Amanda

Small business personal development – Tune Out Distractions

Wanting time out to work on your business? but there are too many distractions? This article from blog.crowdspring.com gives advice of what to do in order to tune them out. Great ideas for your personal development in your small business.

Distractions abound. Every day we start work and spend a great part of the day battling the noise that surrounds any small business owner or entrepreneur. The email, the Facebook, the Twitter, the cell phone, the landline, the snail mail, the deliveries, the lunch orders, the radio,the text messages, the television, the newspapers, the YouTube videos – all conspire to dilute our focus, stifle our creativity, and distract from what is really important: growing our business in a productive, efficient environment. Finding ways to tune it out is important; sometimes a lack of noise helps you to think creatively, focus on what you need to accomplish, and reflect on what is working with your business and what is not. Great ideas can come in ways that surprise you, but rarely come amid the hubbub of everyday distraction. So… here are 5 ideas of practical steps you can take to reduce the noise.

1. Turn off the apps. Try to limit your time with email, twitter, Facebook and the rest to specific times of the day. The constant ding-ding of alerts can greatly diminish your ability to get other work done. I find that if I can ignore the incoming messages (whatever source the come from) I can think more clearly about what I am working on, accomplish goals in a shorter time, and complete my other tasks more efficiently and effectively. Productivity is only measured by what you actually accomplish, not by how many emails you read, tweets you send, or blogs you read, so my recommendation is that you literally turn off those programs and feeds at certain times of the day and only turn them back on when you are ready to focus on them

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2. Work from home. The office can be a dark, bubbling tar-pit of conversations, jokes, music, and a multitude of other interruptions, all conspiring to keep you from your work and to hamper your ideas. Working from home allows you to pro-actively tune out the distractions and the commotion that come with working around a larger group of people.

For the other 3 ways to tune out distractions that could hinder your buisness read the full article.

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Small Business Financing – using your home as collateral

Mostly there is no other option for small business financing than to put up the family home as collateral. There are of course risks to this and here are some examples on how it has worked and how it hasn’t. Reported in the New York Times, the article shows readers what can happen. It’s a difficult decision… even for established businesses that need a (hopefully) short term boost. Here’s what has happened to 2 business owners:

In March 2008, about nine months after he bought a steel-processing business, Precision Steel Services in Warren, Mich., for some $750,000, Shailesh Kumar went to two banks in search of a $350,000 loan.

He wanted to expand the business and pay off a $290,000 debt he had with the seller, replacing an 8 percent, seven-year debt with a 6.5 percent, 20-year loan. “It would have made a huge difference in terms of cash flow and growth capital,” Mr. Kumar said.

But both lenders he was negotiating with demanded that Mr. Kumar put up equity in his own home as collateral. Mr. Kumar hesitated, and then as 2008 wore on, he watched the value of his home fall to $330,000 from $425,000, wiping out all of his equity. Eventually, the banks broke off negotiations. With no cash on hand and revenue down by some 60 percent during the first half of 2009, Mr. Kumar closed Precision Steel in July 2009.

Zalmi Duchman, 31, took a $100,000 home equity loan on his Surfside, Fla., condo and in 2006 used $5,000 of it to start the Fresh Diet, a gourmet meal-delivery service. (He used the rest for living expenses while building the business.)

About 18 months later he took out an additional $200,000 to match with a $900,000 S.B.A. loan that he used to buy a competitor with operations in Miami and New York. “I don’t think I would have gotten the S.B.A. loan without my condo,” said Mr. Duchman, who expects the Fresh Diet to bring in $30 million in revenue this year. “I wouldn’t have grown the way I did.”

Under pinning the whole problem of using a home as collateral is the lack of alternatives. Lets face it, banks and other lending institutions cannot loan without security. Some businesses succeed and some fail. Without the courage of entrepreneurs taking risks with small business finance then what does the future hold? How else can the ‘small guy’ raise finance?

….Some worry about the impact this inability to raise capital and start businesses and hire employees might have on the economy; others wonder whether it ever makes sense to demand this level of commitment from entrepreneurs…..

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