The James Dicks Blog

I’ve been in business for myself for many years and people are always commenting to me that they have recently developed a strong interest in doing the same. Of course, they do – they’re Americans! That’s how this country was founded and developed. There were always people who had great ideas or saw a common need and decided to move forward by opening a storefront and going into business for themselves. Somehow, we got off that track but today’s critical economic times are causing our American population to start seriously considering becoming entrepreneurs again.

So, when’s the best time to start a business? My answer is – anytime. There are always bumps and dips in the economy but there are always products and services that will be needed by the general population. Consider the things you personally do well; the things you have a genuine passion about; then consider developing a business around those talents and interests. Money is one thing but if you don’t enjoy or believe in what you’re doing, the money will never come. If you are passionate about your chosen profession then you are more likely to succeed. We all enjoy doing the things we enjoy.

Believe it or not, recessions have traditionally been ideal times to start new business structures. As a matter of fact, some of the largest companies in the United States today did just that. Microsoft was started during the recession and the oil crisis of the mid 1970s. And Southwest Airlines began in 1971 as a regional carrier that offered passengers a new method of flying at a cut rate. Southwest decided not to assign seating or offer any type of food or entertainment on its flights. Its management also determined that it would be more profitable for them not to operate out of expensive major airport hubs where they would have compete directly with established air carriers. So the lesson here is to look for the business signs that are staring you in the face and then develop a business plan that will allow you to take full advantage of the current business situation.

You may know your personal skills very well but as a small business owner you will also have to know much more to keep your new company running efficiently. The problem of finding customers always comes up and it’s not an easy thing to overcome. You’ll also need to know about marketing, sales, business development, bookkeeping, and how this new plan will affect your personal financial life from banking to payroll to taxes. There’s not many of us that can do all of these tasks well so you may need to hire someone to do some of these things for you. For example, get an accountant to handle your banking, bookkeeping and tax issues. Get educated in some of the other issues at your local community college or buy a book at the local book store. Check the Internet – there might even be a class specific to one of these topics offered online via webinar or on CD.

The Small Business Administration (SBA) has a great website that will guide you through a variety of topics to help you receive a solid start. From developing a strategic business plan to handling legal concerns, the SBA can be a big help to you. They also offer a mentorship programs through the Service Corps of Retired Executive (SCORE), small business development centers and a network of training and counseling services to guide you over the rough spots.

The SBA also has a lot of information on franchising which has become a huge method of doing business on your own. Some franchise licenses take quite a bit of cash to initially get involved with and others not so much. Choose the one that fits your abilities and interests and see if a franchise fits your personal business acumen. There are also local SBA offices around the country that will assist you in a variety of ways. The Small Business Administration is a great place to gather some vital information and you can’t beat the cost….FREE.

As I said in the beginning of this article, there may not be a better time than right now to start your own business. I personally know a number of people who have done so already and I couldn’t be happier for them. There’s just something about being in total charge of your personal financial future while helping others with your product or service. Don’t get me wrong, running a business will take up most of your time in the beginning – it’s going to be hard work and you will have to put forth the effort. If you don’t think you’re going to like a 15 hour daily schedule or working on the weekend – running your own enterprise probably isn’t for you. But if the freedoms of personal independence while doing something you enjoy sounds appealing to you – press on! You’ll never look back! America was founded on small business and I’m convinced it’s the American entrepreneur who will ultimately bring the United States back to prosperity.

We’ve all been living in a period of economic uncertainty for far too long. People everywhere are searching for profitable investment alternatives to the stock market and many are currently taking advantage of the recent condition of the national Real Estate market, while others have turned toward commodities. But tens of thousands of investors around the world have found the Foreign Exchange market, the (spot) FOREX market. It’s a solid investment alternative and, with the proper education, it can help you restore your personal financial well-being. That’s why the (spot) FOREX market is traded by people in almost every country on the face of the planet.

Startup costs are low when you compare the initial costs of getting into the stock market.  Plus, by comparison, the FOREX market dwarfs equities on a global basis so there is absolutely no chance of anyone controlling the foreign exchange market. The daily volume of the FOREX market in North America back in October 2005 was about $440 billion but it has now grown to a volume of four to six trillion dollars a day!   That’s more than all the world’s stock markets combined.

When you are searching for that “perfect” investment opportunity in the stock market you are forced to filter through more than 40 thousand stocks which can be confusing and extremely time consuming.  Not so in the FOREX!  You can literally trade just six major currency pairs tied to the U.S. dollar.  That’s it!  Or you might just select one or two currency pairs to watch on a daily basis.  I’m sure you’ll agree that’s a much easier plan.  And, you can make money when the market is going up or going down plus there’s no reason to wait for an opening bell to sound since the FOREX trades 24 hours a day, six days a week.

By the way, if you are a stock trader and accustomed to technical analysis and charting techniques, I believe you’ll find that a shift to FOREX will be seamless since it moves in very identifiable patterns. The FOREX market is the most liquid in the world today; investors and traders can almost always open and/or close a particular position at a fair price.

Accessibility is another strong point for FOREX traders.  With access to an Internet connection, you can trade from anywhere on the planet and actually make money trading only a few hours a day or week (by the way, these are hours that you choose…hours that fit your personal schedule) right from your personal computer.  Allow me to mention a single word that is perhaps the most beneficial aspect of the FOREX market – leverage.  FOREX offers up to 100:1 leverage!  You won’t find that kind of power in other, more traditional, investment opportunities.

And here’s another advantage to trading the (spot) FOREX. No matter which trading platform you decide to use, you can begin trading currencies without risk by using a “demo” account. Just set up a hypothetical account and practice before actually using “real” money.  Set up your demo account anyway you’d like but I highly recommend you create an account that realistically simulates the dollar value/amount of the “real” account you will eventually set up.  Then practice until you feel comfortable with your FOREX trading strategy.

You will no doubt want to expand your FOREX trading horizons very quickly but make sure you receive the education you need before leaving your “paper trading” account behind and taking your account to the next level – using your own money.  Just like anything else, there is a learning curve involved in becoming a competent currency trader.  Hey, when you learned to drive you had to practice a little before actually going out on an active, busy highway. So make sure you get a solid educational background and demo trade an account to understand the intricacies of trading the FOREX before you invest your own “real” money.

I also invite you to sign up on my JDfn social networking website. You’ll be able to learn the strategies and latest events occurring around the (spot) FOREX market from professional traders and other FOREX traders, just like you, around the country.  Just visit JDFN on the Internet and sign up today….it doesn’t cost you a thing but I’m certain you’ll find the information on the site extremely helpful. 

It’s always more fun to trade with someone – whether it’s with your spouse, a neighbor, a relative or someone from work. Consider starting a trading group in your area so you can help each other become more successful and profitable by trading the FOREX.  Trading is fun and can be financially beneficial! If you haven’t done so already, consider the (spot) FOREX market. It’s an exciting and potentially profitable trading alternative and a great way of diversifying your individual financial portfolio.

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I also feel that the corporate hierarchy must get closer to their specific business situation to better understand what is really going on with the customer base. Each manager, leader, or vice president must get a clear understanding of what the customer is thinking and needing from your company. Many times, decisions are made by individuals who are not in tune with what is actually happening in the day-to-day operations of their own field locations. Corporate leadership should consider placing their management teams in actual store locations to give them a first-hand understanding how the customer truly interacts with the company.

Let’s say you work in the corporate office of a leading department store chain. Imagine having the corporate leadership sent out to work with the store employees and interact with the customer base at that location for a week or so. Observing how employees are scheduled, understanding the inventory needs and experiencing the hardships by actually running a facility could be an eye opener. I believe that after a week of this kind of experience, the corporate management teams might have a much better perception of how their decisions in the board room impact the field operations. Hopefully that would improve the way business is conducted and ultimately improve the customer service aspect of the business. If it’s done on a continuing basis, the customer base should certainly feel a difference which might just translate into added revenue for your bottom line.

One thing is certain; the need for effective customer service has never been more important than it is today. There is so much information that is immediately available through the Internet, and communications has never been easier and cheaper. While I agree that technology makes customer service efforts a lot easier, never lose sight of the fact that your customer is a “real” person with “real” needs. It is incredibly important to make sure that your company “touches” as many people as possible throughout the day, through personal phone calls or even individual visits (when possible) to insure that your credibility and your concern for their success is completely understood. While a customer may appreciate your service or product; the need for personal contact is, in my opinion, the “make or break” task that can generate a devoted customer base. If you do that, you might just create a customer for life.

Many companies have experienced some “out of the ordinary” events this year and the American workforce is as uncertain as ever about their future and the prospects for their company. One thing that we must always keep in mind; a company is nothing more than a group of people working together toward a common goal. This year the American worker has been through downsizing, a problematic economy, and personal uncertainty. Through these events; they most likely experienced a variety of feelings, thoughts and behaviors, both positive and negative, depending on the situations they’ve encountered.

Individual disengagement is becoming routine in the workplace and when that happens it normally leads to a decrease in productivity and effectiveness. It can also lead to indifference in company projects, more time spent away from work and increased illness.

The need to improve corporate output has never been more important but today business leaders are noticing a disconnection in the attitudes of employees; and at a period when corporations need increased output and efficiency more than ever. All a company has to do is take the employee into consideration. The manager/leader must make sure each person knows where he or she is located in the “big picture” and explain how each person can successfully continue to contribute to the daily operation and mission of the company.

A corporate disconnection by the employees is, of course, something that you want to avoid but should you find yourself in this position, immediate action must be taken to put the “train back on the tracks.”

There are a few things that workforce managers have found useful in dealing with these types of situations; the first of which is just talking to the employees, either one-on-one or as a group. It is important to discuss the current situation with the employees to find out the reasons for negative or neutral feelings and then do the very best to inspire them. Offer the employee(s) a goal, something to work toward that will enhance the company’s vision for the future while increasing the feeling of inclusion within the corporate structure.

Change is always difficult for people to accept, especially if it’s the kind of change that they perceive as negative or disrupting to their daily routine. If they understood the reason for the change they are more likely to become productive members of the team again. All change should be presented to the team as an improvement to their former situation and, for goodness sake, let them know how it will affect them; they are already anxious about their circumstances.

Empowerment of your employee base is a necessity to insure that the key assignments are completed efficiently and productively. If the staff feels like they are in control of their situation, the more confident they will become; plus, an employee who is empowered to make decisions will always help create and maintain a satisfied customer base. It’s a win-win! Allow your employees to make decisions within their areas of operation and make sure the team is constantly considering and discussing problems and implementing potential solutions that will improve the daily work environment.

Your organization might also consider rewarding employees for their achievements whether it’s an individual or a team effort. A reward might be something as small as a pat on the back and a “job well done” from the boss. Many times that’s more than enough. Other times you might consider a larger incentive; things like a day off or even a monetary award. Whatever you decide to use is entirely up to you but treat any employee reward sensibly and only for specific “over and above” task completions. A “scheduled” monthly award can soon be seen as insignificant but an occasional corporate acknowledgement, in whatever form it takes, expresses genuine significance and is much more likely to be sought after by other employees in the future.

It’s been a rough year for corporate America but today we should be looking forward to 2010 with hope and optimism. The holidays are a great time for you to gather your team and make sure they are mentally prepared and enthusiastic about making next year the most profitable yet. Again, let’s remember that a company is nothing more than a group of people working toward a common goal. Treat them with respect and make sure everyone understands what the company’s objectives are for the months ahead. With an engaged staff, you will be more likely to achieve your goals in the New Year.

Let’s get business moving again in 2010!