In the world of sales, inefficiency can be just as detrimental to a company as incompetence. It wastes money and valuable resources, causes delays, and ultimately creates another hurdle between you and the customers that benefit from your product or service.
Before you go throwing more money or personnel to improve your sales cycle, it might be worth assessing every part of the process to pinpoint inefficiencies and redundancies that are bloating up your lead generation efforts.
What kind of inefficiencies often show up in the sales cycle? Here are 4 common ones and the solutions you can put in place to eliminate them.
No Departmental Cohesion
Having disparate departments in your organization can slow your sales cycles down significantly. In many companies, marketing, sales, support and customer service have no real synergy or communication between them, which makes lead hand-off incredibly clunky and confusing. Streamlining each department and creating an easy and efficient way for them to communicate and collaborate will speed up the sales cycle and also increase the retention and lifetime value of a customer. It could be as simple as making the teams work in the same office space, getting the heads of the departments to have more meetings, or creating a Slack channel for them to communicate.
Flimsy Follow Up Efforts
If your team is putting thousands of dollars into campaigns to generate leads fast but not investing in rapid lead follow-up, you might as well be setting all that money on fire. In today’s world, leaving a lead hanging even for an hour could send that prospect straight to your competitors.
There has to be a clear system of lead follow-up in place to connect with the lead as soon as it shows up in your funnel. Some of the steps you can take are employing chatbots to start the communication so they don’t feel ignored, employing a call team, or investing in proposal software to more accurately track prospects. Following up faster also allows you to quickly rank leads by what they need and where they are in the decision making process. The path from researching a solution to choosing and purchasing the right now has lengthened significantly, and that requires more touch points and a more laser-targeted contact strategy.
Selling Without Understanding Motivation
The more targeted your sales efforts can be, the better. Gone are the days where spray-and-pray tactics of contacting people cold would lead to a sale. There are thousands of people you could be selling to, but in order to convert at a higher level, you need to have more clarity on the people who actually want to buy your product or service.
There are ways technology can be leveraged to pinpoint a motivated buyer and distinguish them from someone who is still in the looking and researching phase.
Predictive analytics tools collate and aggregate details like online purchases and buyer behavior in order to identify who is actually ready to take action.
For example, in real estate, you can identify someone who is thinking of selling their home with details like;
Renovating their home
Life changes like having a baby or their children going off to college
Getting pre-qualified for a mortgage
Looking up real estate agents in their area
Looking at listings on home listing sites like Zillow
Predictive analytics takes all these streams of information and then creates a score showing who is most likely to make a buying decision and the time frame. This makes your sales cycle more efficient because you can provide the lead nurture that person needs to make a decision.
An Overwhelmed Sales Team
If your salespeople are handling a myriad of tasks, it could be making your entire sales cycle less efficient. Imagine a salesperson spending their time researching leads, doing data entry and other admin tasks in addition to their prospecting efforts. It’s going to diminish the amount of time they spend in the best and highest use of their time, and your organization ends up paying more for that task than necessary – it’s both needlessly expensive and inefficient.
Instead of taking this approach, why not take those tasks away from your sales team, employ people who can focus on the admin side of things and let your salespeople do what they do best? It increases the amount of lead generation time and makes the process of nurturing these leads way better.
Dedicated research people mean the information the sales team gets is more accurate, and an admin team takes care of operations quickly, thus eliminating bottlenecks.
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2022 has so far been a year of misery across all sectors, economies, and life in general. And investments are no different. While some are doing well, there have been some unexpected dips. But you can soften the blow of trading losses with some due diligence, awareness, and making sure you keep your cool. Here are some professional tips to help get you through.
Have a Plan for All Trades
You can’t wing it when trading. Unlike the movies, it just doesn’t work that way. Maverick traders always lose money. As a result, their reputation ends up in tatters. So don’t go thinking you can approach trading without a plan. First, you must be mentally prepared to deal with the trade and how much time and money you can commit. But you also need a strategy. And there are many you can use when trading. Common trading strategies include EOD and Order Flow trading. In addition, sites like JumpstartTrading.com offer solid strategies that work at all levels.
Stick to Your Plan No Matter What
As a trader at any level, you need to begin with solid discipline. And one of the most disciplined things you can do is stick to your plan. A concrete action plan reduces the need to think too quickly about what you are doing because you have a cushion for dealing with movements. If you fail to make a plan, you can find your emotions will get the better of you. And for a trader, this only ends in disaster as you frantically chase profits to cover increasing losses. Of course, this takes time to develop as a beginner. But planning your trades lets you trade to your plans.
Soften the Blow of Trading Losses by Minimizing Risk
Shockingly, over 90% of beginner traders lose a significant amount of money early in their careers. For some, this is inherently unavoidable. However, you can cushion the blow by using a plan that seeks to minimize all risks involved. This way, the damage won’t be as bad as it could be in your crucial early days. You should develop a strategy as a trader. And your system should always include win-loss percentages and averages. Using the data available through trading software, you can avoid some of the worst disasters that could cost you dearly.
Continuously Educate Yourself
As a trader, you cannot hope for success unless you keep yourself informed and educated. Correct trading procedures are crucial. Yet there is much more to the industry than that. You also need to be aware of the latest movements in the markets, trading news, and even world events that will affect the stocks. Fortunately, this is easier than ever with new channels like Bloomberg and CNBC. And you can sign up for alerts with apps like Stock Alert. However, you should also be aware of broader economic issues like interest rates and business news.
Invest Small Amounts in Minimal Stocks
When starting out, it helps to focus on no more than two stocks in one trading session. This makes finding and keeping track of them much more accessible. For example, you could invest in fractional shares for small amounts of money as you learn how trading works. For example, you can use specific brokers to invest a fraction of a share rather than a whole share. So rather than buying a stake in Apple for $1000, you could buy one one-hundredth of a share for $10 instead. While you won’t make much money, you get a solid real-world trading experience.
Make Trade Timing a Priority
Price volatility is primarily determined by the number of trade orders when the markets open in the morning. With practice and experience, you will begin to see the patterns that allow you to make profits with careful timing early on. However, it’s best to analyze the movements of trades for the first half hour or so of the market before making any moves yourself. Therefore timing is essential. However, there is an overall pattern that can help you as a beginner trader. The markets are frantic at the opening, more stable mid-day, and more excited about closing.
Avoid Risky and Volatile Assets
All trades come with risk. However, some are far more volatile than others. Making moves on volatile stock means greater rewards. But there is a massively increased risk. So unless you have enormous amounts to lose, stay away from risky and volatile assets:
Consider the recent colossal dip in cryptocurrency and ask if it’s a good investment.
Diversify your portfolio if dipping into risky assets to offset losses against drops.
Stay away from swing trading until you have the skills for deep data analysis on a trade.
Learn how to monitor your trades so you can act quickly on damage limitation.
Don’t go all in on an emerging market that looks good on paper.
Set aside money you can afford to lose on a risky investment as a separate venture.
Be wary of investing in a startup that looks to be too big to fail (Theranos, WeWork).
Any trade or investment can go wrong at any time. For instance, you may have been tempted to spread $10,000 across cryptocurrencies a couple of months ago. Then you will have lost a significant amount of money a few days later. So always consider the risk of any investment.
Make Trades with a Logical Approach
Trading requires nerves of steel. Because money is involved, sometimes in massive amounts and perhaps not yours, it’s hard not to become emotional. Therefore, you need to ask yourself, “what would Spock do?”. A logical approach to trading can be a massive help when you keep your emotions in check. It’s only human to feel the pinch of greed, the gutting of fear, and the excitement of hope. But they are essentially useless for making decisions that act in the best interests of yourself or clients. This is why a plan is so helpful, so use it and stick to it.
Learn How to Analyze Trading Data
Success in trading relies on analyzing data. Modern trading software and new channels allow you to get all the data you need in real-time. But how and why would you use the data available to you? Of course, an analysis will enable you to build a strategy, formulate accurate insights and identify trading fraud at the least. But you will usually use data to make better future trades or trades in real-time. A standard method of trading data analysis is the price-to-earnings ratio. To do this, you divide an asset’s per-share market value by its per-share earnings.
Test Different Trading Strategies
Like most professional pursuits, there are many strategies for trading. And you can begin using more and more for diversification as you gain experience. However, it’s best to play it safe as a beginner. Some of the best trading strategies for beginners include New Trading, Trend Trading, and Scalping as a day trader. There isn’t much difference in the various trading strategies available to you. For the most part, the only difference is the lengths of time between movements you initially act upon or hold. Different approaches will fit your style or availability.
Soften the Blow of Trading by Hedging
As mentioned, you can use various trading strategies as a beginner, amateur, or professional. And unfortunately, there is no one-size-fits-all solution. So you need to learn how each system works to find the best one for you and your clients. Further, it helps to use multiple strategies depending on the markets. Yet no matter your proficiency, you will lose money at some point. An honest trader loses money. Fortunately, you manage risk by hedging your positions to minimize losses or increase gains when one stock moves against another, offsetting the damage.
Don’t Expect Massive Returns
Trading can be a lucrative business. However, you need to make a large investment in a short period for significant returns quickly. And in most cases, for most people, this is not feasible. Typically, wealthy people invest large amounts for potentially massive returns. However, as a beginner or day trader, you shouldn’t expect huge returns. In the USA, the average annual earnings of a professional day trader are around $75,000. As a beginner, this will be substantially lower, only increasing as you get better and improve your experience.
Understand Your Responsibility
Finally, but by no means any less important, you must understand that you alone are responsible for your trades. Becoming emotionally involved and playing the blame game after a loss doesn’t do any good. You can use all trading data available to you. But even then, things can go wrong. Yet rather than panic or become frustrated at the markets, it’s helpful to own the responsibility of the trade. Accept that it happened. Then go back and analyze your data and records to understand exactly what went wrong and where to manage future risk.
Summary
Trading is one of the most exciting jobs in the world. It’s full of drama, action, and adrenaline. In addition, trading will challenge your intellect, creativity, and real-time skills. However, it comes with the inherent risk of losing money at any time. Fortunately, you can soften the blow of trading losses by planning all trades, avoiding the riskiest assets, and learning from mistakes.
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Every project manager has preferred tools and methods for completing an assignment. They understand that it is easy to get overwhelmed in the minutia of tasks. As you sit down to start your first, tenth, or even eightieth project, take the time to evaluate the system you use and look for areas to improve. Here are some tips to help you be more successful.
Find a Tracking System
There are many software applications available to help manage your project. They allow you to monitor timelines and provide detailed status reports. Individual team members can post updates, ask questions, or make comments. With so many Monday.com alternatives, it is important to find a system that works for you and your team.
Ask Questions
With every new project, be sure you completely understand the final purpose of the assignment. Ask your manager clarifying questions about the project, final deliverable, budget, and timeline. Gather information, such as:
What other employees, if any, are involved in this project?
How does the priority of this project align with my other responsibilities?
To whom and how frequently should I provide status updates?
Do other teams depend on the project? If so, how does their timeline affect mine?
Develop a Guide
Successful project management entails identifying the steps required to complete the project. Work with your team to write down all of the things that need to be completed to deliver a final product. Include goals, budget, timeline, roles and responsibilities, and final evaluation.
Look for Challenges
Now that you know what is needed to complete the project, ask everyone involved to consider what can negatively impact those projects. Employees should be creative and offer possible solutions. When encouraged to think out of the box, you better understand the scope and intensity of the project. Some things you may consider include:
Company holidays impact the number of hours employees can commit to a project.
Enthusiasm for the project may falter if key managers leave the company.
Current hardware cannot efficiently support the final product.
Pick the Best Ideas
It is easy to get derailed if you lose focus on the key components. Ensure your team stays on track with the highest priority tasks to deliver the final product. If they work on a feature without approval, it can delay the timeline. Successful communication helps you stay on track.
Learn From Experience
Once complete, it is necessary to thoroughly review the project. Write down the challenges that you experienced. Evaluate each one individually and within the scope of the project to determine how you can prevent or mitigate them in the future. Many project managers forget to take the time to analyze what went smoothly. Review these strategies and incorporate them into your next project.
These techniques help you become a stronger project manager. You will find yourself more confident in managing your project timeline. Communication with employees and managers is easier. Employers recognize your commitment to a successful project.
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Going green should be one of your business’s main priorities in today’s modern world as this is certainly something that your audience will be looking out for, and you have a responsibility to minimise the damage that you do to the planet. Fortunately figuring out how you can become a more environmentally conscious business doesn’t have to be as difficult as you might initially imagine, as this guide contains some of the most innovative ideas that you can utilise to go green in no time at all. Going green is becoming a more important and popular concept for businesses of all sizes. If you’re a small business looking to contribute, start by identifying the different sources of waste within your business. This could include premium custom shipper boxes that require disposal after each use or excessive packing materials that are unable to be recycled. Setting realistic goals will help keep you on track while attacking these areas of waste and ensuring that your business reduces its environmental footprint. With some creative solutions, you will be able to save resources, time, and money by going green and helping the environment in the process! So, if you’re interested in finding out more, then simply read on!
Change The Way You Handle Waste
One of the most effective steps that you can follow to become a more eco-friendly business is to change the way that you handle your waste. It’s fair to say that every business creates a considerable amount of waste no matter what kind of industry you operate in, so changing the way that you approach the disposal of this waste can certainly be of benefit to your carbon footprint. Instead of choosing to send your waste to a landfill or burning site that has a terrible impact on the environment, it’s going to be much better if you can take steps to separate your waste so that you can recycle as much as possible. Lots of different materials can be recycled, including paper, card, some plastics, metals, and more, so it’s a good idea to find a scrap yard that recycles common industrial materials so that you can dispose of your waste in the most environmentally conscious fashion. Recycling is important on a smaller scale too, so put recycling bins in your office spaces so that every bit of paper and plastic can be disposed of properly.
Switch Up Your Energy Supplier & Use Less Power
Another innovative idea that you can explore to become a more eco-friendly business is to switch up your energy supplier and take steps to use less power. In today’s modern world a large percentage of energy comes from fossil fuels or finite resources, and there’s even been a rise in nuclear facilities too. Unfortunately these are all very bad for the environment, as they are unsustainable practices which use up depleting natural resources while creating toxic waste and more. Thankfully there are also green energy companies that are creating power by using sustainable methods, including solar power, wind farms and even hydropower. Switching to a green energy supplier is a much more environmentally conscious choice, so it’s something you should certainly consider. Using less energy doesn’t have to be as difficult as you might imagine, as you can start by installing motion sensor lighting that switches off when no one is around. This means that no lights will be left on through the night, as this is a common, reoccurring issue that increases your energy use considerably for no good reason.
Go Paperless
Going paperless can no doubt aid you in your quest to go green, especially if you have several office spaces that currently use paper for a variety of different tasks. Thanks to modern day advances in technology, the need to use paper is rapidly decreasing. Things like sending messages, providing invoices and storing data can all be done through the web rather than having to use paper, and many companies have now taken steps to stop sending out mail of all kinds simply to use less paper. Of course when you take steps to go paperless you need to know how to productively replace paper in certain situations, but this can be an easy task to tackle. You can use email to converse with clients or customers, and secure commercial messaging platforms to chat with your remote employees and share files safely. You can use encrypted cloud data storage instead of keeping a room full of filing cabinets, and send digital receipts directly to clients or customers via email. The less paper that your company uses the more environmentally friendly you will be, as we need to take steps to plant trees instead of cutting them down!
Helping your business to go green has never been such a simple task when you can take the opportunity to utilise some of the excellent ideas that have been carefully described in this guide. There’s truly no time like the present to begin your journey to becoming an environmentally conscious company, so what are you waiting for? Get out there and start helping the planet rather than harming it!
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Green accounting is an important managerial tool, whose implementation can benefit businesses now and in the future. Keep reading to discover why green accounting matters, what are the benefits, and how to implement it.
What’s carbon accounting?
Carbon accounting is the process of quantifying the environmental impact that a given entity emits. For example, carbon footprint calculators and national inventories use carbon accounting methods to determine the greenhouse emissions of organizations and entire countries.
The development of platforms devoted to helping business owners decarbonize their company, like Greenly, confirms the growing importance of carbon accounting.
In this article, we’ll look at why green accounting matters and will offer a three-step carbon accounting guide to help you get started.
Why green accounting is important for your business
Improved decision making
Quantifying the environmental cost of business operations gives access to granular data relevant to both financial and environmental goals. With this information, decision makers can define or redefine the policies, practices, or operations that will bring the highest impact in the medium and long term.
A value-driven business
New values are emerging as a result of growing environmental concerns. Through green accounting, you can better align your business practices and corporate mission with current social values.
This can help highlight your contribution to sustainable community development and offer maximum transparency to all stakeholders.
Support your CSR strategy
Green accounting and corporate social responsibility are a natural match due to the importance they place on the true impact of business practices.
Thanks to its quantitative nature, green accounting can be a valuable tool that provides insights and facilitates decision making. Green accounting data can help determine how to best fine tune your CSR strategy, so that your business makes a valuable contribution to society while remaining profitable.
Better compliance
Implementing green accounting can facilitate compliance with regulatory requirements. Such requirements are only expected to become more stringent in years to come, so acting now is vital in order to build a future-ready business.
Three steps to set up green accounting
Essentially, the process of implementing green accounting in corporate settings involves setting up tools and practices that facilitate the systematic collection, organisation and reporting of data.
The first step is to determine where exactly your business is in the path towards full implementation. This means knowing where your business stands in terms of carbon dioxide emissions.
And third, choose the right tools. Dedicated software can simplify the green accounting set up process by:
Consolidating all your data in a single platform.
Using the latest technologies to reduce the risk of errors and miscalculations, which cost time and money.
Providing expert industry-specific recommendations on how to minimize your corporate carbon footprint.
Implementing green accounting can help your business stay relevant in a changing world. The keys to successful implementation are systematizing your approach to data collection, organization and reporting, and supporting your efforts with dedicated software tools.
Now is a good time to take the initiative and embrace green accounting to ensure your business is future ready.
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4 Costly Inefficiencies In Your Sales Cycle
/in Marketing & Sales/by StrategyDrivenBefore you go throwing more money or personnel to improve your sales cycle, it might be worth assessing every part of the process to pinpoint inefficiencies and redundancies that are bloating up your lead generation efforts.
What kind of inefficiencies often show up in the sales cycle? Here are 4 common ones and the solutions you can put in place to eliminate them.
No Departmental Cohesion
Having disparate departments in your organization can slow your sales cycles down significantly. In many companies, marketing, sales, support and customer service have no real synergy or communication between them, which makes lead hand-off incredibly clunky and confusing. Streamlining each department and creating an easy and efficient way for them to communicate and collaborate will speed up the sales cycle and also increase the retention and lifetime value of a customer. It could be as simple as making the teams work in the same office space, getting the heads of the departments to have more meetings, or creating a Slack channel for them to communicate.
Flimsy Follow Up Efforts
If your team is putting thousands of dollars into campaigns to generate leads fast but not investing in rapid lead follow-up, you might as well be setting all that money on fire. In today’s world, leaving a lead hanging even for an hour could send that prospect straight to your competitors.
There has to be a clear system of lead follow-up in place to connect with the lead as soon as it shows up in your funnel. Some of the steps you can take are employing chatbots to start the communication so they don’t feel ignored, employing a call team, or investing in proposal software to more accurately track prospects. Following up faster also allows you to quickly rank leads by what they need and where they are in the decision making process. The path from researching a solution to choosing and purchasing the right now has lengthened significantly, and that requires more touch points and a more laser-targeted contact strategy.
Selling Without Understanding Motivation
The more targeted your sales efforts can be, the better. Gone are the days where spray-and-pray tactics of contacting people cold would lead to a sale. There are thousands of people you could be selling to, but in order to convert at a higher level, you need to have more clarity on the people who actually want to buy your product or service.
There are ways technology can be leveraged to pinpoint a motivated buyer and distinguish them from someone who is still in the looking and researching phase.
Predictive analytics tools collate and aggregate details like online purchases and buyer behavior in order to identify who is actually ready to take action.
For example, in real estate, you can identify someone who is thinking of selling their home with details like;
Predictive analytics takes all these streams of information and then creates a score showing who is most likely to make a buying decision and the time frame. This makes your sales cycle more efficient because you can provide the lead nurture that person needs to make a decision.
An Overwhelmed Sales Team
If your salespeople are handling a myriad of tasks, it could be making your entire sales cycle less efficient. Imagine a salesperson spending their time researching leads, doing data entry and other admin tasks in addition to their prospecting efforts. It’s going to diminish the amount of time they spend in the best and highest use of their time, and your organization ends up paying more for that task than necessary – it’s both needlessly expensive and inefficient.
Instead of taking this approach, why not take those tasks away from your sales team, employ people who can focus on the admin side of things and let your salespeople do what they do best? It increases the amount of lead generation time and makes the process of nurturing these leads way better.
Dedicated research people mean the information the sales team gets is more accurate, and an admin team takes care of operations quickly, thus eliminating bottlenecks.
How to Soften the Blow of Trading Losses in 2022 (For Beginners)
/in Practices for Professionals/by StrategyDrivenHave a Plan for All Trades
You can’t wing it when trading. Unlike the movies, it just doesn’t work that way. Maverick traders always lose money. As a result, their reputation ends up in tatters. So don’t go thinking you can approach trading without a plan. First, you must be mentally prepared to deal with the trade and how much time and money you can commit. But you also need a strategy. And there are many you can use when trading. Common trading strategies include EOD and Order Flow trading. In addition, sites like JumpstartTrading.com offer solid strategies that work at all levels.
Stick to Your Plan No Matter What
As a trader at any level, you need to begin with solid discipline. And one of the most disciplined things you can do is stick to your plan. A concrete action plan reduces the need to think too quickly about what you are doing because you have a cushion for dealing with movements. If you fail to make a plan, you can find your emotions will get the better of you. And for a trader, this only ends in disaster as you frantically chase profits to cover increasing losses. Of course, this takes time to develop as a beginner. But planning your trades lets you trade to your plans.
Soften the Blow of Trading Losses by Minimizing Risk
Shockingly, over 90% of beginner traders lose a significant amount of money early in their careers. For some, this is inherently unavoidable. However, you can cushion the blow by using a plan that seeks to minimize all risks involved. This way, the damage won’t be as bad as it could be in your crucial early days. You should develop a strategy as a trader. And your system should always include win-loss percentages and averages. Using the data available through trading software, you can avoid some of the worst disasters that could cost you dearly.
Continuously Educate Yourself
As a trader, you cannot hope for success unless you keep yourself informed and educated. Correct trading procedures are crucial. Yet there is much more to the industry than that. You also need to be aware of the latest movements in the markets, trading news, and even world events that will affect the stocks. Fortunately, this is easier than ever with new channels like Bloomberg and CNBC. And you can sign up for alerts with apps like Stock Alert. However, you should also be aware of broader economic issues like interest rates and business news.
Invest Small Amounts in Minimal Stocks
When starting out, it helps to focus on no more than two stocks in one trading session. This makes finding and keeping track of them much more accessible. For example, you could invest in fractional shares for small amounts of money as you learn how trading works. For example, you can use specific brokers to invest a fraction of a share rather than a whole share. So rather than buying a stake in Apple for $1000, you could buy one one-hundredth of a share for $10 instead. While you won’t make much money, you get a solid real-world trading experience.
Make Trade Timing a Priority
Price volatility is primarily determined by the number of trade orders when the markets open in the morning. With practice and experience, you will begin to see the patterns that allow you to make profits with careful timing early on. However, it’s best to analyze the movements of trades for the first half hour or so of the market before making any moves yourself. Therefore timing is essential. However, there is an overall pattern that can help you as a beginner trader. The markets are frantic at the opening, more stable mid-day, and more excited about closing.
Avoid Risky and Volatile Assets
All trades come with risk. However, some are far more volatile than others. Making moves on volatile stock means greater rewards. But there is a massively increased risk. So unless you have enormous amounts to lose, stay away from risky and volatile assets:
Any trade or investment can go wrong at any time. For instance, you may have been tempted to spread $10,000 across cryptocurrencies a couple of months ago. Then you will have lost a significant amount of money a few days later. So always consider the risk of any investment.
Make Trades with a Logical Approach
Trading requires nerves of steel. Because money is involved, sometimes in massive amounts and perhaps not yours, it’s hard not to become emotional. Therefore, you need to ask yourself, “what would Spock do?”. A logical approach to trading can be a massive help when you keep your emotions in check. It’s only human to feel the pinch of greed, the gutting of fear, and the excitement of hope. But they are essentially useless for making decisions that act in the best interests of yourself or clients. This is why a plan is so helpful, so use it and stick to it.
Learn How to Analyze Trading Data
Success in trading relies on analyzing data. Modern trading software and new channels allow you to get all the data you need in real-time. But how and why would you use the data available to you? Of course, an analysis will enable you to build a strategy, formulate accurate insights and identify trading fraud at the least. But you will usually use data to make better future trades or trades in real-time. A standard method of trading data analysis is the price-to-earnings ratio. To do this, you divide an asset’s per-share market value by its per-share earnings.
Test Different Trading Strategies
Like most professional pursuits, there are many strategies for trading. And you can begin using more and more for diversification as you gain experience. However, it’s best to play it safe as a beginner. Some of the best trading strategies for beginners include New Trading, Trend Trading, and Scalping as a day trader. There isn’t much difference in the various trading strategies available to you. For the most part, the only difference is the lengths of time between movements you initially act upon or hold. Different approaches will fit your style or availability.
Soften the Blow of Trading by Hedging
As mentioned, you can use various trading strategies as a beginner, amateur, or professional. And unfortunately, there is no one-size-fits-all solution. So you need to learn how each system works to find the best one for you and your clients. Further, it helps to use multiple strategies depending on the markets. Yet no matter your proficiency, you will lose money at some point. An honest trader loses money. Fortunately, you manage risk by hedging your positions to minimize losses or increase gains when one stock moves against another, offsetting the damage.
Don’t Expect Massive Returns
Trading can be a lucrative business. However, you need to make a large investment in a short period for significant returns quickly. And in most cases, for most people, this is not feasible. Typically, wealthy people invest large amounts for potentially massive returns. However, as a beginner or day trader, you shouldn’t expect huge returns. In the USA, the average annual earnings of a professional day trader are around $75,000. As a beginner, this will be substantially lower, only increasing as you get better and improve your experience.
Understand Your Responsibility
Finally, but by no means any less important, you must understand that you alone are responsible for your trades. Becoming emotionally involved and playing the blame game after a loss doesn’t do any good. You can use all trading data available to you. But even then, things can go wrong. Yet rather than panic or become frustrated at the markets, it’s helpful to own the responsibility of the trade. Accept that it happened. Then go back and analyze your data and records to understand exactly what went wrong and where to manage future risk.
Summary
Trading is one of the most exciting jobs in the world. It’s full of drama, action, and adrenaline. In addition, trading will challenge your intellect, creativity, and real-time skills. However, it comes with the inherent risk of losing money at any time. Fortunately, you can soften the blow of trading losses by planning all trades, avoiding the riskiest assets, and learning from mistakes.
Use These Strategies for Better Project Management
/in Project Management/by StrategyDrivenFind a Tracking System
There are many software applications available to help manage your project. They allow you to monitor timelines and provide detailed status reports. Individual team members can post updates, ask questions, or make comments. With so many Monday.com alternatives, it is important to find a system that works for you and your team.
Ask Questions
With every new project, be sure you completely understand the final purpose of the assignment. Ask your manager clarifying questions about the project, final deliverable, budget, and timeline. Gather information, such as:
Develop a Guide
Successful project management entails identifying the steps required to complete the project. Work with your team to write down all of the things that need to be completed to deliver a final product. Include goals, budget, timeline, roles and responsibilities, and final evaluation.
Look for Challenges
Now that you know what is needed to complete the project, ask everyone involved to consider what can negatively impact those projects. Employees should be creative and offer possible solutions. When encouraged to think out of the box, you better understand the scope and intensity of the project. Some things you may consider include:
Pick the Best Ideas
It is easy to get derailed if you lose focus on the key components. Ensure your team stays on track with the highest priority tasks to deliver the final product. If they work on a feature without approval, it can delay the timeline. Successful communication helps you stay on track.
Learn From Experience
Once complete, it is necessary to thoroughly review the project. Write down the challenges that you experienced. Evaluate each one individually and within the scope of the project to determine how you can prevent or mitigate them in the future. Many project managers forget to take the time to analyze what went smoothly. Review these strategies and incorporate them into your next project.
These techniques help you become a stronger project manager. You will find yourself more confident in managing your project timeline. Communication with employees and managers is easier. Employers recognize your commitment to a successful project.
Innovative Ideas To Help Your Business Go Green
/in Entrepreneurship/by StrategyDrivenChange The Way You Handle Waste
One of the most effective steps that you can follow to become a more eco-friendly business is to change the way that you handle your waste. It’s fair to say that every business creates a considerable amount of waste no matter what kind of industry you operate in, so changing the way that you approach the disposal of this waste can certainly be of benefit to your carbon footprint. Instead of choosing to send your waste to a landfill or burning site that has a terrible impact on the environment, it’s going to be much better if you can take steps to separate your waste so that you can recycle as much as possible. Lots of different materials can be recycled, including paper, card, some plastics, metals, and more, so it’s a good idea to find a scrap yard that recycles common industrial materials so that you can dispose of your waste in the most environmentally conscious fashion. Recycling is important on a smaller scale too, so put recycling bins in your office spaces so that every bit of paper and plastic can be disposed of properly.
Switch Up Your Energy Supplier & Use Less Power
Another innovative idea that you can explore to become a more eco-friendly business is to switch up your energy supplier and take steps to use less power. In today’s modern world a large percentage of energy comes from fossil fuels or finite resources, and there’s even been a rise in nuclear facilities too. Unfortunately these are all very bad for the environment, as they are unsustainable practices which use up depleting natural resources while creating toxic waste and more. Thankfully there are also green energy companies that are creating power by using sustainable methods, including solar power, wind farms and even hydropower. Switching to a green energy supplier is a much more environmentally conscious choice, so it’s something you should certainly consider. Using less energy doesn’t have to be as difficult as you might imagine, as you can start by installing motion sensor lighting that switches off when no one is around. This means that no lights will be left on through the night, as this is a common, reoccurring issue that increases your energy use considerably for no good reason.
Go Paperless
Going paperless can no doubt aid you in your quest to go green, especially if you have several office spaces that currently use paper for a variety of different tasks. Thanks to modern day advances in technology, the need to use paper is rapidly decreasing. Things like sending messages, providing invoices and storing data can all be done through the web rather than having to use paper, and many companies have now taken steps to stop sending out mail of all kinds simply to use less paper. Of course when you take steps to go paperless you need to know how to productively replace paper in certain situations, but this can be an easy task to tackle. You can use email to converse with clients or customers, and secure commercial messaging platforms to chat with your remote employees and share files safely. You can use encrypted cloud data storage instead of keeping a room full of filing cabinets, and send digital receipts directly to clients or customers via email. The less paper that your company uses the more environmentally friendly you will be, as we need to take steps to plant trees instead of cutting them down!
Helping your business to go green has never been such a simple task when you can take the opportunity to utilise some of the excellent ideas that have been carefully described in this guide. There’s truly no time like the present to begin your journey to becoming an environmentally conscious company, so what are you waiting for? Get out there and start helping the planet rather than harming it!
Why Carbon Accounting is Important for Your Business and How to Set it up
/in Managing Your Business/by StrategyDrivenWhat’s carbon accounting?
Carbon accounting is the process of quantifying the environmental impact that a given entity emits. For example, carbon footprint calculators and national inventories use carbon accounting methods to determine the greenhouse emissions of organizations and entire countries.
Carbon accounting isn’t new in corporate settings, since environmental reports have been in place for a few decades. But as global sustainability concerns continue to grow, so does the need for businesses to become more accountable in this respect.
The development of platforms devoted to helping business owners decarbonize their company, like Greenly, confirms the growing importance of carbon accounting.
In this article, we’ll look at why green accounting matters and will offer a three-step carbon accounting guide to help you get started.
Why green accounting is important for your business
Improved decision making
Quantifying the environmental cost of business operations gives access to granular data relevant to both financial and environmental goals. With this information, decision makers can define or redefine the policies, practices, or operations that will bring the highest impact in the medium and long term.
A value-driven business
New values are emerging as a result of growing environmental concerns. Through green accounting, you can better align your business practices and corporate mission with current social values.
This can help highlight your contribution to sustainable community development and offer maximum transparency to all stakeholders.
Support your CSR strategy
Green accounting and corporate social responsibility are a natural match due to the importance they place on the true impact of business practices.
Thanks to its quantitative nature, green accounting can be a valuable tool that provides insights and facilitates decision making. Green accounting data can help determine how to best fine tune your CSR strategy, so that your business makes a valuable contribution to society while remaining profitable.
Better compliance
Implementing green accounting can facilitate compliance with regulatory requirements. Such requirements are only expected to become more stringent in years to come, so acting now is vital in order to build a future-ready business.
Three steps to set up green accounting
Essentially, the process of implementing green accounting in corporate settings involves setting up tools and practices that facilitate the systematic collection, organisation and reporting of data.
The first step is to determine where exactly your business is in the path towards full implementation. This means knowing where your business stands in terms of carbon dioxide emissions.
To do this, you can use one of the following green accounting methodologies:
Secondly, become familiar with the Greenhouse Gas Protocol’s tools and standards, created to help organizations develop an accurate and comprehensive approach to measure emissions.
And third, choose the right tools. Dedicated software can simplify the green accounting set up process by:
Implementing green accounting can help your business stay relevant in a changing world. The keys to successful implementation are systematizing your approach to data collection, organization and reporting, and supporting your efforts with dedicated software tools.
Now is a good time to take the initiative and embrace green accounting to ensure your business is future ready.