4 Mistakes we make at the Workplace.

As an administrator,my aim is to see people achieving their goal as a result of working together.But it as not left my notice the unique mistakes that we make at work.

This mistakes have hindered us from getting ahead at work or in business,it as made us look small and incompetent in the eyes of our subordinates.

The mistakes are endless but we would look at 4 of them.

#1.Fear of sounding stupid and Preferring to keep quiet and not ask questions.

How many times do we have to be told, there are no stupid questions.We have relied our thoughts on the saying that , It's better to keep your mouth shut and look like a fool than to open it and confirm it.Well,I don't agree.

Asking a legitimate question to ensure understanding is a sign more of confidence than of ignorance.And over a decade of working has taught me anything,it's that if I don't understand something,most likely no one else does,either.

Most times people don't ask questions because they don't want to waste the group's time.Asking yourself the simple question,Will the answer apply to only me?should help you decide whether you should ask it.If the answer is yes,and you know you will have the chance to ask it following the meeting,then wait to ask your question off-line.If the answer is no,or you know you won't have the opportunity to ask again,then ask away.Do however be sensitive to the needs of others in the meeting.

#2. Sharing too Much Personal Information.

This mistake is actually an extension of telling the truth to an inappropriate degree.At a meeting an employee broke down crying and told a long,involved story about how her mother was dying,her sisters wouldn't assume any responsibility,the burden fell on her and her husband was out of job.....

Relevant?Yes,but more than the boss needed to know.It gave the impression that the employee could not handle stress.Sharing a personal information isn't in and of itself a mistake-It's sharing too much of it that can come back to bite you.

Be selective about the personal information you share and with whom you share it with.If you are in a senior position be even more careful.

#3.Waiting to Be Noticed.

Corporate down-sizing and the trend toward flat organizations have created the need to be noticed in a positive way-before work-force reductions take place.When it comes to maintaining your job during layoffs,it can be as simple as making a case for why your unique brand will be valuable in the newly formed organization.

As for flatter organizations,the dearth of opportunities to move up makes assignments and projects that can offer you visibility or specialized training all the more valuable.Recipients of these assignments are often those who subtly call attention to the ways in which their strengths play to the requirements of the work.Waiting to be noticed will not get you where you want to be. You have got to know your brand and sell it when the opportunity arises.

If there is a vacancy or assignment you want,ask to be considered for it.

#4. Staying in your Safety Zone

People tend to remain in positions too long for fear of getting in over their heads.In the modern job market we look at people who stay in a job too long in the same way we used to judge job-hoppers-as if there's something wrong with them.Staying in a job too long gives the impression of being complacent and,perhaps,not staying up on the latest technical developments in the field.

Some people refuse assignments for which they are handpicked if they feel they're not qualified for the job.Big Mistake.No surer way of being crossed off the list for future opportunities than by refusing an offer.

Ironically people who stay in their comfort zones aren't attracted or impressed by others who do the same.Most people consider those who are enthusiastic,take risks,and exhibit a can do attitude as charismatic or people they would like to emulate.

Leave a comment on your thoughts and on any mistakes in the workplace that is not mentioned above.

FINANCIAL STATEMENT ANALYSIS THAT SMALL BUSINESSES SHOULD KNOW.

Financial data from your small business firm, you, as the owner, would be flying blind.

Even if the financial end of things is not your favorite part of your business and you intend to outsource as much of it as possible, you still have to understand it. Why? Because you have to understand the output you receive from your accountant or other financial professional in order to operate your business. For example, if your accountant tells you that your profit is a Million naira for the year, you must understand what went into allowing you to making that.

You may not have to know as many details as the accountant, but you certainly have to understand the big picture.

Learning the Basics

It's best to start with the basics in order to understand your financial position. Maybe you've been schooled in finance and accounting and, if so, consider this a review. If not, then here we go on a short course in understanding and analyzing your financial position.

The first thing you have to get up to speed on is the financial statements that you or your financial professional will generate for your business firm. These financial statements will help you determine your firm's financial position at a point in time and over a period of time as well as your cash position at any point in time. Many small businesses fail because the owner loses a grip on the firm's financial position. If you understand financial statements, that won't happen to you.

The Income Statement

The income statement is also called the profit and loss statement. It is the major statement for measuring your firm's profitability over a period of time. You develop the income statement in a step-by-step process starting with the amount of revenue you have earned. Then you subtract each item your firm has expensed to see what your profit or loss is after each is deducted. You can prepare income statements for a short period of time like a month, if you need that type of information. For tax purposes, you can extend that out and develop your income statement for the tax year.

How to Prepare an Income Statement

How to Prepare the Statement of Retained Earnings

The Statement of Retained Earnings is the second financial statement you prepare in the accounting cycle. After you arrive at your profit or loss figure from the income statement, you prepare this statement in order to see what your total retained earnings to date are and how much you will pay out to your investors in dividends, if any. Total retained earnings are then transferred to the balance sheet.

How to Prepare the Statement of Retained Earnings

The Balance Sheet

The balance sheet is a statement showing what you own (assets) and what you owe (liabilities and equity). Your assets must equal your liabilities (debt) plus your equity (owner's investment). You have used your liabilities and equity to purchase your assets. The balance sheet shows your firm's financial position with regard to assets and liabilities/equity at a point in time.

How to Prepare an Balance Sheet

Statement of Cash Flows

Even if your company is turning a profit, it may be falling short because you don't have adequate cash flow. It is just as important to prepare a Statement of Cash Flows as it is to prepare the income statement and balance sheet. This statement compares two time periods of financial data and shows how cash has changed in the revenue, expense, asset, liability, and equity accounts during those time periods.

The statement divides the cash flows into operating cash flows, investment cash flows, and financing cash flows. The final result is the net change in cash flows for a particular time period and gives the owner a very comprehensive picture of the cash position of the firm.

How to Prepare a Statement of Cash Flows

These four financial statement are prepared at the end of the accounting cycle and should be prepared in this order. Information from the Income Statement comes from the revenue and expense accounts on the general ledger and information for the Statement of Retained Earnings comes from the Income Statement and the dividend account.

The Balance Sheet is prepared next and the information is taken from the asset, liability and equity accounts on the general ledger as well as from the Statement of Retained Earnings. Last, the Statement of Cash Flows is prepared from all the previous financial statements.

Financial statement can be prepared for a company for any length of time and at any point in time. Some companies prepare financial statements monthly to keep a tight handle on the financial position of the firm. Other companies have a longer accounting cycle. Financial statements must be prepared at the end of the company's tax year.

HOW DO I LET CUSTOMERS KNOW ABOUT MY PRODUCT.

Do you have a Product that the world should know about.

Do you have a product, that people like in comparison to competitors and it  gets five stars on all platforms, users are commending about it, and the pricing is right.

But the problem is how to tell more people about it? How to make it go viral?

First and foremost, congratulations on all the positive user ratings. If customers are volunteering positive reviews, especially noting you beat out other competitors they've used in the past, you are already building up an army of brand ambassadors who will likely spread the word to others: Keep these people happy.

So now, How to spread the word? 

For a concept or product to go viral, the  following needs to be done- interesting share able content or utility, a groundswell of activity around it in a concentrated period of time, and the combination of something with a big wow factor that resonates with a mass audience. And even then, it may not always work.

With that, you first need to get in touch with these possible brand ambassadors. That core audience is out there, you just need to determine where they are.  They could be on Facebook and Pinterest or vocal on Twitter. Spend some time dissecting your core audience, and then you will be able to seek them up in these public mediums.

You should begin having conversations with your audience on social media: Don't sell to them or pitch your company.  Rather, understand what is important to them and determine how you can fulfill their needs.

Once you have a good sense of your target demographic, start getting the word out. If your company and product are already publicly available and operating, you lose some of the appeal of “launching,” so now you need to examine what is better about you versus the competition.  Once you can communicate that, start identifying the media and social-media platforms that connect to your audience and begin following those groups or those reporters that cover topics that intersect with your business. 

Then develop relationships with your local media.  You will be surprised to discover all the different ways your local press are interested in businesses nearby -- whether it's the  business journal or newspaper or industry relevant blogs.  You will get a better gauge on how what you are doing is news after having conversations with media on the ground.

Once you have developed the sense of why what you are doing is not only great but is also newsworthy, then it is time to think about spreading the word far and wide to a national audience.

I recognize all these activities require a big time commitment, but it surely would put the word out about your product.

What To Do When You Are Overwhelmed By Those Ideas and You Just Can Not Find The Time To Put It Into Action

Where do I even start?

Have you ever had one of those days where you felt completely overwhelmed because you had too many ideas swimming around inside your head and you just didn't know where to begin?

Perhaps  you went somewhere that really inspired you and suddenly all of these creative ideas started flooding your brain. Whatever the reason, when this happens it can quickly become overwhelming and even shut down your creative process.

The problem for many of  us is not that we can't come up with any ideas, but the fact that we often have too many ideas, and we can't decide on which one to work on next. I know that personally I've got notebook after notebook filled with ideas and random thoughts just waiting to be explored and developed.

Now don't get me wrong, I'm not completely delusional and I realize that 95% of these ideas are probably complete crap, but it’s not always easy to tell the good stuff from the bad at first glance.

As an entrepreneur,I feel like I've been battling this issue for awhile.There is always another opportunity to chase a new product idea that sounds exciting.

Avoiding the Creative Logjam

If you've been around the creative game long enough, you probably know that ideas (both good & bad) can be a bit tricky. One day you might be bursting with ideas and excitement. A few days later you might not be able to drag yourself out of bed or add two important sentences together. That’s just the way things go.

Now having said that, we're not really here just to share about the creative process and how it works (or often doesn't work).  We are more interested in what we can do about this good or dark process of coming up with  ideas and how we might be able to capture them before they disappear back.

So the first question is, how do we know which ideas are worth keeping and which ones are okay to let go?

One way that we can free up a creative logjam is to start by finding a way to capture these ideas first and then sorting them out later. We need to find a way to get these ideas out of our head, not only so we won’t lose them, but also to get the creative ideas flowing again.

Accumulating our Creative Ideas for Rainy Days.

Like anything else in life, there is a time for coming up with ideas and a time for expressing those ideas.

What we don't want to do when we have all of these ideas bustling in our brain, is to try and sort them out or simply pick one and start working on it while ignoring the rest.  This often goes against our creative instincts because it's natural when we get a new idea to be excited and want to work on it as soon as possible.  We don't want to wait, we want to get started as soon as possible.

The problem is that whatever idea you're excited about may or may not turn out to be a great project for you after all.  So you want to keep your options open.  

How exactly you go about doing this is up to you.

How to get the Ideas into an Action.

Personally when I'm trying to get my ideas down on paper as quickly as possible, I find the more technology I use the more likely I am to get distracted along the way.  So when creative inspiration strikes, I leave the laptop , grab a notebook and pen, and begin to scribble.  Usually I'll find some quiet corner  and then just start writing down all of these fragments of ideas that have been floating around inside my head.

Later on after the initial excitement fades and the ideas have had time to settle for a bit in my brain, I'll go back through these jumbled notes and try to figure out what has possibilities and what should probably be packed away and never spoken of again.

I've discovered that writing down these ideas not only preserves them, but it also forces me to make them into something that's at least somewhat understandable.  Even if it's just a few scribbled thoughts on a notepad, writing an idea down can force you to think about it more deeply and help you clarify what exactly you are trying to say.

It doesn't have to be words either.

If you're a visual artist, you can make a quick sketch of your idea or take a photograph to preserve an idea for later. If you're a writer, you can create a quick outline or mind map to help structure and organize your idea. Some creative artists I know like to make audio recordings or use voice recognition software to talk out their idea and then save it in a text file on their computer or tablet. The point is that it doesn't really matter how you get your ideas out of your head, what's important is that you find a way to define and then preserve these ideas so you can move on to the next step in the creative process.

What you don't want to do is to stop the flow of ideas by trying to hold on to the ones you have.

The other benefit of getting these ideas out of our head and onto the paper is that it keeps the creative process flowing and initiates a type of mental momentum. One idea connects to another, alternative ideas appear, and suddenly something new is created.

It may start with an idea, but the real work and the real creative magic happens, when that idea starts to collide with all of your previous thoughts and experiences.  At that point you start connecting, rearranging, and reassembling that idea into something entirely new.

Whether you choose to create a poem, a painting, or a photograph—creativity is about finding that connection between yourself and the people around you. It’s about finding your place in this world and leaving your mark. Sometimes the hardest part is not becoming impatient or completely overwhelmed in the process. Luckily, we don’t have to do everything, we just have to do the next thing.

What will your next thing be?