Business Archives | Page 17 of 19

5 Genius Ways To Save Money As A Start-Up

As a budding entrepreneur, your new business is tied with cash. With hundreds of things on your plate, you are either looking for more ways to boost your profits or more ways to save money.

Look no further as this list will explore smart ways where your small business can save money in its early phases…

1. SAY “YES” TO FREE AND CHEAP ADVERTISING

You do not need the fanciest commercials or the flashiest banners to bring in more customers. For now, all you need are free websites to post your ads.

Online classifieds are a good choice as these are cost-effective, convenient to relay contact, visible to a large-scale of consumers, and the you are able to edit a listing anytime. Browse a list of premier advertising websites here.

2. ONLY HIRE PEOPLE WHEN YOU NEED THEM

As a start-up, you are testing every aspect of your business including the amount of labor necessary. Do really a marketing team or can you handle the marketing aspect by yourself?

Instead of hiring professionals to do the job for you, you can commit several hours in developing skills. This is why it is not a good idea to hire a huge team of workers and waste a hefty amount on wages earlier on.

And when you decide to hire help, good sources of quality yet low-cost labor are university or polytechnic interns. If you are willing to supervise and devote your time to training, both of you can benefit from the experience. Think about it! You are giving a worthwhile experience and good recommendation for the intern while the business is receiving low-cost (and sometimes free) services.

3. USE A BUDGETING SOFTWARE

If you have zero knowledge on accounting or you need more help in your budget planning, then you must consider accounting software.

Aside from using an Excel spreadsheet, you may budget like a pro by using accounting software called inDinero. inDinero helps you run the small business better as it safeguards your transactions, your cash flow, and your expenses. It connects the bank accounts so you can visualize where your money goes. Furthermore, it helps you with your payrolls and taxes.

4. ARRANGE ONLINE MEETINGS

Globalization paved way for international affairs to be easily accessible. So if you have clients or workers who are overseas, what better way to hold meetings than by using inexpensive online tools such as Skype video conferencing or Facebook video chat?

To save even more, invest in laptops instead of desktop computers, as these laptops are not only less expensive but also consume less energy. Whenever possible, use these laptops and Internet tools to communicate effectively.

5. SAVE ON YOUR WORKSPACE

Office spaces in Singapore can get very expensive! Instead of forking out your wealth, you can consider sharing your space and splitting the rent with another small business. In fact, you can rent a flexible space for as low as S$450 a month with Regus.

Regus is a global company that has been around for more than two decades. With over 25 building locations islandwide, you will be able to find a space that suits you best! 🙂

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1, 2, & 3

Should You Buy Things Based On Their Values Or Prices?

In this day and age, how much are you willing to pay for a Smartphone?

Are you willing to spare a couple of hundreds or thousands of dollars? Would you rather purchase the Samsung J1 for S$168 or the Samsung Galaxy S6 Edge for S$1168?

For most of us, price by itself is not only the crucial factor that determines our purchase because we compare all the products that the market has to offer. In this case, Samsung Galaxy S6 Edge has been raved with good reviews and superior capabilities which makes it a strong contender against its counterparts. Beyond its price, we analyze several valuables and come up with a mental assessment of the product’s overall value.

This goes to show that price and value are two different things!

In economics, price and value are influenced by supply and demand.

A product’s price is determined by the intersection of supply and demand while, the value determines the demand. For example, if you are willing to pay S$10 for designer coffee then, you would be willing to pay S$6 or anything less. And, if the intersection of supply and demand prices the designer coffee at S$5, you are more likely to buy it. It does not mean that you place a S$5 value on the product but, it means that getting it at that price is worth it (for you).

Image Credits: pixabay.com (License: CC0 Public Domain)

Just because people are not willing to pay a lot of money for something does not necessarily mean that we do not “value” it. Take the “free” air you are breathing right now as an example. Need I say more?

In the marketer’s viewpoint…

Price is their monetary reward for providing us with the product or service while value is equal to our perceived product’s or service’s worth.

For example, the total cost for a repairman to fix a dripping air conditioner including the materials, travel, and labor is S$45. However, the value of the service to the customer, who has been tolerating the water leakage all over the room, is far greater than S$45! So, the repairman may charge you a total of S$60. Aside from observing the competitor’s prices, pricing is in lined with the perceived benefits that a business provides.

With all these in mind, ask yourself: “Should you buy it based on its Value or its Price?”

For what it is worth, I think it is best if you purchase products for their value, assuming you have the means to do so.

Image Credits: pixabay.com (License: CC0 Public Domain)

Frugal people buy products or services for their value using several techniques such as couponing. They value quality more than the price tag because premium products last longer. Thus, they get the most out of their money.

Sources: 1 , 2 , & 3

6 Foolproof Ways To Make Your Clients Like You More

With the modern technology, an unhappy customer can easily share his or her opinion to various social media platforms, which will negatively affect your business. Truly, keeping your existing clients satisfied is a crucial part of a successful business. Nurturing relationships can increase client referrals and decrease the loss of valued clients.

On that note, here are 6 Foolproof Ways To Make Your Clients Like You More…

1. COMMUNICATE GENUINELY

Communicate genuinely to your existing and potential clients as a knowledgeable representative of the business. Addressing the client by name seems trivial however, it is a simple way to build rapport. Increase your clients’ happy experiences even more by talking to them in a manner that they prefer, whether it be through phone, email, or in person.

2. LISTEN TO WHAT THEY HAVE TO SAY

Aside from talking to them genuinely, you must actively listen to what they have to say. You may assume that you know what they want but, what if you are utterly wrong? In fact, most companies fail because they are creating a product with a non-existent demand.

Image Credits: pixabay.com (License: CC0 Public Domain)

So, accept feedback and take necessary actions to improve your business. Use the following methods to gather feedback from your clients: focus groups, social media, surveys, online Forms, and observation.

3. DO NOT MAKE PROMISES YOU CANNOT KEEP

Set realistic and reasonable deadlines to avoid disappointing others. If you promised to deliver the product or send the contract in two weeks then, deliver it within two. Nothing damages your trusting relationship more than a series of broken promises!

4. PROMPTLY RETURN EMAILS AND PHONE CALLS

In conjunction with No.3, you must promptly return emails and phone calls as promised. Interestingly, the top complaint clients have about lawyers are unreturned phone calls. Adopt a habit of replying emails and returning calls at night before you sleep or early in the morning so, you do not miss a thing!

5. OFFER PROMOTIONS AND ONGOING SUPPORT

A surefire way for your clients to like you is to offer occasional promotions and discounts. Keep them in the loop by sending out electronic announcements and decorating your shop with attractive posters. Additionally, you must offer excellent customer service by responding quickly to clients’ needs. The strong ability to deliver excellent customer service will be your edge over your competitors. One consideration is providing support through a help desk software, such as Zendesk. If you are looking for a Zendesk alternative, check out why Kayako is winning with its ease of use, flexibility and affordability.

6. SHOW YOUR GRATITUDE

You do not have to spend thousands of dollars to extend your gratitude to your loyal consumers. Manifest your appreciation to your clients by saying “Thank You” in person or by sending an electronic “Thank You note”. This simple gesture will impact the way that they view your company. It will make them feel valued and special.

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1 & 2

5 Tips On Successfully Running The Business With Your Lover

Managing a business poses its challenges and managing one with the one you love can make it even tougher.

Luckily, there are different ways to successfully intersect your business with pleasure. Here are some of them:

1. PLAN AHEAD

Before diving into a business venture with your boyfriend or girlfriend, one of the first things you must develop is a concrete plan. If you have never gone to that route before, it is best to research on your target market and the business nature itself.

2. COMMUNICATE OPENLY

Transparency is important if you want to make things work. Talk openly and honestly about your expectations, your concerns, and your assigned roles. It will make the business easier to manage if you had established these things earlier on.

3. SET YOUR GOALS STRAIGHT

If you are going on a cruise or a romantic trip with your lover and you decide to mix the business elements by meeting a few potential clients along the way, always keep your business pitch. It would be a horrific loss to spend tons of money and time on a potential client who does not take you or the business seriously. This is why you must set your goals and stick with them.

4. HANDLE THE CHAOS WELL

Conflict and chaos will happen beyond your control and you have to figure out a solution without adding blaming, bad attitudes, and frustrations in the pot. Handle the chaos well by calmly solving each problem side by side. Control your business and prevent conflicts by using websites such as Basecamp and Yammer.

Basecamp is a web-based project management and collaboration tool that allows files, messages, schedules, and other stuff to be stored in one place. While, Yammer is a private social network that helps employees communication across departments and locations.

5. REMEMBER TO MAKE TIME FOR EACH OTHER

When you create a business with your partner, it is paramount to make time for quality dates or intimacy sessions. Start by deciding when you will close the operation of your business for “date nights”.

Image Credits: pixabay.com (License: CC0 Public Domain)

Reconnecting with your lover outside of work is important because you are more than just “business partners” you are an A+ couple!

Sources: 1 & 2

26 Smartest Companies: Leading In Innovation, Technology, And Success Worldwide

Some say that there is nothing left to be invented as humanity reached its outpouring potential. But various technology companies begged to disprove that statement! This is why MIT Technology Review did an extensive research of global companies that are smart in terms of their innovative technology and business model. Said business model must be both practical and ambitious.

From renewable energy products to saving lives of people with lung cancer and landing unmanned rockets, these are the World’s 26 Smartest Companies to date:

26. Bristol-Myers Squibb

Bristol-Myers Squibb, from New York City, took a leap at immunotherapy by selling a drug called Opdivo. Opdivo helps save lives of people who are suffering from lung and skin cancer.

25. Universal Robots

From Denmark, Universal Robots sell user-friendly and relatively affordable robots.

24. Freescale Semiconductor

Its pioneering technology is planned to be used in cars’ advanced computer vision systems.

23. Sakti3

Sakti3, from Michigan, makes solid-state batteries that store more energy than lithium-ion batteries.

22. SpaceX

SpaceX, progressing in landing and reusing unmanned rockets, had completed 9 missions in the last year.

21. Baidu

All the way from China, Baidu is an Internet company that reached undeniable results in speech and facial recognition.

20. Aquion Energy

Interestingly, Aquion Energy’s novel batteries can store solar energy and surplus wind.

19. Amgen

California’s Amgen has an Icelandic gene database that helps it decide which drug to develop.

18. IDE Technologies

IDE Technologies of Kadima, Israel offers more inexpensive water desalination.

17. Voxel8

After creating the world’s first 3-D electronics printer, Voxel8 is promising to make new materials such as conductive ink.

16. Apple

This list would not be complete without the creative minds of Apple. Its Apple Pay technology and new smart watch had its consumers in awe.

15. Gilead Sciences

Gilead Sciences from California had over US$3.6 billion in the first three months of sales for curing most cases of Hepatitis C.

14. AliveCor

AliveCor created a heart monitor that connects to a Smartphone, which automatically detects irregular heartbeats.

13. Amazon

With about US$89 billion sales in 2014, Amazon use robots to make its facilities more productive.

Image Credits: Carlos Luna via Flickr with Creative Commons License

12. Google

Another company from California, Google’s loon balloons are designed to widen the access of Internet.

11. OvaScience

OvaScience’s stem-cell treatment help conceived its first baby.

10. Netflix

A crowd favorite, Netflix had created original content and distribution deals with cable companies.

9. SolarCity

SolarCity is manufacturer of solar panels that served about 177,000 United States citizens.

8. Juno Therapeutics

Seattle’s Juno Therapeutics had raised US$304 million to test cancer treatments using one’s immune cells.

7. Tencent

Tencent from Shenzhen, China is China’s most-used Internet service portal.

6. SunEdison

SunEdison had been expanding its renewable energy products and building technology to provide electricity to several developing countries.

5. Counsyl

Its relatively cheap DNA tests aids in parental planning. Furthermore, they are now selling cancer screens.

4. Alibaba

A household name, Alibaba is considered as the world’s largest online retailer. More than half of its regular transactions are made through its Alipay digital wallet.

3. Illumina

Another biomedical company, Illumina developed quick DNA-reading machines for hospitals and cancer clinics.

2. Xiaomi

Xiaomi from China is one of the fast-growing Smartphone retailers that are obviously more affordable than Apple products. Its most recent valuation is about US$45 billion.

1. Tesla Motors

Top on the list is the Tesla Motors from California. Its adventurous ideas include electrical cars and battery technologies that are applicable for cars, homes, and commercial infrastructures.

Image Credits: Maurizio Pesce via Flickr with Creative Commons License

Will a Singaporean company emerge to the top of the list someday? I certainly hope so. 🙂

Source: 1

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