essential number to know if you want to try to expand your business, sell it or get financing. This number can change often, so you will need to do the valuation annually just to keep it up to date. Getting started with your first valuation can seem like a huge undertaking, but it doesn’t have to stress you out. By following some simple steps, you should be able to gather what you need to complete the process.

Gathering Information

You will need a bunch of financial information to get the big picture. This starts with listing each asset of your business and providing a value for each of them. You may need to get some assistance with this or even hire professionals, depending on what your assets are.

Next, you’ll want to list your expenses. Make sure to note the frequency of these expenses. You might have weekly, monthly, and annual, for example. It’s important to note variable and fixed expenses, too. Variable expenses are those that change, while fixed expenses are always the same. For variable expenses, you can come up with an average to list for the amount.

You will also need your income statement. From this, you’ll want to take the profit or loss amount.

You’ll want to subtract the expenses from the assets and then subtract or add the profit or loss from your total. This will give you the approximate monetary value of your business.

Other Factors

However, there are other ways a business can be valued and the monetary method doesn’t take into consideration some other important factors that can add value to a business. Take a look at this infographic to get a better idea about valuation.

When you are coming up with your business value to sell it, using the monetary method may not be the best choice. This method doesn’t take into account assets that aren’t valued using a dollar amount. These are things like loyal customers, brand recognition, and unique aspects of the business, such as a one-of-a-kind product. In addition, your contributions aren’t really considered, like your skills and any business knowledge you have, such as what you gained through a degree at MVU Online. These things can’t really be valued in money, but they are still adding value to the business. For example, a well-known brand could possibly double the monetary value of a business because it helps reduce the need for excessive marketing and customer acquisition.

Another factor to consider is the up and down nature of valuation. Perhaps you have just had a bad year due to economic issues or something else out of your control. If this happens, your valuation that year could be really low and not a real indication of the value of your business, especially if there are indicators that things will bounce back in the future.

When doing a valuation for your business, you have a lot to consider. If you are seeking financial investors, then a strictly monetary valuation can work. However, if you are selling the business or deciding if you want to expand, you may want to consider other factors when making calculations to help you get a better picture of the true value of your business.

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How to choose the right exhibition for your business

Business

Do you know How to choose the right exhibition for your business?
Photo by CC user BrockF5 on Wikimedia Commons

Exhibiting is a great way to grow your business. It gets you in front of your customers and allows you to show off your products or services to a captive audience of potential purchasers.

But how do you know which exhibition is the right one for your business? With a fair upfront investment, you need to be able to justify that you’re giving exhibiting the best chance of success to drive more sales.

Here are three things to consider when figuring out how to choose the right exhibition for your business:

Local vs national shows

Thinking about your target audience, are they likely to live nearby, or could they be anywhere? If you’re a local producer of cheese, you’re more likely to have success at a local show – having the novelty of being a local producer, than at a national show. Especially if you’re starting out.

However, if you’re an online supplier for example where the novelty of being local may not be as strong then your audience could be potentially larger.

There’s also logistics to consider. Getting to a show that’s further away will cost more and may mean an overnight stay. Will your budget stretch that far? How is parking? Although most exhibition display stands are portable, you may live to regret pulling a pop up around in the London Underground on your own.

Target audience

Who is your target audience? What sort of shows would they be interested in? If there’s a high chance that they wouldn’t go to the show you’re looking at, then it may not be the best idea to exhibit there.

What you’ll be looking for is a show where you have a high footfall of people who could be interested in your business. Not everybody in your target audience will be potential purchasers so you want to maximise the chance that they’ll stop!

Most shows that have been running for a few years will have a rundown of audience demographics from previous shows to help you decide whether it’s the right show for you.

Cost

Each exhibition will have a different cost for exhibiting. From a small stall at a craft fair to a large space-only stand in an exhibition hall as you can imagine the costs can start from pounds to a few hundred (if not more for the very large spaces!).

If the show looks like the right sort of environment for you, consider how much you’d have to make to break even from the event in terms of cost. Make sure you add in the hidden costs such as displays and transport in with your total costs. By working backwards, you can work out how much you’d be willing to spend on the stand space. If it seems achievable given the expected number of visitors, then go for it. If it seems completely unrealistic to make that volume of sales, then maybe the show isn’t the right one.

You may however consider having a smaller presence at a more expensive show in order to increase your brand awareness and start to be seen in the right circles with your competitors.

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Are You Ready to Become a Reseller? Important Questions to Ask  

Business

Becoming a technology reseller can prove to be a lucrative business opportunity. However, while it’s a viable business option, it’s not always an easy one — and not every entrepreneur or business is well positioned to offer technology solutions to clients.

As you begin to explore the possibility of becoming a reseller, ask yourself a few important questions to evaluate your business’s readiness to jump into the reselling fray. Your answers to these questions can help you determine if you should pursue opportunities now, or do some work developing your business before you move forward.

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Question #1: Have You Fully Evaluated Potential Vendor Partner Programs?

Every vendor partner offers a different reseller partner program. The key term to remember, though, is partner. Don’t focus exclusively on compensation and reward programs (although they are a concern) but also consider how well the vendor partner works with you to support your business and help you grow while offering the highest possible level of service to your clients.  Your vendor partner should be working side-by-side with you at all times, offering resources and support for training and development as well as assistance closing deals.

When evaluating potential vendor partner programs, you should also consider the advantages of a particular vendor over others. Can you identify the “wow” factor that creates a better experience for your customers? What are the competitive advantages that a vendor offers? Your reseller partner should be able to articulate these advantages, specifically as they relate to your target market. Without the ability to identify these points, you will struggle to build your business, and may not see the success you hope for.

Question #2: Do You Have the Staff and Experience to Successfully Resell Technology?

Growth and change are constants in the tech world, and as a reseller, you need to be able to keep up with those changes. However, on a day-to-day basis, your customers are going to expect assistance and support, from the beginning of the purchase process through maintenance and growth.

The question then becomes one of whether or not you have the expertise and knowledge necessary to provide the services that your customers need, and if you need help, can you get it? Some Cisco distributor partners, for example, offer Cisco tech support to their authorized resellers, helping them as they get client businesses set up. If you don’t have access to resources and support, can you get your own team up to speed yourself? Are you prepared to hire experts who can fulfill those important roles? A successful reseller isn’t just an order taker. You will be a partner to your customers, and you need to be ready to fill that role.

 Question #3: Do You Understand Your Competition?

Competitive analysis is an important part of any business, but it’s perhaps even more important in the realm of reselling. Customers are turning to you for expertise, so what do you have to offer that other resellers don’t? Understanding your competition can help you measure market demand and find ways to better serve your customers. What are people asking for that they can’t find? How can you fill those roles? Remember that it’s better to do a few things exceptionally well than to provide mediocre service in more areas. It’s almost impossible to be an expert in all areas as a reseller, so determine your strengths and use them to determine your business focus and plans.

Question #4: Do You Have a Business Plan?

Working with the right vendor partner can help your business get off the ground and remain profitable, but you need to develop a business plan. Do you have a pricing strategy? Have you considered the effect on non-billable hours and other costs of doing business? Do you know how you will manage your workload and staff? Considering these factors ahead of time can not only help you secure a partnership agreement, but can prevent unpleasant surprises down the road. Unless you have a plan that considers all aspects of your business, you aren’t ready to become a reseller.

Again, reselling technology equipment is a potentially lucrative business. As with any business, though, you need to ask important questions and assess your own readiness to move forward, so you remain profitable and avoid unnecessary challenges.

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