When you run your own business, the responsibility lies on you. It is an ultimate responsibility that you have to take if you decide this path. Running a successful business regardless of the size is very much challenging as much as it’s promising. Surviving in the first four years can be the hardest period in your career but it’s worth it once you pass it through. One of the most important things to lead successful business is financial management and its fundamentals.
Business operation with the right financial management
The fundamentals of financial management are essential for the success of your business regardless of its size. In the financial management, there are important keys you should know about to help you operate your small business better.
Never take financial management easy
Financial management is not something minor or thing you can easily neglect. It is also not a thing you should underestimate with. You don’t need to do your own counting though. What you can do is to learn how to manage with regular financial statements produced by your professional accountant. Thus, hiring reliable and trusted accountant is a must if you want your business to operate properly.
Financial management is the foundation of your business
It is a basic to learn about financial management before starting a business. It is even more urgent thing to do when you don’t have a background related to business management. However, the main purpose of learning the basic fundamental of financial management is to make you understand how it works. It doesn’t necessarily make you the one who produce the data/financial statements. As mentioned earlier, you can recruit professional accountant to do so.
Monitor your inventory levels
Monitoring your your business inventory levels then matching it to the projected sales as well as receivables and cash is also essential in your financial management. It is fundamental for a successful business operation in term of financial management. It is also essential for the owner of the business to balance the short and long-term capital sources using the right formula.
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Learn how to identify and targeting impediments
It is also important to learn how to develop your hawk-eye in identifying and targeting impediments to profitability. This way, you will be able to notice them even from miles away and ready to take actions quickly. Developing this ability will help you become a more decisive and rationale entrepreneur. It is good for you because hesitation often causes more troubles.
Pay attention to cash management
In financial management, cash management is one of the most important factors to pay attention to. You need to ensure that you have enough cash to cover for your business at least for 12 months. Thus, you have backup just in case unfortunate things happen to your business. This way, your business still have chance to survive.
Increase business financial performance
Increasing your business financial performance is not an easy challenges to tackle. You need to develop your own skill in financial management while hiring the best talent to help you. Not to mention that you need to dedicate your time in monitoring every progress.
Starting and running your own business is promising and can be rewarding. However, the journey to reach success is not always all rainbow and sunshine. You will experience the highest highs and the lowest lows. They are bound to happen regardless of how prepared you are with your business plan and strategies. There are somethings that out of your control and sometimes they put your business in a misery and crisis. However, it doesn’t the end of your business. In fact, it can be your stepping stone to reach more success if you can pass the test.
Learning how to thrive during your lows
There must be times when you are going through crisis that you feel like giving up with your attempt tor each success with your business. It is something that every entrepreneur and business owner experience. Every business may face different challenges and crisis every once in a while. However, it is not the crisis that you should pay attention to but your approach in handling it.
Professional and business experts suggest that the best thing to do during a crisis is to face it and keep going. They said that crisis in your business and the pain you are experiencing are fleeting. They won’t last forever and there are times and opportunities for you to rise and fight back. Giving up on the first crisis or low means you are giving up on your goal. Therefore, it is highly suggested to keep going even when your business is experiencing the lows.
There are also things you can do to make things more bearable. First, try to get some perspectives. More often than not, the real problem is not the main issue but the way you think and your perspective. When your business is facing the low, try to rewind things you have achieved in the past and what made you successful. Or, you can also think back to the past where you experienced the first problem and see what you did back then to handle the situation. Or, you can also talk to someone with the relevant expertise to find second opinion or some insights.
Every obstacle has value and meaning behind it. There must be some rewards you will get if you pass the test. Therefore, step back and think of possible rewards you will get if you handling the situation well. What kind of growth your business will experience if you can handle the crisis well. Every obstacle, challenge, and problem has something you can learn from.
Don’t find a scapegoat to blame on. Instead, you can make yourself an idea machine. There are more important things to think instead of finding someone to blame on. You can work your gear in your brain to find out what else you can do to make situation better. Try to find as many alternatives as possible to solve the problems. The more ideas you can find, the more options or solution you have to choose from.
It’s no secret anymore that Bali is the number one island in Indonesia regarding villa business growth. The abundance of tourists each year and the quiet area adding to the factor that thrives the villa industry in Bali. For those who are unfamiliar about Bali area and interested in making an investment in renting or buying a villa in this paradise island worry not, because I will help you guide the popular areas where Bali luxury villas usually developed!
Bali luxury villas can be found anywhere in Bali, especially these places
This town located near Denpasar and to this day still the biggest art and culture center in Bali. Ubud is famous for its forests and rice paddies field, and its main tourists spot the Monkey Forest is visited by millions of people each month. Ubud villas are usually built in the middle of the rainforests and rice fields, giving a pleasant atmosphere with the greeneries surrounding your residence.
Canggu used to be a remote location with only a few locals inhabited the place. Then a couple of years ago, contractors and developers start to see the potential of the place and decide to build villas and other public places. Like Ubud, Canggu is mostly occupied by tourists, in fact most of the people who work there live in another nearby town. Canggu villas are famous for its remote and quiet area far from the crowd, perfect for guests who intend to escape from the city’s life.
One of the oldest tourist areas in Bali, Jimbaran located in the south most of the island. Jimbaran is famous for its beach with its seaside restaurants and cafes. Sitting beside the beach enjoying the sunset while feasting their famous grilled fish is sure an experience you can only get in Bali. Jimbaran villas mostly near the seas and cliffside with the perfect view of the ocean.
Built as a tourist center by President Soekarno himself, Sanur to this day still become one of the popular destinations in Bali. Aside from the beautiful beach, there are also many historical places dated back when the Dutch invaded Bali island. With many 5-star hotels and restaurants, villas in Sanur are located in a strategic place where you can easily find interesting public places.
Moving to the north, we got Lovina which is located just west of Singaraja. Lovina also become popular recently for its population of dolphins on its beach, which can be seen swimming in a group if you visit it early in the morning. Villas in Lovina also built near the beach and just like Canggu the area is remotely quiet since not many people live there.
Owning a villa in the heart of Bali is truly something that people dream about
Have you made your decision? Choose which villa best for you based on what your living preference is. Try searching for villas in site with large database and you will be able to consult about your dream Bali luxury villas. Have a nice day!
You may have met a person who was trying so hard to appear like they are the smartest person on earth. Or, you may have collaborated with that type of person in the past and you know exactly how annoying it can be. Working with someone arrogant will only create uncomfortable situation. However, you may not realize that you are also the type of entrepreneur who want to look smart and perfect in front of others. It is true that business is a competitive industry in which you don’t want to appear weak or full of flaws. You want to appear to be someone who seem to capable to put yourself together perfectly. However, this often result in you appear to be an arrogant person.
Become a confident, successful entrepreneur
Even if you acknowledge yourself to be above the average when it comes to intelligence and wittiness, it doesn’t mean you can act all arrogant. It won’t bring you anywhere even in a competitive business. However, looking unsure of yourself or insecure is also bad for you because then you will be underestimated. People will look down on you if you don’t have confidence in you. Thus, it is great to be a confident entrepreneur. However, make sure that the level of confidence is in the right amount so you won’t appear arrogant.
The aura of confident entrepeneur
When you are confident, the aura emitted is different. People around you will look up to you out of respect. They will value your qualities and skills even without you blabbering achievements to their faces. To be a confident entrepreneur, you should first tone down your ego. It is also good idea to deal with your self-doubt. Sometimes, insecurity results in self-attention which makes you exude superior complex.
Try looking from different perspective
To become a confident entrepreneur, you should make sure you are looking from the right perspective. The important thing is not your perspective but the idea itself. Focus your attention on the idea not yourself. When you are dealing with problems, make sure that look for the benefit of the group. During a discussion or meeting, make sure to not respect the opinion of the other as well. Keep in mind that just because you think you know more than others it doesn’t mean you are always right. Listen to the others attentively without interrupting even when you disagree with their opinion.
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Instead of seeking agreement, try to invite more opinions. When you share new ideas, don’t force the others to agree with you. Instead, encourage them to speak up and give their opinions. This is a great way in solving problems because you may find better solutions by exchanging ideas and opinions. Also, it is important to share the ideas with the others before implementing them. Even if you are confident that your idea is bulletproof, you still have to share it to fish for opinions and feedback. Also, confident entrepreneur never feel too prideful to cooperate with others.
This is the period of the year end so there are many things you should wrap up and reevaluate. Your business is not stopping just because the year is going to and end. In fact, there are more years to come you should be excited about. For the majority of entrepreneurs, the ends of the year can be the most stressful moment because they have to find out whether or not they meet their last year’s goals. Started from the financial to the management, you need to make thorough review.
Grow your business even more in 2020
Welcoming the new year is not supposed to stress you out. Even if you don’t meet the goals precisely, you still have a chance to do better next year. The year has not ended anyway and you still have time to maximize the potential of your business. Not to mention that by giving a final push, you business have more opportunities to shine in 2020.
Bring out more motivation to your business including your team members and all. You can build more motivation to let everyone know that the journey is still going on. You can also remind yourself and the others about the journey you all have been through. During your review for the meeting, you can show a slide show of various photographs you documented throughout the years. They will look so meaningful when you look back at them. If you don’t feel confident with leading the meeting to reminisce the moments, you can hire professional speaker who understand how to bring out more motivation.
Make new year resolutions come true
Bring back your last year’s resolutions to the surface as a reminder. It can be about anything from financial to managerial goals. There must be something your business have achieved throughout the years. And to make year-end bookkeeping easier for you, do not wait it until the year truly ends. You can complete your bookkeeping monthly. Thus, you won’t have to deal with piled of bookkeeping tasks. Therefore, you can turn your focus on something else such as making new strategies to face 2020. thus, your business have more opportunities to grow even more.
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Reanalysis market and business trends
Reanalysis your market and the business industry you are in. There must be some changes happening throughout the years that more or less have effected your own business. Reanalysis them allow you to understand more about the dynamic of the industry. You can make thorough analysis of the industry including the products, competitive settings, customers services, policies, and more. This way, you will be able to manage your competitive edge. The more you understand, the easier for you to start building effective strategies to grow your business.
Make a final push during the year-end period. You may focus your final push on one particular area of your business. Choose the top p
It is the start of the year and your business is still running. However, it is not enough because you have to do something to make it grow even more than last year. the start of the year is not the time for you to create goals, resolutions, or intentions. It is the time to start working for it. Planning the goals and resolutions should be done even before the new year comes. And now, it is time for you to accomplish the tasks of the most important things to help your business grow even more.
Important things to do at the start of the year
Your small business is still running in this new year and it is time to make it big. Since you have made your goals and resolution for this year, it is time for you to take action. There are tasks that should be included into top priorities to accomplish during the start of the year, such as:
Start setting a road map of your goals. You have made your goals but you don’t know how to accomplish them. Then, it is time to set everything so you have better vision of what to do. In setting up the road map, you establish deadlines and make proper measurement. Set goals that are measurable and attainable. This kind of road mapping helps in decision making.
Take your time to research and see what’s trending. It is always important to pay attention to the trends happening around your community. This way, you are more aware of the situation around you. You also become more aware of what to do with your business following the trend. You can make some adjustment when needed to make sure that your business will grow sales and operate more effectively.
Key performance indicator
Analyzing the the key performance indicators that your team must accomplish this year is also thing you need to do during the start of the year. You and your team should understand the goals and resolutions. Then, you decide who are responsible for which tasks. Setting deadline of when the task should be accomplished is also important. This way, you know the measurement of your business objectives.
Challenges vs distractions
Facing new year, your business may face new challenges. Thus, you have to be prepared for them. Try to navigate your focus on the challenges so your business will keep growing positively. Do not misunderstand challenges with distractions. Those are two different things. What your business should focus on is the challenges.
Start reaching out to those people in the industry. Building a relationship is essential and you have to do it as early as possible. The start of the year is the right time to do it. When you build a relationship, it means you are building trust as well. Therefore, the relationship will last for the long run. In addition, the start of the year is also a good time to search things you can improve to make your business grow better.
It is essential to decide the priorities of your business and life in general. Priorities will help you to choose the right direction. They help you focus more on what’s best for your business. By deciding priorities, you know what to do to reach the goals and get less distracted. In business, regardless of small or large the scale is, customer engagement is essential and you should put it on your top priority. It is not a secret that customers play important role in any kind of business. They are the ones who help business keep going. Therefore, developing their engagement is essential for your business.
Customer engagement as priority in business
The journey of customers before buying your products are long enough. They search about the products, the are faced with various options, they find your product or services, they purchase, and they keep coming back to buy from your brand. It is essential to build and maintain positive reputation for your brand through your customers. Customer engagement is indeed a top priority if you aim to build long lasting business. The problem is, many businesses often overlook customer engagement even though it holds important factor in the success and longevity of a business.
What does it mean?
Customer engagement is not only about providing products or services that your customers need. It is also about inspiring your customers to interact more with your brand. It also refers to inspire your customers to be willing to take part in the experience you are creating for them. When you do this right, you will be able to build and grow your brand as well as the loyalty of your beloved customers. And of course, it results in increasing revenue for your business.
Lots of people involved in business are still sceptical of customer engagement. However, there have been many evidences showing how it correlates with business profitability. When you improve customer engagement, the revenue can increase up to 22%. therefore, investing in customer experience is considered to be one of the most important keys for a successful business. There are many ways you can engage and connect with your customers. It doesn’t have to be something luxurious or grandiose. Customers engagement can start from small things. The point is how to create positive experience for your customers while providing the best support.
Analysis of customer’s journey
It is also important to make necessary analysis of your customers’ journey to figure out the right approaches. To be able to connect with your customers, you have to walk in their shoes. Then, take a note of important things. There might be some findings during your analysis to help you provide better support. If you find out issues that create negative experience to your customers, you have more opportunities to improve them. It is also important to listen to your customers with open mind. When your customers are vocal, you should take advantage of that to make some improvements. It is also highly suggest to create natural flow when you build customer engagement without unnecessary force.
Story is not just a thing we can enjoy during our childhood. It is almost always related to various things in life. Even a game is set with particular story line to make it more interesting to play. We also like to hear how successful people tell their story of how they build their business to success. With this, you can use story to maximize your brand. Storytelling can be a great weapon for you to help your brand reach its optimum potential in the market.
Storytelling and successful brand
Nowadays, lots of entrepreneurs and business leaders use story to make their brand more standout. Telling a great story of your brand can help make your business look more interesting. It will help your brand to gain more attention from the people and potential customers alike.
Find the ‘X’ factor that makes your product different
Keep in mind that you have competitors who also sell similar products or services as you. You have to convince people to choose you over your competitors. Providing high quality product or service is not enough sometime. Not to mention that it you need customers to make a purchase first before telling whether or not you provide good quality products or services. Thus, there should be an ‘x’ factor that can make significant impact. One of the best ways you can do is to tell your own story. It is one of the most effective ways to hook your customers. Telling a story that resonates with your potential customers is a brilliant idea.
It is not as difficult as it sounds. You don’t have to make up illogical or fairy tale-like story to make your brand standout from the crowds. You can make a simple story behind your choice of your brand name into something more interesting to hear. It is as simple as that. However, the story doesn’t always have to revolve around your company, product or service. There are many aspect in your business where the behind story can be revealed in more interesting ways.
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Finding your own story
Finding your own story can be challenging but it is not impossible. Maybe you feel like your brand is not so special and its story is not even interesting to share. However, it is not always true. The main key is how you reveal the stories. There are various options of stories you can reveal to your customers such as the story of why you sell what you do, how you started your business, how you helped customers, how the teamwork works in your company, what you have learned so far, or what revolution you want to make through your business.
Right strategy to uncover the story
After finding out what kind of story to tell, you have to use the right strategy to uncover it. Choose the right place to tell the story. For example, you can tell your story on website, in blog posts, or in social media post. Then, pay attention to the reaction of people. Story can help build more relevancy and connection with your audience and potential customers alike.
It is said over and over again that running your own business is not an easy feat. It can turn your axis upside down. Lots of people get mentally and physically sick due to work stress and pressure. It is not something new. Of course, running your own business is also rewarding and promising. There is no limit of how far your business can reach success. Successful business is not to be achieved in a month or two. It may take years before you can finally sleep peacefully without thinking too much of problems you face at work.
The importance of healthy life balance for successful business
The key to have successful business is healthy life balance. Lots of people thought that running your own business means you have to sacrifice your health, time, and family. However, it is not entirely true. In fact, having healthy life balance is the main factor for you to reach success building your own business. How can you reach your goals with unhealthy body and stress mind?
Healthy life balance is when you pay more attention to your own self-care. It is important to develop a habit of self-care and encourage your team members to do so. Give your body and mind a time to be free. You can do it by indulging yourself in your hobbies such as cycling, hiking, reading, or simply playing with your families. Giving your body and mind to be free of work related-things allow you to have a break. Thus, your body and mind don’t overuse or overwork. Doing physical activities in regular basis in healthy for your body and mind. It can release all toxin causing stress and negativity.
You can also implement healthy life balance by relaxation or meditation. It is a great practice to empty your hectic mind and let it free for awhile. It is great time to free your mind from any stress triggers mostly caused by your problems at work. Running a business can eat your mind with its problems and obstacles you may face on daily basis. Thus, doing meditation or relaxation before and after bed can be very helpful. Thus, you are always ready to face the day with fresh, positive mind.
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Embrace healthy life balance at work as well by implementing healthy work culture. It emphasizes in transparency, authenticity, and gratitude. Toxic working environment can affect your business significantly because your business rely on its people to grow. If the people are full of negativity during their work, it will be more challenging to be more productive and give contribution. Since you are the leader of your business who lead the team, you should implement positive leadership to cultivate a successful business. Lead by example is more effective.
It is also important for you to encourage your team to implement healthy life balance. Encourage them to work hard but not to the point they get burnout. Spread positive working attitude and environment so you can reach the goals together successfully.
Building a successful team when running your business is essential to achieve the goals. However, it is not something easy since a team consists different people with different tendencies and personalities. Not to mention that they may have have educational and cultural background which make them have different perspectives. However, it is also important to remember that diversity in your business should be treated as potential not a threat. As for building a successful team, one of the most essential things to improve is productivity.
Increase the productivity of your team for successful business
How you know if the productivity of your team is lacking? It can be seen by how they meet the deadlines, or how their learning has progressed. You can also see from their engagement to the team. When your team members work less productively, it can impact negatively to your business as well. Therefore, it is important that you know how to boos their productivity to reach its peak.
Consider their physical productivity
Before blaming on your team members for their lack of productivity, you need to consider maybe the physical environment is the problem. The work environment plays significant role to make your team members focus on doing their job. For example, they will not be able to work properly if the environment is too noisy, dirty, or uncomfortable in general. Thus, investing in improving physical work environment is also essential. If you don’t have enough budget for major improvement, start from minor things such as putting office plants, repainting your office, etc.
Pay attention to member’s health and wellness
You should also pay attention to your team members’ health and wellness. Their productivity may be affected by their bad condition either physically or mentally, or even both. However, you cannot just tell them to go exercise or eat healthy foods. Instead, you can encourage them to do it in another way. For example, you can promote preventive care, deliver healthy launch program, provide healthier snacks, etc. Or, you can also offer various vacations to help them get rid of their stress.
Showcase positive display of appreciation
When your team members feel less appreciated, their productivity tend to get lower and lower. Appreciation can be in many forms such as salary, praise, recognition, etc. When you provide more virtuousness, the more likely for the productivity of your team members to improve significantly. Thus, make sure to display appreciation positively such as by acknowledging their accomplishments, providing supports, never blaming them blindly, etc. Treating your team members with respect and integrity is also a show of appreciation.
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Sufficient and proper tool for team members
Provide sufficient and proper tools for your team members to work effectively and proficiently. Sometimes, the problems is on the tools they use to complete their task that hold their productivity. Thus, make sure to balance the tasks with proper resources and tools. It is also highly suggested to stop having meaningless meetings. If the meetings can be replaced by emails then it is much better to bypass them since it is more efficient that way. Thus, your team members can do other more productive things.