Business

Owning a business can be daunting. There are so many decisions to make and much work to be done. Then there is the pressure to avoid mistakes, as they could mean the success or failure of the business. This pressure has proven too big for many entrepreneurs as shown by a damning statistics shows that 8 in 10 small businesses fail. Often times, this is because of avoidable and sometimes ‘small’ mistakes by the business owner. To avoid bolstering the ranks of failed business owners, here are some common mistakes you should avoid making.

• Lack of a Solid Business Plan

This is the backbone of any business. When it is fragile, the business will likely collapse. Many small business owner goes into a business without a business plan. What most have at best is an executive summary of a business plan – a vision or set objective/goal in mind, a little more than an average knowledge of the business and a pocketful of money. That is not a solid business plan. A business plan is the blueprint of your business. It goes beyond just showing what you want to achieve. It covers everything – analysis of your market, customers and competitors, description of your management team and structure, description of your products and/services, your marketing and sales strategy, your finances, your growth and sales projection and means to measure/evaluate from time to time etc.

True, one cannot possibly cover every scenario in a business plan, but that’s the beauty of a business plan! It makes provision to review current business activities and situations and re-strategize if need be! A solid business plan, not a hazy summary, is necessary.

• Lack of Uniqueness

Nothing, they say, is new under the sun. No matter how mesmerizing your idea may appear to be, chances are someone is already in the business. So, how do you stand out? Add value to whatever form of your idea you already have. Be different from the rest; create a niche within your niche. Steve Jobs is regarded as an innovator, not because he was the inventor of phone but because he created a niche in that industry. Do something similarly creative in your business. This may involve that you take some risks, but that is the point! No one ever stood out by acting like every other person. Of course, you do well protect your business from any loss, but the Bottom-line – Add value to your products or services.

• Not using the Internet

The world has gone digital and failure to go along means you – and your business – will be left behind. An online presence is a must! Your social media use must be exciting, not just some weekly photo updates. Engage your target audience. Remember, always have a specific marketplace and target audience. Reach out to these ones, and as your business grows, your target audience grows. One warning though, the internet never forgets, so do not get carried away and compromise professionalism or quality.

• Underspending

Of course, you are on a budget and need to work with it, still, remember that you have to spend money to make more money. You may be limiting your business potential for success when you refuse to spend. Areas like marketing, technology, necessary equipment and training are areas you may want to spend on to get increased returns

• Doing it all Alone

That you run a small business does not mean you have to do it all alone or micromanage your employees. Delegate duties and give a level of autonomy to those assigned to it. Doing that will help you build a loyal workforce and avoid you burning out. Of course, you need to have the right staff in place.

 

It’s stressful to be in the workplace. You have to deal with your boss, who constantly nags you to work harder. You also have to deal with your colleagues who might not have the same working style as you. Before you know it, you’re already under immense pressure, and you’re not happy with your job anymore.

The problem is that you need the money and you’re the breadwinner of your family. Therefore, you can’t leave fast enough even if you’re already under stress. These tips will aid you in getting through the tough time until you can cope or look for a new job.

Learn how to ignore

When you know you’re doing your job well, you can close everything off. Don’t listen to gossip, and don’t join conversations involving the discussion of other people’s lives. You should also learn how to ignore harsh criticism if you know that it’s not going to help you improve your work. Focus on constructive criticism and evaluate yourself.

Bring a stress ball

Some people laugh at a stress ball, but it can help. This small object might help relieve stress or at least make you feel better when things start to pile up. Apart from a stress ball, there are other things you can bring to work that can help calm you down, especially during heated situations.

Take a walk

When your office starts to become toxic, you need to get out of the room and walk. It helps to be in a different setting so that you can breathe fresh air and start over again. Once you clear your thoughts, you will head back to the office feeling refreshed.

Talk to the person who causes your stress

You can’t let any person prevent you from doing your job well. If there’s one person who bullies you or intimidates you at work, you have to confront that person; otherwise, the intimidation will continue, and it will prevent you from concentrating on your job. If you’re dealing with a boss who bullies you, you can complain to the HR department. Even top executives are not free to do whatever they want with the employees. In recent years, several CEOs have got fired for sexual advances and harmful behaviour.

Consult with a therapist

Perhaps, it’s time that you consider a session with a therapist. You can’t let this continue without sharing your thoughts with someone else. You can’t do it with your family because you feel embarrassed about the situation. With a therapist, you know that your secrets are safe. You might also be experiencing other problems outside work, and you can count on these experts to help process your emotions.

You can check out Counseling Oak Park offers now if you want quality services. Look for the best therapists who understand how you feel and will help ensure that you will soon get through your problem. It takes time, and you will have to work hard to get out of a stressful situation eventually.

Image: https://unsplash.com/photos/OupUvbC_TEY

 

One of the primary factors in running a successful company is understanding how to keep employees engaged. After all, they are the foundation of any business. And the profit and revenue generated by a company are determined by the level of commitment of its workforce. So, in the interest of maintaining a consistently high degree of productivity, it makes sense to ensure that all of your workers are motivated with their respective duties. To this end, here are a few simple tips for maintaining employee engagement.

Spend time with your employees

As simple as it sounds, spending time in getting to know your employees is one of the most effective ways to keep them engaged. After all, learning more about their personal lives and goals will not only help you develop a strong bond with them but doing so can go a long way in making them feel that their presence within the workplace goes beyond their duties. And the more they feel valued, the more engaged they will be in their performance.

1. Recognise their accomplishments

Even if we may not admit it, the majority of us work not only for the money but to be acknowledged by our efforts as well. And recognising the accomplishments of your employees can make a difference in the way they perform their duties within the company. Whether you choose to reward their achievements by holding a company event like fairground hire from https://www.wearetricycle.co.uk or through a staff email, showing your gratitude can boost employee engagement, resulting in more productivity.

Listen to their feedback

Just as it is crucial to listen to the feedback of your clients and customers, it’s essential to do the same with your employees as well. From holding regular conferences and meetings to using company surveys, giving your employees a chance to voice their concerns is not only vital to finding areas within the business that may require attention but also to keep employees engaged as well.

Ensure that the office is conducive to work

There’s no denying that it can be difficult to accomplish daily tasks and responsibilities if the workplace is in disarray. And as trivial as it might seem, it’s essential to keep the office as pleasing to work in as it is functional. In this way, not only are you far more likely to promote productivity, but you’re also maintaining employee engagement too.

Foster teamwork

Ask any business owner, and they will tell you the same thing: a company cannot function if its employees don’t work as a cohesive team. As such, it’s crucial to foster teamwork within your workforce. By breaking down barriers and bridging gaps between your workers, you will increase your chances of keeping them productive and engaged with their work.

It’s a well-established fact that companies whose employees are consistently engaged are far more likely to succeed than those who aren’t. And with these simple tips, you will effectively keep your workforce motivated and, as a result, maintain a good level of productivity in the business.

Image: https://pixabay.com/photos/american-analyzing-brainstorming-3748708/

 

 

Many students and new graduates are dreaming of securing a career in the health care industry because it is known for being one of the most stable professions in the world. There is always a great need for health care workers with different specializations. If you are a graduating medical student or a medical intern, it is best that you find a highly reliable physician recruiter that can help you secure jobs at good hospitals which will pave your way to a brighter future.

Whether you are an aspiring doctor, nurse, or you just want to work in a hospital setting, you should look forward to landing your dream job. Whether it is an entry-level post or a support role, it is still an excellent opportunity to build your career in the medical industry. However, the big question is how to get a job without a background or a formal education related to medicine? Do not worry because here are some helpful tips for you to land a career in the medical field.

Expand your network

One of the easiest ways to land a job in the health care industry is by getting to know many people who work there. Doing this is essential, especially if you are just a fresh graduate or you would like to switch careers. You can ask for recommendations from someone you know and even some family members. Also, some agencies specialize in hiring medical staff. They can help assess your skills and, in some cases, provide you with some training to help you get your dream job.

Do some advanced research

If you want to make a lasting impression during job interviews, then you need to show your interviewer that you are interested in the job by taking some time to do your research. You should be aware of the trending news in the medical industry and be knowledgeable about the position that you are applying for. Candidates who make an extra effort in researching more about their job are more likely to be hired than those who come in unprepared.

Look for someone who can teach you

If you want to succeed in your career in the health care industry, then it is an excellent idea to find someone you can trust to mentor you. You can start at the bottom by working as an assistant, an intern, or a clerk for you to have the opportunity to learn the ropes. You can eventually work your way up and apply for a promotion in the future. The type of mentor that you should look for is someone who is not afraid to share their knowledge with you. That person should also have long years of substantial experience in the healthcare industry.

Being part of the healthcare industry is a good career move. However, you need to invest in your skills by taking some crash courses so that you can be competitive with your peers once you are hired for the job.

To read more on topics like this, check out the business category.

 

It is no secret that owning and managing a restaurant often involves plenty of stress. Not only do you have to keep your competition in check, but you also need to make the right types of investments to improve your establishment. It is a challenging endeavour and depending on certain situations; it could be quite overwhelming.

However, just because you need to improve your restaurant does not mean that you have to make a substantial investment to do so. There are plenty of different ways to improve your business without necessarily breaking the bank, which is often what separates successful restaurants from those that stagnate and fail.

Do not be afraid to update your menu with healthier options

When people think of healthier options, they often associate it with expensive ingredients. However, that could not be farther from the truth. If you want to be able to make savings alongside making the correct improvements for your establishment, something as simple as purchasing wholesale dried fruit or coconut cream can significantly improve the number of healthy options you can provide those who otherwise would not choose your restaurant.

Vegetarian, dairy-free, as well as many other options, can greatly improve your restaurant’s staying power, and it would not cost very much at all to accomplish.

Listen to the feedback of your customers

One of the best ways to ensure that there is a healthy bridge between your customers and your restaurant is to set up a social media presence. It is not enough to make an account – it needs to continually be updated as well as maintained in order to have the desired effect. The best part is that you barely need to spend in order to maintain a social media account.

By taking your online dealings with your customers seriously, you will be developing trust that is not easily broken. Not only will they provide quality feedback, but word of mouth will spread, and your restaurant will find itself seeing more and more business every day.

Ensure that your staff is happy and feels valued

Keeping your employees happy is much simpler than you might think. All you have to do is incentivise hard work and ensure that they are acknowledged for exemplary efforts. It does not take much to add a few promos and rewards here and there, and the result will be happy employees that are willing to get the job done right. With such a simple improvement, your restaurant will benefit from satisfied customers that are impressed by the performance of your staff.

You do not have to deal with big renovations or aggressive marketing campaigns to improve the odds of success. Sometimes, all you need are a few meaningful changes in the right place to start making waves. By updating your menu with healthier options, keeping your employees in mind and listening to the feedback of your customers, you will be minimising risk and increasing popularity all at once.

To read more on topics like this, check out the business category.

Attracting and retaining employees is a major challenge many companies today are facing. However, if you can create an ideal workplace where everyone is given importance and priority, it’s possible to keep your workforce happy and content. So how do you build the best work environment that employees exactly need?

Building an Appealing Workplace Environment for Talents

If you check out some modern offices, they provide revolutionary workspaces designed with top-of-the-line amenities and services. It helps make employees happier, more excited and productive about going to work every single day. And that should be the main goal of proper employer branding in this day and age.

Work life balance has become more important than ever. Therefore, implementing a workspace that prioritize these two things can get more employees wanting to work for you. It’s important to consider the well-being of your talents and help them achieve their personal goals, too. If they enjoy working, they become more competent and productive.

Ideal Amenities That Most Employees Need

Creating the best office experience for employees has been the number one reason you need to keep up with your employer branding. As a matter of fact, some of the features they look for in an office are:

• Flexible and wider space for working and meeting with colleagues.
• Great community to work with inside the building.
• Make discrete conversations inside private areas like cubicles.
• Places for relaxation such as nap pods, lounges, meditation areas, and cafes.
• Ergonomic work desks and convenient fitness center.

Other amenities that you should consider are recreational spaces including ping-pong tables (here’s a list of hand reviewed affordable ping pong tables here), video game centers, and game rooms. All these elements can help create a positive environment for both employers and employees.

Creating a Safe and Comfortable Office Experience

Work should be more humane, and offices need to be futuristic. Companies must be geared toward achieving an ideal environment for workers and the whole staff community. There should be excitement whenever your employees hear about working and staying in the office.

In order to succeed in creating the best office experience, you need to explore other workspaces that feature hospitality and flexibility. That way, you will know how to develop and expand your workplace for the benefit of your workers. After all, the happiness of your employees become the most important factor in the success of your company.

Look for amenities that will help your employees get their work done on time and with great quality. Now, how do you imagine your workspace to be so that your future employees will enjoy and have fun while working?

When your business is ready to expand into new locations, sectors, or anything else, the biggest hurdle in the way is usually finances. Hoping that profits alone could help is a dilemma actually. Small to medium sized businesses rarely earn profits big enough to solely finance and expansion. But expanding is necessary to earn huge profits that investors expect. See the predicament.

No businesses, even the major corporations, find is easy to finance expanding business operations. But it must be done to dominate your niche. Amazon is a prime example of this phenomenon. It’s one of the biggest online retailers in the world; the brand that upended retail. And yet, Amazon has yet to turn a profit. The company instead raises funds to reinvest in everything from cloud-based services to Whole Foods. The result is a giant corporation that no one can ignore.

Now your small business might not become as big as Amazon, but that’s no reason not to be ambitious about expansions. Here are several options that might help you finance the project as you like:

Borrow Business Specific Loans

Borrowing is obviously the first, and usually the only, option for most small business owners. There are several ways to borrow money, and doing it right is important for avoiding crushing debt later.

You can seek personal loans or borrow against an asset you own. But you can avoid the risk of losing your assets by seeking out highly business specific private loans. For example, say you want to expand into freight transportation. You can seek out truck loans provided by reputable lenders in your area. Your loan would be then tied to the business, and not a personal asset that you could lose.

Seek Government Business Assistance

This is not a readily available option. But many countries have loan schemes to support small to medium sized business owners. These may not be widely available, but you can still try to research such financing options you might qualify for.

You can increase your chances of getting approved for a government financial assistance by paying down any personal debts you might own. Debts like mortgages are fine as long as its without delinquency. But if you have other non-secured debts, try to pay these down as soon as possible. You can consider an option like debt consolidation to help you pay off loans quicker.

Crowdfund Online

Small businesses rarely find angel investors, like they show in Silicon Valley movies. Angel investors are typically not interested in businesses not in the innovation sector. So when this option is not viable, you can instead try crowdfunding online.

It may not be easy, but it has worked for many enterprising entrepreneurs. As long as you have a good business idea that you can pitch to an online audience, crowdfunding should work.

Don’t hesitate to exhaust the above options before you give up on your dream of expanding the business. The above options are better for your financial security than doing something like taking out a second mortgage. Businesses are notoriously prone to volatile market risks. So don’t risk losing your family home. Use one of the above suggestions instead to raise funds to improve your small business venture.

Most of us understand the basics around making money from real estate, on the one hand you have the flippers who buy low and sell for a quick profit and on the other you have those with more long term plans with their properties. A third option however, and one which has been making hundreds of thousands of dollars for many investors is a private equity group. We normally think about the stock market and hedge funds when we talk about private equity but there are companies like TitleCard Capital who use this approach in the real estate market to, with great success, and here are the benefits of using such a system.

Background

These funds have existed for some time now but it wasn’t until the early 1990s that they really rose to prominence. The real estate market slumped and groups of wealthy investors and even families, would pool together their resources in order to scoop up as much real estate as possible. This worked very well for these people and these funds are still thriving today.

Diverse

If you invest $250,000 of your money then you may be able to purchase one property, perhaps two if you are smart and you can find bargains. What a pirate equity group will do however is pool the resources of a number of investors and they will buy multiple properties, spreading out the investment and boosting your chances of making strong returns. Diversifying your investment in this way is how you minimize your risk and your exposure. Markets change geographically and so having multiple properties across a number of different locations is how you can secure your investment.

Larger

The biggest upsides in real estate investment usually comes from the larger scale properties such as commercial buildings or mansions, something which most of us do not have the spending power to buy. When you invest in a vehicle such as private equity investment group, you will put yourself in a position to purchase properties like these, because it will be a pooled effort rather than the power of the individual investor.

Returns

The aim of any investment is of course to make strong returns and history has shown that investing in pools such as a private equity real estate firm can bring you very strong returns indeed. In most cases there is a cooling off period after your initial investment, usually around 8 years. Following this cooling off period however investors can count on annual returns of at least 6% and as high as 10%. It is these strong returns which draws people into this type of investment, combined with the additional benefits such as diversification of your portfolio, security and bigger spending power.

This is a great vehicle for anyone who is looking to get involved in real estate investment, the minimum investment usually sits at around the $250,000 mark but there are some which allow slightly smaller investment.

 

When you want to make an investment, private equity stands out as a really interesting option that needs to be taken into account. However, due diligence is always necessary since you should always carefully choose every single opportunity you put money in. Marc Leder highlights that one of the most important things at the end of the day is to be sure that all general risks associated with an asset class are understood. Private equity investments can be highly illiquid. Money is practically trapped until a specific scenario materializes.

Private equity investments are expensive, with much money being put into a business for the long run. Evaluations are needed since you need to be sure the investment is actually worth it. If the risk is too high, the investment is simply not worth it and should not be undertaken.

Before recommending private equity managers that work with clients, the investment strategy needs to be analyzed so that it is appropriate. Private equity investors are fully aware of all the risks that are associated with a business. All possible red flags are identified so nothing can come as a surprise.

Whenever a deal-breaker is noticed at any stage of private equity investment, the investor can pull the plug. An important thing that needs to be understood is there is never a shortage of companies that are looking for private equity funds. When a deal stands out as one that is not going to be profitable, the best thing that can be done is to just look for something else. Every single investor needs to take into account the strategy and plan of the manager in order to be sure everything is suitable, according to personal risk tolerance levels.

Generally speaking, private equity firms prefer the businesses that are making large operational improvements instead of companies that rely on the use of leverage. The track record of the company manager is always evaluated and researched. Obviously, the final decision is not solely based on the past results of a manager but those results are never ignored.

Fees should also be considered since they have the potential to impact long-term returns. Many private equity managers charge a 2% management fees and a carried interest of 20%. However, this is not always the case in modern business. Managers can charge more but they need to justify the higher fee. The exact same thing should be said about lower fees.

The bottom line is that private equity involves a lot of money and the investor is always interested in making sure the investment is going to be profitable in the long run. This is much easier said than done. Due diligence is needed because the private equity firm needs to understand everything about the current state of the business and the future earning potential. If there are signs that something bad will happen, a risk level is assigned. When this risk level is determined to be too high, the best thing that can be done is to simply not make the investment and not offer the funds.