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January 20, 2020

Attaining Business Success In Today’s Market

Finding the right business will take some research and a lot of…

January 13, 2020

Ideal Way To View Challenges In Business

Every business has challenges. Some days you feel like things are against…

January 7, 2020

BUSINESS FUNDING

There are many ways of funding a business but you have to…

Attaining Business Success In Today’s Market

January 20, 2020January 23, 2020

Finding the right business will take some research and a lot of elbow grease. One must be willing to persevere even when it seems like they have hit rock bottom. Making sure that the business that is started and opened is one in which the business owner can put their whole effort is important in its eventual success and ability to make profits.

A Degree of Success

A business degree can aid the up and coming business conglomerate in understanding the different concepts and rules of the business world. In business school one will learn how to deal with the different issues that arise when running a business and they will also learn how to deal with issues like fraud, employee problems as well as how to handle investors.

In the beginning of the business, the first thing that the owner will need to determine is what exactly the business will do or sell, and who the target audience is. These are all things that a business degree can aid the individual in understanding. Having a solid business plan will also aid in ensuring a better than average chance at the business surviving its first year and becoming successful.

Get the Experience

Experience is found to be one facet that makes success of a business more sure. While the education that one can garners at the university level is invaluable and will teach many concepts that would otherwise be overlooked in the working realm, experience is the way to relate all that education to a practical, functional application.

Never overlook the value of work experience; take internships, or get a job with a business so that the lessons learned while in school can become more relevant. Even a part time job can aid in making the book work more understandable for the young student.

Keep at It

There is no one sure fire way to ensure that one will be successful in the business world. Having a mentor is a great step in obtaining the intricate knowledge that will aid in future prospective success. This is not a guarantee, but it can add to the level of success one can expect to reach. The individual simply has to be serious about the goals that they set for self and be able to change when needed in order to adapt to a demanding world.

Ideal Way To View Challenges In Business

January 13, 2020January 23, 2020

Every business has challenges. Some days you feel like things are against you or doubt whether you should have started a business in the first place.

Instead of getting frustrated at the problem or thinking:

“it shouldn’t be like this”
“it’s taking too long”
“I’ve got so much to do”
“Why isn’t the computer doing what I want it to?”
You should “reframe” yourself. Reframing is an NLP (Neuro-linguistic Programming) term which essentially means to change the way you see something.

William Shakespeare said that “nothing is either good or bad, but thinking makes it so”. So it’s not what happens to you that matters, but how you take it.

And here’s the best way I’ve found to take it, or view challenges in business (and in life too)…

I imagine that I’m in a race with 1,000 people. We are all racing towards a goal in the distance. If there are no obstacles, then my chances of winning are slim (because I’m not the fastest runner).

However, luckily an obstacle pops up. Eg. I need to create a website but I’m having technical challenges. I see this as a good thing, because obstacles mean I have a chance to progress.

After this obstacle, there are only 800 people in the race now. I remind myself that in business, everyone has problems. I don’t have to be perfect, I just have to do more than my competition.

So, when a challenge pops up unexpectedly, am I going to be the one that progresses towards my goal, or am I going to be left behind?

BUSINESS FUNDING

January 7, 2020January 23, 2020

There are many ways of funding a business but you have to decide first of all what sort of financing is best for you? Each of these will have a different impact on your business as it grows.

Debt Finance

This involves borrowing money, usually in the form of a loan or overdraft. It is the most widely available and frequently considered source of external finance. The bank loan being the most popular, is where an amount is repaid at an agreed rate of interest in a specified time period with the interest rate being either floating or fixed. You will need to demonstrate to the lender an ability to service the repayments in order to guarantee a loan and sometimes security may be required, this means that if you fail pay up on the loan the lender has a right to claim the asset.

The good thing about this type of loan is that because it is secured against an asset it is less risky than other types of loans and you would get better interest rates as well. A disadvantage could be that you would be locked into set payments of what may be a fixed interest rate and this could be a major problem for fast growing companies that require a lot of capital

For this reason, a loan is suited to a tried and tested business model that can offer good prospects of profitability i.e. franchise. A loan is particularly useful if you require longer term finance for a specific purpose or planned expenditure.

An overdraft on the hand is linked to your cash flow and not your capital and would usually need to be repaid on demand. It can be very expensive if you go above your limits. This particular type of debt finance is to help you overcome some of your most financially demanding periods that are usually linked with fluctuating working capital, as with this you can rely on the extra capital when you most need it.

You can also get debt finance through you suppliers via extended credit terms. however, this can only really be achieved if you have a close relationship with your suppliers. If the supplier is familiar with your business on the whole and understands your working strategy, and financial status they may be more willing to extend agreed terms

Another type of debt finance that is becoming increasing popular is leasing or hire purchase, where you borrow assets with the option to buy. This could be a good option to consider as it can provide tax incentives over owning equipment and will not require personal assets as security. You also increase your return on investment in the business as the total amount you invest is reduced.

Factoring or invoice discounting where you borrow against your sales is also becoming a popular way of obtaining debt finance.

Are You Taking Care of Your Customers?

December 8, 2019January 23, 2020

How many times has this happened to you: You have a problem with a product/service. It’s giving you a hard time so you call for customer service. You give just a brief description of your problem and the supposed “help” tells you, “Sorry, it isn’t our fault. It’s someone elses and there’s nothing we can do. Go bother them. You do something, not me.”

This is the worst thing someone can do in customer service. Ignoring the problem and passing the blame. The problem isn’t solved, there was no help, and it leaves the customer with a bitter taste in their mouth. How can this be corrected?

Listen! No matter how many times you have heard the same problem before from other customers, let the customer speak. The customer needs to know that you are there to help and that you care. Cutting them off sends a strong message that you don’t care and that they are bothering you. That is the worst thing you can do. Also, keep in mind that these people are frustrated. Let them work off their steam. It is nothing personal, they are just upset about the situation. Once they are done, then speak.

Ask questions. Get what you can out of the customer without making it feel like an interrogation. Once again, this shows that you are serious about helping them. Also, it can provide valuable insight for fixing their problem. Just take care not to ask too many questions to the point that the customer is annoyed. Just enough to gather ideas for a solution.

Explore options. Telling the customer there is nothing you can do is the very last thing you ever want to say. It makes you look incompetent and uncaring. Try to reason out other solutions first. If for some reason things are out of your scope then ask the customer if they would like to speak to a manager. That should be a last resort, but may be necessary if things are severe. Still, try your best to rectify the situation without having to pass the buck.

If the situation seriously is out of your hands, make every effort to guide the customer through the proper steps to solving the problem with the outside source. For example, if the problem exists with another company, provide them with the phone number and tell them exactly what to say to them. Better yet, try to take it to the next level by calling them yourself. This can lead to great customer loyalty by just this simple effort. Good customer service is a must if you plan on keeping your customers happy. Make sure they are a top priority and not just something shoved to the back.

Understanding Credit Union CD Rates

October 27, 2019October 27, 2019

Traders who prefer to take advantage of their life benefits must know about CD rates, which vary depending on the the period and bank. Understanding such versions is the key to finding the ideal solution. Those concerned about high credit union cd rates must carry on reading.

CD is quick for Certificate of Deposit. This can be a time deposit that’s written by banks or credit unions to customers. Average customers and company owners may make utilization of CDs to deposit avail and money of fixed interest rate on their return. But the depositor must maintain the money on the bank before the period stops. The period is the duration where the deposit could stick to the bank. the money should not be taken by The depositor before the period expires. Otherwise, they’ll bear penalty. This can be a easy tip that any depositor should be alert to. The period for CDs varies from3months to5years.

The rate depends upon a few aspects like the bank money needs and the period. But one important factor that should not be taken for granted is the Fed Funds rate. The Federal Reserve Bank sets the rate that banks must used in getting one another for loans. A decline in the Fed Funds Rate causes a drop in bank rates. The choice of the Federal Reserve Bank depends upon the economic circumstances. The rate is expected to be large when the economy is great. Take notice that the rates dropped during the downturn. The CD rate is affected by economic changes.

customers should be taken by Economic forecast in picking CD period. Many customers choose a 5-year period and make the most of great economic circumstances. Doing so enables high charges to be loved by them within the CD period despite changes in economic circumstances. A short term CD is ideal during challenging times. When the economy improves, you could have a new CD. CD purchase is also damaged by Other depositors in to distinct terms which are great for one year. This course is named CD laddering.

As earlier mentioned, the bank money needs affect the best credit union cd interest rates. Banks have diverse money needs, and each bank has its money method. The money techniques employed by a bank affect the CD rates. The rate decides the position of the bank somehow. You can find banks which have enough funds already which they don’t need inward money from depositors. These banks might not attract investors with large CD rates. However, banks that offer greater than average rates are considered more steady. It is a typical training when selecting where to commit your money to rely not exclusively on the rate made available from a bank.

Small Business Boon for Young Upstarts

April 1, 2019December 3, 2019

Young entrepreneurs are taking the bull by the horns and risking everything to be successful. The new age of go-getters are passionate and determined to be successful in this trying economy. One such success story of a tree lopper in Brisbane who started a business with borrowed equipment and little experience has after 18 months transformed his life to now having two full time crews and an annual turnover of 1 million dollars. when asked about his success, he said that it’s having a no fail attitude and hard work that has bee the reason for his success. Getting up early and providing quality customer service had always been his number one priority. His tree lopping company is now one of the most respected companies in Brisbane and customers continue to re hire his services as the value and customer satisfaction is a testimony to his hard work and dedication.

Eight business icons who found success after 30

September 21, 2018October 21, 2019

Early success in the business world is quite a rarity. In most cases, it takes many years to make a mark for oneself in the industry. Here are some of the famous business icons who rose to success only after 30:

Jeff Bezos –

Jeff’s initial vision of Amazon was that of an online bookstore. He founded the e-commerce website at the age of 31. Amazon has now become a global superstar. The site is perceived to be the go-to online store for anything and everything, and the 54-year-old is now one of the world’s wealthiest men.

William Lever –

In the year 1886, Lever co-founded a soap manufacturing company alongside his brother and named it the Lever Brothers. William was 35 years old when he took up this venture. Their business has now grown into the million dollar consumer goods organisation, Unilever.

Reid Hoffman –

On having failed in this SocialNet venture, Hoffman landed a job at PayPal, where he brushed up his entrepreneurial skills while simultaneously working on LinkedIn, his next venture. Hoffman though did not begin anything until after his 30th birthday. In his early life he worked as a trees lopper to make ends meet.

Oprah Winfrey–

Winfrey was a single teen mother born and raised in a low-income family in Mississippi. Working for a minimum wage as a carpet cleaner to make ends meet while young. When she turned 32, her first opportunity to get on board the television industry of the USA came her way. Her first talk show aired nationwide, and this was just the beginning to what would eventually become a media empire.

Young

Doris Fisher –

Fisher features in the list of top 100 most powerful women by Forbes for having co-founded Gap along with her late husband at the age of 37. The retail store later expanded and brought under its umbrella Old Navy and the Banana Republic.

Tim Westergren –

The founder of Pandora, Tim was just over 35 when his whole world changed. From being a failed musician, a part-time composer, a Nanny and a hippy to embarking on an entrepreneurial venture, Tim came a long way. The 35-year-old was met with a lot of challenges as he couldn’t pay salaries for two years. Although he started Pandora at 35, it didn’t become an e-radio channel until he turned 37. The company started off as a hardware company that enabled stores to play music.

Jack Ma –

With nil experience in coding, Jack began his venture of setting up Alibaba at the age of 35. At 31, he started his first ever internet organisation, called China Yellow Pages followed by Alibaba at 35. Similar to Amazon, Alibaba too did not make any profit in its first three years.

Masaru Ibuka –

The founder of the household name for electrical and electronics, Sony, was 38 when the idea blossomed in his mind. Even though he left the company in the year 1976, he remained an eminent advisory until he passed way in the year 1998.

Attaining Business Success In Today’s Market

Ideal Way To View Challenges In Business

BUSINESS FUNDING

Are You Taking Care of Your Customers?

Understanding Credit Union CD Rates

Attaining Business Success In Today’s Market

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Eight business icons who found success after 30

Attaining Business Success In Today’s Market

Ideal Way To View Challenges In Business

BUSINESS FUNDING

Are You Taking Care of Your Customers?

Understanding Credit Union CD Rates