Top 10 Hidden Secrets of a Millionaire Mindset

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We see many key differences when we look at the behaviors and attitudes of those financially successful and those who fight to build fortune.

However, there is a psychological characteristic that is shared by the rich and the poor. That’s what the self-serving partiality is called.

The self-serving distortion is any perceptive distortion that an individual has so that he can see himself in a positive light. That’s what we often see when we look at people who come from riches and seem to blindly attribute their success to their talents –some call it the silver spoon effect. It is incredibly frustrating to see these people show no signs of humility for those of us who don’t have such an excitement in life.

This self-serving prejudice goes in both directions. Most people looking at other people’s lives under-estimate their success and overestimate the value of talent, work ethics and thinking. We tend to consider other people’s failings as character defects rather than bad luck.

So what are we able to learn from that?

Well, while luck is a factor, it’s completely out of our control, so the only area we should focus on is our thinking. It can make us much more likely to earn this kind of money if we can take a millionaire attitude.

Well-off people are often going to tell you: everything is about mindset. And the truth is, yes, most of it is mentality.

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So here is a millionaire’s 10 hidden secrets …

1.Millionaires trust their unconscious minds.

The mind is erratic and untrustworthy. It changes its position on things constantly, raised objections and doubts which prevent clear and concise decision-making. The millionaire attitude requires us to rely on more than what we feel at the present time, something that goes beyond our fears and concerns. Others may say that they have faith in their unconscious minds to lead them in the right direction at the right time.

2. Millionaires start with absolute clarity.


One thing is to know what you want and another is to know what you want in the smallest detail. Millionaires often have very clear goals and plans to follow up until they reach their destination. We see the same thinking frequently in hyper-successful athletes who speak for years about their success visualizing it. You must define exactly what you want and know the experience intimately before it enters into existence if you want to have an idea of growth and abundance.

Person Holding Lens Focus Photography

3. Millionaires know their greatest asset is attention.

The average person is wasteful of time each day for hours and hours. Social media, TV, video games on phone, smoking cigarettes, and a list of things continues. The millionaire knows their attention is precious and does not waste it on activities that offer nothing. All they do is concentrated on their goal.

4. Millionaires never lose sight of their target.

It is important that you always keep your goal ahead of you in order not to waste any attention on trivial pursuits. One way to do this is to create a life in which people with similar goals are around you. You can also ensure that you celebrate the small wins constantly so you know exactly what you do.

5. Millionaires distort their money relationship.

This is what the millionaire mindset is most unusual. Most people never consider themselves to be unconscious about their inability to make money. We have had conditions for believing in the Hollywood version of the wealthy villain, so we believe that wealth gain means acting in a way which puts our moral integrity in question. You can make money and still help people, whether you’re a good person doesn’t relate to your bank account. Make sure you don’t have a conflicting money relationship and don’t have any moral doubts.

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6. Millionaires decide on things that have meaning in their lives.

You must decide that money is a precious asset for your life. You’ll never focus to pull up and go hunting for wealth–there are simply too many opinions when you listen to what everyone else says you care. You will be driven to success by your mind if you decide what is in your life and do not follow the herd.

7. Millionaires give better than they take.

It can be counter intuitive, but the millionaire attitude is more than necessary. You must be social in order to gain wealth and be successful in your relationships. Look always for something else, and you’re going to find something in return.

8. Millionaires are aware of their drive.

People may make a lot of money if their emotions are negative; anger, greed, insecurity. But that never will bring you the accomplishment you expect. If you are driven by a need to serve others, then money brings a sense of satisfaction. Know you’ve got the right motivations to get rich.

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9. Millionaires do not so personally take stuff.

Another aspect of millionaire thinking is that they do not personally take things. It’s hard to remain grounded and coherent in our actions when we look at our ups and downs as reflections of our self-worth. The wealthy see failure as a chance for growth. There are thousands of factors that control their achievements and failures. Take all the lessons you come to, not celebrate too long victories or ruminate about defaults.

10. Millionaires are risk-takers.

Everyone knows this, but how often do we see it in our own lives? You have to take risks if you want to succeed. It’s no other way around. If you want to be rewarded, you have to take chances. Consider that we will not be so scared of taking risks if we are able to take our failings as opportunities for growth!

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Conclusion

These ten hidden secrets show you the psychology of people who can generate great wealth. While this framework is not going to be adopted overnight, constant reflection results in changes in beliefs that cause changes in behavior. The creation of wealth is closer than you believe, requires knowledge, bravery and diligence.

Why are small companies benefiting from social media marketing?

You constantly seek new ways to get the brand of your company onto the the roster of potential customers. If you don’t, it’s a great way to engage and attract new customers using social media in business. In fact, small social media marketing strategies have an advantage compared to large companies. Why does it happen?

The effectiveness of social media leads to participation. If a company doesn’t engage in social media marketing, it will probably not succeed. Interacting in social media with consumers is a key marketing strategy for  small enterprises. 

The use of social media helps you to increase awareness of your brand and client base, as well as to connect with existing clients. In fact, one study showed that over 90 percent of marketers say that their businesses care about social media. 82 percent of participants in the survey worked in companies with less than 100 employees.

Small business owners can easily market through social media as long as you post actively on social media pages. Some of the common social media websites are Facebook, Twitter, Instagram, and LinkedIn. Set a schedule to contact your followers regularly in order to make effective use of social media for your company.

Advantages of social media marketing for small companies

The success of social media does not depend on the number of people a company has. Rather, it relies on the commitment of customers. These are several reasons why small enterprises can have more social media success than big enterprises:

1. Small companies are community focused and individual

There are several differences, such as the legal structure, the number of  employees and revenues, between small and big companies. But companies nitty-gritty aspects are not the only differences between large and small ones. 

Small companies tend to focus more on communities and individuals. Many small businesses decide to participate heavily in their communities, which leads to customer connections. It also benefits from connecting and sometimes partnering with other local businesses in the chamber of trade within their community.

Small companies can connect with their customers online when using social media. Small companies are more likely than larger companies to respond to their customers. As a small company, you can deal easily with the flow of customer comments, to ensure that you respond quickly.

For people to talk about products or services, social media is a great way. To increase customer participation, customers must post photos with the product of the company on social media. And welcome consumer reviews, questions, comments and concerns. You can easily build connections with people on social media, as a small business owner. Current and potential clients will have greater respect and appreciation for a company that responds promptly.

2. Low-cost advertising

While you can pay for certain advertising functions, such as on Facebook, social media is free of charge. You can target these ads to reach people within a certain range of your company. This means you will not end up paying out of your local customer base for publicity. Set a budget and choose your audience to start advertising on Facebook. Instead of spending thousands of dollars on social media marketing across the country, small enterprises have only to concentrate on their location. Social media is an excellent publicity tool without any additional characteristics. You can update your supporters on offers, sales, new products or even information related to the industry. Photos will also help clients see what they are offering.

You advertise to your existing customers through social media. However, by getting your brand out, you can also advertise potential customers. Your current customers are also great brand ambassadors. Small corporate owners usually know their customers themselves and share their social media experiences more naturally. Current customers can post on your products or services, raise their brand’s radars and attract new people to your business.

3. Joint Marketing in Social Media

Many small companies can work together on strategies for social media marketing. As a small business owner, you may work in your niche with neighboring small companies (not competitors).

You can post on your twitter, for instance, that if customers buy you and vice versa, they can get a discount coupon from another small business. Or, join in a social media gift or contest with a neighboring company. Winners may receive a prize which covers both companies ‘ products. On the websites of your social media, you can even showcase promotions for your neighboring business. You can build brand awareness together with other small businesses. You can take the radar of prospective customers and encourage people to purchase from both companies.

4. Personalized Care

Everything is about personalization for small companies. Some of them have a good shopping experience for small companies. A survey found that 53 percent of consumers want to go shopping in small enterprises because they want personalized service.

You can take the time to connect with individuals when customers are at the company. You can tell where your products originate, how long you have been in your business and how inspired you to start your business.

Individual attention is not only applied to consumers who are in your company. Small companies in social media can give customers more than scripted answers.

A large company selling all over the country has no time to give each customer a personalized response. On the other hand, a small company can write a real response to the situation of the customer directly. Small businesses have the benefit of social media marketing through this direct connection between consumers and brands.

5. Small companies can piggyback big ads

Some large companies organize events that small businesses can use in their marketing strategies for social media.

In the Philippines, for instance, Bazaars are all year round. Since consumers recognize that event, it is easier for small enterprises to take advantage of social media. Big companies could spend huge sums of cash on advertising, while small companies can benefit by posting that your company will participate.

Top 6 Painful Business Mistakes to Avoid

Are you a new entrepreneur? If so, be prepared for all manner of challenges and obstacles you might encounter. The competition may be tough, funds may be lacking, costumers may be difficult, or even your own employees may give a headache. However, the most painful problems you will probably face are those which you have caused yourself, as result of a late decision or even poorly timed actions.

Mistakes will always be a part of your life; it is what makes you human. However, you can learn from others’ mistakes so that you don’t have to experience them. All you need to do is to equip yourself with wisdom from peers and plan ahead to deal with some of the most painful mistakes entrepreneurs make.

Agree or disagree, but below are six most painful mistakes that entrepreneurs committed throughout their whole career and how they successfully got around them.

Note: The numbers do not necessarily mean that one is more important that the other.

1. Blindly following advice

Newbie entrepreneurs do this almost all the time. Poor advice can come from a friend who owns business in another field or even a professional.

Yes, it is important to get professional advice, but it’s also more important to be more objective about it and always put your business in perspective. You see, what worked for him may not necessarily work for you as well

2. Right goals were not set

Another mistake that even veteran business make is not setting the correct goals.

As a principle, you always need to have two sets of goals – short-term or long-term.

A short-term goal means something you want to achieve at the soonest possible time. What do you want to achieve today, this week, this month, or maybe even this year? Do you want to make sales? Do you want to have talented employees? Do you want to have loyal costumers?

A long-term goal means something you want to achieve in the future. These goals are not possible within a week or in a year. These goals take a really long time to achieve. These could be getting on the front page of google, growing your social media following, or increasing your brand recognition and awareness.

Another principle that you need to learn is that you have to do your best that your short-term and long-term complement and leads up to each other. When you get this wrong, you will be wasting time thinking and not doing anything productive for your business.

3. Bias towards your own product

Naturally, you will fall in love with your product when you it. You deceive yourself in thinking that it’s the best in the market.

Well, that isn’t necessarily wrong, and it great for your ego and confidence. It’s also very important to look for things that could be done to make your product best as it can be.

At the same time, you should not also be seduced in the beauty of perfection.

You should look for a healthy balance in these aspects if you want to have a successful career as an entrepreneur.

4. Reluctance to spend on marketing

I find it surprising how marketing is often not being prioritized with new entrepreneurs. Unbelievable.

THIS IS HOW YOU GET MORE SALES!

Especially if you are new, always set aside some funds on marketing.

You may not a have marketing budget because you can’t figure out the ROI.

This can be solved if you begin with proper monitoring and reporting. Knowing your costumers makes it easy acquire new ones.

5. Failing to delegate your work

You will have a lot less headache if you and a lot more successful business if you learn to delegate.

You may be tempted to the little things like designing your own logo, doing your own accounting, it’s really a bad idea.

Even if you are excellent at it, you have to ascertain how to maximize the use of your time and energy.

6. Spending too much on things you don’t need

Until your company has a consistent track record of profits, it pays to be conservative in your expenses.

Avoid having fancy equipment, web hosting, software costs, office space that your business doesn’t need.

Avoid taking on debt, as well. Be wary on business credit card debt.


So these are the Top 6 Painful Business Mistakes to Avoid. Do you agree with these? Have you experienced the pain of making these mistakes? Did I miss a mistake that others made? Feel free to share your thoughts in the comment section below.

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How Retailers can Choose the Best Business Services Provider

How Retailers can Choose the Best Business Services Provider

 
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Opening a new business can be a daunting process for any individual. From selecting the right location to securing the inventory, the process involves layers of intricacy that helps in determining the success. Among different aspects of opening a new account, lays another important aspect, i.e., selecting a business service provider. With numerous best online business services to choose from, people get overwhelmed with the options. It is essential to choose the right service provider to avoid any complexity in the future. 

Though the credit card processing industry is difficult to understand initially, the business owners need to research a lot to find the right credit card processor for your business. Since every company charges a different amount for every transaction, your decision can have significant consequences for the success of a business.

Business Services Provider Facts

As the owner of a business, you need the facts on merchant services. Businesses that accept payment from clients via credit or debit card work with a merchant services provider. So what should you expect from your business service provider, and how do you know you have the payment solution that’s right for your business?

  • They allow you to accept credit and debit cards
  • They help you meet and maintain security standards
 

Meeting Security Guidelines of the Payment Card Industry

The PCI Standard is mandated by the card brands and administered by the payment card industry security standards council. The standard was created to increase controls around cardholder data to reduce credit card fraud. Validation of compliance is performed annually, either by an external Qualified Security Assessor or by a firm-specific Internal Security Assessor that creates a Report on Compliance for organizations handling large volumes of transactions, or by Self-Assessment Questionnaire for companies handling smaller volumes. 

The Payment Card Industry Security Standards Council (PCI SSC) was then formed and these companies aligned their individual policies to create the PCI DSS. MasterCard, American Express, Visa, JCB International, and Discover Financial Services established the PCI SSC in September 2006 as an administration/governing entity which mandates the evolution and development of PCI DSS. Independent/private organizations can participate in PCI development after proper registration. Each participating organization joins a particular SIG (Special Interest Group) and contributes to the activities which are mandated by the SIG.

The intentions of each were roughly similar: to create an additional level of protection for card issuers by ensuring that business meets minimum levels of security when they store, process, and transmit cardholder data.

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How to Choose the Best Business Service Provider

Choosing a business service provider can be confusing but with the right information, you can make a wise, informed decision.

  1. Find a provider with a proven track record.
  2. Investigate technical support options.
  3. Make sure the rates are reasonable.
  4. Consider the specific needs of your business.
  5. Make sure that your monthly processing volume is not capped.

Understand what will fit best for your retail business

How do you determine what merchandise is right for your store? How do you know if the vendor you’ve chosen will prove to be beneficial in the long run? What standards have you put in place to judge whether the merchandise you buy will be what customers want?

 

Consumers are no longer solely concerned just with the price point. Purchase decisions are now being made with more factors at play, things such as brand differentiation, reputation, and customer-centric return policies. But it’s hard to read a customer’s mind, and it’s also a challenge for retailers to figure out where they fit when compared with their competition. Especially for retailers just starting out, it may feel like a lot of decisions are made on guesswork or instinct. Market research can remove much of that uncertainty, by helping you understand your industry, your target customer, your competition, and your product. And when you understand all that, your chances of success are a lot greater.

Do your due diligence when choosing a merchant services provider

Thinking innovation is a must. Review the ratings and potentials of your business services provider and see what providers are getting the best reviews from their recent clients. Comprehend the service charges and fees upfront. 
 

Last, you need to get all the service charges and fees on the table to make the best decision for your business

If you are a newly established business, the budget may fall short and a secret fee or two could be a budget-buster. Convey with potential business services provider and guarantee you know the fee structure before signing on the dotted line.
 
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Conclusion

Choosing the best business services provider is really important to your retail business, whether you are managing an online e-commerce store, or opening a small business in your community. If you understand what you’re doing and know how to minimize the risks and challenges, the independence, personal satisfaction and financial rewards you can achieve as an entrepreneur mean that starting a small business could be the best decision you’ll ever make.

What is Budgeting?

Budget is an estimated revenue and expenses over a specified time. It is evaluated and forecasted on a periodic basis. A budget can be made for a person, family, group of people, business, organization, government or anything else that makes and spends money. 

Why is Budgeting Important?

•Budgeting helps you reach your goals
You’ll be able to prioritize the things that are most important to you. This may be finishing college, investing for a business, house, family, etc. 

•Budgeting helps you save money
When you budget your income, you forecast your spending which helps you prioritize the most important payable for the period. It is advised that you deduct your savings first before your payables.

•Budgeting helps you stop overspending
It limits you to spend money on things that are less important or unnecessary. You focus on limiting and decreasing your spending limit. You also eliminate unnecessary expenses like uber, gym, cable tv, etc.

Budgeting keeps your mind healthy
Once you forecast and categorize your spending, you become wise. You prevent your self from worrying about future problems. You become prepared for things that are scheduled and not. You have a budget for an emergency and you have a savings or investment for your future.

Budgeting increases your mental sharpness
Budgeting helps you become flexible. You’ll be able to forecast, prioritize, categorize or even limit your budget. It helps you think how to decrease each payable. Like electricity bill, you switch off or unplug electronic devices or anything that uses electricity when not being used.

Budgeting helps you create a better future
Budgeting helps you control your money. It helps you decrease your spending and increase your savings. You limit your spending on things you don’t need. It helps save and invest for your future.

Budgeting is very simple. You can do it by getting the percentages of your income to cover your expenses, savings, and bills. You simply track the money that you spend by categorizing, listing and prioritizing. You may decide to switch. minimize, limit, increase or decrease each category depending on your income. 



How to Run a Profitable Web-based Company

Tips on running a profitable web-based company

According to online business experts, only 10% of online-based business succeed after five years, not bigger than that. To ensure that your business is part of this small percentage, internet startups need to be aware of the various ways that can help them stay afloat and or be more successful for many years to come. Here’s some ways to ensure your company is useful online:

Solid value proposition

You have to let the prospective customers see the value they are getting when they buy your products and or services. The value that the customers will derive from making a purchase should be very evident as soon as they will interact with your website. Most of the times, the information provided on the landing page will make the customers continue to go through the site and make a decision to buy.

Excellent customer service

In today’s economic climate, the customer is more in charge than ever before. A quality product is simply not enough, you need to provide a great customer experience. And customers are looking for a great customer experience from the moment they discover your business online. Ensure that everyone from your team is well trained in customer service and always available both day and night to give feedback to inquiries.

Online marketing

The growth of a web-based business is determined by its ability to attract new customers and retain loyal customers. Putting a marketing campaign is important, leaving an online footprint in every possible online marketing avenues and web traffic increase pages. It is also equally important that you provide avenues to our customers for feedback, to allow you to meet the needs of your customers and make improvements whenever and wherever necessary.

Nowadays, majority of the businesses are being setup online, in a bid to reach out to more customers resulting in competition between businesses. Having a successful business on the web needs a lot of planning and strategy so as to stand out from the rest.

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How to Protect your Business from Account TakeOver

How to protect your employees and customers from account takeover

In today’s time of readily available online information and content, cyber security is all critical. There’s really nothing worse than getting hacked, leaking your company and or client passwords exposed to cybercriminals.
At a company level, this will set a panic mode to everyone. Before the hacker can lock you out of your accounts and steal invaluable data, everyone will frantically change all passwords.
At a customer level, it is very costly to recover from a hacked password and or customer account information, which may result to lawsuits.
Below are the 6 tips to help protect you from having your online accounts hacked and taken over:

Monitor your data

You’ll never know that a password exploits occurred until it’s too late. We have online tools like dark webmail API from SpyCloud that can save you a lot of aggravation and time. It has a scanning tool to discover password exploits often before hackers can get a lock on it, then informs you of ways to secure that data for good like imposing a strict password setting and resetting rules.

Use complex passwords that don’t make any sense

Hackers are good. They can come up with 10-20 good guesses as to what password might be by running a cursory search of you and your family online. In other words, don’t use your daughter’s name followed by her birthday. Instead, use a minimum 12-ish character password, using multiple letters, mixing in caps and non-caps, and use symbols that don’t form any sort of sensible pattern.

Never use the same password on any two sites or accounts

You can’t be lazy. If one source is hacked, and you use the same password over multiple accounts, all of your online and locally stored data are immediately at risk.

Change passwords often

Everyone knows about this already. Just keep in mind that the new password should be equally complex as the last. The more often you and your clients change passwords, the less chance a hacker can get in on your data. Set a script run that will prompt you and your clients to change password at least once a month.

Use two-factor authentication

It is always an added level of security getting a code that logs you into your account, aside from the usual password credential. Without your phone in their possession, your passwords are useless to hackers.

Use a reputable password manager

Password manager offers limitless password storage, and make changing passwords often very simple with one-click password generators, like LastPass, Dashlane, and others. They work really well and have the smartest hackers on the planet keeping their encryption near impossible to hack.

These simple tips help protect passwords and the data they hold access to. On a wider scale, it will help prevent data and identity theft online.

Top 5 Profitable Online Businesses

Top 5 Profitable Online Businesses

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Whether they are targeting the mass market or restricting their business to particular niche markets, thousands of businesses are started online on a daily basis. There is some internet based business that seems to be more successful compared to others because of the value they offer to their customers. Some of these favorite businesses include:

Web Design

A website serves as a link between a company and their potential customers, that’s why the majority of the companies requires this. Sites are a great tool for selling products or services and getting feedback from their clients all over the world. As the mobile phone becomes the primary tool of communication, web designers are also developing websites that are quickly loaded on mobile phones for the benefit of users. Most of the web design companies offer their services to both individuals and as well as large organizations, making it a lucrative business.

Social media consultation

Social media has become the leading platform wherein companies and individuals communicate. Most of the time, companies need help in figuring out their social media strategy and often times consult the services of social media experts and or social media manager. The need for consultants is to drive more social media networks. The social media experts may be hired on a contract and or full-time basis, depending on the needs of the organization.

Review websites

There are a lot of products and services’ information being provided to many internet users on a daily basis, leaving them overwhelmed. It is for this reason that many online customers find time to search for review sites especially when they seek common feedbacks and or analysis on certain products and or services. These sites can review things across the board or focus on particular niches to attract a specific clientele. Websites such as The Top 10 Sites make information more accessible for those seeking well-researched information on popular brands.

Dating sites

Finding your other half has been quite a task for single people especially those who have plans of settling down very soon. For many of them, finding love at the comfort of their home or their office desk through dating sites is quite convenient and most welcome. Dating sites that offer added value like background checks and matches for those who signed up on the site are more likely to succeed. Also, niche sites that target individuals with unique needs are very successful across the globe.

Online shopping

The most successful online business nowadays is buying and selling goods online. It offers convenience to shoppers looking to make a purchase. That is why more and more are doing shopping online. Also, delivery services after items have been purchased makes the entire experience great for the customers, no matter where they are located.
In general, online businesses will succeed if they keep up with the trends and maintain attractive sites and focus more on providing a great customer experience.

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How to Make Smarter Decisions for your Business

Tips to Make Better Decisions for Your Business

three persons in front of table

Inside your business, there are three levels of decision-making.

The problem is, most entrepreneurs are unaware of this, so they simply make whatever decision they think is best. In the beginning, this is fine, because you build initial success and momentum through trial and error. 

It helps to be the entrepreneur who breaks things and innovates, but as you scale your business from six to seven figures, you need to evolve from an entrepreneur into a CEO. You need to own your business so it no longer owns you, which requires a different level of thinking.

Within your business there are three types:

  • Reactive decision-making- Every entrepreneur begins here. You wake up each morning and feel like a firefighter putting out one flame after another. You have no idea where the next one will spring up, but you know it will at some point. You react to everything around you, meaning you spend little time on the decisions you make. You never feel like you have enough time, and it’s hard to feel like you’re on top. Worse, you use a lot of your energy doing this, which means you have less of it to reserve for the things that matter within your business. So long as you base your decision-making on reactive thinking, you have a hustle, not a business.
  • Proactive decision-making- Depending on your business and initial success, you can move into proactive decision-making rather quickly. This is the stage where you think 90 days in advance. You no longer wake up each day putting out fires; instead, you wake up knowing what to do and when to do it. Entering the proactive decision-making stage is an important period for an entrepreneur because you now have enough time and energy to plan for the future. You begin to understand your cash flow, where you will be 90 days from now, and the general plan and process to get you from A to B. As an entrepreneur it’s vital you get to this level of thinking as soon as possible, because in this stage you can see what’s coming at you before it reaches you. This allows you to proactively deal with obstacles and stop mistakes from spiraling out of control.
  • Strategic decision-making- The truth is, few entrepreneurs get to this stage, and it can take those that do years to think at a strategic level on a daily basis. This is the promised land. Those who base their decision-making around strategic thinking are the ones who own the most impactful businesses, and those who enjoy true happiness, abundance, and freedom. What drives this growth is your mindset, and you can make huge strides today by simply thinking about all this. Be aware of where you are, and commit to this idea of becoming a strategic thinker.

In the beginning, most entrepreneurs base their decision-making on reactive thinking. You move at a fast pace, so it’s near impossible to strategize and come up with a plan.

Your aim is to elevate through these three levels until you base the majority of your decisions on strategic thinking. 

person holding pencil near laptop computer

What is Risk?

A probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action. 

Most decisions require information not only about risk but about other things as well. This additional information can include such things as cost, schedule requirements, and public perception. In risk-based decision making, all of the identifiable factors that affect a decision must be considered. The factors may have different levels of importance in the final decision. Therefore, an orderly decision analysis structure that considers more than just risk is necessary to give decision-makers the information needed to make smart choices. 

To fully understand your business risk, every business needs to focus on three things, which will vary based on your business model and customer base:

1. Measure the risk

2. Monitor the risk so you can react to it

3. Wherever possible, take actions to mitigate the risk

All three of these areas are important because no one of them is sufficient to run your small business. There are several resources available for business owners to help you evaluate and measure your business risk. There are also services to provide information on industry and customer sentiment. What’s more, there are advisors and tools at little or no cost through public agencies and universities to help you better understand and mitigate risk in your business. 

Understanding Short-Term vs. Long-Term Risk Impacts:

Short-term is a concept that refers to holding an asset for a year or less, and accountants use the term “current” to refer to an asset expected to be converted into cash in the next year or a liability coming due in the next year. The accounting profession uses current assets and current liabilities to perform analysis, and in the investing industry, a security with a holding period of one year or less is a short-term security.
Generally, a timeframe for investing in which an asset is held for at least seven to ten years. The measure of a “long-term” time frame can vary depending on the asset held or the investment objective. In business accounting measures, long-term can be a period of time that exceeds 12 months.


Cyclical Businesses

A cyclical industry is a type of industry that is sensitive to the business cycle, such that revenues generally are higher in periods of economic prosperity and expansion and are lower in periods of economic downturn and contraction. Companies in cyclical industries can deal with this type of volatility by implementing employee layoffs and cuts to compensate during bad times and paying bonuses and hiring en masse in good times.


The business cycle is comprised of four discrete phases. During the expansionary phase, productivity grows, unemployment shrinks and stock markets tend to rise. Because more people are employed during this phase and their investment portfolios are growing, they have more discretionary income and are less reticent about spending it. The peak follows the expansionary phase. At this point, the economy has reached the end of an expansion and subsequently begins its contractionary phase.

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Where Can Small Businesses Improve

Making consistent improvements to enhance your business is critical toward its success and sustainability. Things like monitoring cash flow consistently, utilizing social media for marketing and recognizing your strengths while asking for help in areas that are less so, can help you focus on improving areas of your business that offer the biggest gain.

How to Close a Sales Deal

5 Tips for Sales Success

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It’s not easy to work in the sales industry. We really have to work hard, even harder.
How to become a better salesperson? You can use the following hints and tips:

Manage your time

Every salesperson needs to understand which sales take most of their time and which bring in the most money. There are lots of productivity apps available online to track your time which allows you to see at a glance what you’ve been spending your time on that day.

Prepare in advance

Being prepared is often the simple key to great sales. Do research about your customer and the company. Being able to confidently talk in terms of the customer’s interests and provide right answers will definitely matter on how the client perceives you and on their decision.

Be efficient

Customers would always want to buy from people who remember them and who always come in on time. Do not ever keep your clients waiting, time is indeed gold for both, you and your client. We have readily available online apps that will allow us to jot down all of the things you need to know about a client before going on that big meeting, like https://cove.com

Set goals

Goal setting is important in sales, it will guide you if you are hitting and or need you to push a little bit to hit your goals. There’s no limit on how far you would want to go. Just keep checking off your goals as you meet them. And level up to the next step and get even better.

Add value

Make it easy for your clients to make a decision. Tell them how your product or service will greatly benefit them rather than just give them a general overview. Personalizing the value that would fit their needs would mean a likelihood of a closed sale.

You are what you want to be. Use these tips and be the best salesperson in your company, its possible! For more business tips, please like and share the article. Hit the follow button for more upcoming articles and please support us by donating. Thank you.

Why Creating a Blog Could Benefit Any Small Business

Why Creating a Blog Could Benefit Any Small Business

person holding white Apple Magic Mouse beside iMac and keyboard

With the constant advancements in technology, it is becoming increasingly important for small businesses to develop an emphasized web presence. While having a highly optimized website is an essential component in the development of a comprehensive online marketing and branding strategy, the competitive nature of the global economy demands that businesses go further. One of the most effective ways to build brand awareness, while providing relevant and useful content to your target audience is through consistent blogging.

Blogging is an inexpensive way for small businesses to drive traffic to their site, enhance inbound marketing efforts and attract more prospective customers.

According to a recent inbound marketing report, nearly 80% of companies that use blogging as a part of their marketing strategy reported acquiring customers through their blogging efforts. Additionally, 82% of businesses admit that blogging is critical to their business.

Boosting SEO

All of the major search engines are enamored for fresh, relevant content and blogging is one of the most straightforward and inexpensive methods for offering this content. When a business creates blog posts consistently, they are constantly providing Google, Bing, Yahoo and the others with fresh content to index. This is also an opportunity for businesses to insert those relevant keywords that consumers will use to search for the types of services or products that the business offers.

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Developing/Enhancing Relationships

Customer engagement is an immensely important element of online marketing and branding, and blogging provides the opportunity for you to connect with your existing and potential customers. Blogging is a good way to build trust with your target audience through high-quality content that they find relevant. With an active comment section, you will also be able to follow the visitors’ responses to your posts, and you will be able to respond directly to their comments, which is huge in building trust and relationships.
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Establishing The Business

It does not matter how small your business is, blogging is a good way for your business to build trust and establish clout in your industry by providing content that will be viewed as valuable, expert information. In time, posting blogs that are helpful and informative on a regular basis can make you the “go to” resource in your particular niche within the industry, subsequently increasing leads and conversion rates.

Connecting People to The Brand

Brand awareness is an immensely important element of marketing and blog posting will allow you to show your followers a personal side of your business that existing and prospective customers will not readily recognize with outbound marketing mechanisms and techniques. Blogging will give others a lucid sense of the corporate standards, business character, vision and the personality of your company.

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Getting Ahead of Competitors

One of the most powerful benefits of blogging is the opportunity it creates for others to share the link to your blog, creating the potential for viral traffic and exponential market growth. With so many different sharing platforms available, visitors can share the direct link to the blog, tweet it, or email it to a friend. This is the epitome of free marketing.

If you are interested in increasing your online exposure, while establishing yourself as an expert in your industry, then you will definitely want to take advantage of blogging as a marketing strategy. When it comes to small businesses, blogging is virtually a must. If you don’t have the time, resources, or expertise to write blog content you can outsource the posts to a digital marketing agency like CBO who can craft unique, relevant and engaging content for your blog site.

4 Ways Small Business can Stay Competitive

4 Ways Small Business can Stay Competitive

Moving into a new city or job can be daunting, the hassle of finding accommodation, the stress of moving personal items and most especially the people or city accepting someone new might not be pleasing.

The same applies to small businesses that are launching into an industry ridden with bigger competitors.

1. Narrow your focus and look for those willing to pay full price

It seems for many of us that there are too many things that need to get done and there is simply not enough time to complete all of it. The truth of the matter is there truly isn’t enough time to get all of the things on our never-ending list done. So how do we get all of it done? How do we meet all of our obligations? 

What I suggest to you is that you don’t even try to meet all of them. My suggestion is for you to focus on what matters the most. Many of us consider ourselves busy people, and for many of us, that may be true. In our society, there seems to be this culture of multitasking as a way to be more productive. 

A smart businessman in this day and age will narrow their focus to desirable, unique products with high margins, and low overhead costs to store them. 

Five Small Business Marketing Trends To Jump On This Year    2018 is almost over and business is going well. It is imperative to stay up-to-date and respond to the ever-changing market pressures to stay ahead of the competition. The marketing trends that may have worked well a few years ago may not necessarily help a business succeed in the future. The following are some of the upcoming marketing trends to support your business growth in 2018.    1. Enhance the Customer Experience  Businesses exist to cater to the customers. Thus, it is of utmost importance to understand the customer needs as well as to get their feedback to be on top of the marketing trends. ‘Chatbots’ and ‘live customer support’ are great ways to support customer queries and share information regarding new products, features and policies. One of the hottest marketing trends is social media; it is the summation of the know-how of business, including services offered, and live chats.     2. Use Location-Based Marketing  Geolocation or location-based marketing is another recent trend in small business marketing. With GPS technology, customers give away the information about their location via mobiles and laptops. Small business can utilize this information to understand the target customers in specific territories and promote their events, products, sale offers and news.    3. Add Livestream Video  A great way to create excitement about your brand nowadays is live streaming on platforms such as Facebook, Twitter, YouTube and Instagram Live. These are the next level interaction strategies—a marketing trend to engage with customers, answering their questions, and creating buzz around new products.    4. Use Micro-Marketing  Here is one cost-effective and time-saving marketing trend. It involves actively targeting customer needs to market products or services; thus, segmenting the customers into appropriate categories. Small business can give a huge shout-out to the right clientele using such a marketing strategy.    5. Collect More Data  While "big data" has been a buzzword, such data can be effectively used to understand, assess and collect information about customers. Small or large businesses both need data to cater to the customers in the right manner. Whether your business is web-based or brick and mortar, there are now more ways than ever to learn all about your customers - who they are, where they live and what they need.    The above mentioned 5 are top-notch marketing trends for small businesses. There are many other strategies out there, but it all depends on how you utilize these strategies and what you need to take your business to the next level in the future. For more information about marketing trends for small business, visit the source content on the Forbes website.     Need more assistance in helping our business grow? Let Health Connexions help you with its unique marketing tools to connect with your consumer base, market and help you manage your business effectively. To learn more about how we can help, contact us today at info(at)healthconnexions.com.

2. Don’t be a scrooge with transaction fees

It’s true, we all feel a little Scrooge-like at times, and that’s ok!

But it’s clear that this less-than-cheery attitude has absolutely no place in the business world. Even when business owners, marketers, and employees start to identify more with Ebenezer than with Buddy the Elf, they must put on a happy face and remember their top priority: The customer.

Sure, this is easier said than done, but businesses must maintain this ever-important perspective.

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3. Be Santa and not a Grinch on shipping fees

It’s really just that simple. Don’t be a Grinch. No one likes a Grinch, not even the Grinch likes a Grinch. If that grouchiness invades your company culture, it can cause a high turnover, which is damaging, not to mention expensive. And when it invades your company culture, it’s only a matter of time until it invades your relationships with your customers. 

Engage Your Customers in Meaningful Conversation

4. Be a more engaging and present human being

The importance of engaging your customers and connecting on a more personal level to build trust and long-term loyalty. Social media and email marketing provide the perfect avenues to engage your customers in meaningful conversation. But engagement is a two-way street. Just sending out an occasional newsletter or social media post isn’t going to cut it. You’ve got to engage customers in real conversation just like you would if you were face to face or on the telephone. But it’s not as hard as you might think.
 

Conclusion

Some small business owners assume that their website needs to be perfect before they’ll benefit from their content marketing efforts. They worry that their site isn’t properly optimized, or isn’t user-friendly enough, or that their writing isn’t good enough. The 4 ways above prove that simply becoming a resource for your audience and spreading awareness of your resources, can get you on the path to stay competitive.

The best way to communicate with your customers

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The best way to communicate with your customers

Communicating with your customer in the best possible way will provide a huge impact on customer experience. It will lead to customer satisfaction and if it does, these customers will start marketing your business. They will be your affiliate and will start sharing your business with their friends. Here are the best ways to communicate with your clients:

Always Listen

woman in front of desk

Communication starts with listening. You need to be a good listener for you to be able to understand your customer’s concerns. Listening to every detail of the customer’s can concern can help you create the perfect solution for your customer’s needs. Listening is not only about listening. You need to understand the gravity of the scenario. You also need to understand how this problem is impacting your customer. You need to use your body language while communicating. Eye-contact, nodding, facial reactions, and hand gestures will let the customer know that you fully understand his/her concern.

Never Interrupt

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Interrupting your customers while talking is a sign of disrespect. We don’t want our customers to feel that they are being disrespected because this will cause a huge impact on our business. One negative comment, review or feedback can change your whole company’s graphs. Always wait for your customers to finish what they are trying to say. Listen and address detail by detail of their concerns. Show them that you care. Show them that you are also human and not a company who never cares at all.

Avoid using Jargons

woman sitting in front of laptop

You might be one of the managers, engineers, architects or even the CEO of your company and mastered technical details, names, and phrases but you should deliver this words in a way your customer will understand it. If you sound so wise or technical your customers will never appreciate your efforts. You should level your understanding with your customers. You don’t want to confuse your customers as well. If you fail to let your customer understand what your product or policy is, then this will be another expense for your company and will cost you a bad reputation, negative feedback, comments, and reviews.

Practice Phone Etiquette

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Make sure that you sound natural and human when answering phone calls. Avoid sounding so scriptive and robotic. You should sound like you are talking face to face. Make sure that your voice sounds clear, greet them, compliment them for doing the troubleshooting on their own, thank them for being so patient. They are your customers whatever happens. Never let that one call ruin your whole company’s reputation and always be at your best when answering phone calls.

For more business tips please like and share the article. Follow the blog for more updates, and we are accepting donations. Thank you

How to apply for a Credit Line from your Suppliers

6 Steps to Getting Credit With Your Suppliers

 
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Most established companies get payment terms from suppliers. This arrangement means they can buy goods or services while paying for them on net-30 terms. Clients usually demand terms from suppliers because it improves their cash flow. They get to use the supplier’s services or products for a few weeks before they have to pay for them. Unfortunately, many small business owners can’t get credit from their suppliers. They are too small or simply don’t qualify for it. Instead, they have to pay when they receive an invoice, or worse, pay in advance. This requirement puts them at a financial disadvantage with their competitors.

Establishing Vendor Credit

If you’ve ever been on the market for a consumer loan, such as a home loan, you’ve probably got a handle on your personal finances. You know where your personal credit score stands month-to-month and how personal credit impacts your ability to qualify for financial products. But as a new business owner, you might not know anything about your startup’s business credit rating—why this is important, what your rating is, or how to establish and build a business credit history.

If you’ll ever need credit for your business in the future—with a small business loan or business credit card, for example—then your business can’t just get by with a strong personal credit score. That definitely will help, but you also need to establish a positive business credit history.

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       Determine your credit rating 

Lenders typically assign interest rates based on what bracket your score falls into. But credit scores aren’t just used by banks. Increasingly, insurance firms, landlords and even employers are using credit scores as a proxy for figuring out how responsible you are.

 

         Improve your Credit Score

As you begin the process of improving your credit score, keep in mind that it’s a marathon and not a sprint, but improving your score is worth the effort. A poor credit score can potentially cost you tens of thousands of dollars over the course of a lifetime. It can also become a source of serious stress, making you feel like you just can’t leave the mistakes of the past behind and move on. Luckily, you’re not alone. Plenty of people struggle to improve their credit scores, and there are numerous ways to build good credit — and reap the rewards that come with having a good credit score.

         Talk to the mid-sized to larger companies you work with.

 Most people you meet and talk will tell you to join a big company, a famous brand.

People believe, a good career is built around big companies. Most of us, at least, while starting a career, dream to be a part of glamorous sounding, fortune 500 company. These big companies have limited high paying jobs and senior roles. These roles are filled by ivy league college grads and experienced professionals, rest of the roles are mid and lower management roles in which most of us fit in.

          Start with smaller amounts of credit.

Many people put off investing because they think you need a lot of money—thousands of dollars!— to start investing. This just isn’t true. You can start investing for as little as $50 per month.

The key to building wealth is developing good habits—like regularly putting money away every month. If you make investing a habit now, you’ll be in a much stronger financial position down the road.

    Pay discriminately.

Pay on time. Pay ahead on time. Pay ahead of time when you can. Be careful about who you pay. 

           Ask for more.

After paying all your credits, you can ask your creditor and request better terms. You can ask for an increase to your credit limit, longer payment time, or both.

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Let the borrower beware

With the national real estate market slowing, fewer people are seeking loans. And with subprime lending standards tightening significantly, fewer people qualify for them

The combination has resulted in less business for lenders and brokers, which in turn means that prospective borrowers should tread carefully. 

People shopping for loans must always exercise vigilance against unscrupulous lenders. But analysts and industry executives say that in the midst of the current shakeout, borrowers should be especially cautious about the loans they are considering. In other words, to make a larger fee, the unscrupulous broker will qualify someone for a loan he or she really shouldn’t get. Doing so is unethical at best and fraudulent at worst.