Mohit Tater's Blog, page 607

Growing Businesses Should Choose Online Databases Instead of Spreadsheets – Here’s Why

For many years, spreadsheets have held the prime position in organisations when it comes to data management, but, while there is no doubt that spreadsheets will continue to play a significant role in business operations, times are changing and businesses are looking for a more robust and flexible system.

As a growing business, a time will come when the size of your operations, data and inventory will benefit from a more robust and flexible data management tool that allows for easy retrieval and manipulation of data regardless of time and location. Here are a few reasons why you should consider an online database over spreadsheets for your growth needs:

Centralised system – as your business grows, you will need more staff to help you keep track of your growing data. However, passing around a spreadsheet can be tricky, leading to loss of data and inaccuracy. A database, on the other hand, can be shared to a wide number of people over a network. This way, the same data is made available to all who need it in your organisation simultaneously and safely. This creates what is known as “single version of the truth” and prevents version control issues.

Better customer management – customers are the lifeblood of your business, and one of the most important advantages of having a database is that it allows you to capture customer information directly from the customer through a variety of means, such as via your website or business app. This makes it easy to keep track of your growing customers, know their preferences so that you can deliver what they want, and ultimately provide the perfect customer service to them.

A more robust system – even though spreadsheets allow you to type anything you want in them, this can lead to data inaccuracy, leaving you with what is known as ‘dirty data’. But, online databases allow for a more robust system. It can accept unlimited information including numbers, texts and even images. But more than that, databases follow a set of rules and so can find the relationship between the different types of data you put in, allow queries to be made on the stored data and produce the desired result in real time, no matter where you are.

Inventory tracking – keeping track of your growing inventory can be a hassle without the right inventory-tracking database. While it is possible to do this on a spreadsheet, it is easy to make data entry errors, make multiple entries for the same item, or lose your spreadsheet. With an online database, not only is your inventory-entering process seamless, it is also secure and available on demand.

While it is true that online databases take time, effort and money to build and maintain, those at the forefront of technology are providing readily available local online databases that will meet your budget requirements and organisational needs without affecting efficiency.

Scalability – as long as you are in business, almost every aspect of your day-to-day activities is geared towards growth. A robust database can be the most important tool in your business growth strategy. With this, you can do a lot in your business including tracking productivity, reporting trends and monitoring the dynamic needs of your customers.

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The Psychological Factors You Need to Consider if You Want to Trade Forex

Despite the growing number of computer-based algo traders, market participants are still mostly humans with one thing in common – emotional trading. Emotions are arguably the number one factor that lies in between you and your trading success. As Phillip Konchar Head Tutor at My Trading Skills, an online financial trading course provider suggests, “Whether you’ve chosen the wrong trading style that doesn’t suit your psychological traits or let greed and fear to interfere with your trading decisions, controlling your emotions is something you need to start practising as soon as today.”

Choose a Trading Style That Suits You

Not all trading styles suit all kind of traders. If you enjoy fast-paced trading and don’t mind sitting in front of your trading screen all day long, then scalping might be the perfect trading style for you. It involves opening multiple positions during the day and holding them only for a short period of time. If you feel this might be too stressful for you, then consider day trading. You’ll still open enough trades during a trading week to keep you busy but will also have enough time for other activities once a trade is opened. As a rule of thumb, you’ll be flagged as a day trader if you open at least three trades a day for five consecutive days.

On the other side, if patience better describes your personality, then give swing trading a try. If you don’t pick the right trading style that suits your personality, then your trading performance will ultimately suffer.

Trading is All About Discipline and Patience

Whichever trading style you pick, discipline is an extremely important psychological trait of any successful Forex trader. Having discipline prevents trading out of the gut and avoids the interference of emotions in trading decisions. This is the main reason why trading robots exist – they trade based on algorithms, have discipline and don’t use emotions in their trading.

Start practising discipline early in your trading career. The best way to do so is to have a written trading plan with strict and precise rules. You buy only when all the rules of your trading strategy show to buy, and you sell only when all rules show to sell. Don’t fall into the trap of over trading – patiently wait for all conditions to align before moving your trigger and over time following your trading plan will become a habit.

The Common Mistakes of Beginner Traders – Greed and Fear

Closely related to the deteriorating effect of not having discipline and patience is trading based on greed and fear. This is a common mistake of beginner traders, as they will often feel greed when prices move fast up or down, only to find themselves entering the market in the direction of the underlying move exactly at the point when experienced traders lock in their profits. Here we touch on the importance of discipline again – strictly follow your trading strategy and don’t chase the market for trading opportunities. Trade setups form over and over again and the market doesn’t owe you anything.

Similar to greed, fear is also a common emotion among beginner traders who let their losses run and close their profits too early, in fear to take a hit from a loss or to miss out on the small profits of a profitable position.

A popular saying in the trading community goes: Cut your losses and let your profits run! Once you start to have confidence in your trading discipline and trading strategy, you won’t look to close a trade too early. Simply believe in your analysis – cut your losses short if a trade setup isn’t promising anymore, and let your profitable trades perform without closing them too early.

Don’t Let a Losing Trade Ruin Your Day

Let’s face it, losing trades are an integral part of trading. Even the best traders have losers from time to time, and according to a 1998 study by University of Berkeley among all day traders, nearly 40% day trade for only one month. Within three years, only 13% continue to day trade. After five years, only 7% remain. If losses have a large impact on your mood, then please read through this article again – never let emotions interfere with your trading. Losing trades simply exist, and our goal as Forex traders is to offset the losses of losing trades with the profits of successful trades. Sounds familiar? Cut your losses and let your profits run.

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Effective Ways to Enjoy Your Commute

Many people have to commute to work as a necessity, but most people barely give any thought to how they fill their time when travelling to work. Some even have to travel to a different city on a daily basis, which can be both time consuming and stressful, not to mention expensive.

Given that we spend so much of our time travelling to work, it makes sense that we should try to optimise this time and do whatever we can to enjoy it. Here are some effective ways of doing this.

Transport

There are many, many different ways to travel to work these days, but most people either drive to work or take public transport. Now, for longer distances this may be unavoidable, but for shorter distances there are far more effective options.

Cycling or even walking to work is not only free, but it is better for the environment and it releases endorphins which will improve your mood, reduce stress levels and get you ready for a productive day. Nowadays you can take your bike onto the train too, so even if you are travelling to another city you can get your exercise in.

Make it Interesting

There are many ways to go about revolutionising your commute by making it pleasurable. You could, for instance, ditch the bike and use an electric scooter for adults, something which would undoubtedly give you a rush as you tear down the streets.

If this seems over the top, simply doing something productive could make the world of difference. If on the train, for instance, you could start writing a book or script, or even a business plan. The hours you spend on it will add up, and you might find you’ve created a masterpiece after just a few months, so it is well worth looking into ways you can be productive on your commute.

Commute Together

If you are a lone commuter, you may be used to the bitter loneliness of a long commute, but there are probably millions of other commuters just like you who feel the same way. As such, finding a travel companion in such circumstances may be a great way to combat this, especially if you are a sociable person.

It might be worth asking around your workplace to see if anyone goes the same way/route as you, and travelling with them (if they agree to). If you use public transport, just finding a friendly, familiar face who you can talk to could completely change your enjoyment of the commute.

There are many small changes you can make to your commute which can make a big difference to your happiness. Be sure to analyse it and find your own solution to make your commute as enjoyable as you can.

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Pro Tips for Handling Your Monthly Budget

When it comes to living well for less, a considered plan of action is more important than anything else. You can try and cut out certain expenses, but keeping your health and wellbeing on track isn’t always easy on the budget. The most sure-fire way of reducing your costs is to have a detailed budget to stick to; in fact, right amount of savvy in your budgetary choices can save you thousands of dollars a year. Discipline and forward planning are key to making sure you don’t overspend.

The term lifestyle covers a variety of different health and wellbeing areas, which all have an effect on our budget – for example medical prescriptions, eyewear such as contact lenses, and skin products to keep us looking fresh, of course don’t forget food shopping! We have some  pro-tips for effectively planning your monthly budget – and sticking to it, from ordering no RX contacts online, to forming a weekly meal plan.

Source: Pixabay

Eating well is essential to enjoying a high quality of life, but saving money never has to mean compromising a well-balanced diet. The golden rule of eating well for less is to have a detailed meal plan and buying everything you need at once to prepare throughout the week. When grocery shopping, always have a list that covers all of the meals in your plan. Your schedule should also factors in all of your nutritional needs.

The smartest way to do your grocery shopping is to form a weekly meal plan and order it online. Not only does this prevent a wandering eye that would otherwise tempt you to pack your shopping cart with unnecessary treats, but you will also be able to browse the vast expanse of the Internet to find the best deals on nutritional essentials such as vegetables, vitamin supplements, fruits and grains that you can order in bulk.

Everyday Essentials

Source: Pixabay

It’s the everyday essentials you need to function that probably make you think, “Why is life so expensive?” Luckily, with the right approach, you can grab the things you need at a cost that suits your budget. Again, shopping online is one of the most straightforward ways to achieve this. Essentials such as toiletries, cleaning products and even public transport tickets can all be found online at a greatly reduced cost.

For example, if you’re visually impaired, you can pick up contact lenses – no prescription – avoiding the crippling charges at the opticians. By shopping for your contact lenses online and seeking the other medical or home expenses from a range of digital retailers, you can save hundreds of dollars: all you need to do is invest the time to do your research.

The Little Extras

Source: Pixabay

We all deserve to treat ourselves, no matter what our budgets. It’s possible to enjoy the finer things in life with a little budget savvy. For a nice meal out, consult discount sites like Groupon to see the discounts available in your local area or avoid eating out at expensive, popular times (weekends and evenings). If you fancy going for a drink, happy hours are your friend. Before indulging in some new clothes or a new video game, check out the thrift stores beforehand – you’ll likely pay several times less than you would at a regular retailer.

Budgeting can seem like a burden, but actually it can be an exciting challenge. Wasting your hard-earned money for no reason won’t make you feel good, but successfully pulling off a budget will make you feel organised, accomplished and intelligent. 

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How We Get New Socks Delivered To Our Door Each Month!

The best part about finding new brands to wear is when they constantly have new styles to choose from. Subscription services are all the rage these days, ranging from all different types of products. We joined Say It With A Sock’s sock of the month club, and each month we receive a new pair of socks. They send out a different pair every month, with new themes and designs to them. Best of all, the styles are catered specifically to your likes and needs!

Say It With A Sock works with everybody. Men, women, kids, you name it. Their womens sock subscription specifically sends to the tastes of their subscribers, and the quality of their products are guaranteed to be top of the line. They even have individual socks for sale as well. From holiday-themed to your favorite shows like Game of Thrones, Say It With A Sock has socks for every occasion.

For those who want to create their own socks, they can make it happen. For those who want to order some custom socks for any event, Say It With A Sock is the way to go. They are much more than a clothing subscription service, and always innovating their products to send the highest quality and latest trends. They are the perfect gift for friends, family, loved ones, and with a monthly subscription, it is the gift that keeps on giving. Join Say It With A Sock now, and experience what all their subscribers have been raving about!

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Buying The Best Brand Name Biking Apparel At Discount Prices

We always wonder how some people always have the most stylish clothing from the most expensive brands. There are many ways that you can as well, and at prices you can afford!

How and where can you find these deals? Simple. Through authorized online retailers. Buying directly through the brand is always more expensive, and companies like Bike Bandit are reliable for purchasing high-quality brand names. Whether you like your gear from Yamaha, Suzuki, Kawasaki, etc., you can find mens motorcycle jackets online through aftermarket brands where products are guaranteed to be authentic and high quality.

Buying Honda motorcycle apparel from aftermarket brands makes getting biking apparel much more cost friendly. Even though it might just be saving a few dollars now, buying discount Alpinestars jackets, will really add up in the long run and save you a ton of money down the road. Certain brands like Bike Bandit also have a feature on their site that lets you check if a certain part fits your vehicle! It is very reassuring to know that your part is compatible when you get your order and prevents you from having to return any products that might not fit.

Many people wonder if buying from a third party is reliable. The answer is yes and no. Depending on who you’re buying from, the site could be selling knockoff items that are much lower quality. By finding authorized retailers, you can ensure that the sites that you are purchasing from are trustworthy, and the products are of the quality that you expect.

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3 Savvy Ways to Market Your Ecommerce Store

Somewhere along the way marketers seem to have forgotten the most important aspect of their job. Yes, digital content like blogs should educate, inform, delight, and excite visitors. Social media posts should allow your business to connect to and engage with leads. And there’s nothing wrong with building relationships with your consumer base. At the end of the day though, all marketing efforts should be geared toward sending traffic to your most profitable pages –– in other words –– your ecommerce store. Because, let’s face it, moving product is more important than garnering clicks, likes, and shares. Here then are three ways you can realign your marketing strategy and slyly incorporate aspects of ecommerce into your current campaigns:

Backlinks

Every business has fans online. The people who follow you on social media and leave positive reviews on third-party sites are invaluable to your success –– in more ways than you may realize. That’s because when someone mentions one of your products in a blog or digital article, it provides you with the ability to gain a meaningful backlink to one of your product pages. Keep tabs on who’s talking about your business online and be willing to reach out to them. Sure, asking for someone to link to your ecommerce store in one of their blogs might be an awkward exchange at first, but remember –– these are people who love what you do! Odds are they’ll be happy to help if you ask.

In-Depth Content

There’s a time and a place for a professional blogger to contemplate grandiose ideas and talk about ephemeral topics. On the other hand, some of the best business blogs prioritize product-focused content. What is product-focused content? Well, first, it’s not an advertisement for your business. Instead, it’s about using your blog to explain complex products in greater depth. So, for instance, if your company sells lab equipment, you can use a video blog to demonstrate how to properly handle cellstar culture flasks. In this way, you can still provide valuable material to your visitors while also plugging your online store at the same time.

Use “Inbound” Advertising

Is it possible for ads to be anything other than outbound? We believe so. Paid ads online can prove massively beneficial for a company looking to promote their ecommerce efforts –– if handled properly. For starters, only pay for advertising on sites you know (or have good reason to believe) your leads frequent; paying for ads on a website that has nothing to do with your company is nothing but a waste of time and money. Furthermore, you should actively manage any pay-per-click accounts you’ve registered with Google. Writing seasonal ads and removing them once a promotional period has past will likely boost your return on ad spend. Just remember to deactivate any time-sensitive ads. You don’t want to promote an end-of-summer sale in December!

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Make Your Business Stand Out From The Rest

When you have your own business, you will want to make it stand out from all the other businesses that are doing the same thing. Make people want to see what you are all about. They will want to take a look at your company if you try some different strategies.

Ways To Stand Out From Other Companies

Standing out from other companies means doing something different than they do. Customers will gain interest with these surefire ways to stand out:

Sponsoring An Event – A great way to gather interest in a company is to sponsor some sort of event. The event should be something special with a theme. It should be complete with decorations and refreshments. Entertainment is always a good idea to add even more interest.
Donating – Making donations to charities and specific causes makes companies stand out.

People take note when a company shows that they care about the less fortunate and put back into the community. Choose the donations or charities carefully so that the money will go for the purpose it is being collected for.
T-shirts – T-shirts with the company name is a great way to promote business. Other wholesale apparel from Next Level can also make people take note.
Hats – Unusual hats with the company logo have been used to increase awareness.

The hats do not have to be expensive. They can be very simple and inexpensive.
Free Gifts – Giving away free gifts just for showing up or placing an order makes a company stand out. Make the free gifts something that most people can use for the best experience. Anything that appeals to both men and women is the safest thing to do. Mugs, cheese gift baskets, and candles are just a few of the great, free gifts that can be offered. Buy these items in bulk to save the most money.
Blowout Sales – Having blowout sales will generate even more interest. People love to get a bargain. They will take note of when the sale is occurring so they can buy what they need and save some money in the process.
Brochures – Well-written brochures are great for business. They should include clear photographs and interesting news. It is known that the placement of the photographs will keep someone reading. Place them in places on the brochures that will get the attention of prospective customers.
Newsletters – Newsletters provide the latest on a company. They should be free and offer interesting facts about the company and the products. Make it easy for people to sign up for it.
Pricing – Money motivates a lot of people. Being able to save money will attract more customers. Keep your pricing competitive. Always offer promotions, sales, and discounts. Free delivery is another way to stand out from the rest of the companies that are in your field. Customers like to get the items they want or need right at their door; especially with free shipping. When people are so busy around the holidays, they appreciate not having to go to busy malls to buy gifts. They like the idea of their packages coming straight to them. It gives them more time to do what they want to do.

The Website Should Be Good

Having a great website cannot be stressed enough. You want to stand out from the other companies that will be on the search engines too. Make sure that there are keywords throughout the website to make it pull up in the search engines above other companies that are offering the same services and products.

Your Company Will Become Known

The more customers know about you and buy your services or products, the better off you will be. You will find that they will tell people about what you sell and what they liked about your service.  Since people listen to others that they trust, it will a great way to get word-of-mouth business.

When steps are made to stand out, your company will rise up in the search engines. More people will find out about it, and they will be more likely to take a look at the website. This, in turn, will create more customers for you.

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5 Ways Startups Can Manage Their Cash Flow

This is a guest post, courtesy of Benjamin Yee, the founder of EMERGE App , a popular order, purchase and inventory management solution used in 40 countries around the world.

Congratulations! So you just cobbled together some seed capital from your friends, family and personal piggy bank. And a few angel investors that you impressed at the last hackathon pooled together a few hundred grand as well. However, the sad truth is that tech startups fail because about one-third run out of money. Here are five ways to stay lean and conserve cash while you grow your startup.

Think and Live Frugally

You need to adopt a thrifty mindset and lead by example in front of your employees. This doesn’t mean dining on instant cup noodles at every meal in front of a candle. But this does mean taking the cheapest available flight if you’re regularly flying between offices and customers. Or eschewing pricey hotels in favour of local bed and breakfasts. And outfitting your workplace with second-hand furniture.

Keep Fixed Costs Low

Office rents and co-working subscriptions can burn a large hole in your budget before you know it. Unfortunately, these bills need to be paid whether you’re in the office or not. You can drop the idea of an “office” for a start and simply work from a corner of your home. Instead, spend your hard-earned cash on the cloud infrastructure subscriptions that matter.

Outsource Talent Where Possible

Hiring the right people can be an expensive proposition. They may not perform as advertised and their expected monthly salary is a drain. Start by hiring freelancers and assigning task-based work in the beginning. You get to evaluate their performance on a project basis. They may even be your next employee hire when you’re looking to add remote staff.

Get Creative with Marketing

Your marketing budget is another potential black hole for valuable cash. It’s all too easy to drop thousands of dollars on online advertising keywords with little sales to show for it. Don’t try to outbid your competitors. Just think creatively about how to target and engage your core audience. If you want to sell your message to wholesalers and distributors then find a friendly association, social media group or trade forum to do it.

Operate in a Low-Cost Country

To get even leaner, move your operations to a low-cost country. It’s incredibly expensive to maintain a Silicon Valley office complete with software engineers and a well-stocked pantry. Many South-East Asian countries offer qualified software engineers, designers and testers at a fraction of what you expect to pay in California. And fixed costs for your overseas office and living expenses for your staff are considerably lower.

Stay Lean

Maintaining a lean mindset won’t hurt your startup even if you grow and make it to a Series A round and beyond. Cash flow is still a bugbear for every Fortune 1000 company. So it won’t go away just because you’re bigger. Keep expenses to an absolute minimum and you won’t have to make difficult decisions to trim excessive costs or cut headcount during tough times.

About the Author:

Benjamin Yee is a serial entrepreneur well on his third startup, a cloud solution to help small and medium-sized businesses manage their orders , purchases and inventory. A digital nomad, you can expect to find Ben working furiously in a beach hut somewhere in the tropics.

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Why After-Sale Customer Service is Important and Reasons Why You Should be Prioritizing It

As a business or company who are customer facing in the industry, you should highly prioritize after-sale customer service. It’s highly beneficial and creates a name for your business within a dense market. There are hundreds and thousands of customer service businesses out there, and you always want to ensure you stand out from the crowd. Be the best you can be, and your business will be on top before you know it.

What is After Sales Customer Service?

It refers to the processes which make sure the customers are satisfied with the services or products they received or bought. After-sales service aims to ensure that their expectations were surpassed by a mile. They’re an essential part of your customer satisfaction rates and may be the make or break of your business. Some huge companies still have excellent after sales customer services, and this really does strengthen the bond between the customers and the organization. You don’t want to lose customers when you start making money, it’s better to be highly regarded than not.

You can ensure the best after sales customer services by doing several things including emailing the customer (if they have a loyalty card) after their purchase to see how their experience was and thank them for shopping with you. You could also have questionnaires for customers to fill out every so often to find out what you can improve on. It’s surprising how many people will fill out the survey honestly and openly if you offer them some sort of reward. Perhaps 10 or 15% off their next purchase? Customers like their opinions to be heard and this is a way they can voice their concerns or likes.

Reasons Why It’s Important

Taking feedback and providing support for your customers will mean you’re going to have a more loyal customer on a long-term basis. There are multiple reasons why it’s important – from creating a loyal customer community to improving your own employee’s customer service skills. JJ’s House Manager, Jason explains the importance of after-sales service stating that “Staying in touch with your customers even after they have purchased something will ensure you’re one of the best in the industry, customers respect it when you have respect for them.” This is only one small reason why it’s essential. It creates a relationship between a brand or company that no one can break.

We’ve put together a list of reasons why it’s crucial to have after-sale services, they’re only brief, but it’s sure to convince you how you should be dealing with your customers.

It provides customers with an idea of how your company or business treats them and others.
It gives customers support when they need it.
It’s a positive aspect of your business, and when people find out everything you do for customers, they will keep coming back.

According to VeryVoga Manager, Yvonne “the best type of advertising and marketing is positive word of mouth – people love that.” Why wouldn’t you use after-sale techniques if it’s going positively impact your business or company?

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