Communication in business is important because every business organization is made up of people. It was found in a research that a typical manager spends about 80 percent of their time in some kind of communication, verbal or oral. Good communication in businesses is one of the most important aspects of running a successful business. For that reason, keep in mind the following pointers:
- Keeping customers happy is the primary aim of any business. Most customers tend to register their complaints with the customer service via phone, emails or even instant chats sometimes however it has been seen that a customer is ready to do business with you again only if the complaint they had has been resolved satisfactorily.
- Keep in mind that on losing a customer who was dissatisfied, you are not just losing one customer- you are also losing the people that one unhappy customer will tell their experience to. It has been seen that a disgruntled customer talks more of their experience than the satisfied customer.
- There is always competition no matter what business you choose to open. To make a mark for yourself among the same group of customers, you should show them that you are willing to go an extra mile for them; just good business is not enough. This can only be done if there is good communication between you and the customers.
- Always remember that honesty is the best policy. When you are honest with your customers, it builds trust. Also, no one likes prolonged discussions that are neither here nor there. For effective communications, do not beat around the bush- keep it short, simple and direct.
There are vast amounts of opportunities available in today’s date to reach out to your target audience. This is due to the digital and social media complaints. Contacting a specific audience, your target audience, saves time and money that would have been wasted if you were targeting everyone-especially those who are not interested.
You should also remember that it is very rare for a business to rise to the top immediately after entering the market. Put your efforts in providing the very best products and services and give your business some time before graduating to the highly competitive stage.
In order to make your campaign as efficient as possible, know your audience. Apart from “traditional” identifiers such as age, race and gender, there are other traits such as their past history and their geographical location. It would also be helpful for your if you know what your competitors are also doing and to consult to previous data of what clicked with the audience and what did not- you don’t want to waste time and money on something that you can know will not work.
By knowing your audience, you can know what platform you want to use. The data given by people who have shared information such as their likes and dislikes is used and those particular people are targeted for future endeavors. A safe approach would be to target their friends too because as everyone knows, birds of a feather flock together.
The best way to make sure that your target market is attracted is by a positive word of mouth and to retain your customers. Recommendations of friends and acquaintances can be the best thing for you. For that, however, you need to make sure that you communicate with your clients and that they do not have any complaints.
Sometimes, it is very tough to get the startup financing for your business no matter how small it is. For business owners, it is very important to know where their capital you will require as the startup or for the expansion. It is also important to know that the bank you apply to for the loan will have certain requirements that you would have to fulfill. Therefore, before applying for the loan, keep all your documents ready with you:
- Your business plans- it is a brief summary of the entire project including and not limited to, why you want the loan and what exactly you plan to do with the money.
- The projections of cash flow- under this heading, you will have to answer the money related questions of the lender; how you plan to repay the loan and other financial data.
- A statement of your personal finances is also mandatory- this includes all the debts that you may have along with a list of all your personal possessions (assets) and the tax returns of your past businesses (if they are established. This will give the lender an idea of how you maintain your businesses and if they are doing well financially).
Before applying for the loan, make sure that you have a good credit rating. A bank or a lender will definitely check your credit score to make sure that you do not have a bad credit score. A good credit rating implies that you have paid your previous loans in a timely manner and is sort of a guarantee for the lender that you will continue to do so in the future. Not many banks approve of an individual with a bad credit rating for a loan.
There are numerous ways in which you may want to improve your business- this can only be done so by planning effectively to increase profits, reduce losses and expand the market to get more customers. For developing your business, you need to have a vision-of where you see yourself going and how you want your business to turn out. There are certain things you need to keep in mind:
- Make a list of your ideas. It does not matter if it does not seem plausible, list it and work towards it. Talk to banks and financers if you think some additional capital may help you.
- Always keep going back to that list after a few months- to make sure that your business is going in the direction that you had hoped. Do not be like the numerous business owners who start with a good plan but deviate and fail. Of course, you may have to update it as time goes along, but stick to the original business plan.
- Try to find ways to reduces costs. Reducing costs by recycling or any other idea that you can think of will only save your funding for more important needs and give you a competitive advantage over your competitors.
- If your business is running successfully you could plan to expand your market, or enter a new field. Before doing so, you may always want to have good publicity, satisfied clients and happy employees. Assess how your business is doing periodically- set some targets and constantly review how your business is doing and how you may improve.
Never forget to take care of yourself- you are your most important asset. If you are healthy and happy, your productivity will increase without a doubt.
Nothing is quite as challenging as putting together an impressive presentation for a business proposal. From the words a speaker chooses to his appearance to his media tools, a presentation has the power to change minds and to inform. In the business world, a presentation can mean the difference between landing a high powered gig and losing an enormous contract. The right presentation given at the right time can improve a job standing immensely. Many businessmen and professionals are nervous about giving presentations and speeches. After all, many professionals have little training in how to actually give a persuasive speech. Even if someone had a speech class in high school or college, the truth is that classroom presentations are very different from business proposals. After all, in the business world, someone’s job is on the line. For the business professional who wants to give a media presentation that will impress and awe a client, consider consulting with Eslide.com. Professional PowerPoint Presentations at Eslide.com is better than homemade presentations because they are elaborately put together in a way that is designed to impress. The professional team at Eslide.com will create a fantastic PowerPoint presentation that is perfectly suited for in-house business presentations, merger proposals and other company policy speeches. For the next big presentation, contact Eslide.com.
If you are in need of mba admission consulting, you may be confused as to where you should start your process. We have done a bit of research for you ahead of time and can easily say that Amerasia is one of the best mba admissions consulting companies that you can trust your profile with. Visit www.amerasiaconsulting.com for more info. A lot of students who are international depend on the advice from an MBA admissions consultant since it may be their best bet at getting into a prestigious school in another country. Although difficult, if you have the skills needed to succeed it is for sure not impossible. Getting an MBA admissions consultant can be just what you need to understand the process of applying to your business school of choice and actually getting into it and starting your enrollment. If you aren’t too sure what MBA admissions consultants truly are, we highly recommend researching more on the topic and figuring out if they will be beneficial to your process. Some students can get enrolled into an elite business school without the help of an MBA admissions consultant, and that’s great! But for many students, especially those who don’t know the groundwork or where to start, the help of an MBA admissions consultant can be what changes your life and helps you to get into the school of your choice. Some admissions consulting agencies will cost you about four thousand dollars per school you are applying to, so make sure to really take the time to research which group will be best for you both academically and financially. If you want to get a better idea of what your business school really wants from you and what makes a perfect student in their eyes, hire the help of an MBA admissions professional and get started on your future education and career.
The leadership and management training is designed to help you to develop people skills and techniques which will help to make your business develop and expand as you progress as a leader. There are a variety of different programmes that help to achieve this objective as well as aiming to improve the leadership skills of aspiring leaders and managers of small and medium businesses. These types of courses are normally around 10 month long and involve 15 contact days and is delivered through workshops, action learning groups, master-classes, mentoring and coaching, in various locations throughout the country. However, the overarching aim of the course is to get participants to develop a three-year growth strategy for their business that can be implemented into real world scenarios which the leadership and management training courses can help develop. Hence all the workshops and assignments are based around the needs of the business in driving sustainable growth. This helps you to use the techniques that you have developed over the course to real life business and see the fruits of your labour. This is what these types of programmes different from other leadership development programmes it provides sustainable results for your business with tangible benefits for your own personal growth.
JSK Associates is a financial investment advisory firm that operates in the United States. Headed by Jerome Keenan and Paul Dos Santos, the firm retains a significant amount of credibility in the field, especially in the area of White Plains, New York. The company is one of the few that have dared to step out of the box. They do not limit their strategies with the knowledge and methodologies that have been, or are currently being applied in other firms with the same type of service.
They take pride in the fact that they create their own personal take on financial and investment advisories. They claim that they are in no way getting any financial assistance from other business entities and that their goods, services, and technologies are products of their own creativity. What is more is that they also promise that they can give each client a customized financial strategy that is meant solely for them and their needs. This ensures that the strategies presented to them are effective for their individual investment needs.
Furthermore, JSK Associates can identify the most important elements when it comes to financial affairs. Instead of just focusing on well-crafted investment portfolios, they deem it far more important to generate a properly structured system for financial management. This is why they utilized what they refer to as a “holistic” approach that covers every aspect of financial advisory services. Included here are estate planning, retirement strategies, and both traditional and proactive trading methods.
An advisory firm for finance and asset management needs to be very comprehensive with a lot of its services. Perceivably, JSK is one of the few who are able to meet the several needs of their clients. Their asset management program comes with the uniqueness of being on a non-discretionary basis. This is a guarantee that all investment decisions will be pre-approved by the investors. In addition, the clients are even given the freedom to make their own trades or apply changes to their portfolios. Essentially, the firm does not solely help their clients secure their assets; it also let them learn the fundamentals of the process.
Start up business investing can be a highly profitable market if you keep the right track of your investment. This means you should be aware of every aspect of the company or organization you are planning to invest in. Why you need to be cautious enough is because you are going to be a part of a unit, which is just putting its foot into the market.
There are a number of risks associated. You should not be an amateur but take all your decisions after proper planning.Alex Von Furstenberg began his career about two decades back with the Allen & Company in the year 1993. He began as the trader and today he has served as the Chief Investment Officer of various companies. He has served every segment of clients of the opportunistic investments.
Some Points to be kept in Mind while making Startup Business investing.
- Make sure you work with a company, which is more stable in its position in the market, rather than a company who has no previous record yet.
- Take care that you invest in a sector, which is your forte. This means that invest in a sector in which you have knowledge and expertise. Do not worry if you are not an expert of that business but still chose that option regarding which you have a basic idea.
- Certainly, you will not be able to invest as successfully in an established company about whom you know nothing as compared to the one, which is established in the market, and you have knowledge about it.
- When you invest in such a company, at least you will have the leverage to guide your investment and through consolidated business plans you can have your say in the company matters. If everything sounds perfect, go ahead.
- In addition, you need to have plenty of patience and optimism in you if you are considering startup business investment. It can take many years to achieve the targets or it may be accomplished in a day or two. It all depends how much knowledge you have about the market. Since investment market changes everyday and it is quite a bit difficult to predict it correctly so you need to be patient enough. Alex Von Furstenberg has helped many in the startup business investing and helped them in achieving their targets by forming consolidated and comprehensive plans.
- It is not necessary to be the sole investor in the company you can join hands with other interested investors. In this way, you can divide the risk factor and multiply the profits.
Don Bullard offers better quality insurance plans and services for the Citizens of North Carolina. He named as the leading insurance agent for over two decades in the state. Today, Bullard runs the Bullard insurance firm, set up in Wilmington. They are located in Wilmington, NC but provide best insurance plans and services for the whole Coastal zone from the Corolla to Calabash. He provides many kinds of insurance policies to the people of the North Carolina. His insurance firm also provides the insurance plans and services at competitive rates. These kinds of insurance plans can offer the chance to policy holder of saving the money. Their insurance plans provide many kinds of services and their staff gives knowledge to their clients and prospective customers.
Lowering the rate of the home insurance can be done in many different ways. Bullard Insurance suggests that before taking any complex action, customers need to discuss all their needs to their local insurance agent. For all the persons, the home is the biggest investment of their life. Hence, it deserves proper security from any risk. Below are some steps to reduce the cost of the home insurance.
Raising the homeowner’s insurance deductible
The deductible is the amount of the risk, every homeowner agrees to accept before an insurance firm begins paying on the claim. It is no longer vital to allow the insurance company considers all the risks with raising the cost of the homeowner’s insurance.
Asking about discounts of the homeowner’s insurance
It is often cost-efficient to take all the insurance discounts for which policyholders are eligible and use an “excess money” to replace fees of an insurance. They grant about 10 % discount for the policyholders age of above 55 years on specific items like smoke detectors, fire or security alarm systems and deadbolt locks.
Improving credit scores
The credit score’s use to price the insurance policies is the present trend in the field. It is vital to keep your credit score high so as to get the best policy. If your credit score or credit rating is high, then you will get the homeowner’s insurance plan at the lowest possible rates. Hence, you should have only few credit accounts, paying all your bills on time and not charging near to the limits on the credit cards. These things are vital to keep your credit score high and healthy.
Don Bullard suggests you these steps for cutting the cost of the homeowner’s insurance.
Your credit score is one of the most important things you have to represent you and your history when you are trying to get anything from a car to a house. A poor score can prevent you from getting credit cards, student loans and even a job. It is important to know what the main things are that determine whether your score is high or low. Once you know what these are, you can take the steps to make the improvements that are necessary.
Determining My Credit Score
There are seven major factors that come into play when your credit score is determined. These include:
- Payment history: About 35 percent of your credit score is determined by your payment history. You will notice your score getting lower if you have a track record of paying things late, or simply not paying them at all. You will notice a much higher score if your monthly payments are always on time and if you have no past due accounts.
- Length of credit history: You have surely heard the saying, “bad credit is better than no credit at all.” This actually holds some truth. A long credit history can sometimes be very good for your score. On average, 15 percent of your credit score is determined by the length of your credit history.
- Inquiries: If your credit does not need to be ran, then do not allow it to be. This means that if you are out shopping for a car, for example, only let the car lot where you plan to purchase your car run your score (to apply for a loan, click here). About 10 percent of your credit score is determined based on how many inquiries you have.
- Public records: Things like collections, judgments and bankruptcies will all be on your credit report. It is important to do whatever is necessary to avoid these because they will result in a lower credit score.
- New accounts: Having multiple accounts in good standing is a good thing, but opening multiple accounts in a short period of time will actually lower your credit score.
- Accounts in use: If you have an account open, make sure that you are using it. While multiple accounts in good standing is a good thing, having multiple open accounts that you are not using can harm your score. About 10 percent of your credit score is determined by how many active and inactive accounts you have open, read more about getting a loan.
Improving Your Credit Score
Getting a loan or a job can be affected by your credit score, so it is important to take the steps to get it to a good number. There are things you can do, and things you should know, to ensure that your credit score helps you and does not hurt you. Learn more about your credit score and how to improve it here. These include:
- Pay your bills on time: There really is not much else to say about this. It is critical to not fall behind on your bills.
- Only open accounts you actually need: For example, no one needs a department store card. If you need a new car, then a new auto loan is fine. Having a credit card or two is fine. Just make sure that if you open the account you will use it and be able to pay the bill on time.
- Closed accounts: Closed accounts will still be on your report. They do not vanish once you close them, so keep this in mind.
- Low balances on credit cards: Having a high amount of outstanding debt can greatly reduce your credit score. On average, there could be a 70 point difference.
- Be responsible with credit cards: Credit cards are actually a pretty good way to build your credit. However, they can also harm it if you cannot pay the majority of the balance every month.
Following the technology boom of the recent times, a few shortcomings have appeared as the curses for today’s society. Due to the rapid use of the natural resources, especially non-renewable resources, the global capacity of resources is getting significantly low. In fact, now the percentage of natural resources present on this globe is at the alarming rate and hence, suitable measures are required to be taken. Few countries, which include developing as well as developed countries, have taken some recent steps to keep this earth clean and green from pollution and also to save the earth from the threat of losing its natural non-renewable resources. To encourage the organizations or profitable firms for shortening up the usage of non-renewable resources, global ‘carbon credit system’ has been commenced in late.
Jon Queen, who is a green advocate and finance or trading specialist, has appreciated such initiative. He is now working on the alternative solutions for the non-renewable resources. Through the effective use of the alternative resources, companies can enjoy plenty of benefits. First of all, the production cost will be lesser as natural non-renewable resources are costlier than the alternative resources. Secondly, it is a green friendly decision. Due to the use of petroleum or coal, carbon emission takes place in the atmosphere, which affects the green of the earth, as well as affecting every organic matter. Thus, though alternative energy resources, carbon emission can be ceased meticulously. The third benefit is that using alternative resource would help an organization to achieve carbon credits, which can be traded like all other commodities. So, it is a chance for an organization to earn some respect, as well as some dollars.
Jon Queen DC is a popular economist, having a terrific experience in the field of economics and trading market. Presently, he is dealing with his green projects and making people realize about the needs of alternative energy sources. In many of his seminars he has disclosed his studies and some interesting facts about the alternative energy sources. His green projects majorly benefitted his own country, i.e. Ukraine. In today’s era, it is utterly important that people should find alternate solutions and to make people aware of the alternate solutions, he has written some articles, where he meticulously discussed the needs and future uses of alternative energy resources. His green energy projects have helped many organizations to acquire respect, as well as carbon credit.
Most businesses see perpetual growth as their ultimate aim. This is usually harmless, as expanding a business is notoriously difficult, or usually happens at a slower rate than the management team would like. Occasionally, however, everything just clicks into place. A time of rapid growth is exciting, but it is crucial to exercise a high level of caution and restraint during this period. Here are five tips to help businesses ride the wave of rapid expansion to a prosperous future.
1. Know when to stop
New companies can feel obliged to take every bit of business that is offered to them. However, it is no use receiving thousands of orders and then being unable to fulfil them due to insufficient logistics and distribution. The key to successful growth is sustainability. Otherwise, management will quickly lose control, and the company will soon join the 51% of new start-ups that fail every year.
2. Avoid alienating clients
Many of the business’s current clients and customers are likely to have signed up before the growth started to occur. As a result, they will expect a certain level of dedicated service; unfortunately, rapid growth can quickly depersonalise everything. While it may be hard to provide the personal touch, growing companies should still aim to build lasting relationships with customers. Having the capability to offer ultra-competitive pricing will also help keep clients onboard.
3. Think about cash flow
One of the worst things that can happen to a growing business is that it runs out of money. If a great deal is invested in growth upfront, it can be a while before money starts to funnel back into the bank accounts from various channels. Making use of an invoice discounting or factoring service is an effective way to circumnavigate cash flow problems. Companies can effectively take short-term loans that are secured against their unpaid invoices. This makes accessing working capital easy, at any time of the month.
4. Consider upgrading facilities
It is rare for a new company to initially have the capital available to invest in future-proof IT systems, software, or machinery. This means the infrastructure of a new start-up or even established rapidly expanding business can become overwhelmed and outgrown during periods of rapid growth. The same is often true with office space. A business on the up needs to be perfectly located, have complete freedom to expand, and have sufficient production capacity available. It is far more difficult to relocate a larger business than a smaller one. As an example, if a company’s target market is in Gloucester, taking the decision to move to one of the offices to let Gloucester offers when expansion is still on the horizon rather than after the growth spurt has occurred is likely to be strategically sensible in the long term.
5. Assess staff members
Rapid growth can be a stressful rollercoaster. It is essential that the right people are in the right places within the organisation to manage the growth. A professional and effective management structure should be put into place. Remember that the negative consequences of poor decision making are magnified exponentially as a company increases in size.
Containing enthusiasm at the thought of rapid growth can be hard, but it is essential for the future of the company to keep everything in perspective. Putting a sustainable plan into place – and being proactive to create an environment that can accommodate sweeping changes – is the only way to manage rapid growth successfully.
Don’t be scared, but there are a ton of employment laws out there. They cover everything from discrimination to unions and a whole lot in between.
And even though you might not have legal training or a human resources department, you are going to have to follow some of them when you venture out into the entrepreneurial world.
Which laws are going to apply to your business depends in great part on how small your business is and the state in which you are operating (yes, there are state, and even municipal, laws you must follow along with the federal laws).
For example, Title VII is the federal law that says you cannot discriminate against an employee because of their race, gender, religion, national origin, or color. It, however, only applies to employers with 15 or more employees.
California, on the other hand, has a law that applies to employers of five or more employees, as well as expands the groups of people who cannot be discriminated against.
While spelling out in one post every potential law that might apply to you no matter your size and location would make this a novel of War and Peace length and substance, there are some big laws that you will likely have to follow no matter the size of your business venture.
1. The Immigration Reform and Control Act (IRCA)
So you’re finally ready to make your first hire. Congratulations! Now what?
Is this potential new worker authorized to work in the US? What all do you have to do to check? What do you have to do to prove you did everything you were supposed to do?
To find out, take a look at IRCA and its Form I-9 requirements.
It states what you have to do and how to do it.
2. The Occupational Safety and Health (OSH) Act
For the most part, if you hire one person, you are going to be ruled by the OSH Act and OSHA, the agency that runs this law.
What does this mean for you? Keep your employees healthy and safe. The OSH Act requires you to do, or refrain from doing, many different things depending on what type of business you are running, but its overall purpose is to make sure that you are keeping your employees alive and in good health.
3. Workers’ Compensation
So, this is really a lot of state laws, but since employers in almost every state fall under these laws, one is almost definitely going to apply to you.And if it does, you are going to need workers’ compensation insurance. (Texas is the exception to the rule here).
Say that, despite your best efforts and your dedication to following all of OSHA’s laws (see the second law discussed), your new hire falls and is injured.
Whether this accident was a result of your negligence or not, you are going to give them some workers’ compensation.
Don’t worry; this is actually fairer to you than you may think on first glance.
Yes, you, with absolutely no fault in the accident, are going to have to pay. However, except for the rarest of occasions, that same employee will not be able to sue you even if the accident was the result of your negligence.
4. The Fair Labor Standards Act (FLSA)
Do you know what all employees agree on? They want to get paid! (…And most of them probably don’t want to work 168 hours a week, either.)
While the FLSA regulates more than just these two concerns, minimum wage and overtime do both fall under this act.
How much you can expect your employee to work and how much you are legally required to pay them are both dictated by this federal law (though individual states can create rules that help out the employees even more).
So, when you are setting schedules and handing out paychecks, familiarize yourself with this law to avoid having to pay a lot more in court later.
You know how nothing is certain except for death and taxes? Well, it holds true in business ownership as well.
For federal taxes, you are going to need to get a federal employer identification number (EIN); you are going to need to withhold the right amount of wages from your employees’ paychecks; and you are going to need to report what you withheld.
And, as taxes never seem to be easy, there are a whole lot of other regulations, plus state and local requirements to boot. Fun!
While there are many other employment laws you may have to follow, these are some that you will definitely need to know.
This article was a joint collaboration between UK-based technology writer Matt Rawlings, and Ashley Shaw – a Legal Editor at XpertHR US, an online service that helps employers and HR departments comply with employment laws on the federal, state and local level. Through her legal background and researching history, Ashley helps HR professionals and business owners follow and understand all the laws that apply to them.