• Business & Investment

    Activities Involved In Business Development

    Business development is strategic value, idea, plan, as well as set of activity to develop a business and make it better in the long run. Business development is a long-term value, so it is not as simple as it looks. Running your own business means you set a destination to reach. When you have arrives in your destination, you can choose to stay or set new destination. When you choose to execute business development plans, it means you set new destination for your business to reach. It is a good thing because along with growing your business, you also grow yourself to be more experienced, matured, and strong-willed. 

    Business development strategies 

    Developing your business to make it on another level of success is a great idea. It is not simple thing to execute because there are things to consider such as the current state of your business, market situation, financial setting, customers’ needs, and many more.  In addition, the market is known for its easily shifting dynamics. You cannot just rush your business development plan. Here are activities you should do in the matter of business development.

    Activities Involved In Business Development

    Setting Clear and Valuable Goals

    As mentioned above, when you determine to develop your business, it means you have to set bigger goals. You have to set long-term goals. You have to know where you want your business to be in five years. Set your own objectives. You can set goals like expanding products line up, increasing revenue to specific numbers, developing human resources, and many more. Make the goals clear and valuable for your business. Then, don’t forget to share them with relevant people in your business so everyone can be in the same page. By sharing them, you also open the gate to make plan together.

    Conducting analysis of the market and competitors

    Developing business means you have your own goals to reach. However, market is crucial factor you need to count in, as well as competitors. You have to understand the current state of the market dynamic. You also have to analyze your competitors to some extent. Date you should collect from the research include the products, price, promotion, and placement. This type of information will help you find out what you have to do to make better plans.

    Assessing the direction and threats of your own business

    You have to know the current state of your own business in order to develop nit into something bigger and better. If you don’t know about it, you cannot measure how far you have developed it after running the plan. SWOT analysis is highly advised to know about your business’s strength, weakness, opportunities, and threats. This way, you will be able to make objective evaluation of your business. 

    Related Story: Mental Preparation Before Running Your Own Business

    Mapping out your plan in the paper

    It is important to pour your ideas down in writing instead of let them bottled up in your heads. Putting your business development ideas in the paper will help you get concrete view of what should and should not do. Your strategies will look clearer and you will be able to make the right decision. 

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  • Business & Investment

    Benefits of Thinking Creatively When Running Your Own Business

    Being an entrepreneur requires lots of skills, qualities, and talents. It is much more than setting financial planning in order to gain profit. You also need to be creative if you want to survive the battle in business because there’s so many thing that can happen both predictable and unpredictably. Creativity will help you adapt any circumstance and survive any obstacles. Running your own business is not only about having control of others. It is about how you navigate your power into the right direction in reaching your goals. 

    Benefits of creativity to your business

    Running your own business takes a lot of confidence and courage. You have to be brave enough to do so because there’s so many challenges. Even when you already reach your goal, you still need to scale to the next level if you want to outlast your competitors. Besides, business is not for settling. It is something you always need to improve. And to do so, you need to think creatively. 

    Benefits of Thinking Creatively When Running Your Own Business

    Innovate

    Creativity is needed to foster innovation not only invention because innovation is unique as well as it’s useful. Unique idea or what you call invention is not enough. You have to innovate to make it true and you need creativity to innovate. In business, you create ideas of what kind of products or services that will satisfy your customers. However, you have to innovate those ideas into something that will exceeds your customer’s expectation. You have to make sure that your products and services are useful to solve your customer’s problem. 

    Intelligence

    Lots of people that when you are highly intelligent, you will most likely to be successful in business. However, intelligence is not enough. You need creativity to and it plays important role to bring your success. It is still quite a stigma because majority of people still consider intelligence as everything. The reason maybe because intelligence is more measurable and manageable. Meanwhile, creativity can be quite difficult to spot. But that’s when it’s needed. When you can think creatively, you can survive even the unthinkable and unpredictable. You will be able to outlast others because you have your own way to survive. 

    New Perspectives

    Thinking creatively is needed when running your own business because it can help transcend boundaries. When you are bound to boundaries, your way of thinking will become limited and narrow. However, creativity will transcend all boundaries, allowing you to blur them and gain more perspectives. This way, you can find more solutions to pick. You will be able to find solutions no matter how complicated the problems seem to be because creativity has no limits or boundaries. 

    Productivity

    Creativity also increase productivity as well as efficiency. Lots of people running their own business take five to ten years to gain success. However, people with creative thinking can find more efficient way to reach their goal faster than others. They have unconventional way of thinking which allow them to think of different path with more efficiency and effectivity. Thus, every process to success will run smoothly.

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  • Business & Investment

    Focusing Your Marketing to Target Millennials

    Specify your target for marketing can be a good way to improve your business because then you have specific audience you can focus into. It is no doubt that there are various consumers out there with different needs and interests. However, it is impossible to satisfy every customer. One of the best way is to approach particular group of consumers where you can focus your marketing with. Millennials are promising audience for business because like it or not, they are a very different generation with different thinking and way of consume. If you want your brand to appear more appealing to millennials, you should accommodate how they think and consume. 

    Targeting millennials for your business marketing

    Millennials have largest demographic in the world especially in the United States which make up to a third of the country’s population. Thus, targeting them for your business marketing is not bad idea. In fact, it is promising. The special tendency of millennials is that they know what they want. Here are some tips to optimize your marketing strategies in targeting millennials.

    Focusing Your Marketing to Target Millennials

    More on Mobile

    Improve mobile experience because millennials are generation who have been familiar with digital technology. They use digital device to do lots of tasks in their daily life. Thus, make sure to create mobile experience so you are more accessible to millennials. You can optimize your landing pages for mobile so they can load faster even through mobile. Make sure to create a clear call-to-action as well to give your millennial customers good experience. 

    Brand Personality

    When it comes to digital natives, millennials are the first generation. They have been familiar with web and social media. Thus, they are used to searching something relevant through them. Therefore, you need to find marketing strategy where your brand can be relevant and attract their interest. Brand personality is important factor to appeal millennials. It is even more impactful if you can create marketing strategy with relevancy that can drive millennials to engage more. Make sure to create a brand that can communicate well with them. 

    Read More: Creative Graphic Design Company in Bali to Help Your Business

    Social Media

    Choose the right place where you can deliver marketing strategy in the most effective ways. There are various online platforms you can choose. However, social media is one of the most powerful tools for attracting millennials. YouTube, Facebook, Twitter, and Instagram are example of the places where millennials spend their time the most. You can try building online community using social media to introduce your brand to millennials in more communicative ways. 

    Specific Segments

    Millennials tend to have particular buying pattern you can analyze. Thus, they don’t have move through life stages in traditional ways. Instead of focusing on their life stages, you need to focus more on targeting specific population segment of them. Choose specific segment that is relevant to a specific social identity, especially the one that also fits your brand personality. For example, you can choose a segment based off lifestyle. Brand personality is important for millennials because they are more willing to choose a brand that reflects an image they want to convey about themselves. 

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  • Business & Investment

    How to Convey Professionalism in Business

    Professionalism is important quality your business should have in order to create positive flow between coworkers as well as with customers. It is also crucial to build brand and credibility. That’s why a business that has more professional look to it is more attracting to customers. Professionalism is one aspect to show accountability as well as credibility which make people trust you. No matter how small your business is, professionalism needs to be built and conveyed the right way. Then, your business will keep progressing positively.

    Show professionalism in business

    One of the most important keys for successful business is treating your business like a business. To do it, you need to adopt professionalism in every aspect of your business including relationship with customers, teammates, as well as business partners. Professionalism needs to be conveyed clearly to show that your company is credible and accountable. Here are some tips to convey professionalism in business.

    How to Convey Professionalism in Business

    Professionalism is more than smart dress. You can convey professionalism through how you speak. Making conversation is inevitable when running business. You need to speak during meeting, negotiation, or even when communicating with customers. It is important to hold meaningful conversation in business. Speaking professionally can avoid conflict that can jeopardize the business especially when one takes it to heart. Thus, make sure to speak only about business and don’t include personal things into conversation especially when it can offend the others.

    You also needs to show professionalism through your brand. One of the reason why you need to build professionalism is to create positive brand. To do so, you need to make your brand look professional which results in positive response from customers and business partners. You can start by developing logo, attracting clients through engaging events, and many more. Those might be simple gestures but the impact is powerful for your brand.

    Another way you can convey professionalism in business is by using technology. Savvy business owner won’t let their unfamiliarity to technology stops them from improving. Instead, they will try to familiarize themselves with technology and use it to the fullest once they figure out how to use it. You can use technology to show your professionalism. You don’t have to too big in this action. You can star by designing official website for your business. Trust web designer to create powerful website with professional look and features so your potential customers and business partners will have great experience.

    Management and structure is also what you can use to show professionalism in business. When you run your business with the right management, you are already in the right path because everything is planned and in order. You also need to create structure where you can delegate responsibility to your teammates efficiently and result in improved production. Through the right management and structure, everything is systematized well. This will results in the best qualities of products and services to meet your customer’s expectation. When you have that quality, it won’t hard to gain trust from people including business partners as well as customers.

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  • Business & Investment

    Showcasing Honesty in Business

    Honesty is one of the most important qualities to run a business. It is related to other important things such as trust, accountability, reputation, etc. however, honesty is also one of the most challenging trait to practice especially in business industry. It is because people involved in business often have their own agenda to reach their own goals. It leads them to do everything they can to reach their goal. However, honesty is not only about doing the right things. It is also about building work culture that is positive, healthy, and open. That’s why honesty is influential aspect in business. 

    How to showcase honesty in business 

    There are many ways you can do to highlight honesty when running a business. More importantly, it is important for you to lead by example so that your employees can understand more how to practice positive work culture built in honesty. Here are some ways for you to showcase honesty when running business.

    Showcasing Honesty in Business

    Display the values of the companies that built in honesty as one of its main foundation and principles. You need to make and write statement that highlights the kind of values you want your employees to embody. It is important for you to highlight honesty through recruitment, thus, the candidates understand form the beginning how you view honesty in your company value. You need to make sure that you only hire people that share the same values. Honesty and integrity can be the topics you ask during recruitment. 

    You can also encourage work culture built in honesty through effective, open communication. You need to find a way to highlight honesty in the way you communicate with others. To do so, you need to give the examples how to use include honesty in your daily practice such as always informing your employees about company information and avoid leaving them hanging. You need to keep your employees informed of at least basic company operations. 

    Showcasing honesty in workplace can also be done by building positive, healthy work culture. Instead of perfectionism, it is more important and significant to adopt honesty in building positive work culture. When you too focus on perfect works, it is easier for your employees to hide the truth just because they don’t want to deal with consequences for being imperfect. Showcasing honesty can be done by creating safe environment where trust is the element that matters. By showcasing honesty, objective, open feedback can be gain. As the result, it can create healthier relationship that benefits everyone including the business itself. 

    You can also showcase honesty when running business through displaying an example. For example, you can highlight employees who display honesty. By pointing out examples for other team members, it is easier for them to learn how to practice honesty. The use of role model is more effective in showcasing honesty in workplace. Discussing the significance of honesty within working environment is important. It benefits your business because it can help building healthy, positive working environment which give positive impacts to business in general as well. 

    You can also showcase honesty when running business through displaying an example. For example, you can highlight employees who display honesty. By pointing out examples for other team members, it is easier for them to learn how to practice honesty. The use of role model is more effective in showcasing honesty in workplace. Discussing the significance of honesty within working environment is important. It benefits your business because it can help building healthy, positive working environment which give positive impacts to business in general as well. 

  • Business & Investment

    What Makes Teamwork Matters to Your Business

    One of the reasons why people start their own business is to achieve financial freedom. As selfish as it sounds, it is valid because you deserve it especially when you are willing to work harder than others. However, starting and running your own business doesn’t mean you have to do everything on your own.

    You need a teamwork to help growing your business efficiently. It won’t lessen your credibility in running business.

    What makes teamwork important in your business

    In fact, it shows how strategic you are in running your business efficiently with the right resources. Work hard is crucial but work smart can make it different because you aim with precise.

    The importance of teamwork for your business

    Some people say that you will work efficiently when you work alone because you won’t get involved in intervention from others. However, working in team gives more efficiency. Sure you can run your business alone but for how far? If you aim for bigger achievements, you need to know that teamwork is very resourceful to use.

    One of the most important elements to achieve success in running your own business is cooperation and it can only be achieved when you have reliable teamwork. Working together with others who have different skills and background may sound challenging.

    However, it won’t be a hassle if you share the same vision and goal. Every member of your team has potential to help growing the business. You can share ideas and experiences which benefit your business because you won’t stuck in limited thinking.

    Through teamwork, you can broaden your business’s horizon.

    You see, working on your own means you only have one perspective of your business. However, you will be able to broaden horizons when more perspectives and ideas are shared between teammates. It means, you have better opportunities improve your business so it can results positively.

    Production is one of the most important elements in business because it is related to your customers directly.

    If you want to keep up with your customer’s demand, you need to improve the productivity of your business. If you have too much workload, you may not be able to handle them properly because of you have your own limit.

    However, you can share the workload with your teammates so the process goes more efficiently. Besides, every individual has different approaches in solving problems.

    Thus, it can help generating more ideas as well as solutions into the frame which benefit your business.

    Running a business doesn’t mean you are on top of the world that you stop learning. You will forever need to learn no matter how successful you are in your business.

    Through teamwork, you have the opportunity to learn without going anywhere. By learning, you will always have opportunity to improve yourself and your business.

    Every individual has different experience, method, and ideas. You can learn many things through your teammates.

    Besides, teamwork is also great to develop positive company culture. However, keep in mind that you need to build effective communication to build good, reliable teamwork.

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  • Business & Investment

    Be Aware Of The Risks Of Frequent Business Trips

    Travelling a lot can be a gift or a curse. It can be fun but also risky because of the consequences you may suffer at the end. Those who travel less frequent may envy hose who travel a lot because frequent flying sounds like a dream comes true.

    Risks of frequent business trips

    However, travelling is not always rainbow and sunshine. There are risks as well as consequences that the fliers should face. Travelling with the purpose of relaxing or spending holiday might be exciting. However, it is different from business trips when your work is your priority. It is even worse when you have to do it frequently due to professional demands.

    The risks of frequent business trips

    Having frequent business trips is not a pleasant thing because it often carries more stress than fun. Business trip can be enjoyable as well when you have time to enjoy the trip aside from professional tasks. It can be a gift because you can escape from your four wall room. However, doing it frequently put you in high risks instead of the otherwise.

    Frequent business trips can make you age faster. It is not just because the jet lag or crossing different time zones constantly. Jet lag may seem harmless if you experience it not too often. However, experiencing it constantly can cause negative effects including memory impairment, confusion, and other things that can cause you to age faster.

    It is often that you forget where you are or what time it is when you wake up not in your own home. When this happens frequently due to frequent business trips, your health is at risk.

    Frequent business trips can also cause mood swings and anxiety which make your stress even worse. You get stress due to the pile of work and task you have to accomplish during your business trips.

    However, jet lag can make it worse because your mood is in constant roller coaster. It can be due to constant sleep deprivation that your mood swing uncontrollably. These situations just put your mental health at risk. When you are constantly fatigue, tired, anxious, stress, and disoriented, your mind can be easily damaged.

    Keep in mind that business trips can also weaken your immune system. Your body is forced to adjust and adapt frequently which is not healthy at all. Your body’s cycle is constantly getting disrupted so it is expected that your immune system gets weaker.

    It makes your body work harder to fight infection, virus, or illness. In addition, your body is more at risk for radiation exposure because it happens more frequent at higher altitudes.

    Frequent business trips might not kill you immediately. However, it can slowly break you down. It not only your physical health that is at risk but also your mental health.

    What you have to do is to find balance. If you cannot avoid frequent travel, try to balance it with healthy lifestyle. It is also highly advised to adopt positive habits to keep your mental health safe even when you have to go through frequent business trips.

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  • Business & Investment

    Mental Preparation Before Running Your Own Business

    People, even successful investors say that starting a business is a hard thing to do. It is the fact that starting business even a small one is very challenging.

    That’s why lots of people failed even before reaching their goal. Some people say that running a business is like playing game. It may be true in some sense. However, running a business is way more complicated because there are many things involved and you have to take into consideration even for the small details.

    You cannot dive into business without any preparation.

    Mentally prepared before starting business

    It is true that money is one of the most important factors for running a business. It is a support you need to grow your business properly. Thus, financially prepared is necessary. However, it is equally important to have your mental prepared.

    Mentally prepared before starting business

    Business world is a tough so you need to make yourself resilient as not to easy to break. Here are tips to prepare yourself mentally for running a business:

    1 – Be ready to fail

    It is important to prepare yourself for the worst. This way, you will do anything to avoid failure. Starting business means you have chance to success as well as fail.

    There are many things to determine the result. However, you will be at advantage if you are mentally prepared for the worst. It will drives you to work harder and smarter.

    It doesn’t mean that you don’t have faith in your skill to be success. However, you need to realize that there are other things that can contribute to the failure. Anticipating all of them is better than live in unrealistic expectations.

    2 – Be ready to face stressor

    Running a business means there will be things that cause you to get stress. It is easy for you to feel drained physically and mentally due to business stress.

    You need to be strong and resilient in dealing with stress because they are inevitable sometimes. Start planning something that can help you deal with stress effectively.

    3 – Build your passion and determination

    As mentioned earlier that running business is challenging. There is high possibility to fail. However, the most challenging thing is not when you fail but when you have to get back up from failure. If you are easy to give up, reaching success is more difficult.

    When you are passionate and determined to run successful business, you will not get broken from one failure. Instead, you will find a way that can make you thrive.

    4 – Learn to build patience

    Running business means you need to interact with others such as business partner or customers. Sometimes, you need to learn to listen. Reaching success through business cannot be achieved overnight as well.

    For some people, they take 5 to ten years before reaching their success. There is no such thing as instant success. The most important thing is to be patient. Dedicate yourself and love what you do to make things easier with your business. Your goal is for your business to thrive in the long run.

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  • Business & Investment

    Understanding Timing and Cycle of Property Market

    There are various factors influencing your property investment business. One of them is property market. You must have known that it has its own phase such as downturn, stabilisation, and upturn.

    Understanding the timing and cycle of property market

    Involved in property business means you will likely experience each phase eventually. Of course property market plays significant role in property investment business. However, it is not what can determine your success.

    If you have better understanding about how property market and its timing as well as cycle, it will be easier for you to find opportunities to strike and build great portfolio of your investment.

    Property market, cycle, and timing

    Property market works differently based on the location of the state. Different property market also means different performance. It is also common for investors to focus on property cycle that they tend to forget any other important factors that count.

    Lots of investors wonder whether they miss the cycle due to bad timing, making their strategies don’t work according to the plan.

    First thing first, what you need to understand is different stages in the market cycle. It is important so you can optimise the return of your investment while taking lower risks. When you know more about how the markets work, you can predict where it is heading to.

    Thus, you can make quicker and smarter decision compared to the averages.

    Of course, understanding property market doesn’t guarantee you a 100% success rates in investing because many other factors involved such as timing.

    Timing in property investing is important because you don’t want to buy investment property at the wrong time because it can lead to financial loss. However, successful and smart investors don’t always depend on the timing or cycle poorly in good times.

    The point about property market, cycle, and timing is that they are all important because they are also part of the business.

    It is good and beneficial to understand about how property market works. However, solely depending on it is not healthy for your investment business. Instead of focusing on what happens in the market, it is much better to focus on building your portfolio and planning long-term strategies.

    You can find opportunities quicker than others when you understand more about the market, its cycle, and the best timing. However, you can also create your own opportunities to create wealth regardless the situation in the market.

    The keys are quite simple.

    You need to invest in investment grade property at the right location with local economic growth. You also need to focus on making the time-proven strategies so your investment plan will run smoothly.

    Remember that the cycle keeps changing and the timing is never perfect. If you focus on more important matters just like what has mentioned earlier, the timing of the property cycle won’t affect your investment too much.

    You won’t have to worry about those things because you have been prepared with effective strategies and financial setting to thrive. Don’t wait until the time feels right because it will never come when it comes to investing.

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  • Business & Investment

    Common Decisions that Could End Up as Blunders and Threaten Your Business

    Humans are called an irrational creature. We tend to simplify anything in our surrounding especially when we have to make choices. We made various choices each day like what time to get up, what we want to eat or when we need to go to the bathroom.

    Most of these cases are decided automatically since we have made these choices frequently. We will not waste energy and the answers are easily generated.

    Some common decisions that can threaten your business

    However, there’s a big problem with automatically decision making. Often, in the end, we felt that we have made the wrong decision. Thankfully, we study and learn as much information as we can in order to make a better decision. These following are the most common errors we usually make on decision making. Avoid these and you will significantly improve your business.

    The Money Loss Fallacy

    This the most error we all make. In many cases, decisions that we have made are final and there’s no turning back. Even if you have lost some amount of money of investment, you should clear your mind and see the situation at hand is not relevant again with the loss.

    You should be a better focus on the present situation and find new options. Take aside the sunk cost you have tasted and see everything in fair-minded.

    Narrow Outlining

    Most people would be repulsive if they face some risks even though the reward could be greater. On the other hand, you might agree if the chances you lose are extremely small. When you are in situations that would be repeated over time, it is better to take one step back and choose to play average games.

    Including emotional Aspect into Decision Making

    Most people ever had this kind of emotional mistake. When you are upset or angry about something, you yourself is considered as the worst decision maker. When you need to make some important decisions but having a terrible mood, you have to hold off for that moment.

    Wait until your emotional feelings cool down and capable to think clearer. This will help you get rid of any unnecessary influences from the outside and allow you to think in a more rational way.

    Preconception Information

    Preconception information is one of the common mistakes in the domains of the behavioral economy and psychological. The expert says that preconception information or confirmation bias can hurt the ability to maintain an open mind thus altering your opinion.

    When you hold a certain belief, you typically will only see the information which confirms your opinion and ignoring other data that tells the contradictory story.

    Ego Dilution

    This is a situation when we are tired physically or mentally, we are bound to think an uncritical way. Some people might see this as merely intuitive sense, but this is the very aspect that mostly causes us to make bad decisions.

    Try to remember the times when you are really exhausted after a long period of the conference.

    These moments are exactly when you are not wanting to think anything hard. Even, you will let your brain to work spontaneously. If your condition is already tired but has to face some challenging decisions, you will rely more on your intuitive sense rather than having it analyzed thoroughly.

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