Wise Words from a Good Businessman to Help You Be One


To achieve success in your business, you have to learn from others who have walked the road before. Many people in the business world are established, and their word to other upcoming investors is golden advice. A mentor is a blessing to your business, but only a few people can access mentors, so one of the options you have left is to learn from the words of good business people. Here are popular businessmen whose quotes you can learn from.

Those Who Keep Learning Will Keep Rising :

This is one of the most popular Charlie Munger quotes that he spoke while issuing his Commencement Speech to USC Law in May 2007. Munger says that he observed over the years and discovered that people who were not the smartest managed to rise in life by simply learning and continually supplementing their known reserves. Such people acquire something new each day. As an aspiring entrepreneur, you should take it upon yourself to learn something new each day as this is the best way to get yourself to achieve your dream.

If You are Unreliable and Lazy, Whatever You are Good at Does Not Matter :

Again from Charlie Munger, in his address to USC Law, he added that the most crucial thing is to avoid being unreliable and sloth. He argues that these are enemies of any person who aspires to achieve progress and it does not matter how much skill or talent you have. Doing what you have decided to pursue faithfully and with motivation and discipline will get you to achieve your goals faster. That is something every entrepreneur needs to understand. You should aggressively pursue your goals and avoid distractions that might want to slow you down.

Find Good People :

David Karp, Founder, and CEO of Tumblr argue that as a businessperson, the easiest path to success is networking with the right people. By this, he means that you should first change yourself and the only way you can do this is to hang around people who are on a path you want to get into. Choosing the right circle of friends and partners will get you to acquire the right habits, and you will learn important things about the business.

Learn from Complaints :

Bill Gates said that the things your customers are complaining about are opportunities that you could exploit to build your business. He notes that this is a perfect source of learning that could help you to shape your business to offer more satisfaction and also expand its features. Customers will always complain about what is lacking in your business, so get this information and utilize it for the benefit of the business.


Launching a business and running it successfully is the dream of many entrepreneurs, but this dream rarely materializes due to distractions and challenges they encounter. Sometimes lack of knowledge is a major setback that could cripple a business. If you are looking to enhance the performance of your business, you should learn from established entrepreneurs to acquire vital ideas. Most quotes from successful entrepreneurs carry a lot of business advice that you could apply in your case.

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operating cost

How To Reduce The Operating Cost of Your Business?

You might come across account words you're unfamiliar with when looking at papers like the balance sheet and income statement. Understanding these operating cost concepts, on the other hand, is critical. This can help you better comprehend your financial accounts and improve the financial health of your company. Are you interested in learning more about operating costs and how they affect your company? We'll give you a detailed breakdown of running costs. Then, following a definition and explanation of the phrase, we'll go over some of the things you can do to lower your operational costs. If you are just starting your business, then you might even need to consider a startup mentor.What Are The Operating Costs?The costs of running your firm on a day-to-day basis are referred to as operating costs. Therefore, the operating expenses, operating expenditures, and all terms of OPLEX are used to describe the operating costs. The cost of products sold is one of the most important components of operational costs (COGS). The direct costs of manufacturing your company's goods or services are referred to as COGS. Operating expenses include the following items: ●        Payroll and other labor costs related to operating costs ●        Employee benefits like employee health insurance, pensions, and other facilities ●        Commissions on sales ●        Depreciation ●        Amortization ●        Costs of upkeep It's critical to understand how to calculate operating costs because it allows you to boost your bottom line. If you run a for-profit company, lowering operating costs will directly affect your profitability.6 Things You May Do To Reduce Your Operating CostsYou will be able to stay ahead of the competition by minimizing your operating costs. Therefore, small business owners should always look for ways to reduce costs without sacrificing product quality or making life more difficult for their employees. So, what are the most effective methods for lowering operating costs? Here are eight suggestions for lowering your business's running costs, allowing you to reduce overhead and increase income.1. Adopt A New Technological Mindset There is a plethora of internet tools and software packages available to help small businesses automate and optimize their operations. Accounting, website hosting, marketing communications, pay stubs, and other areas of business can all be covered by these platforms. Technology is beneficial not only because it increases productivity but it also leads to a reduction in OPEX in sectors like direct labor. Robots and artificial intelligence can work faster and with fewer errors than humans. The technology could also help to improve supply chain procedures, such as lowering the cost of delivering raw materials. Ask yourself the following questions to help you find the proper program for operating cost or service for you: ● What am I exceptionally skilled at? (For example, if you have a background in accounting, you might want to try employing technology for marketing rather than finance.)            ● What do I find myself devoting an inordinate amount of time to each week? ● What would I do if I could eliminate one of my most time-consuming responsibilities? Hopefully, your responses to these questions will reveal the task or subject matter area in which you should employ technology.2. Outsourcing Outsourcing the key business activities to a third-party specialist is an alternative option for increasing work efficiency. If you don't have a background in real estate or tax law, it may be difficult to identify strategies to lower your lease payments or property taxes. Someone with specific training in this area might be able to assist. Advertising and marketing appear to be one area where outsourcing appears to be particularly beneficial. This is a source of frustration for many entrepreneurs if they are not having a good grip over that. They discovered that the amount of time they spend on advertising and marketing is related to the amount of money they make. However, they may not have the time to devote to a marketing strategy. While it may appear that hiring an outside vendor would cost more money, assigning specific duties to subject matter experts will save you money and produce even better outcomes in the long run. Outsourcing specific functions is a sound long-term investment in the operating cost.3. Shop Around For The Best Deals If you work with vendors regularly, you might wish to put up a project and work bidding system. If you ask three separate vendors for quotes, you can pit them against each other to drive down pricing for an operating cost. Make sure you create an appropriate scope of work or request a proposal (RFP) for suppliers to bid on since missing information or increased complexity can substantially impact the stated fee. In addition, you can better plan for anticipated operational expenses if you get an accurate quote.4. Cancel Unused Services Examine your variable operating cost to find out which services you are no longer using. Look for a cheaper plan or cancel them completely if you haven't used them in a few months. If you're not using them, they're not helping you make more money. It's easy to lose track of unused services, especially if you have them set up on auto-pay with your credit card. If you do decide to keep service, do some comparison shopping to see if there are any cheaper options.5. Go green If you have an office, think about making it as environmentally friendly as feasible. To save energy, replace incandescent light bulbs with compact fluorescent bulbs, enhance your insulation and windows to save money on heating and cooling, and reduce the amount of bodily waste you make.  Not only will you save money on electricity, but you'll also save money on office supplies on a monthly basis for an operating cost.6. Telecommute Leasing office space, paying utility bills, and keeping a physical workplace can all put a strain on your budget. Allowing your workers to telecommute can help you save money overall. In the United States, telecommuting is becoming increasingly popular. In 2005, 1.8 million employees in the United States reported they worked from home for half of the week. That number had risen to 3.9 million in 2015, and it has continued to rise up. With today's level of connectivity, the difference between a person working in an office and one working from home is almost indistinguishable. Employees will often benefit from this as well since they will be able to reduce their commute times and expenses.Take Charge Of Your Company's Money Are you the type of business owner that simply watches spending and income without delving into the details? If that is the case, it is time to make a change. Understanding things like running costs will become increasingly crucial as your company expands. Operating costs allow you to examine how your spending affects your profitability in greater detail. Once you understand your expenses, you can start decreasing costs and increasing earnings using the strategies we've offered. Read Also:5 Financial Risks of Starting a Small Business and How to Avoid Them Why Virtual Offices Are The Future Of Business

Working Spaces

Importance Of Clean And Organized Working Spaces

We have all heard the “oh so famous” saying: “first impression is the last impression.”And when we study human psychology, we do learn about the fact that as consumers or clients, we tend to make the quickest decisions, based on how a product seems to look. Although we love to preach the fact that we shouldn’t judge a book by its cover; the business world doesn’t run on this agenda.This is why, as a business owner, you must pay attention to how your office looks and feels. Clean, organized and tidy working spaces are extremely important to set the perfect impression on your clients.From getting your commercial property painting done timely to investing in organization supplies; there is a lot that needs to be done. And if you are wondering how all of this, impact your business; then we are here to guide you through.Clean Office; An Appeal That Stands OutThe impression you set on your clients, is one of the most critical catalysts of your professional life. Building professional relationships is not an easy task. And to further certify that they are long-lasting, requires a lot more than healthy communication.Your office will be playing a massive role in this too. Your potential clients will walk into your working space, judging all the tiniest aspects of your office. Even your potential employees will determine their future possibilities, on the basis of how your office looks and feels to them. It won’t be wrong to state that your office is literally, “branding” your business.Therefore, an office that smells good, looks clean, and tidy, and is organized, at all times, is very important. A foul-smelling office will send a very unprofessional vibe to your potential clients. You might just lose a huge partnership opportunity; due to the way your office looks or feels.A clean working space reflects your professional values and sets an image for your clients.Beats The StressStudies have time and again proven that an untidy working space stresses the employees. Unorganized items tend to boost anxiety as an employee will struggle to find the required things at the right time. Too much clutter always leads to problematic scenarios. It further kills productivity and promotes laziness and brain fog.Thus, clean working spaces are not just important for impressing clients. They are equally important for your workforce as well. You must limit distractions and prevent cluttered areas, to avoid inconvenience and stress for your team.Conclusion:Your office says it is all about your business and brand. Even when you have the best professional values; a dirty and untidy office can turn down your biggest opportunities. A visually appealing office is extremely important for significant growth.The modern consumer and client are highly precise about how a place feels. And if your office doesn’t “feel” right, at the first glance, it can be a problem for your flourishment, in the long run.Read Also:What Are the Ways to Prepare a New Employee?How To Choose The Right HR Software For your Business?Office Spaces – Which One is Right for Your Business?

Project Management

Project Management in a PRINCE2 setting

Project management is a field that is worldwide and can include diverse fields such as IT and construction but not all of them. For many projects, there are automatically a number of specialized processes that need to be identified and created. As on a prince 2 Course London with training and Project management are conducted by Project teamProject boardProject Steering CommitteeProject OfficeProject consistency agencyProject directorProject leaderThese organizations frequently conduct a review of project management, survey program participants, conduct annual review meetings, and other such activities to evaluate effectiveness and performance.The success of a project depends on the effectiveness of the system used to coordinate, plan, and control the project.  Effective planning and coordination create a most successful project.   The planning process must also evaluate and clarify the relationships and information among team members and the project stakeholders.Project StakeholdersThese are typically the people that will be impacted by the implementation of a project. The first or principal stakeholder is usually an owner or manager within an organization. They have a variety of economic, legislative, social, and spiritual stakes in the success of the project. A project stakeholder can be defined simply as an " external party who will be impacted by the project."  The second most common stakeholder level is organizational stakeholders who may be directly or indirectly affected by the project.   These stakeholders normally fall along with the functional project organization.   They fall on the organizational hierarchy or project organization levels. Post-project assessment must include investment in the project stakeholder relationship.Project Periodic reviews must be conducted by project stakeholders after a minimum of the predetermined project period or project review meeting.  The review must be conducted at least semi-annually to evaluate effectiveness, progress, and impact on all involved stakeholders. Related Resource: Using Project Management to Maximize the Holiday Season at WorkThe Project Organization for effective project managementA system for effective project management is essential to the success of any organization's infrastructure.  Projects, systems, and functions are backed up with a people, process, and technology foundation.   Keeping the system aligned with the organization's goals and objectives can not be accomplished without an effective project management approach.Project Management ProcessA structured system for managing projects is essential to the success of the project because creating reality from limited or theoretical plans takes a lot of work and energy for a solid foundation.   Beginning with a project definition provides the clarity and momentum needed to determine the specific areas to establish for the project at hand.  Each project has a unique set of limited and controlled resources and there are no similarities.The first and most important step in effective Project Methods, is the IPC, if you must have something else; an Integration Planning Process. The IPC provides the direction (not implementation) of the business benefits or impact of the plan for that specific project.   The goal of the IPC is to create a realistic blueprint of actions that could be undertaken by the stakeholders to optimize the business objectives. The most successful IPC plans are based on business benefit-supported plans. These business benefit plans can be used to validate the portfolio of projects selected for consideration, including the project for a single functional organization and also for various projects in the portfolio.Some project benefit is typically geared toward converting customer needs into new customer commitments and requires a change in the Customer's expectations. Read Also:Importance Of A Project Manager In An Organization Top Ways Contract Management Software Helps to Mitigate Contract Risk Run Your Business with Ease Using an Integrated Management System