Questions to help you decide if a late-in-life business is right for you

Questions to help you decide if a late-in-life business is right for you

Business environment thrives on principles like hard work, determination, and motivation to excel, “we have heard this statement repeated quite often in our daily lives” and have thus influenced our decision-making process and our thought-provoking ideas. We have to grow up in an environment where there have been preconceived questions that business is only for those with a handy amount of liquid capital while service is for those risk aversive people who prefer not to dwell deep into the complications of the business environment and prefer to stay afloat by working for a reputed organization and earning their share of the salary which is dependent on their earning expertise and competence level. 

From the above discussion, you might be wondering whether yes, your perception over the business environment and its subsequent functioning is truly lucrative and you might think that all these years you have spent your life following a partially true maxim. 

But if you do not take the risk, you would be having a life full of regret and missed opportunities. Thus before starting a business and getting into the depths of it just analyze the following set of questions which would help you contemplate the importance of the fact that business is for all time and all ages-

What are your objectives for the growth of your Enterprise?

Have a perfect knowledge about the reason why you are starting the business in the first place and have a clear objective and goal along with the requisite planning to fulfill that objective. 

How do you want to correlate your life with your business startup program?

Understand the fact that your life should be resembling your business prospects and objectives. The lessons you learned in life must be reflected in the business proposition you are starting. 

Which essential aspects of your life would you like to keep personal?

Personal and Professional Life should never come together and you must learn to make a difference between the priorities and demands of both these lives. 

Also Read: Top lessons businesses must learn from COVID 19 to grow post-pandemic

Essential Tips for Growing Your Business

How much capital would you possess for starting your business?

Through careful understanding and study, understand the requisite amount of capital that will be necessary for starting the business process that you will be involving yourself in, and understand the demands of the specific business model.  

Which personality characteristics should reflect through your business?

Your business model should be a reflection of your required personality. It should be confident, growth-oriented, and receptive to all the hurdles that you may face in the process. 

Which achievements of your professional career would you like to advertise through your business?

There should be no self pompousness acting in this regard behind your decision making. You will only be able to advertise and propagate your business properly if people are aware of your credentials and your accolades if known to them would instill a sense of confidence in you. 

Are you capable and receptive to suggestions?

You should be aware of your surroundings. You should ask yourself if you are always receptive to advise and what others have to say to you. If you behave Impolitely with them, it spells doom for your future business prospects. 

Are you interested in making people happy, joyful, and satisfied?

As a business firm, your primary aim should be to satisfy the needs of the consumers. Thus their happiness would directly indicate whether your business would have a positive or a negative outcome. 

What kind of customers would you like for your business to cater to?

You must possess an attitude to serve all varieties of customers. It help you understand a variety of problems and issues that you might address through your business decisions. 

Which objectives of your target customers would you like to achieve?

You should have a clear idea about the kind of objectives that your target customers. Else, prospective customers would have and you should work consistently towards fulfilling them. 

Conclusion

Thus if you’re late in the business environment don’t get demotivated. Start vigorously, work hard and sincerely and you are bound to taste success. Well, don’t get bogged down at all. It is true that the business environment is feasible for someone with determination and passion to excel. Moreover, it is a keen understanding capability of the facets or components of business scenarios. It is also true that no time is too late for starting a business. So instead of getting demoralized and non-receptive to such critical decisions at this juncture of your career, you might as well take the risk because you have nothing to lose if you do. 

If you are looking for the right solutions for your small or medium business, or even substantial and appropriate advice or mentorship, click here

Also read: 7 Tips for Building A Customer Service Team For Your Business

 

Beyond the Numbers A Guide to Understanding and Analyzing Key Metrics like ROI, LTV, and Churn Rate

Beyond the Numbers: A Guide to Understanding and Analyzing Key Metrics like ROI, LTV, and Churn Rate

If you’re going to make informed business decisions, you need to look beyond the numbers. Generating leads, marketing to customers, and closing deals is an art. It’s why Google Analytics exists. It’s why we have business intelligence tools in place. For as much as we try to quantify from “this user did this and then it led them here” or “that user got value out of this piece of content,” there’s still a lot of subjectivity involved on the part of how humans translate that into dollars and cents, leads, users, etc. What works for you will likely not work for others.

What are metrics?

Metrics are a measurement of success. Metrics help you understand how your business is performing and what you need to do to make it better.

There are three main types of metrics:

• Business metrics measure the health of your business overall. They can tell you whether or not your company is growing, where it’s growing most quickly, and which areas need more attention.

• User metrics measure how engaged users are with your product or service. These numbers can help you determine whether people are using your product as expected if they’re finding value in it and if they’re likely to come back again soon.

• Financial metrics quantify how much money (and time) has been spent on a project or campaign. Financial metrics can help show where money was well-spent and where it wasn’t—and then guide future decisions about investments in new initiatives or campaigns.

Understanding your operating costs and profit margin

First, let’s talk about how to understand your operating costs.

These are the costs required for you to operate your business on a day-to-day basis. They include things like overhead expenses (rent, utilities, payroll), as well as other costs that you incur to run your company (advertising, marketing materials). Operating expenses are typically listed on an income statement.

Next up: profit margin! Profit margin is simply the amount of money left over after subtracting all of your operating expenses from your total revenue. Profit margin is expressed as a percentage of revenue and can be found on an income statement or balance sheet.

Measuring your ROI

You can’t get the most out of your business without measuring your ROI.

ROI is a ratio that compares the return you get from an investment to the investment itself. It’s calculated by dividing the total revenue generated by a specific action (like a new marketing campaign) by the total cost of that action.

We recommend that all companies track their ROIs because it helps them make smarter decisions and improve their bottom line.

Calculating your LTV

Calculating your LTV (LifeTime Value) is one of the most important metrics you can track in your business. This is the total amount of money that a customer will spend with you over their lifetime, and it’s an indicator of how well your business is performing.

LTV is calculated by multiplying customer acquisition cost, or CAC (the cost it takes to acquire a new customer), by average revenue per user, or ARPU (the average amount of money each customer spends). To calculate your LTV, take the following steps:

  1. Calculate your customer acquisition cost by dividing marketing expenses divided by the number of customers acquired.
  2. Calculate ARPU by taking total sales divided by the number of customers in the same period.
  3. Multiply CAC by ARPU to get LTV

Calculating your conversion rate

Conversion rate is one of the most important metrics in your business. It’s a measure of how many users take a specific action on your website, like signing up for a free trial or making a purchase. If you have a low conversion rate, it means that you’re not doing enough to convert visitors into customers.

To calculate the conversion rate, divide the number of people who took an action by the total number of visitors to your website over a given period. For example, if you have 100 visitors in May and 10 of them sign up for your free trial, then your conversion rate is 10%.

Understanding and calculating churn rate

What is churn rate?

The churn rate is the percentage of customers who leave your business for one reason or another. It’s an important metric to understand because it tells you how well your business is doing at keeping its customers happy and engaged.

Why does it matter?

Every business wants to keep its customers happy and engaged so that those customers will continue using their services and buying from them for as long as possible. If a company has a high churn rate, it means they’re losing a lot of its customers, which can be financially devastating to the company. It may also mean that they’re not doing enough to keep their existing customers happy, which could mean they’re not offering good products or services—or that they’re not offering enough of them.

How do you calculate it?

The churn rate is calculated by taking the total number of customers who left over a given period (usually one month) and dividing it by the total number of customers who were still with you at the beginning of that period (also known as your “base”). So if you have 100 customers at the beginning of the month and 20 leave during that month, your churn rate would be 20/100 or 0.2 or 20%.

Metrics can be your guiding light when it comes to making decisions at your startup. The only way to succeed is to apply the right formula of strategies and get a tangible result. If you can effectively apply key metrics, you will be successful.

Customer service How to make your buyers feel VIP

Customer service: How to make your buyers feel VIP

We are aware of the maxim that the customer is the kingpin of the business regulatory environment where transactions of business exchange include the production of goods and services and selling of those produced goods and services in the market. The decisions of the customer are vital and paramount for developing and streamlining the growth of business organizations in the economy. 

Business moves and determinants rely completely on the motives and intentions of the customers and thereby are guided by the principles mandated by consumer decisions. In today’s day and age, e-commerce site development has been a crucial factor behind the rise of consumer interaction and better mechanisms of grievances redressal of consumers. 

E-commerce site development is the process through which the web portals where the customers can place orders for the product and service they require can be enhanced and developed accordingly. Customer Service has become very important towards the growth of business and thus any organization must emphasize the following details to make their buyers feel like VIP and retain their trust and confidence in the organization-

Putting attention to Detail

The biggest way to gain consumer trust and confidence is to pay attention to the intricate details and specifications of the consumer and address their needs and desires. At times when the issues are heard with half attention, the user tends to miss out on the important details that might have been extremely important to satisfy the consumer’s desires and specifications. Thus if you are aiming to make your consumers feel like VIP, pay attention to what they have to say and need from the processes. 

Displaying a Welcome Sign

The user must never feel that his presence remains unappreciated and that any gesture on your part seems to lower the importance that he commands in your organization. When the consumer feels that he is unwanted and is not being greeted with enough importance in a business regulatory environment, he/ she decides to opt-out of the business dealings and go to a place where his importance is appreciated. A Welcome Sign helps in creating a perception that the consumers are welcome in the business environment and their importance is appreciated. 

Give a Proper Introduction to the Client

A first impression builds a lasting memory in the minds of the consumers. At times it is the first impression that lasts the most and helps in creating and strengthening the business bond between the organization and the client. 

For example- the business policies of leading e-commerce website development company Amazon has a great customer policy that focuses on making their first impression on the consumer exciting. Their webpages are designed according to the mentioned guidelines and criteria to make the choices of the consumers uniform and streamlined. Moreover leading e-commerce website development companies to aim to make their presentation and appeal more attractive to the clients. 

Maintain consistent body language while interacting with the clients

To make your clients feel special, you should be aware of your body language and manner of presenting yourself in front of the clients. For example- while attending a client’s meet where you are getting an opportunity to not only know your clientele base but also making communicative conduct possible with them, it is very important to understand the kind of behavioral pattern that you must practice while maintaining a conversation level to forward the dialogue. 

Careful Explanation of the Process

The most vital step in the process is attending to the needs of the clients through careful and attentive explanation of the details of the process to the clients. You must be patient in your attire and understand the needs of the client specifically. After careful analysis of the needs, you must always be attentive to the specifications of the customers. For example- a company can only improve customer relations by endorsing a healthy relationship with the client. Client interaction modules can improve only the professionals are inquisitive about customer participation and thus encouraging their activities. 

Talk Less Listen to More!

The final step in the process of making your clients feel like VIO is to talk less and listen to what the clients have to say. If you spend a majority of your time talking about what you have to say then you will not be able to devote enough importance to the process of meeting the needs of the clients. Thus listening more also makes the client feel that your objective is to understand his needs and realize what needs to be done. 

Conclusion

Thus it is of paramount importance that business organizations realize that customers occupy the highest quantum of importance regarding the conduct of an informed business decision. Thus client satisfaction should be the primary aim of customer service. 

If you are looking for the right solutions for your small or medium business, or even substantial and appropriate advice or mentorship, click here

Also Read: Major Cybersecurity Mistakes Business Owners Can Avoid

Vital Business Skills for 2021 To Learn

Five Must-Know Cognitive Biases That Influence Buyers

Five Must-Know Cognitive Biases That Influence Buyers

cognitive biases

One crucial aspect of marketing that many entrepreneurs tend to be unaware of, is customer psychology. There is a wide range of factors that affect customers’ and clients’ behavior. There are various biases which at times, negatively influence buyer outlook, sometimes even tip it in the favour of your competitors. The most common bias that customers usually have, the cognitive bias.

What is Cognitive Bias?

A bias is a set of beliefs that stop a person from taking a neutral, objective and at times, a fair decision. Cognitive biases, as the name suggests, make people make mistakes in cognition, i.e. understand what lies in front of them. People, affected by their own cognitive biases, decide against a businessman due to their memory, past experiences, trust in other people, etc.

Let us take a look at the most common biases people hold and how can they be used to convert leads into sales:

Confirmation Bias

The confirmation bias prevents people from making decisions or believe things which they already do not agree with. For example, if people believe, “Cheaper is Worse”, then they would tend to believe that a lower cost of things would result in bad quality. Moreover, they would readily believe someone who would say the same to them, as this would confirm their beliefs. This kind of bias is very common globally, and no matter how impartial one tends to be, they would ‘prefer’ to support what they already believe in.

When making a pitch, try to understand what confirmation bias your prospective customer has and mould your pitch accordingly. Even when not pitching your business to prospective clients, making people believe that they are doing the right thing when choosing you would work in your favor. No one free from bias; we just need to cater to it so that it does not become a negative thing while being good for business.

Loss Aversion Bias

People hate losing. No one likes a loss and people are at times, terribly scared of making a loss while doing transactions. It has been noted that a buyer would rather not make a purchase if it means they might lose money. A loss of a few Dollars is more frustrating than a gain of the same amount. If your pitch doesn’t make people believe that they are making the right expenditure, your chances of getting a conversion become low.

One excellent way to combat aversion loss is to offer a discount. This reduces the cost in the mind of the buyer and gives them the sense that they saved some money. Another way is to give them a free trial. When the free trial period ends, the customer would tend to believe they would lose out on the very good service they have been getting and are more likely to start paying and continue taking your services.

Anchoring Bias

Again, as the name suggests, people tend to ‘anchor’ their opinion based upon the very first review they get about a business. In other words, the first impression matters a lot. And oftentimes, this impression comes from others. In this age of the internet, people post reviews almost everywhere, including Facebook and Google. If you can get your happy customers to put up a byte in your favour, or write a great review which appears on top, this would make anyone new looking you up impressed.

Even if they have other biases that you can deal with later, getting good reviews where it matters most takes one worry off your hands.

Familiarity Effect

There is an age-old saying, “better the devil you know than the devil you don’t.” This aptly describes people’s fear of the unknown. Now, this doesn’t mean people view a new business as evil but are more likely to purchase goods and services from well-known businessmen and companies. This is one of the key reasons, many businessmen spend a very good amount of money getting publicity for their business.
As branding goes on and you build your business reputation, people will eventually come to you themselves.

Sunk Cost Bias

Most people tend to value time and effort more than objects. E.g. a housewife using a refrigerator for 10 years is less likely to be convinced to purchase a new one when repairs come up. Another example we would take is that of a car; the longer you have one, the more difficult it is to let it go. This is because of the time and effort that has been spent behind keeping it working, functional and looking good.
The same concept can be applied to customers as well, offering your customers a service for a long time will eventually make them less likely to give up on you, if it means starting from scratch with another businessman.

In a Nutshell

Biases prevent people from making decisions they don’t agree with. And this is the key reason why understanding them is important for business health. While spending money on posting on the internet, giving out advertisements etc., this aspect of marketing, at times, tends to get lost.

No one is free from bias and that is not necessarily a bad thing. Our biases keep us from making bad deals with other businessmen and also serve to protect us from what would otherwise be bad for business. From a customer’s perspective, their biases are aimed to protect them from wasting money. By understanding these biases and working around them to make sure customers get the best goods and services, a smart businessman continues his journey towards a successful and fruitful business.

If you are looking for the right solutions for your small or medium business, or even substantial and appropriate advice or mentorship, click here

Also Read: Top lessons businesses must learn from COVID 19 to grow post-pandemic

7 Tips for Building A Customer Service Team For Your Business

Questions to Ask When Creating Your Ideal Customer Profile

Questions to Ask When Creating Your Ideal Customer Profile

Questions to Ask When Creating Your Ideal Customer Profile

As good businessmen, customer profile matters a lot to us. Trying to acquire more and more customers is important. However, getting the right kind of customer is equally important. It makes very little sense if your marketing efforts and precious time is spent behind asinine errands which offer little to nothing in return. Marketing efforts are intended to not only find the right customers but also making sure a fruitful business relationship is established.

Customer profiling is creating your own database of basic information about existing customers, potential ones as well as generated leads. Typically, a customer profile includes information such as their name, company name (if any), age, address of billing etc. You can also add information such as their spending habits (if they disclose) if it suits for interests. Anything that isn’t invading into their privacy is good data to create a customer profile

So how does a businessman create the ideal customer profile? That is a question to which there is no definite answer. However, you can narrow down your search by asking some useful questions. These questions will help you weed out less fruitful people to help your business grow. Let us dive into these questions:

  • What is my best product?

At times, we have more than one product or service(s) to offer. As we try to look for customers, it becomes imperative that we zero down on what we want to sell. Once the thing to sell is finalised, we can begin looking for customers who will take it from us. When leads start pouring in, we can then focus on those ones first that stand a chance to give us the most business.

  • Is my product solving a problem?

There is a philosophy that revolves around the concept of solutions. People don’t purchase a product or a service. They purchase a solution to their problems. If your customers think you can offer a solution to a problem they face, they will come to you.

If you already have a database in the making, you can try to answer that question for every customer. Once you know what product or service you can provide to your customers, you can make tweaks to your venture accordingly.

  • How much money will my customers pay?

The key to running a successful business is the profit your services can bring. Profits are how we take care of our families and expand our business. Naturally, the more business you can derive from a customer, the better the customer profile. Ask yourself how much can you transact with a particular customer? If the figures are satisfactory, spending time and resources behind such a customer can be good.

  • What marketing efforts have been effective?

Your marketing strategies also impact customer profiles. Giveaway campaigns, competitions bring in a large number of leads. You may then sort your customers according to the response you received when you made those campaigns

  • What type of customers does my business attract?

Now, this is a major factor to determine your ideal customer profile. If your business primarily caters to other businessmen, a marketing strategy that reaches housewives may not be the best idea. Or if your business sells toys and games, young parents are your ideal customer. A good businessman would take a look at the kind of customers his business is getting the highest response from. 

  • How accessible am I to my customers and vice-versa?

Customers like to call or text to find out if they can get what they want in advance. If they can, they will likely visit you. Another factor pointing towards an ideal customer is if they have your contact with them and if they consider you approachable. A customer that believes in the quality of your venture is, of course, a great customer for you.

  • Can my leads/clients/customers refer me to more people?

If your customer trusts your work, they would also not hesitate to let others know. Mouth to mouth publicity is the best form of publicity. A customer satisfied with what you provide, who would recommend you to other potential customers is without a doubt an excellent customer as it is. If they also look positive with respect to other questions, then that customer’s profile seems ideal.

Conclusion

Building your customers’ profiles is very good for the health of your business. It gives you an idea of where your focus is and if it matches with your goals. Also, if your ideal customers’ list seems short, you can gain important insights into the determination of the steps you need to take going forward. You can also review your customer profile data to check if your marketing efforts are making sense. Asking yourselves these seven questions while making your own personalized customer database would aid you in improving your business.

If you are looking for the right solutions for your small or medium business, or even substantial and appropriate advice or mentorship, click here

Also Read: Major Cybersecurity Mistakes Business Owners Can Avoid

Vital Business Skills for 2021 To Learn

vital-business-skills-for-2021-to-learn

Vital Business Skills for 2021 To Learn

Vital Business Skills for 2021 To Learn

Come 2020 and all definitions of vital business skills went haywire. Due to the coronavirus pandemic, all of us had to close down our shops temporarily and faced setbacks. However, this setback brought us a very important lesson; business needs transformation. As we are now opening back up and businesses are getting back on track, a lot of us found ways to stay afloat in these testing times.

As we now prepare to fight more such adversities and gear ourselves up for the future, let us take a look at some skills which may have been lower in the priority list. These skills have now become vital for businessmen as we enter 2021.

 

  • Running Online Stores
    This skill is especially useful for shop owners. The fact that more and more people now are moving towards online shopping is a testament to that. Once you have your online store ready, you can start selling your products and merchandise online. This will not only increase your customer base but will also help you in keeping your business going on in case of another lockdown.

 

Also Read: A complete guide to opening Facebook Shops

 

  • Social Media Marketing
    While you take your business online, you might also want to focus on getting more and more customers coming to your website and putting up orders. Generating leads is an excellent way to get more customers and clients. Social media is the one-stop destination to get great results and even quality leads. Even if you don’t own a shop, getting clients the online way is the way to go in 2021.

Also Read: 10 Smart Tips to Use Social Media to Grow Your Business

 

  • Design and Video
    While dealing with online marketing, you will need to make creatives and promotional videos to put up on various media. Even if you hire a marketing firm, you might need to explain to them what kind of creatives you want. Knowledge of design becomes vital for business then. Once you have a good grasp of designing and creation, you will be able to make the most of this skill. You could take help from the internet to learn the basics of designing.

 

 

  • Accounting
    Well, accounting is not a new addition to vital business skills. What is new this time around is the way we do our accounting. Since we’re talking about making a gradual shift towards the digital era, taking your accounting to the cloud doesn’t look like a bad idea. There are many apps for this. Many ERP software providers are also now including detailed accounting extensions for better management of their customers’ business finances.
  • Google Ads & SEO
    Speaking of online business management, one cannot ignore the power of search engines and advertisement. Promoting your page(s) and putting up ads on Google is a great way to generate leads and have people take a look at your online business setup. You can always manage your expenditure on these platforms as per your budget. Learning how to design digital marketing material is also something one can quickly pickup. 
  • Data Analysis
    You don’t have to become a data scientist in order to analyze your parameters effectively. Google Ads, Facebook pages, Instagram pages etc. all offer analytics through their business partner program. You can get a detailed report of how your posts performed, how many people interacted with your promotional and non-promotional posts etc. Making sense of these is not rocket science and can be learned easily. Since we are heading into 2021, these skills are sure to become of the essence.

 

Why These Skills Are Vital?

The Covid-19 pandemic showed us that businesses can be deeply impacted by unexpected catastrophic conditions. Lockdowns brought the entire global economy to a standstill. When lockdowns started being lifted, online orders were the first ones to get on the track to recovery. What this means is that people would like to stay home and get everything delivered to them if they can help it.

Since we already have a large number of options available to cater to that demand, all we need now is the skillset. Taking your business online would require us to learn a few things which we could postpone earlier. Moreover, taking your business online doesn’t mean the offline physical business would need to be shut down. You can always manage both without it being too taxing a burden. Knowing a thing or two about e-commerce will always be beneficial for both, the businessman and the customer. It is a win-win for both. 

You can learn more about why soft skills are important here.

Looking Forward to 2021

As we enter 2021, hopefully, the world will be a better place than what 2020 left it to be. If you haven’t taken these skills up yet, there is nothing to worry about. One can still take time to learn these skills over time. Also, it is not yet too late to start learning these skills. Adapting to change is what a good businessman always does. And as we adapt to the new world order, tomorrow will surely be better than yesterday.

Also Read: Major Cybersecurity Mistakes Business Owners Can Avoid

Why You Shouldn’t Be Afraid Of Starting A Business In Your Twenties

Major Cybersecurity Mistakes Business Owners Can Avoid

Major Cybersecurity Mistakes Business Owners Can Avoid

 

The advent of the 21st century marked the beginning of the era of the internet and brought forth the term cybersecurity. Almost everything we know is, in one way or another, connected to the world wide web. After the DotCom bubble, in 2005, came the smartphones. With smartphones, came a huge army of web developers, trying to make life easier for us. Fast forward to 2020, smartphones and the internet are now an inalienable part of our global civilization. Almost everything can be easily done at the tip for our fingertips. Everything from alarms to documentation and photography to entertainment comes in one package.

Much like smartphones, we still use PCs and laptops, not devoid of internet connection either. And while the internet brought a revolution for more productivity, the bad side of the world also adopted the new technology for their dubious works. Fraudsters and criminals found a new way to dupe people of their money, status and self-confidence. Let’s take a look at some major cybersecurity mistakes we are prone to make as businessmen and how to avoid them.

 

  • Weak Passwords

Cybersecurity means keeping that information secure, which could be used to harm you. It is akin to keeping the keys of locker safe. Your passwords are the keys to your online lockers. Almost everything including your email, social media, bank accounts etc. are protected by passwords. Companies have guidances issued about how a password should be.
One mistake we all can make is to keep the password easy to guess by others. Birthdays, spouses’ names, children’s names are pretty easy to guess should someone decide to try to hack into your accounts. 

How to avoid it?
Keep your password complicated; something not even the closest of your people would be able to guess.    Add special characters such as @,#,!,$,&. Even one character makes it difficult to guess. Even if someone were to use a machine, a special character would take a much longer time to crack; this would give you enough time to intercept and react.

 

 

  • Divulging Your Credentials

Even if someone is dear to you, revealing your login information is dangerous. This doesn’t apply only to your bank accounts and apps. This also applies to all your social media handles and emails as well. Anyone with access could always login and pretend to be you to obtain sensitive information. This information may, in turn, be used for blackmail, extortion, impersonation and other illegal activities.

How to avoid it?
Never give your login information to anyone, no matter how trustworthy. Once you tell your login details to someone, it is as good as public info. If someone else knows your credentials, your sensitive data is at a risk.

  •  Thinking You’re Safe

No one is safe. Everyone is vulnerable. There are many fraudulent companies that have been involved in the process of duping unsuspecting of their money. These people buy user data from dishonest people and then use it to appear legitimate. They trick people into giving out their sensitive information. Any data you put online on a public platform is at risk and may cause you loss of money, reputation and potentially your customers.

How to avoid it?
Do not put up information such as your phone number linked to your bank account anywhere on the internet. You may put your business number to generate leads and get people to call you.
Always check for the HTTPS:// when browsing payment pages. The S in HTTPS stands for secure. This is at the start of the URL in the browser. If there is no S there, do not put in your credit card/debit card information.
Do not entertain any calls asking for your personal, account information, OTPs, etc. No banks, govt. Authorities and private companies all over the world make such phone calls. Any call you did not request is a potential fraud call.

  • ERP Software and IT Team

Your business, more often than not, has certain trade secrets and sensitive information that could impact it adversely if fallen into wrong hands. Account books, registry files, license information, etc. which are stored digitally are very important things critical to running your business smoothly and without incidences. A good ERP software comes up with security updates from time to time. Hackers and cybercriminals are always ready to exploit every weakness they can find.

How to avoid it?
Use trustworthy ERP software and train your employees and staff on how to use it. Your software vendor could also do it for you. Untrained staff members could make critical mistakes to cause you losses. Keep your software updated every time a new patch comes in. If you are a small business owner, keep your apps, especially the ones dealing with money updated.

 

In Short,

Businesses and businessmen often deal with huge volumes of transactions. You could have hundreds of transactions going on every single day, irrespective of whether your business is small or large. Even the smallest weakness in your virtual wall of defense could spell doom. Staying smart is the key to stay safe. One could think of all this as the new lock and key system for your shop. Awareness kept thieves away during simpler times. Awareness will keep cyber thieves away during these modern times. Your credentials are your keys, keep them with you at all times. 

If you are looking for the right solutions for your small or medium business, or even substantial and appropriate advice or mentorship, click here

Also Read: Top lessons businesses must learn from COVID 19 to grow post-pandemic

Why You Shouldn’t Be Afraid Of Starting A Business In Your Twenties

Why you shouldn't be afraid of starting a business in your twenties

Why You Shouldn’t Be Afraid Of Starting A Business In Your Twenties

Why You shouldn’t be Afraid to Start a Business in Your Twenties

“Once a boy enters his twenties, he is no more a boy. He is now a young man ready to take on this world.” – Unknown

As youngsters in their twenties, we are all riddled by a big question, “Is starting a business right now a good idea?” Almost everyone faces this question at some point in time in their life. People in their 30s or even 40s now have faced this question before, when they were young and strong. As we all ponder upon this question, the most diplomatic answer would be, “It depends.”

However, countless examples of successful businesses, which entrepreneurs started in their twenties flood the market today. The biggest examples include the likes of Steve Jobs(founded Apple Computers at the age of 21), Elon Musk (founded Zip2 at age 28) and Bill Gates (founded Microsoft at age 20). All these people are huge names in the business world and are revered by peers and business students all alike.

Business Doesn’t Need Age – It Needs A Savvy Mind

Age has never been a factor to become a successful entrepreneur. If anything at all, companies founded by youngsters get a longer time to mature and stabilise in their business. All this happens with the founders still at the helm of the business while they reach great heights. As an entrepreneur, you need a keen eye for the right opportunities and a passionate heart to solve a problem for the people.

Doing a business requires you to put in efforts, work on goals, deadlines and requirements of other people, all this while not letting it conflict with your interests. A businessman puts the requirements of his customers, clients, partners, financers etc. on the top priority list and works hard to ensure those priorities are attended to properly. An entrepreneur gathers a team of like-minded individuals that works towards a common goal.

The shortest possible list of requirements to become a successful businessman has three things – goals, a team, and skills. Your age is not a part of that list.

You Are More Energetic in Your Twenties

A 25-year old will tend to be more energetic, passionate, and willing to fail in comparison to someone a decade, maybe two older. This is the time when you have the energy to fail and get back up and start fresh. You can hustle a lot more when you are young and learn as much as possible. By starting your own venture when young, you get more time to make mistakes, learn from them, and build a successful venture in the long run.

So…What Business Should You Opt For?

Most typically, solving a local problem with your venture will get you success. You don’t necessarily have to be an innovator, although that would be great. Also, you can solve any problem people face. Even something as simple as opening a clocks and watches store in a locality could work wonders. This is especially true if there are no other watch shops nearby. This is just an example, there could be more such things. If you have a special idea, such as that of the WaterWheel, that would not only give you a clear road to success, but you would also be making the world a little better place for everyone. Do not despair if you don’t have an innovative idea of your own though. A business doesn’t work only on ideas; keep that in mind.

Then…What Should You Do?

  • Start off by setting your eyes on a type of business. Remember, there is no small or large business; there is just business. You could be a shop owner or a product manufacturer or a marketing professional; it is all up to you.
  • Once you have decided on the type of business you want to be in, start gathering skills needed for it. Just management wouldn’t do; you need to be ready to dive into operations and executions every time needed. Being an all-rounder will take you ahead of the competition. Guess what? Your 20s is the perfect time to learn those skills.
  • If you like reading, you have a plus. Reading broadens your perspective. The more you read the better you can relate to things. You don’t need to only read what is related to your stream; all kinds of books are good for you. The more you read, the more information you have and subsequently, the better you can make dots connect.
  • Start looking for patterns. This is a critical skill needed for every businessman. As youngsters, we have a better cognitive ability to etch out patterns and make relevant connections in the mind to come up with an ingenious idea to make your business zoom past any competition.
  • Meet as many people as you can. It is always useful to meet all types of people. This might seem repetitive and may get boring. However, meeting people is how you make contacts and contacts are a very important need for businessmen.

In a Nutshell

When you have business acumen, staying put is out of the question. Age has never been a factor in deciding an entrepreneur’s chances of success. Taking risks in your twenties is fine as long as you learn from your experiences and make the most of them. Building up skills, meeting new people, and finding patterns in seemingly random things is what separates a great businessman from a mediocre one.

If you are looking for the right solutions for your small or medium business, or even substantial and appropriate advice or mentorship, click here

Also Read: Top lessons businesses must learn from COVID 19 to grow post-pandemic

7 Tips for Building A Customer Service Team For Your Business

b2b-content-marketing-tactics-you-need-to-start-using-today

B2B Content Marketing Tactics You Need to Start Using Today

B2B Content Marketing Tactics You Need to Start Using Today

B2B content marketing is one of the most underrated marketing methods, the primary aim is to expand your business and attain brand affinity. B2B Content marketing is used to ultimately drive leads and sales by appealing to other businesses. This efficient marketing method is an attempt to inform other firms on what you do and how they can benefit from it. 

B2B content marketing runs on three elements which is the trifecta of content marketing:

  1. Useful 
  2. Engaging 
  3. High quality

The content should be highly engaging because that is the point you can attract other firms to come in contact with you. 

The content should be less personal and more value-driven by also focusing on the lead generation and building a relationship with business buyers.

B2B Content Marketing tactics you should make part of your digital prodigy: 

  • Campaign goals

Setting up goals is essential to generate new leads and set a target number for audience acquisition. Everything comes with a price tag, set up clear goals for the campaign.

Establish a goal of how you want the result to be. If you do not set a goal, that is useful for the campaign, the money put into the campaign will go in vain.

Set quantifiable goals that seem possible such as getting 1000 signups on the website in 3 months. It is necessary to set up realistic goals for the B2B content marketing strategy.

  • Research 

When targeting a specific audience, it is necessary to understand what kind of content does the audience consumes. Analyzing will help you in building the content that is beneficial to the audience. 

Research doesn’t mean you have to spend days and days analyzing how to go about, it can be as simple as looking out of competitors and what kind of keywords or content they are putting into place and how you can do better than their methods suggested. 

Once you get a brief understanding of your content is to be marketed to the audience, now jot down the ways you can implement your ideas. 

  • Conversion rate

The cardinal task of performing B2B content marketing is generating leads and having decent conversion rates. 

You need to build content that helps you to convert site visitors into paying customers. Leads can be things like signing up and looking at the other pages of the website, but conversion rate only speaks when someone buys a product or adds your product or service to the cart for the final check out. 

  • Storytelling 

For successful content marketing, it is quintessential to connect with the audience, and that is where decent storytelling about your business comes in. Each brand has a story to tell, so this factor simplifies the process of connecting with them and makes the audience be part of the conversion rate. 

Storytelling majorly revolves around the topic of why is branded would be valuable to add to consumer’s life. Once you connect with the audience in a different space, the results fall in place as you can see the conversion rate going up the analytics dashboard. 

  • Blogging isn’t the only solution!

Many firms often confuse blogging being the only option to perform content marketing. Blogging is the stepping stone of content marketing apart from this. Many other tools also can help you target the audience. 

If you want to scale- up your marketing efforts to reach the audience, do not stick with blogging, leverage other ways too.

Having a constant adaptive ability is the crucial factor that can get you to offer more value in terms of content in conjunction. 

Creating content that is scalable, visually appealing with all the information leverages the content marketing to the fullest. Create a strong persona about targeting the audience and put in all the content marketing tactics to obtain the best results.

B2B content marketing is the best place to deploy buyers’ persona and act accordingly in targeting the audience. 

Well, do not worry campaigns are the bits and pieces, you can initiate as many as you want until you reach the specific target goals.  

If you are looking for the right solutions for your small or medium business, or even substantial and appropriate advice or mentorship, click here 

Also Read: Top lessons businesses must learn from COVID 19 to grow post-pandemic

7 Tips for Building A Customer Service Team For Your Business

10 Productivity Tips to Help Small Businesses Succeed

10 Productivity Tips to Help Small Businesses Succeed

Productivity Tips to Help Small Business Entrepreneurs Succeed

Starting and running a business successfully is an excellent way to make money. Business entrepreneures have largely defined the flow of economies since ancient times. The concept of business is as old as money itself. A business can be anything from a product to a service. However, not every venture started by people finds success. Young entrepreneurs, especially when inexperienced need strong boosting and support to take the path to success. 

 

Every business needs hard work, tedious bookkeeping, management and negotiation skills and much more. Productivity, a very important attribute for getting maximum work done in minimum time is one of those important things every businessman needs mastery over. Here are a few productivity tips to help budding entrepreneurs start making it big by wasting a minimum amount of time:

1. List Down Priorities

Your priority list must include those tasks on a higher priority that impact your settings the most. For example, a meeting a prospective client for a large scale contract. Now this one was a no-brainer, but there would be other things like bills and invoices which can have a large effect. Prepare a daily checklist with the most important tasks on the top.

Productivity Tips to Help Small Business Entrepreneurs Succeed

2. Offer Assistance Before Asking

This small gesture leaves a lasting impression on people around you. If you offer to help them, they would be more welcoming and open to help you next time around. This, in turn, helps one build lasting business relationships.

3. Time Management is Necessary

We only get 24 hours everyday. Out of that, we only get so much time to do what matters. Using it wisely is extremely important. Once your check-list is ready, allocate how much time you want to spend behind each one.
For your employees and subordinates, have them fill in timesheets or get time management software to help them manage their time better. This will also help you identify the tasks which are taking up more time and make tweaks accordingly.

4. Automation saves a lot of time.

Let the AI or computer handle the minuscule tasks so that you and your people can focus on the more important tasks at hand. It is always a good idea to make machines do the time taking things and maximise productivity.

Also read: 8 highly effective habits for young entrepreneurs

5. Streamline Work Flow and Process

Streamlining work flows and making communication paths clear helps in making sure no time is wasted behind unnecessary office rituals getting everyone up to speed. Clear communications, record keeping and time management are the keys to building a profitable and successful business over time.

6. Set Up Your Tool Inventory

Every task needs tools to get it done quickly, effectively and efficiently. These tools may not just be physical ones but also computer-based. E.g. a car service center would need wrenches and screw-drivers; a photography studio would need Photoshop. Both businesses rely on some kind of tool(s) to make their job and customer service easier. Get a list of the tools you might need to make sure transactions and work tasks can be executed fast.

7. Keep Everyone On-board

Your partners and employees both give their time to the company. It is imperative they know how things are going and what is being expected of them at all times. Take a daily stand-up meeting at any point in time during the day to ask them for any new development(s), good/bad news etc. If possible, give them new updates on how things are looking and what the immediate plan is. You don’t need to divulge all info; just what seems important.

8. Give a Personal Touch to Your Offering

Clients and customers return when you make them feel good about themselves. This is achieved when you add a personal touch to your service. Let your product or service feel like it was designed for them.

Productivity Tips to Help Small Business Entrepreneurs Succeed

9. Make Most of Your Flexibility

Every field of work has its own set of niches. When a business is small, you have a lot of flexibility and can adapt to changing trends more easily than a large one. E.g. A large furniture store would typically be famous for one or more types of furniture and not every type. If you have a store too, you need not be ‘famous’ for any specific thing. That is flexibility which you can leverage to suit your style.
Similar to the shop example, you can scale up your business eventually and carve up your niche as you progress.

10. Get Rid of Distractions

Your office/shop is where you’d be spending your entire productive time of the day. As the day progresses, one tends to lose their focus and even something as minuscule as a phone notification can result into 5-7 minutes of wasted time at a stretch. Try to keep your phone away from you if possible. Keep your email application closed so that the clutter of unwanted emails and spam doesn’t distract you.
Another example one can take is If you sit in a shop and there is a lot of traffic in your area. You can try sitting in a way that blocks the street-view so that you don’t get disturbed by it.
Whatever works for you is the best thing for you.

In a Nutshell

Businesses don’t become successful on their own; they are made successful through sheer will, hard work, determination and making the most of the time available. A new business usually starts small and eventually grows bigger and better. Making the right choices and staying productive is the way to go, be it a manufacturing unit or a service shop. 

If you are looking for the right solutions for your small or medium business, or even substantial and appropriate advice or mentorship, click here.

Also read: Strategies to be Implemented to Reduce Financial Stress in Businesses

Best Ways to Identify Market Opportunities for Business Growth