3 Things All Business Owners Need to Know About Risk-Taking

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As pivotal as it is to be systematic and strategic with everything that you do in business, you also have to be open to a spot of risk-taking from time to time. To ready yourself for when that time comes for you, you need to know a few very important things.

Here’s are three things that you, as a business owner, need to know about the taking of risks:

1. It’s okay to predict disaster as it’s only natural

A business owner you might be, but you’re still a human being. As a human, you are naturally and inherently biased towards the predicting of disaster. For this reason, every time you seek to take a risk, there will probably be a voice in your head telling you not to take it because everything is bound to go wrong.

First of all, you have to accept that this is your inherent bias and that you’re always going to be fearful — it’s okay to be like this, it’s just who you are. Second of all, you have to do all you can not to let your fears guide you or push you towards making decisions. Of course, if the bad does, quite clearly, outweigh the good in regards to the risks you seek to take (after you’ve taken some time to look at them subjectively), then, yes, steer clear of them. Never, however, let your natural desire to predict everything going wrong guide your risk-taking actions.

2. When it comes to taking a risk, align yourself alongside experts

There’s nothing wrong with asking for help at any point in your career, as two or more heads are always better than one. This sentiment rings especially loud and true when it comes to risk-taking, though.

Simply, whenever you enter into a field you’re not wholly sure about, before you take any kind of risk within it, you should seek to align yourself with an industry expert. By doing so, you will be able to tap into their expert knowledge and use it provide you with a better understanding of where, when, what, and how to take your risk. An example of this is you getting in touch with a high leverage broker before you seek to invest in the foreign exchange (Forex) market — by doing so, you’d learn about what it takes to trade in high volumes as well as how to perform investment risk calculations.

3. The ability to take a risk will help you to stand out

As not a lot of people in business are willing to take a risk, by doing so yourself, you will make yourself stand out. For better or worse, your ability to put caution to the wind will act as a differentiator between you and your competitors. For customers that like that kind of thing, that’ll put you at the forefront of their mind. Subsequently, this will bye you a one-way ticket to the front of your market.

If you feel like your business is stuck in a bit of a rut, why not try something new? More to the point, why not take a bit of a risk?

Leadership Inspirations – Feeling Inferior

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StrategyDriven Leadership Inspirations Quote“No one can make you feel inferior without your consent.”

Anna Eleanor Roosevelt (1884 – 1962)
American political figure, diplomat, activist, and First Lady of the United States

7 Ways To Persuade People To Buy From You

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StrategyDriven Marketing and Sales Article
 
Sales are the most important part of running any business; without them, you won’t make any money, and the business won’t survive. It can be hard to persuade people to part with their money, no matter what sector you are working in, but there are some ways that can help them make that all-important decision to buy from you. Once you know how to encourage people to spend their money with you, you’ll start to see immediate improvements in your profits. Here are some of the ways you can do it.

Find Common Ground

If a potential customer likes the person they are dealing with, they are much more likely to buy from them. Of course, you can’t and won’t be able to get on with everyone you meet, but if you can connect with as many as possible in any way you can, you will make many more sales. The simplest way to do this is to talk to people and discover common ground. You need to be observant as well as listen closely to what is said, as you might see a college ring, an emblem on a cap, a cup of coffee in hand and so on, which you can use to start a good conversation. The quicker you can show that you are just like your potential customer, the easier the sale will be.

Be An Expert

People buy from people they like, but they also buy from people who absolutely know what they are talking about – they buy, in other words, from experts. Therefore, it is important that you position yourself as an expert in your field and let everyone know about it. You can do with by holding talks and workshops, or by creating how-to videos. You might want to write a blog for your website which shows just how much you know, and even if you don’t feel up to writing it yourself, you can use an article writing service, giving the information you have to a hired writer who will then put it all together for you. Letting people know you are an expert will make them happier to buy from you.

Know Your USP

Your USP is your unique selling proposition, and it is vital if you want to persuade people to buy from you. Take some time to look objectively at your business and really get to know what your USP is and how it works. Once you do know, you can use this in your advertising to make you stand out from your competitors and ensure that people buy from you and no one else. The great thing about your USP is that it can be anything – your products, your customer service, your pricing, even your website or your social media feed. No matter what it is, work out how it represents your company and how it can benefit you and your customers, and use it as the main focus of your advertising campaigns.

Learn From Your Mistakes

No one is perfect, and you will make mistakes in business. This doesn’t just hold true for those just starting out; even people who have been in business for decades can make a mistake. The important thing is to learn from these mistakes, acknowledge them, apologize for them when appropriate, and move forward, taking responsibility where needed. You may not be able to fix every error that is made in your business, but if you can find out what went wrong and ensure – as far as possible – that it never happens again, you will find that your business is better off for it and you will encourage more people to buy from you.

Know Your Competition

When you have a product or service that is similar to something that other people are selling, it is important to know as much about your competition as you can. Find out their pricing strategies and how they market their goods, for example. Read their reviews and look at what they do well and not so well. Once you have this information, you can set about making yourself different to them and standing out. Ensure that where they have flaws, you have benefits. Where they are good at something, be even better.

Remember, though, to never say anything negative about your competition. This will do very little to persuade people to buy from you and could impact your reputation in a way that you won’t like. It’s far better to concentrate on your own business rather than spending all your time and energy on putting another business owner down.

Time Limits

In the past, a time limit may not have been something that particularly affected your sales, but in today’s modern world it really can make a difference. There is a big ‘fear of missing out’ (known as FOMO) culture that can play a big part in the success of your business if you use it to your advantage. By offering time-limited discounts and deals, you will encourage people to buy from you now rather than later. They say that scarcity sells, and this fear of missing out on something will push people into buying from you rather than waiting.

Avoid Jargon

Unless you are selling in a business to business capacity, it is important not to use technical jargon with your customers. This can easily put them off, especially if they feel you are trying to be clever and making them feel less intelligent in the process. It is far better to describe your items in layman’s terms, using words that people who aren’t working in your industry would know. Of course, you still need to let your potential customers know that you are an expert in this field, but you can do that by explaining the technical terms in a blog or video. When it comes to product descriptions or even talking to them over the phone, keep it simple and you’ll get far more sales.

What Every Adult Needs To Know About Money

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StrategyDriven Practices for Professionals Article
 
As an adult, the most confusing thing we often have to get used to in our lives is dealing with money and being responsible for a whole lot of things. We never get taught how to manage money in school so when we hit adulthood the terminology can be super confusing and it is no wonder so many of us are left in debt. If you are new to adulthood and need a few easy tips on managing money, here are the basics.

You need to start saving soon

Savings are so crucial for anyone to have and you should never take them for granted. Start saving even a few dollars as soon as you can and have it secured in a savings account for you to use later on in life. This acts as an emergency fund for if you are ever taken ill from work or you ever suffer from some sort of unexpected bill. Always save and be smart.

Tax is a pain

Tax is a word which can bring a collective shudder down the spine of pretty much any adult and it can be a real pain to manage. Tax is a form of payment we give to the government to help them run the services and other things which make the country. Everyone has to contribute a little bit and this is used for the better of the whole country. There are various things to think about with tax such as getting Qdos IR35 advice, thinking about national insurance and lots of other elements, and it is worth reading up on the basics of tax so that you know what your money is going towards.

Pensions are super important

Pensions might be something you don’t consider when you are in your late teens and early twenties but a pension can be a huge benefit to you later in life and the earlier you start saving the better it will be for you. If you can start your pension now you will have more money towards your life later on when you need it the most. It is a simple thing to set up and you won’t even notice the pension leave your bank account anyway!

Read your bank statements!

It cannot be said enough that those bank statements you get through the post or emailed to you every month should be read. It doesn’t matter if you haven’t really bought much or had any big costs this month, it is always worth knowing how much money you have and also how much money you spend on average each week. You might find that you need to cut down on lunch or coffee costs and work and this can help a huge amount towards your financial stability in the future.

Compare prices for your bills

If you own a house, first of all, congratulations. It is becoming increasingly difficult to be a homeowner these days so you deserve a little pat on the back! In seriousness, if you have bills to pay each month, it is important to make sure that you compare deals online to see if you can pay less. Even if you already have a provider there is no problem in switching!

The Big Picture of Business – Ethics… Good for Business

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StrategyDriven Big Picture of Business ArticleIn order to succeed and thrive in modern society, all private and public sector entities must live by codes of ethics. In an era that encompasses mistrust of business, uncertainties about the economy and growing disillusionments within society’s structure, it is vital for every organization to determine, analyze, fine-tune and communicate their value systems.

Corporate Responsibility is more than just a statement that a committee whips together. It is more than a slogan or rehash of a Mission Statement. It is an ongoing dialog that companies have with themselves. It is important to teach business domestically and internationally that:

  1. We must understand how to use power and influence for positive change.
  2. How we meet corporate objectives is as important as the objectives themselves.
  3. Ethics and profits are not conflicting goals.
  4. Unethical dealings for short-term gain do not pay off in the long-run.
  5. Good judgment comes from experience, which, in turn comes from bad judgment.
  6. Business must be receptive–not combative–to differing opinions.
  7. Change is 90% beneficial. We must learn to benefit from change management, not to become victims of it.

Corporate Responsibility relates to every stage in the evolution of a business, leadership development, mentoring and creative ways of doing business. It is an understanding how and why any organization remains standing and growing…instead of continuing to look at micro-niche parts.

Integrity is personal and professional. It is about more than the contents of a financial report. It bespeaks to every aspect of the way in which we do business. Integrity requires consistency and the enlightened self-interest of doing a better job.

Financial statements by themselves cannot nor ever were intended to determine company value. The enlightened company must be structured, plan and benchmark according to all seven categories on my trademarked Business Tree™: core business, running the business, financial, people, business development, Body of Knowledge (interaction of each part to the other and to the whole) and The Big Picture (who the organization really is, where it is going and how it will successfully get there).

One need not fear business nor think ill of it because of the recent corporate scandals. One need not fear globalization and expansion of business because of economic recessions. It is during the downturns that strong, committed and ethical businesses renew their energies to move forward. The good apples polish their luster in such ways as to distance from the few bad apples.

Corporate Responsibility means operating a business in ways that meet or exceed the ethical, legal, commercial and public expectations that society has of business. This is a comprehensive set of strategies, methodologies, policies, practices and programs that are integrated throughout business operations, supported and rewarded by top management.

Corporate Sustainability aligns an organization’s products and services with stakeholder expectations, thereby adding economic, environmental and social value. This looks at how good companies become better.

Corporate Governance constitutes a balance between economic and social goals and between individual and community goals. The corporate governance framework is there to encourage the efficient use of resources and equally to require accountability for community stewardship of those resources.

As part of strategic planning, ethics helps the organization to adapt to rapid change, regulatory changes, mergers and global competition. It helps to manage relations with stakeholders. It enlightens partners and suppliers about a company’s own standards. It reassures other stakeholders as to the company’s intent.

About the Author

Hank MoorePower Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.

Hank’s latest book functions as a ‘PDR of business,’ a view of Big Picture strategies, methodologies and recommendations. This is a creative way of re-treading old knowledge to enable executives to master change rather than feel as they’re victims of it.

Power Stars to Light the Business Flame is now out in all three e-book formats: iTunes, Kindle, and Nook.