SaleHoo – 3 Excellent Reasons Why SaleHoo is Ahead of the Pack As an Online Businesses Resource

Finding the right product line as well as the right market to earn bigger profit margins can sometimes be very difficult, especially when you are in the wholesale business. The challenge is even greater once you find the market with a large business potential but with a much higher initial capital investment needed, and you discover that you do not have enough money for it.

If you want to be involved in an online wholesale business, you have to teach yourself the basics of using an online wholesale directory site in order to find what products to sell and which suppliers provide them. But just teaching yourself may not be enough. There are a lot of risks involved, and you may not want to gable on learning fast. And this is where SaleHoo comes in. SaleHoo is an online business directory site that not only helps you find what great products out there to sell but also which company can best supply you with them. However, there are other sites that also offer directory listings and you may wonder just that makes SaleHoo any different from them.

First is the availability of the copious experiences of old and new SaleHoo business members, which are available to you. The SaleHoo community is composed of thousands of long time and successful businesses as well as those just starting out and all their expertise and opinions are shared in the various forums moderated at SaleHoo. You can exchange opinions with them, seek help, advice and get to know other suppliers, dropshippers as well as businessmen whose assistance would be incalculable to you.

The next advantage SaleHoo has over others is in the form of market updates and reports available exclusively to members. Aside for having it delivered by the SaleHoo staff to its members periodically, any member can ask for an updated copy any time. Deciding which products and markets to enter can be easier and less risky with the information on market trends prepared by SaleHoo. With the report on hand, you will be aware of top selling items as well as market areas with high potential for profits.

Aside from all this, SaleHoo also takes care of assisting you to find the best supplier and dropshipper that would be most suited to your business. You will not have to worry about the legitimacy or reliability of the supplier or dropshipper you have chosen as long as it came from the SaleHoo list. And these are what make SaleHoo stand out from the rest of the business directories.

Family Business, Non-Family Business, Urban Myths.

After 20 years of working with Senior Executives across the world it’s interesting to see the mistakes when appointing Senior Executives. There can be many reasons why, but one reason is not understanding the differences of working in a Family Business and a Non-Family Business. I’ve recently met several Senior Executives who are unhappy with their employment because of this lack of knowledge and understanding and I’m meeting Business owners who didn’t realise there was a difference. These Business Owners feel that money and title is enough and stick to the Mantra of “Surely experienced ‘C’ level Executives can work in any company?”

Due to the change of economy, I have become more involved with assisting Family Businesses rather than just the corporates in finding ‘C’ level people. To do this successfully I believe that everyone in the process of hiring Senior Executives must understand the differences that separate the two entities. Having worked for an English and Indian Family Business in a past life this has helped me at first hand to see the ups and downs of these Businesses; this with a theoretical base has helped with running my own companies or advising others with theirs.

One recent company I have been involved with was run and founded by a successful New Zealand Entrepreneur. He does not have anybody in his immediate family to hand the reins over to. He has tried (outside the family) executives to fill his ‘C’ level roles and has had three people in three years! What is the problem? Was this a real Family Business? Was the Problem his, or the Executives?

We discussed the reasons for the failures but in terms of assisting the owner I got him to firstly look at where his people came from. All three had been ‘C’ level people in corporates and had done an excellent job in their corporate environment. They all returned to corporate life and continued to do well in their new roles. Why did they fail then in this successful company?

What I needed the owner to do was to identify a “Family Business”. I don’t normally use dictionary definitions but feel that in this instance Wikipedia gives a satisfactory explanation of a Family Business;

“A commercial organization in which decision-making is influenced by multiple generations of a family-related by blood or marriage-who are closely identified with the firm through leadership or ownership. Owner-manager entrepreneurial firms are not considered to be family businesses because they lack the multigenerational dimension and family influence that create the unique dynamics and relationships of family businesses” Wikipedia 2014.

We looked at his company and although he didn’t have anyone in the immediate family to take over the reins he had people who owned the company in minor leadership roles. We both agreed he did in fact have a Family Business.

He thought that buying in top salaried ‘C’ level Executives from corporates would enhance growth and sustain his business. He had not seen any differences between Family and Non-Family Business.

Urban Myths for Family Businesses;

All are unstable Small to Midsize businesses’.
As an Executive I don’t want to baby sit the junior family members so they can take over my job.
A non-family member will never run the company.
Mother and Father Companies, the only people that matter in the company are family members.
Emotional hard to work places due to family disagreements/arguments.
Incompetent family members in positions of authority.
Are these statements true or are they just Urban Myths?

Family businesses are one of the fastest growing sectors of the world economy and now merit serious consideration by Senior Executives looking to advance their careers. This is an amazing turnaround from 25 years ago when nobody wanted to work for a family-owned business. There now seem to be many positives;

Patricia Epperlein from InterSearch reports that;

In the USA, 90% of businesses are family-owned. They contribute towards 40% of that nation’s GNP and pay approximately half of its total wages.

59% of France’s Top-500 industrial companies are family-owned.

It is estimated that 70% to 85% of all businesses worldwide are family-owned.

Tom O’Neil NZ Herald. Jan 2014 states;

Small to medium businesses are the lifeblood of New Zealand industry. Various sources cite family businesses as representing 75 per cent of Kiwi firms, providing up to 80 per cent of employment and 65 per cent of national GDP.

It’s interesting to note that when companies around the world state that they are a “Family Business” they are trying to reinforce positive family values of, Integrity, honesty, trust and loyalty.

Not all Family Businesses’ are SMEs. Companies like;

Porsche
WalMart
Tata Group.
In New Zealand the Talley Family (Agribusiness) and the Pandey family (Hotels).
Simon Peacocke of BDO Auckland, an accredited Family Business Advisor works with numerous NZ Family Businesses and feels that they do well because of the following reasons;

Family businesses think very long-term and are very resilient, much more so than non-family businesses.

Second and third generation family business members start their apprenticeship at a very young age. At 5 years old they are hearing their parents talking about the business so they have an incredible depth of knowledge to draw on.

Their relationships with staff and communities also tend to be different – closer, more connected, more loyal.

Staff tend to become part of the family business and to stay on as long-term committed employees.

While corporates like to be seen supporting their communities, family businesses generally don’t promote they are doing this – they just do it.

They don’t throw lots of money at things trying to get rich quick.

They also have a powerful focus on building relationships with staff, customers and suppliers.

So is it worth working for a family company? Is it better to work for a Non-Family Business? Is there any difference when the economy is good or is in a slump?

Nicolas Kachaner 2012 in the Harvard Business Review states,

“Results show that during good economic times, family-run companies don’t earn as much money as companies with a more dispersed ownership structure. But when the economy slumps, family firms far outshine their peers. And when we looked across business cycles from 1997 to 2009, we found that the average long-term financial performance was higher for family businesses than for non-family businesses in every country we examined”.

Senior Executives looking for longevity in the work place should look at the Family Business as this would take them through economies varying peaks and troughs. They will need to be aware that this will always be done in a cost effective way.

Business Consultants believe that they can tell easily if the company is Family or Non-Family Business. You just walk into the Head Office. A Non-family office has a very substantial corporate office with a “Wow Factor”. The Family business being more Frugal has very few “Bells and Whistles”. This Frugality is about the Family Business CEO looking to invest in the long term 20 year plan with the business passing down the generations. The Non-Family CEO is looking to make an instant mark and will try and outperform the person they have taken over from. There are many studies that show that Family Businesses did better in the recent Global recession for the above reason. The Family Business is frugal in the good times and the bad allowing them to weather the storms of economic crisis.

This is one of the factors that had been wrong in my client with three ‘C’ Level people in three years. His ‘C’ level people came in with a quick turnaround plan which they hoped would give a quick fix and outspending the last person in the hope that they would do something instantly. No twenty year plan for them as they had never been afforded this way of working in the past.

Do Family Businesses perform differently in other countries?

Justin Craig, PhD states,

“Interestingly, in many aspects family businesses as a sector do not vary much from country to country. There are obvious cultural differences but a business with family involvement is challenging in every country. It is also more rewarding than the ‘corporates’, let’s not forget that. Of course, there are older businesses in Europe, for example, than in Australia and New Zealand and the United States, and the mind-sets of companies in Europe will differ than in the later developed countries. But day to day the differences are not noticeable. Older businesses have more at stake and lots more to lose but they also have advantages. Family leaders still have to manage three independent and interdependent systems being the family, the business and the ownership group”.

Appointing the right Senior Executives is crucial to any company and is a costly acquisition. There are many reasons why hiring at this level goes wrong but getting it right can make a huge difference to your company.

To answer one of my questions, can a ‘C’ Level person work in any type of Business, Family or Non-Family?

Yes, but only if they are armed with the knowledge of the differences of the two. What they must also be sure of is the type of business that they are going to work in as sometimes this can be a cloudy issue, making it difficult for them to decide which one it is. Look at those mighty corporate companies of Porsche, Tata and Walmart to name a few.

Finding the right ‘C’ Level Executive is a lengthy process and shouldn’t be rushed, if you need to rush you are better to go down the Executive Leasing Route in the short term which will allow you to take a breath and get the right permanent person in place. Work with your inside team or your outside partners to establish a good process, so the firm can articulate the process to the Senior Executives. Everyone appreciates the fact that there is a well thought-out plan in place.

For me, I decided a long time ago not to build a Family Business. I wanted to give my children the best in life, but wanted them to make their own way in life too. My children might disagree but as one is studying to be a Barrister and one is settled in a corporate I will wait and see if I need to step in? I have however, always agreed with Billionaire Investor Warren Buffett who said, “He would give his kids just enough so that they could do anything, but not so much as they did nothing”.

How to Use a Business Forum As a Marketing Tool

This article will address techniques that will make your mere presence on a Middle East business forum a marketing tool. By following these simple rules you will not lose anything and you will most probably gain a lot during your time on business forums.

-Always use your real name

By using your name on a Middle East business forum you create an air of respectability and confidence. You demonstrate that you have nothing to hide and that you are proud of yourself and your work. This attitude will inspire trust in other members of the forum and will reflect on your business’s image among them, creating good publicity.

-Be polite and helpful

By always being polite and helpful on the Middle East business forum, you will generate good publicity for you business. Members of the forum will trust and respect you, and will be more than likely to help you when you ask for help.

-Have a business like signature.

On any forum there is an option to have a signature that will be displayed after each post you make. By having a professional looking signature that mentions your business and links to it and by always providing polite helpful answers on the business forum you practically create a free ad for your company.

-Use polls

Another tool that should be available on any forum is the poll tool. Using this tool, you can ask polling questions and other members of the forum will vote the answers they think are correct. This tool can help you gather opinions rather quickly, and could be a valuable tool for marketing research.

These few techniques will help you turn your already productive time on any Middle East business forum into a viable and free marketing tool. If you are interested in other useful ways to utilize forums please visit www.doubleurincome.org/