Categories
Entrepreneur

3 Investments That Will Bring Your Business to the Top

As the old saying goes, you have to spend money to make money. And it has never been more true than in this day and age. The first and most important step is always deciding what percentage of income we need to reinvest in our company. The second one is in which part of the business we want to reinvest it in. This is never an easy decision. Most entrepreneurs suggests reinvesting 15- 20% of your monthly income in order to ensure exponential growth.

Deciding on the percentage we are most comfortable with depends solely on the state of our business and the desired growth rate. Now when it comes to choosing what to invest in, it is a whole other ballgame. The choices are numerous and not all entrepreneurs always make the right ones.

This article is bound to help you decide which ones are best suited for your business niche.

So let’s start!

Invest in your business security

It is one of the most important investments you can make. Ensuring that your customers feel safe sharing their personal data with your company is one of the key factors in customer retention. The first step is ensuring that your cybersecurity is top of the line and that you can rely on the company you are outsourcing this aspect of doing business to. Apart from quality cybersecurity for your digital data, additional investments should be made to you onsite security, alarm systems and careers are always a great option. You need to protect both your physical and digital inventory.

Finally, don’t forget about insurance types your business might need. Investing in various insurance options will provide additional protection for your business. You will also be able to get through some difficult times if you have the right policies in place. It might seem like a substantial sum of money that you need to invest every month, but the security it guarantees for your business and for you personally far exceed the costs.

Make sure you provide your customers with different payment options

Having several different payment options can help you get to ensure that you get paid more quickly and easily. So investing in opening different payment channels is always a smart option.

In addition, if you deem it necessary for your future investments you can always consider debtor finance options. They can ensure you have the funds you need for additional investments and it is secured by your outstanding accounts receivable. You’ll also need to offer a variety of online payment options for most of your future customers, from card payment to Paypal and even electrical invoicing.

In this case, it is essential that you listen to your customers and their needs and adjust the payment option accordingly. By making this process quick and seamless you will be able to retain more customers and ensure better customer retention.  Investing in this area of doing business is essential, as it will bring your company closer to your customer base. And, at the same time, it will enable you to tap into different funding options.  

Don’t overlook the importance of digital marketing

Now investing in marketing is one of the most important duties of every responsible entrepreneur. Now, this begs the questions what aspects make for the best possible investment option. Of course, the answer is cross-platform marketing campaigns, ones that can reach the biggest target audience and ensure a viable ROI.

So, what does this approach include? First and foremost, having a quality website that will have a low bounce rate due to its speed and the captivating visual experience it offers potential visitors.

Then comes the creation of smart and insightful social media campaigns. Now, if you are personally not skilled in this department, a far smarter option would be outsourcing digital marketing service and having professionals take on the challenge. It would definitely be an investment that will put your business on the map.

At the same time it would help you obtain the desired amount of customers. Then the only thing left would be ensuring you have the needed retention rate, and that solely depends on the quality of your service and product.

So there you have it, three very straightforward investments that can help you take your business to the next level. The competition is fierce across all business industries, so it is essential that both small and big business ensure they get a piece of the market. And the most effective way of achieving this is through meeting customer needs and desires. In most cases that includes high service or business quality, maintaining open lines of communication and adhering to the obtained feedback. And most importantly ensuring your customers feel safe doing business with your company.


Victor T. Miller, a Sydney-based business and marketing specialist and a regular contributor on Bizzmark blog. I am a person who loves to inform people about the latest news in the marketing industry also as sharing tips and advice based on my professional experience and knowledge.

Categories
Entrepreneur

4 Management Secrets That Make Your Business Succeed

One of the essential factors when it comes to business success is quality management. So having the right person with the right skills set and experience on a managing position can literally make or break a company. According to Gallop, managers account for at least 70% of the variance in employee engagement scores across business units. Yet, companies tend to fail to choose the right candidate with the right talent for the manager job 82% of the time. And this, in return, leads to poor results and a visible lack of success.

Successful managers have their own tips and tricks to help propel a company forward even from it’s beginning and this article features some of them. So if you want to learn more on how to improve your management skills, continue reading.

Creating a productive work environment

This is the first, and probably the most important step. Building and fostering intrapersonal relationships with the people you work with is essential for creating a productive environment. Employees need to see their manager as trustworthy, caring, knowledgeable and decisive, someone they can rely on and get guidance from. In addition, they need them to help them understand their company and policies better so that they can engage more. Otherwise, the company hierarchy will crumble.

The importance of good employee management skills becomes even more evident if you look at the following numbers, in two large-scale studies in 2012 only 30% of U.S. employees were engaged at work, and just 13% worldwide. So a manager needs to be the one to motivate the employees, help them reach their full potential and provide them with all the necessary support so that they can up their performance thus improving the overall success of the company.

Having all the data

A good manager collects all the available data before making any type of decision. For any company operating on a global level, it is vital that the gathered information covers all the areas where the company has its interest. So if a company, for example, is based in Hong Kong, and at the same time has operations in the US and Europe, a manager needs to get data from all three locations in order to make an executive decision regarding any given subject.

Not only that, a manager also needs to know the current state of the company, so it would be a wise decision to opt for ESG reporting in Hong Kong in order to be able to estimate the future financial performance of the company, and to see where adjustments can be made as to improve the current state and attract more investors. Gathering data and knowing how to use the information you are provided with constitutes a large portion of a manager’s job description.

Following through

Good decision making and the ability to follow through are essential traits of a great manager. Any decision that you make needs to be backed by data and research so that there is little to no probability of failure. Next, it is essential that you as manager follow through on what you have said or decided. Giving up or failing will not reflect well on the company nor on you as a manager. And following through is only possible if you have a clear vision and execution plan.

Of course, you can adjust it a bit along the way but the goal should remain the same. This type of management helps build trust not only among your employees but with your clients as well. Seeing that your company delivers on what it has offered is a great way of building long-term partnerships with other companies and clients.

Investing in personal growth

In order for a manager to demand certain skills and knowledge from their employees, they also need to improve their own and to invest in their own education and skill improvement. One of the biggest dangers for managers is stagnancy, to get stuck in your ways and unwilling to bend and adapt to new and different working conditions that are dictated by the industry.

According to Liz Elting, co-CEO of business language services firm TransPerfect, “The biggest threat to a successful business is becoming static and losing a desire for innovation,”. This is something that is very true for both the business and the managers. And that is why investing in personal growth and knowledge-gain is so essential.

The lack of effort is usually blamed on the lack of time, but with the right organization there can always be a free slot for learning new things and engaging in new endeavors, all that is needed is a bit of willpower. Finally, a good manager understands that if they don’t work on getting better and keeping up with current trends both they themselves and their company are at risk of being run over by time and innovation leading the business industry.

So there you have it, the four essential management secrets to help you get your business to the top and help it stay there.

Bio:

Victor T. Miller, a Sydney-based business and marketing specialist who has expanded businesses over 5 years. I am a person who loves to inform people about the latest news in the marketing industry also as sharing tips and advice based on my professional experience and knowledge.

Categories
Entrepreneur

How to start your business on the right foot

Deciding to start your own business is exciting, but if you want your new enterprise to succeed,there are certain steps you need to taketo make this happen. Read our guide on how to start your business on the right foot and give your business the foundation it requires to flourish.

 Acquire the right backing

Although you may think it’sbest to useyour own money to start up abusinessbecauseif things go wrong nobody butyou will be affected, but it actually makes more sense to use reliable investors.With investorsand even a loan, you could start your business with much more money than you initially thought, allowing you to set up your business and premises to an excellent standard. BonsaiFinance recommends CashNetUSA as this lending companyis legitimate and is a prominent online lender.

 Create an excellent business plan

A business plan serves several purposes. Initially, you will require a realisticplan to convince financial backers that your business is a worthwhile investment. A business plan is also the perfect way to focus on the purpose of your business, your goals and the way in which you will achieve these goals and sustain your business.A business plan needs to include the exact nature of your business, the type of consumer you will attract, how your business differs from others, information regarding competitors and their success rates, and accurate and realistic profit projections for the coming years.If you aren’t confident that you have the organizationalskills to create an impressive business plan, hire a professional.

 Be dedicated

The passion you felt the moment you came up with your perfect business idea needs to remain throughout the process. Running your own business is hard work, during hard times and successful periods. You will need to make sacrifices before you reap the benefits,and this is whyyou need to be dedicatedto making your business a success. You can expect to be working up to 70 hours per week as you try to establish your business and your social life, and even your family life could suffer as a result.You cannot afford to be side-tracked, andif you do have a family, you will need to explain to them that you need to work long hours in the short term to reap the benefits of a successful business.

 Don’t burn out

Although you must expect to be working long hours, especially as your business becomes established, it is important to factor in time for relaxation. Eat healthily, schedule regular breaks and ensure you get sufficient sleep each night. Don’t burn the candle at both ends and as tempting as it is to host business meetings over dinner and drinks, don’t get carried away. After all,alcohol and late night are a sure-fire way to burn out quickly!

 Create the perfect brand

Branding is extremely important and is an immediate indicationofthe natureof your business. Tocreate the appropriate brand for your new business, you need to understand your customers. Think about what your company has to offer customers andother businesses, and even to the environment. Is yours an ethical business? Is it a family-run company? Do you want to encourage a friendly, interactive vibe around your brand, or is yours a strictly informative and fiercely professional business? Getting to the crux of what your business offers will help you create a logo, choose a colorscheme for your website, and determine the type of content you write for your web pagesand blogs.

 Create the perfect website

Every global business is web-based in some manner which is why you need to create a user-friendly, easy-to-read website. Visitors to your site will be drawnto your site via search engines, which is why your content needs to take advantage of Search Engine Optimization, or SEO. SEO helps to keep your website at the top of search pages, making yours the company site potential customers will visit. Once visitors have clicked onto your site, you will need to keep them there. You can do this using eye-catching images, and interesting content.High quality, appropriate images are known to entice visitors to read content, andyou can acquire top-quality stock images from a variety of free sources. Again, if you aren’t confidentinproducing the content for your website, you should hire a professional content writer to do this for you. Alternatively, you can employ a company or professional to take care of the entire site.

Blog often

Many people enjoy finding out about other people’s personal lives, andit is no different when you are a business mogul. Make your customers part of the journey by including a personal blog about your business journey. Visitors to your site will want to revisit your blog for the next intriguing installment. If you don’t mind being in the limelight, includeimages of yourself on business trips, relaxing, or interacting with clients. Should your business not be the kind to be so personal, a blog is still essential but will be of a very different nature. Strictly professional blogs should be informative and contain up-to-date information. Use current affairs and daily news as inspiration and invite readers to leave comments and share their own experiences 

Use social media

Social media is a brilliant way to show off your product or services, interact with consumers, and to network with other businesses. Ensure your branding is consistent on your website, and on all social media sites, soyourcompany is easily identifiable no matter what platform is accessed. Post relevant statuses, images and tweetsand always react to comments quickly and professionally. Social media pages can be used to get users to share your business via competitions or simply by users commenting on your page.If you do plan to run competitions on your pages, ensure you read the terms and conditions for each site carefully, so you do not break any rules or legislation.