Mohit Tater's Blog, page 647

Challenges Businesses Face and How to Succeed

Running a small business is one of the most rewarding ways to make a living. It can also be one of the most stressful, with struggle and uncertainty something you may have to get used to.

Here are some of the most common challenges businesses can face, with advice to help you come out on top, fit to fight another day.

Expansion

Once you’re properly established, you’re going to want to look for opportunities to expand your business. You need to keep running just to stand still, and expanding your business into a new location is one way to stay ahead of the curve.

However well laid your plans are, expanding your business can still go wrong. If you haven’t done your research properly and move into a new area where there isn’t sufficient demand for your services you could find your new location costing you more than it makes, and over stressing your original branch.

Whether you’re expanding or simply moving to a new premises, it’s worth looking into arranging storage for your inventory and furnishings. This not only gives you some leeway on the day you take possession, allowing you to unpack and lay out your new branch piece by piece rather than filling it with bulky items you have to work around, this also gives you a buffer if the worst happens and you lose your new premises at short notice. If you’re looking for a storage company London has plenty of options to give you the flexibility you need.

Client Dependence

If you provide a highly specialized product or service you might find yourself over dependent on a single client to provide your cash flow.

If over 50% of your income is coming from a single client, you’re in a unstable situation: if they decide to take their business elsewhere you could be left in serious financial trouble.

If you find yourself with an urgent need to diversify, you might need to redouble your publicity efforts. These needn’t be costly: for a small business, picking one simple idea that’s really relevant is better than spending a lot of money on different marketing projects.

You could also lean on your existing relationship with your big client by asking if they can refer others to your business, potentially even offering a discount or credit for referrals.

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Features Every Modern Business Needs to Thrive

Times have changed and businesses have had to evolve new features to help them survive and thrive in the new and dynamic world we live in.

If a business is to position itself for success in the modern world, it has to learn how to structure its mode of operation to easily adapt to meet the needs of the modern customer. To accomplish this, it is necessary a business has at least the following features.

A website

To be able to provide 24/7 services to clients, it is important that a business has a website. But easier and constant accessibility is not the only advantage of having a website. With a website, a business is able to keep all their clients up to date in real time concerning any innovations, improvements, and additions to their operations. This is simply a great example of modern businesses making the most of modern technology. Brendan from Umbrellar.com explains that  “A business without a website will find itself lagging behind the competition and less able to satisfy its customers’ needs. It is no longer a an option whether you have an online presence or not. Our web hosting company hosts sites across literally every niche. We have seen a shift in profile of sites over recent years. Companies that 5 years ago didn’t think a website was necessary are now online with a website, social media presence, and online advertising budget.”

Some businesses take it to the next level by having an app for mobile devices so that their clients have a more direct and convenient access to their services.

Strong branding

A business’ brand is what sells it to the world. Without a strong and easily identifiable brand, a business is practically faceless. This makes it essential that every modern business which looks to distinguish itself from a mass of similar companies must have a strong brand that sets it apart. For a business’ brand image to be effective, it has to be unique and at the same time depict what it is a business stands for. One very important way a lot of businesses are currently distinguishing their brand is through Corporate Social Responsibility.

Good creditworthiness

Good credit is essential for a business because without it, a company might find it difficult to secure financing to support its ventures. For example, a trucking company which is looking to expand its business by purchasing more trucks might not have the financial capability to outright buy as many trucks as it needs. Top rate and reliable lending firms such as Lend Genius offer viable small business loans for trucking companies to help them attain their corporate goals — as long as they can prove good creditworthiness.

Social Media Presence

With the help of social media, obscure businesses have managed to bring themselves to the forefront and old businesses have managed to still stay relevant. The applicability of social media as an efficient tool in promoting a business’ brand and services cannot be overstated. Thanks to social media, brands can get immediate feedback concerning their products from customers and at the same time have their customers advertise their products for free across various social media accounts through reviews and comments concerning company product’s to people all around the world.

Another effective way businesses use social media is to monitor their competition and stay abreast of changing customer and market trends.

Long term plan

A modern business that’s looking to stay successful and relevant for a long time to come will have a long-term plan. This long term plan is what the business will use as a roadmap to guide itself towards its eventual goals. But smart modern businesses know it’s wise to insert a bit of flexibility into their long term plan. This is because being flexible gives them enough room to adapt as appropriate to take advantage of any unexpected opportunities.

Any business owner seeking to make a mark in this new era has little choice but to ensure that these five essential features are instilled in their enterprise’s modus operandi.

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Writing as a Career?

Want to become to take up writing as a career but do not know how to proceed further? Keep reading! There is answer to all your problems here.

Requirements

What does it take to become a writer?

Passion

Any dream just requires one thing to be pursued and that one thing is passion. If you have utmost passion in writing and believe in yourself then no force in this universe can stop you from being one. This is being too optimistic about the situation. Practically, you need to put your one hundred percent in it. Then only will it produce desired results. But do not get demotivated if you didn’t get the desired results in the first attempt. Failures are a part of life. Learn to embrace them. Always carry a positive attitude. Never cease trying.

Command over the language

To become a good writer you need to have a strong command over the language. Be it any language. Your grammar should be perfect and vocabulary vast. No one is inherently good in a language. It is attained by devoting time to the language. Read books. A good foundation is built by reading books. Read lots of books. And start writing too.

Creativity and imagination

To write new stories one needs a sense of creativity. A vivid sense of imagination helps writers to weave stories in a gripping manner.

A keen sense of observation

Where do you suppose to get your inspiration from, you get that from the life and people around you only. Start observing your surroundings in a new light. Watch them from a new perspective. Travel to new locations, meet new people, hear new stories and then create your own!

 

Writing as a business

To take up writing as a business idea is brilliant. But as all good ideas, it has its share of pros and cons.

Pros

It is not a mainstream idea. So you are saved from the cutthroat competition. It is one of the few jobs which allow you to combine your passion and work. You get a chance to taste fame. You get to work from your home. You don’t have fixed working hours. You can simultaneously do other work too.

Cons

Though it is not a mainstream idea, but it s success rate is also low as it depends on people’s choice. The first problem every budding writer faces is finding the publishing house to print the book.  J.K.Rowling’s book, the famous harry potter series got published years after it was written. She went from publisher to publisher but, no one was willing to publish the book. So, selling your new idea poses a challenge.

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The Advantages to Starting Your Own Business

It is perhaps something that every business-oriented individual has considered at one point or another – starting up your own company. Venturing out on your own is a daunting prospect which is why many prefer to keep working for other individuals. If you are contemplating setting out on your own, this is certainly something that you should take forward. Just look at all of the benefits that you can reap from doing so:

You Get to Create Something of Your Own

This is perhaps the most powerful reason to start up your own company. There is nothing quite like the feeling of creating and then nurturing your own thoughts and ideas. It is possible that there is no greater satisfaction that building something with your own two hands – figuratively or metaphorically. What better way to leave your mark upon the world?

Being Involved in Something that You Are Passionate About

According to research conducted several years ago, it was determined that only about 13 percent of the world’s population actually enjoyed going to work each day. This is a dismal statistic. The top reasons for this dissatisfaction includes being in the wrong career, having a job that lacks meaning, and not living up to your potential. All of this can be avoided when you start your business as you will be doing something that you love, something that you are actively engaged in.

Creative Control

Are you tired of not being able to flex your creative muscles enough? If so, starting up your own company may be the solution. Since you are almost exclusively in control, you get to make all of the decisions, creative and otherwise. This means that you can take your organization in a direction that you see fit. You will be able to come with imaginative ideas and then pursue them to fruition.

You Can Make More Money

Now, most business owners aren’t millionaires so there is no guarantee that you will be incredibly rich with your venture. However, there is no denying that you will be able to lead a very comfortable lifestyle. At the very least, there is a good chance that you can make much more than you ever could being somebody else’s employee. While you may not be the next Bill Gates, you can make a tidy profit.

As everyone knows, however, there are certain obstacles when it comes to setting up your own business. Despite the numerous benefits, you may face hardships and setbacks as well. This is why you should always consider getting the help of a business consultant and strategist such as Trevor McClintock. By doing so, you will be able to avoid or predict many of the pitfalls you may encounter when you first get started.

If you are feeling underemployed, disillusioned, or generally unhappy with the state of your career, it could be time for a change. The right move for you could be launching your own brand and company. Within a short period of time, you will be able to realize just how much happier and satisfied you are with your work life.

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Here’s Why Your Business’s POS System May Need an Upgrade

Point of Sale (POS) systems offer many benefits to modern businesses in many sectors. POS systems are known mainly for improving speed, accuracy, and convenience of payment transactions. Because this technology is popular, POS systems are always evolving. The systems you can get nowadays are generally more advanced than a system that you may have installed a decade ago. If your POS system was installed more than four years ago, it might be in dire need of an upgrade. Read below to find out if you should overhaul your existing POS system and replace it with a new one:

Your System is Slow

Point of Sale Terminal hardware is just like regular hardware. The programs may begin to slow down overtime as the hardware gets used. If your employees are noticing a significant slowing down of the checkout process, then your system is definitely in need of an upgrade. You could upgrade the software, or you might have to spend some money buying new hardware. In any case, it’s best to have a professional look over your system and then device.

The POS System Returns Inaccurate Information

If the system you have is returning inaccurate information regarding scans or customer details, then the system must be immediately upgraded. Are scanning of products returning wrong product listings? Are the prices the system generates wrong? Then your system has not been serviced in a long time, and needs to be immediately. It’s also possible that your inventory has greatly expanded since the system was first installed, and now the outdated system cannot handle all the requests properly. You can consult with a POS system specialist like Top Merchant Services to diagnose the problem, and accordingly fix the situation.

There’s a Delay in Accepting Payments

Obviously, you’d want the POS system you have to immediately process credit cards soon after swimming. Some old systems don’t do this. It could take long minutes until the system processes the credit card, resulting in checkout delays. The main reason for this problem is that older POS systems are really not designed to process credit cards in a snap second. If you want quicker payment processing, then you need to upgrade to a newer system like the Clover POS System. Newer systems offer generous perks as well. If your older system is repeatedly failing in processing payments, or even leading to payment rejections, then it’s simply better to update the entire system.

The POS System is Vulnerable to Cyber Attacks

Cybercrime is phenomenally rising in this decade. That means your POS system must be highly secure. Most POS systems are dependent on the internet to some extent. Older systems may not have the sophisticated firewalls and other security features necessary to thwart modern cyber attacks. A single cyber attack could have devastating consequences on your entire business. Therefore, if you are using an older system, it’s worthwhile to spend money upgrading the whole thing even if it works fine otherwise.

If at least one of the above listed issues is plaguing your company’s POS system, then it’s time to seriously think of an upgrade. You should research the systems most suited for your company, and also set aside a budget to choose the best new POS terminal for your business.

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Why Your Startup Needs an Accountant

Are you thinking about hiring an accountant for your startup? This is a decision that could determine how successful your business becomes in the future. It will cost money to hire this type of business professional, but the ways in which your company can benefit will outweigh the cost. Below are some of the main reasons why you need an accountant.

It Takes the Pressure off a Startup Owner

When you’re starting out in business, you probably have a lot of things on your plate. You could complete a bachelors degree in accounting and do this work yourself. A bachelors of accounting will give you the skills and knowledge required to understand this area of your business, but you may need further help.

Resources and capital may be limited, which means you have to do a lot of the work in your business yourself. Hiring an accountant will reduce some of this workload and you won’t have to spend as much time working on the financial side of your business.

An Accountant Will Give You Sound Financial Advice

Most business owners are experts in their field, but they don’t have a deep understanding of the financial world and how it can affect their company. However, an accountant does have this knowledge and experience, which means they can advise you about a whole range of finance-related topics. The advice and support you get from anaccountant will help you make better business decisions and you will avoid making common mistakes that could affect the future of your business.

Dealing with Your Taxes is Not Always Straightforward

Unfortunately, every business has to face up to its tax obligations. The tax system for businesses can be complicated, so it’s essential to have someone on your side that is up-to-date with the tax system and the latest changes that take place in this area.

An Accountant Helps Build and Grow a Business

Many accountants have experience dealing with larger organizations and understand how to build and grow a startup. If you intend to expand your business in the future, an accountant will guide you in the right direction and ensure that your business does not grow too slowly or too rapidly.

Your Business Will Be Compliant and Will Follow the Rules

It’s essential for a modern business to stay compliant with certain business laws and rules. Once again, you may not have the understanding or the time required to investigate all of these rules and regulations, but your account should be able to look further into them and find out what your business can and cannot do.

You Can Increase Your Business Network

Experienced accountants usually have a large network of business contacts that they have built up over the years. This can be extremely important for your business because your accountant may be able to introduce you to people who are interested in becoming clients or people who can help your business.

As you can see, there are many good reasons why a startup owner should employ an accountant. The person you hire will be an important business ally who can guide you in the right direction and take care of all of the financial aspects of your new business.

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Alex Jeffreys Explains Why you’re Afraid of Success

Fear of success is the biggest reason people fail, according to Internet marketing guru and coach Alex Jeffreys.

It starts as a subconscious feeling that causes people to sabotage themselves before they begin — without even realizing it, he said.

Here’s how it happens: Most people are afraid they won’t be able to hold up their promise, so they become paralyzed. It’s human nature to want to stay inside your comfort zone and not evolve as a person, he said.

“They’re scared they’re not perfect, so they don’t get started – but people don’t realize we have to fail to succeed,” he said.

As fear takes over, launching a new venture becomes too daunting, prompting a downward spiral. The person realizes they’re not achieving anything, so they’ll start to make excuses because they expect instant results without any effort, he said.

“They start pointing fingers, or they start to look inside and start to think, ‘I’m not worthy. Why me?’,” he said.

Too many people fail to realize that the only path to success comes after starting — and failing along the way. This is something Alex Jeffreys’ clients are told from the very beginning.

“People mistake the starting line with the finish line,” he said. “They will spend forever studying and getting ready for when they get started.”

Having a plan and being prepared to launch a new endeavor is important, but it becomes an issue when people get stuck in a loop of getting started and fail to move forward, he said.

“You can’t learn to ride a bike going to a seminar,” Jeffreys said. “You have to make those mistakes and failures.”

Learning from his mistakes has been a crucial element of Jeffreys’ career success. In the early stages of his career, he said he was overly optimistic about what he could accomplish in a single sprint and had difficulties learning how to manage his time.

“I wouldn’t work on the main tasks first based on fear because I was scared of success,” he said. Instead, he wasted time procrastinating and performing inconsequential tasks. Because he was keeping busy, he told himself he was accomplishing something.

These stumbles turned into procrastination, which slowed him from making real progress. After some time, he realized all of these stumbling blocks had one thing in common — fear of success, he said.

“I mistook activity with accomplishment,” he said. “I was a busy fool.”

People think once they do all of this work and preparation, success will just appear and they’ll be ready. That’s not how it works, Jeffreys said.

Success is an ongoing phenomenon that takes a lifetime to get used to, and the subsequent adrenaline rush can be triggering to anyone who has dealt with a traumatic experience, Jeffreys said. The emotional rollercoaster can prompt people to retract from success and “bury their heads in the sand” he said.

As the adrenaline rush and problems fade away, so do the clients. Eventually, there are no clients left, and you’re back to your comfort zone. Success comes from pushing yourself leaving your comfort zone, he said.

“Business is not natural – it’s like two magnets going together – it repels you,” he said. “You have to go through that magnetic field to push through it. Everything will try to stop it.”

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How to Cut your Grocery Bill to Half?

Ever calculated your monthly grocery bill? You will be shocked to see the number. The reason why those diet plans are not working is this only, and nothing else! You may have noticed that groceries must also be getting wasted as lot more recently. That is because you are buying more than the required and hence throwing more too. Take a deep breath and get out of the shock because there is a way. Where there is a will there is a way. In fact there are many ways to cut down your grocery bills. Start reading!

Make a list and stick to it. Before going out for shopping, always make a list. Because those nicely decked shelves will never stop looking tempting. There are apps available on the mobile phone which you can use to make your list easily.
Never go to grocery shopping on an empty stomach. This may sound funny but there is scientific research to back this. Hunger is sole driving force of our actions. When we are hungry we tend to buy more. Not only grocery shopping but shopping in general should be avoided when on an empty stomach. First eat something then think rationally about shopping!
As you keep adding things in your cart, start adding their price in your head too. Keep a count. Or carry a calculator for your convenience. Use the mobile calculator. Fix a budget and don’t exceed that limit. This habit will not only save your money but also make you aware of the prices of the things you were earlier buying unknowingly. You may also want to stop being brand conscious, if you are one.
Start using the cash-only policy in your life. Carry cash. Leave all your credit cards at home. Cards give us the liberty to go on buying without any limit. Take the exact amount of cash that you have allocated for groceries. This is a foolproof way ensuring that you don’t buy excessive and unnecessary groceries. This tactic not only helps in curbing excessive grocery shopping but cutting down unnecessary expenses if applied in other aspects of life too.
If you are a frequent shopper, then start limiting your visits to the mall. Because we tend to buy more if we go more frequently. Slowly start reducing this. For instance if you go to the market twice a week then start going once a week and gradually bring it down to once a month.
Ever thought of trying new grocery stores? Think. Do that. It might end up saving you some money.
Start observing what goes inside you. Start planning your meals. Cut down the meat content. It is sure to bring your bill down drastically.
Take advantage of those monthly sales and stock up your larder. But don’t let the sales take advantage of you. Buy only what you need and not because it is up on some rubbish offer to fool you.

Hope these tactics come handy when you go grocery shopping next time!

P.S.- Don’t forget the list.

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Ready Steady Go! How to get your Office Space up and Running Immediately

In our globalizing world, movement and fluidity are key to any successful business plan. Keeping options open to expand regionally can be easy and effective to manage when done well. It’s important to know how setup office anywhere at any time in an efficient manner to keep up with any important up and coming business plans. The excitement of getting a new working space and starting up a business in a new environment can often be bogged down by the costly and confusing logistical matters that come along with it. There are however, progressive models that offer quick-smart setups for businesses in today’s rapidly moving industry. Utilising professional services as well as organising yourself before moving into a new office will ultimately make for a smooth and timely transition for getting any office space up and running.

Seek some assistance

A job is always well done with someone by you side. Models such as Servcorp’s serviced offices in Hong Kong provide fully-furnished office spaces and meeting spaces that can work with any regional or time constraints. Servcorp specifically allows you to rent virtual office space and be ready to go immediately anywhere in the world. It’ll give you phone coverage, Wifi, IT infrastructure, meeting rooms and decent office space in Hong Kong and more than 155 other locations worldwide. Renting in Hong Kong can be a very confusing process that will put a lag on setting up offices. Utilising the progressive measures that come alongside a globalising generation help you to stay one step ahead and have office space ready immediately with the click of a button.

Check list

A little bit of preparation goes a long way. Before making any decisions, make a checklist of what you want in an office space to make sure you are looking in the right places. Traditionally you’d want to consider individual desk space as well as meeting room spaces. You don’t want to end up doing all your meetings in coffee shops on the fly. Making a simple checklist will mean that when setup time comes there won’t be any stress about what should and shouldn’t be there. Consider whether you want a space to be shared and co-working or individualised. Doesn’t there need to be a car parking spot, a kitchenette, an office suite or a conference room? If you are setting up a permanent office space, consider what long-term needs are necessary: setting up Wi-Fi, comfortable and inviting furniture, window space, natural lighting.

Travel Light

Alternatively, if you aren’t settling down in a particular office space for too long, don’t get caught up in too many minor details. Try and live as efficiently as you can. Opt for using a laptop or a phone rather than have countless pieces of paper and documents to lug around. It’ll be less confusing and keep things more safely documented when the time could to get your office up and running. Utilise technology as much as you can to organise dates, emails etc. Mobility is key, so take the time to instil measures in your routine that will allow you to adapt to any office space. Make your primary mode of contact your mobile phone rather than relying on a land line. Additionally, furnishing and finding space doesn’t have to be done on location. Opting for a virtual office model like Servcorp grants you the flexibility of finding and setting up office space from the other side of the world without having to worry about confusing real estate documents.

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Make your Company’s Summer Social Event Sparkle

The Christmas party might be the most talked-about event of the social calendar at work, but summer is when the fun really happens. From awards ceremonies and work-BBQs, warmer weather makes summer the perfect time for a corporate event.

Any extracurricular activity is bound to make some staff members roll their eyes, so make your work socials so fun they can’t help but change their minds. Anyone who’s ducked out will be sure to turn up to the next one once they find out what a fun time their colleagues had.

There are plenty of ways to do that; number one is to ensure that free food and free drinks are readily available – no-one wants to look stingy. For a touch of class, hire waiters to take drinks and canapes around, or for a fun edge have a couple of crack bartenders on hand to knock out killer cocktails.

Activities, too, will always up the fun factor – when your event is held outside, the world is your oyster. Set up fairground attractions so staff can relive their youth, a photobooth with props to remember the occasion or casino-tables. You could even set up an outdoor cinema with deckchairs and snacks on hand.

If it’s a more formal occasion, a guest speaker could provide a real wow-factor, or for casual occasions a celebrity guest in attendance will really make people sit up and pay attention.

Booking agent UK

If you think a celebrity guest could be the cherry on top of a perfect evening for your business, contact UK booking agents to find out more about the talent on their books and who would be best suited to your event.

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