4 Common Traps and Pitfalls That All Small Businesses Must Avoid
Starting and running a small business is no small feat – no matter what industry or trade you’ve chosen to make your mark in. After all, unlike larger corporations and well-established enterprises, small companies usually have to work with modest budgets. And with limited financial resources, any error, oversight, or misstep can create irrecoverable setbacks and keep you from achieving your goals.
The good news is that it’s not difficult to steer clear of making potentially catastrophic mistakes. And in this article, we will talk about the most common traps and pitfalls that all small businesses must avoid.
- Refusing to outsource work
A common mistake that many inexperienced entrepreneurs and business owners make is keeping all of the work that their operations require in-house in an effort to save money, only to realise that doing so costs more than they initially thought. So don’t fall into the same trap and outsource work, especially if the job requires the expertise and knowledge of trained professionals like contract packing, warehousing, or fulfilment. In this way, you’ll keep your fixed expenses at a minimum without compromising the work involved.
- Spending before taking the time to shop around
Expenditure will always be an unavoidable reality of business. There’s no getting around this fact. However, this doesn’t mean that you should spend more than what the company requires. After all, the lower your overhead costs, the higher your profit margins. So make sure that you take the time to explore all available options. It may sound like a tedious task to shop around. However, you’ll improve your chances of finding much better deals and cheaper choices if you do.
- Skimping on market research
There’s no denying that optimism is an important quality that no entrepreneur should ever be without. However, we should never pin our hopes on it alone. Instead, conduct extensive market research first. By understanding what your target audience wants, what your competitors are doing, and the expectancy for growth and development in the industry, you’ll be able to minimise your financial risks and maximise the likelihood for your business venture’s success.
- Hiring the wrong people
The workers are the foundation of any company. Without them, it’s highly unlikely that a business can achieve success. As such, it’s vital that you choose the right people. Implement a comprehensive hiring process before you start recruiting. It may sound like a lot of work now, but screening your applicants thoroughly will help you weed out those who aren’t qualified for the job. And, in turn, allow your business to choose those who can fulfil the duties and responsibilities that your company requires.
There are no fool-proof and guaranteed formulas for success in any business … Read more
Is Building a Strong Brand Identity Important?
Brand identity encompasses a lot, and defining it can put significant limitations on what it actually is. From a customer point of view, brand identity includes mental associations with your brand and the emotion it triggers.
Amazon’s growth was explosive, and its ability to sustain its brand promise is impressive. It promises to deliver an exceptional shopping experience, catering to frugal and luxurious clients. The brand manages its identity well, with reports in January 2020 saying that Americans trust Amazon better in doing what is right compared to various government officials. Not only do consumers buy from this no. 2 on the Fortune 500’s list, but they also trust it big time. How else is brand identity important?
Consumers recall you first
What’s the first brand to come to mind when you think of pizza? If you think of this brand and purchase from it too, you regard its brand relevance as high. It takes a lot of effort to be a relevant brand—the buyer’s first choice. The first step to acing their list is to have a strong brand identity where your name is easily associated with what your business does.
It builds a sense of community
Consumers attach deeper to businesses they value. Humans have a natural tendency to go after choices that nurture their sense of belonging. Once you fulfill this need, consumers will become advocates of your brand for as long as it takes.
It attracts like-minded consumers
Some businesses do well in supporting the deaf and mute community. If you have programs like this, make sure you communicate them to consumers. Many of them will feel elated, knowing that their purchases empower a community that deserves better recognition for their talent and abilities. Similarly, if your business admires the LGBTQ community, you can show love and support through pride shirts. Efforts like these create an inclusive culture that encourages hope and downplays fear.
It helps weather the storms
2019 was not particularly easy for the brand, Apple. The uncertainties between the US-China trade threatened to put tariffs on iPhones, they had a lengthy battle with Qualcomm, and the unveiling of 5G enabled competitor devices to endanger their sales. Strong brand identities clearly establish the ‘why’ behind businesses, which will help you navigate through the stormy days. In April, Apple and Qualcomm finally settled their issues as they agreed on a six-year patent license agreement. The deal is good enough for Qualcomm and even better for Apple, who’s under pressure to produce a 5G enabled smartphone. This reminds brands that even legal battles should be ironed out to keep true to their growth endeavors. Apple’s identity is about innovating smartphones, and it couldn’t do so … Read more
Enterprise & Economic system News The Latest From Al Jazeera
Home stock markets reversed early losses to break a three-day dropping spree on Wednesday, shrugging off weak point in Asian peers on global progress issues. Domestic inventory markets extended features to a second straight session amid positive international cues.
Dow closes up than 1,000 points in best day for Wall Street in 10 years as stocks rally again from Christmas Eve beating. A slowdown in international progress and company earnings is forecast for 2019, in accordance with the Global Funding Outlook 2019 report by international funding management agency BlackRock.
Eurozone inventory markets have fallen additional and London flattened on the open following large losses for Tokyo and on Wall Road. An unbelievable day on Wall Avenue, the place major indexes finished not less than 5 % higher, lifted Japanese shares however garnered a combined response elsewhere in Asia and Europe on Thursday as some merchants returned from a Christmas break.
A world economic system that until just lately was buzzing has damaged down. The Federal Reserve raised its key rate of interest Wednesday for the fourth time this 12 months to reflect the U.S. economic system’s continued power however signaled that it expects to gradual its rate hikes subsequent yr.
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Home inventory markets reversed early losses to interrupt a three-day losing spree on Wednesday, shrugging off weak spot in Asian friends on international growth considerations.
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Sturdy buying interest witnessed in banking, monetary providers and infrastructure shares pushed the important thing indices higher, however losses in IT and pharma sectors kept the upside in test. Shopping for in IT, power and fast-moving consumer goods shares pushed the markets higher, but warning amongst buyers ahead of the expiry of month-to-month derivatives contracts restricted the upside.
As US President Donald Trump makes various assaults on the independent Federal Reserve, a White House adviser steps in to allay fears and quell global market instability in response to the attacks. Bloomberg Quint is a multiplatform, Indian enterprise and financial information company.
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After four-day rout in US markets, shares soar as much as three p.c; still largely down for the week. An unbelievable day on Wall Road, which saw main indexes ending at least 5 p.c higher, spurred early features in Asia on Thursday as some merchants returned from a Christmas break.
Domestic inventory markets began Thursday’s session on a optimistic notice, taking cues from Wall Street as US stocks recovered from heavy losses after the White House assured that US President Trump … Read more
Things to Do to Have a Productive Meeting Over a Heated Issue
You already expect some topics during the meeting with employees to be tough. You even know what the possible ideas of both sides are. With the personality of the people involved in the meeting, you know it would be a rough discussion. Despite that, you have to face everyone and move ahead with the meeting. The goal is to stay productive even if you expect yelling and possible insults.
Talk to different groups separately first
You might already have an idea about the people who will end up fighting during the meeting. It’s not necessarily due to personal issues, but of how passionate everyone is. The employees want their ideas to succeed, and they will do everything to defend them. Understanding where they’re coming from will help you facilitate the meeting. You can also talk to them to stay calm during the larger conference.
Set rules
If you have to preside the meeting, you need to set clear rules. Make sure that everyone understands the rules. You can’t allow the employees to talk over each other. It would help if you also reminded everyone of professional courtesy. Despite the differences in opinion, there could still be respect.
Determine how you’re going to settle the conflicts
It also helps if you can settle the differences in a democratic way. For instance, after presentations and discussions, you can put ideas to a vote. The results should be final, and everyone has to respect them. If a group of executives will decide, you should also make it clear to everyone.
Take one issue at a time
If you have several issues on the table, and all of them require detailed discussions, you have to take things one at a time. You can’t expect several resolutions in one meeting. If anything, you’re only making things worse. If time isn’t enough, you can schedule another meeting on a later date.
Provide snacks
When people are hungry, they become angry. Given that the discussion could be fierce, you can at least provide snacks to lighten the mood. It’s also more fun to talk while eating than waiting until hunger strikes.
Never show you already chose a side
Even if you believe one idea over another, it doesn’t mean you have to be obvious. You need to maintain impartiality throughout the meeting. If one group feels like you favour the other, it could make things worse.
Another way to show you are fair is by giving everyone the chance to speak at an equal time. You can even allow a PowerPoint presentation if necessary. Don’t forget to invest in a projector ceiling mount so that the discussion would be smooth and professional. If you have a huge … Read more
5 Financial Activities Commonly Outsourced to a Bookkeeping Firm
Most business owners are aware of outsourcing accounting services but often find it hard to choose which tasks to delegate to a third party. Many concerns complicate the decision, such as budget constraints as well as issues with authority. In which case, the most sensible solution is to determine which functions yield the most return of investment.
Indeed, while the question of what to outsource varies according to the needs of each company, there are specific activities most likely delegated to a third party, regardless of the unique requirements of the business.
Repetitive business tasks
Financial tasks are always repetitive. Some examples include preparing accounts receivables and accounts payables. According to www.kenbellaccounting.co.uk, many medium enterprises today rely on accounting software to simplify these functions. But, if your business doesn’t have the same capabilities, the next best solution is to outsource to a bookkeeping firm that can manage these tasks efficiently.
Tasks completed manually
Despite how computer-dependent most businesses today are, there are still some financial tasks typically completed manually. Usually, these activities are reserved for an experienced accountant or bookkeeper. The problem with manually completing tasks is the higher likelihood of committing errors. Having to correct mistakes isn’t only time-consuming, but also detrimental to the business if left unchecked. The benefit of outsourcing these activities is the peace of mind and confidence knowing that the company handling the tasks is experienced, capable, and highly competent.
Payroll operations
One of the commonly outsourced financial functions is payroll. Most businesses today prefer to outsource payroll-related tasks because of the complexities and nuances associated with these activities. A bookkeeping firm has the resources, such as the right software to use, which will make payroll management and implementation more efficient. Also, having a dedicated team working on all payroll-related issues will ensure that all concerns are directed and resolved by the same team.
Tax-related functions
Most companies dread tax season because of the amount of work it takes to prepare and file taxes. There’s always a possibility of missing out on write-offs if the taxes aren’t filed correctly. Instead of taking chances, it’s best to outsource tax functions to an experienced bookkeeping company. They’ll be able to include all activities qualified to receive incentives. Also, an expert bookkeeper has updated knowledge and expertise on regulations and laws that apply to business taxes.
Tax activities specific to each locality
Paying sales taxes can be confusing if local rates and national rates apply for each transaction. Nevertheless, even if only one sales tax applies, each payment should be precisely tracked and recorded. Any mistakes made in charging and paying for these taxes could result in penalties and fines for the company. The good thing is, … Read more
The Costs of Poor Business Website Design Choices
Professional web design is not cheap. Don’t expect high-quality sites to be obtainable for free or a rock bottom price. In the UK, the cost can be in the £400 to £900 range. Web designers at https://xist2.com/ offer competitive pricing, but they most certainly cannot provide integrated designs at zero cost.
It takes creativity, knowledge about the latest trends and competent technical skills to come up with great site designs. It’s understandable why designers don’t settle for prices that don’t match the effort and time they spend on a project. But, enough of the emphasis on spending for quality web development services. The discussion here is about the costs of making the wrong web design decisions.
High bounce rates
Bounce rate refers to the ratio of the number of site visitors who leave a site after viewing only one page and the total number of site visitors. Here’s an illustration: if seven out of 10 visitors decide to abandon a site after only seeing the homepage, the bounce rate is 70%. This is considerably higher than the preferable range of 26% to 40%.
High bounce rates mean an inability to attract customers. The reasons for such high bounce rates include but aren’t limited to bad aesthetics, poor navigation, non-intuitive layout and technical problems. It can be interpreted as lost sales due to the listed reasons; something businesses should address as soon as possible.
Unflattering first impressions
For most customers, web design is about the aesthetics and experience. You can’t blame customers for leaving if your online store’s design and UI is reminiscent of the pioneering iteration of HTML. First impressions may not always last, but they determine if a prospective customer becomes an actual buyer.
Avoid losing potential customers by making sure that your ecommerce site leaves a good impression that compels visitors to spend more time and, ultimately, click the ‘Buy’ button. Ensure that your website is in tune with the times, fast-loading, and free from glitches that can ruin the user experience.
Lost regular customers or patrons
Bad design does not only drive new customers away. It can also cause customers to abandon an online store that they frequent. Implementing a website design change, for example, can result in adverse reactions from regular customers.
If you update your online store’s layout, for example, you risk the possibility of alienating many customers who prefer the old interface and processes. They might find the change too radical, so they end up trying other sites. To avoid this, it is advisable to introduce changes gradually. You can also provide customers the option to revert to the old design if they don’t like the upgrades.
The bottom-line
Technically, lost customers are not … Read more
Tips for investing in Gold Bullion
It is really hard to believe that there are still individuals who do not invest in anything. Of course, some people might just be saving money. But you should have your money working for you. Just count how much money you could earn instead of losing it because of inflation.
You know, the world situation is not always stable, especially now. So, maybe it is better to think about your future and your kds? Of course, you can get a business going. But it is crucial to realize that not all the people are born businessmen and you take huge risks making your own product. What if you want to develop your business slowly, hence hindering your financial success?
You have an opportunity to invest in bank deposits, real estate (both residential and commercial), company stocks, numerous hedge funds, and so on. But one of the most classy and reliable methods is precious metals investing. Gold always goes up in value. And it does not lose ground. According to Wikipedia, “compared to other noble metals used for investment, gold has the most effective safe haven and hedging properties across a number of countries.”
What you need to know for investment in precious metals
Speaking about gold, why is it so valuable all over the world? It is so for a reason that there are a small number of gold mining spots on our planet. Moreover, gold mining is a laborious and long-lasting process. Gold as metal can boast of unique physico-chemical parameters like anti-corrosion, high plasticity, and excellent electrical conductivity. As an investment product, gold is known for:
- High liquidity. Not depending on the word situation or any crisis, gold can be sold. It can become more expensive or cheaper, but in any case, it will never be depreciated.
- Stability. The gold value rises slowly but steadily.
- Recognition. At all times gold was a universal medium of exchange.
Purchasing gold you can save your money from inflation, devaluation, and loss of purchasing power. There are also different methods of gold investment. Your gold may be invested in coins, bullions, exchange trading, and depersonalized metal accounts. But buying gold bullions seems to be one of the easiest and profitable options.
If you are determined to make the right choice and invest in gold bullions, we highly recommend you to refer to professionals. One of them is Auctus Metals which will help you from the beginning of your way to gaining a real income.
However, if you are still not ready for purchasing gold, you have an alternative. And it is Silver bullions investment. What are the pros of silver investment?
- A low value;
- The metal deficit which
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Nomura Holdings Inc goals to increase its share of business arranging overseas exchange hedging, acquisition finance and different deal-related providers for corporate shoppers in the United States, the CEO of Japan’s largest funding financial institution stated.
Domestic stock markets started Thursday’s session on a optimistic word, taking cues from Wall Street as US stocks recovered from heavy losses after the White Home assured that US President Trump had no intention of firing the US Federal Reserve chairman.
Dow closes up than 1,000 points in finest day for Wall Road in 10 years as shares rally back from Christmas Eve beating. A slowdown in global development and corporate earnings is forecast for 2019, according to the World Funding Outlook 2019 report by international investment management firm BlackRock.
Oman International Improvement and Investment Firm (Ominvest) has acquired an extra stake in National Finance Firm to increase its shareholding within the firm to 34.6 per cent. Never miss a beat on stocks, mutual funds, and ETFs with personalized Watchlist and E mail Alerts.
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After 4-day rout in US markets, stocks leap as much as three %; still largely down for the week. An unbelievable day on Wall Avenue, which noticed major indexes finishing at the very least 5 percent higher, spurred early positive aspects in Asia on Thursday as some traders returned from a Christmas break.
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Eurozone inventory markets have fallen further and London flattened at the open following massive losses for Tokyo and on Wall Road. An unbelievable day on Wall Street, the place major indexes completed not less than 5 p.c increased, lifted Japanese shares but garnered a mixed reaction elsewhere in Asia and Europe on Thursday as some traders returned from a Christmas break.
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Posted: October 20, 2020 by Ginger
Choosing the Best Trading Strategy for your Needs
Wondering how you can choose the best trading strategy for yourself? Well, it’s easy if you consider the following factors while structuring your strategy.
These factors will help you to understand what you need to do before making a trade.
High Risk to Reward Ratio
There are plenty of trading strategies that successful and beginner traders use to do trading. Some of these strategies have high win rates, which can be around 90%. However, they are not useful because they don’t have a risk to reward ratio. Suppose a trader has a forex strategy with a 90% win rate, but it doesn’t have any specific risk to reward ratio. In this case, even if a trader wins 90% of their trade and makes some money from it, the 10% of trades they lose can significantly impact their account because of no risk to reward ratio.
The strategy should have some amount of risk to reward ratio. For instance, if a trader invests $10, they can get a minimum profit, which will be $30, which is 1:3 r/r. This way, you can win a greater amount of money by loosing little. This approach can make a significant difference in trading and also helps you to keep your account without losing it.
You need to understand that the win rate will not help you in any case if your strategy doesn’t have a proper risk to reward ratio. So, choose trading methods that can help you achieve a higher risk to reward ratio.
Risk Management
This is one of the significant factors to consider for any forex trader. The key to getting successful in forex trading, like all the other professional traders, is to master the art of risk management. This is what makes you successful in the trading world. The professional traders try to keep themselves one step ahead and use their currency more smartly by designing a proper money management plan.
So, you also need to use a proper risk management plan when you are using a strategy, as initiating trading without risk management can lead you to lose your money. For instance, you need to avoid trading without a stop loss in your trading account, as it will result in a greater loss.
Moreover, you also need to avoid moving down your stop loss. Also, your safety tool is useless if you don’t know how to use it properly. So, it is crucial that you use a strategy for trade with a proper risk management plan so that your account doesn’t cause trouble for you. Traders also need to know how much money they are ready to risk and why. There are many other risk management factors, such … Read more