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7 Things You Should Never Underestimate In Business

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StrategyDriven Entrepreneurship Article
Being in business can be a lot of fun. When you’ve worked super hard for everything you have, and you’re willing to keep on putting the work in, sometimes you can stand back and be in awe of what you have achieved. If you find yourself at this phase, allow yourself some time to feel good, but then go right back to hustling. No matter how big your business gets, or how well you do, you need to stay humble. Because getting too big for your boots is bad for business. Not only does it look bad, but it can also mean you get caught off guard.

When you’re doing well, it’s easy to believe that you’re unstoppable, or that you’re better than the best. And it’s this kind of attitude that can kill businesses. Because when you’re least expecting it, you can be beaten. To stop that from happening, you need to always be on the ball and never underestimate anything. When you’re quick to write of threats as being not-so-threatening after all, you could be stabbing yourself in the back. So, instead of feeling invincible, you’ll benefit from always pushing, always watching your back, and always trying. And above all else, never underestimating anything – especially when it comes to these seven areas.

Competitors

First up, there’s always your competitors to be aware of. It’s easy to think that, when you’re doing well, you don’t really need to have your nose in anyone else’s business. But you do. When it comes to your competition. You should always know what they’re up to. Because if you underestimate them, and believe that they’ll never catch up with you, they could be sat working on a strategy to do just that, and you’d never even know. So keep an eye on the competition, and you’ll always do well.

New Market Entrants

Likewise, it’s easy to underestimate any new market entrants too. When you’re starting to see success, you can often feel like no newbie will knock you off the top spot. But that’s a dangerous mindset to have. Just remember what it was like for you when you first went into business. New market entrants are hungry. They want to be successful – and they’re willing to work hard to make it happen. So take them seriously and don’t underestimate anything they do.

Employees

When you have good employees, you often feel as if they’re going to stick with you until the end. Some will. But most won’t. So don’t just assume that those happy employees actually are happy. Because maybe they’re not. And maybe they’re planning on leaving soon and setting up shop on their own – taking their hard work with them. Treat your staff well, but always remember that they’re not the owner, and they could up and leave at any point.

Suppliers

Another key stakeholder to key an eye on is your suppliers. They’re a business, just like you are, and they’re always going to put their business interests first. So don’t assume that they’re going to do you favors forever. Because they might not. Keep them at arm’s length if you can. Because they could do something to mess up your current relationship. And that’s just business!

Economic Conditions

Never underestimate the current economic conditions either. Whether they’re good or bad, you have to learn to be reactive and stay on top of economic growth in your own way. Sometimes, the conditions will work with you, but don’t ride the wave for too long as they can soon turn. So you have to have your wits about you and be ready to react as soon as they do.

Health & Safety

Then there are the things that are ingrained in your company philosophy. So much so, that it’s easy to assume that they’re running smoothly. Like your health and safety. But you have to actually stay on top of things for that to happen. Including everything from ladder safety gates to protective clothing, you have to be sure that everything you’re doing is above board and as it should be. It’s easy to just assume, but don’t underestimate the ways of the world. Keep on top of everything and you should be fine.

Success

And finally, never underestimate your current levels of success – or the possibility of sudden failure. Things don’t always last. You worked really hard to get where you are, and you have to carry on working hard if you want to stay there. Never adopt the “I’ve made it” kind of attitude, as it could be that one thing that knocks you off the top spot.

Is a Business Degree of Any Importance to an Entrepreneur or a Business Owner?

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Generally, when we discuss MBA courses, it usually involves looking at the degree from the perspective of a student who is looking to build a career. A question we do not typically address however is whether or not an online MBA degree would be the right choice for people who already have businesses of their own. What about the ones with significant knowledge and experience in their respective fields? Can they benefit from MBA programs? The answer is yes, entrepreneurs can indeed benefit from a business degree. To understand how that is actually applicable, go over the following points.

Understanding the Theory of Business Management

Even when you already have experience in running a business, you will learn more by studying and understanding the advanced concepts of business planning and management. If your business is successful, then you most definitely know what you are doing, but chances are that an MBA degree will help you to take your success even further. Studying Business Management Theory will help you to recognize gaps in your business planning and policy that you wouldn’t ever have noticed otherwise. It’s all about supplementing the existing knowledge and experience with formulated and established theories.

The Chance to Learn from the Best

AACSB online MBA courses usually have excellent faculty members and guest lecturers who are some of the most successful businessmen and entrepreneurs in their own fields. As they explain various parts of the course to their students and share their own life experience with them, it’s an opportunity of a lifetime to be able to learn from them. They might give you brand new perspective on things related to your business for improvement and progress.

Business Contacts

Your teachers and your peers are all your business contacts and in the near future, those contacts may turn out to be invaluable. You will likely find more than a few potential business partners and the necessary business recommendations while doing your MBA. As you already are a businessman, you will be able to make contacts and establish rapports easier because you are not looking to land a job, unlike almost everyone else in your class.

Security

Just in case you are a new entrepreneur who is still trying to make it, an MBA degree will provide you with a backup option, should the need to join a job ever arise. You can always go back to starting your own business after you manage to improve your financial standings, but an MBA from a good business school will enable you to land a job that will get you through the in-between stages.

These are the four prime factors which make an MBA degree extremely valuable to even established businessmen and rising entrepreneurs, but this is just an overview. There’s much more to it than this which you will learn during the course, but most of all, it’s all about learning how to grow what you have already.

Strategies for Certified Public Accountants to Grow Their Business

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As a business owner, you have a lot on your mind. There’s never a dull moment and if it’s not one fire you’re putting out, it’s another. That’s why you need a plan in place for managing your business and workload.

As a small business, you don’t have the luxury of calling upon a handful of employees to help you out. One area that’s always intriguing is how to expand your company. It’s important you have a solid foundation first before you try to develop further. See strategies for Certified Public Accountants (CPAs) to grow their business.

Networking

In order to grow your business you have to be willing to put yourself out there and meet new people. You want individuals in your company to know who you are and where your business is located. Be involved in the community and join organizations and clubs that keep you engaged with others. Attend networking events and conferences where you can meet new faces and share information about your business and services.

Training & Education

You need to have the proper training and knowledge in place before you start advertising additional services and growing. For example, there are IRS approved tax preparation courses that will help you gain more clients, and you’ll be included in the Directory of Federal Tax Return Preparers with credentials and select qualifications. You’ll be provided with crystal clear high definition video based courses that meet IRS standards and include the latest tax law updates and exceptional tax tips. This is a great opportunity to improve your skills and increase your knowledge on topics that will help you advance in your career and grow your business.

Social Media

Use social media and the Internet to target your specific audience and find customers who are going to benefit from your services. Open accounts on various platforms and create a company page with information about what you do and how you can help your clients. If you have the capacity, be available to answer customer service type questions online and post content that will help them better understand the industry and what they need to know as a taxpayer. Be open to advertising your business on social media and bringing in more clients through a digital media strategy.

Focus on Customer Service

A proven way to grow your business is to deliver exceptional customer service and, therefore, be awarded with referrals and recommendations from satisfied clients. Even though you may be a small operation, be sure to give each customer your undivided attention that they deserve. Be on time for meetings, return messages and fix issues promptly. Your customers need to be your number one focus, and then you can worry about expanding and growing your business. Take pride in knowing your clients are happy and continue to do business with you.

Conclusion

Use these tips for creating a plan to expand your company. Keeping your customers pleased is one area of your business that’s worth focusing on. Without them you aren’t going to get too far with your company. These are strategies for CPAs to grow their business.

How Businesses Can Become More Accessible

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Most businesses are trying to do more to make their environment more accessible for customers and employees alike. There is a degree of pressure upon businesses to use their funding to ensure that everyone has the support and access they need, particularly if they have a mental or physical disability. There are several ways in which businesses can tackle the problem of being inaccessible.

Physical Adjustments

Controversially, there are currently no laws which require businesses to include lifts or ramps- if they currently don’t have employees who need them. However, there are reasonable adjustment laws which state that businesses must commit to making some changes to ensure that disabled employees can work at the business. Reasonable adjustments can include an accessible interview room on the first floor or access to affordable used mobility scooters where necessary. However, businesses should really be proactive about making their office space or shop more accessible for everyone by installing ramps and providing bathrooms for people with disabilities. After all, a more diverse workforce is great for business.

Accessible Support Materials

How many times do you receive a printed presentation at work? When presentations or support materials are printed out and distributed, it’s likely this is done without a second thought. However, the ability to provide support materials in a variety of different formats, such as with large print or written in braille, will ensure that everyone can read them. The same applies to signage around the business, keep it clear and easy to read to ensure that visitors and staff alike can get to where they need to go without difficulty.

Obstruction-Free Spaces

Businesses don’t have to spend a fortune to make their workplace more accessible for everyone; they can simply make sure that all obstructions which could prevent people from moving around the business are removed. Stray wastepaper bins, boxes and plants are common problems that people with disabilities have to navigate around. It’s also worthwhile making your business accommodating towards service animals where possible, particularly if there’s currently a “no dogs” rule implemented. Simple gestures like this can demonstrate that you are a forward-thinking and accommodating business.

Equality Training

Most businesses are proud to offer an equal opportunities environment. However, when it comes to implementing this, many members of staff may be unclear or unconfident about how to best to behave. Employees and employers alike need to be sensitive and informed about disabilities in order to break down these barriers. Providing training which covers how best to help people with limited mobility, or the correct way to interact with service dogs, will provide your staff with the confidence to behave appropriately and make sure that everyone is included and treated equally. The business should also implement people-first and inclusive language, as it is more positive. This simply means that you say “people or person with disabilities”, instead of “disabled person” and you ensure that all training materials and contracts include clauses that refer to people with disabilities too.

8 Myths About Trading Debunked

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The world of trading can be challenging and confusing, but it also offers you the opportunity to make a lot of money and diversify your investment portfolio so that you can remain financially secure as you get older. But there are some myths about trading that should be debunked, whether you are already involved in trading or you are thinking about getting into it. Keep reading to learn more so you can have a better understanding of what trading is all about.

1. Online Trading Is Not Safe

One of the myths that you may have heard about online trading is that it is not safe and secure. But the truth is that it can actually be totally safe and secure, and it can put you in the driver’s seat of your trades, rather than relying upon a broker, if that is what you desire. With high quality trading platforms like Stern Options, you have a lot of choices that will make getting into the world of trading easier, and you can also keep making money from your trades by doing it all online and from wherever you are located.

2. To Trade Options, You Need to Invest a Lot

When it comes to trading options, many people think that you need to have a lot of money to get started. But the truth is that you really do not need that much money. Every trader has to begin somewhere, and you often only need a few thousand dollars to get started. You can use this small investment to access the market and then reinvest any profits that you make so that you can keep watching your money grow over time. Besides, when you are first starting out and learning the ropes, you do not want to invest a huge chunk of money that you could risk losing.

3. To Trade Stocks, You Need to Be Rich

Too many people think that trading stocks also requires a lot of money, and that the stock market is sort of like a club that only rich people can get into. But with online trading making it easier than ever to research stocks and invest in them whenever you want, this myth is easily debunked.

4. A Popular Company Is Going to Have Great Stocks

When people first enter the stock market to start trading shares, they might assume that the most popular brands are going to be the most successful on the market. But this is not true. Just because you read news about a particular organization doing very well does not mean that you should invest in their stock right away. Instead, it is always wise to conduct a complete analysis prior to investing. You want to look into the company’s financials so that you can see just how sound the brand really is, and so that you can determine if the trend of growth will continue. And you also want to look at the valuation so that you can determine if the stock is valued expensively, cheaply, or fairly.

5. You Should Not Risk More Than 2% Per Trade

A lot of people are also under the impression that you should not invest more than 2% on a trade. This piece of advice is meant to help you avoid spending too much and ruining your entire account. However, the truth is that you should consider a few factors before deciding upon how much you will invest per trade. This includes the trading timeframe, your own tolerance for risk, and the system’s performance.

6. Complex Strategies Are Better Than Simple Ones

Depending upon whom you talk to, you might hear that a complex trading strategy is better than a simple trading strategy, or vice versa. The truth is that there is no one solution to trading. Some individuals are able to make a lot of money by following some pretty complex trading strategies, while offers are able to keep things simple and still make a great return on their investment. Basically, every trader will trade a bit differently than the next trader, and what works for you may not work for someone else, so it is up to you to test the market and try out different strategies until you find the ones that work best for you.

7. Trading Stocks Is Like Gambling

There are many people who, unfortunately, will view trading stocks on the market as the equivalent of gambling at the casino. This is simply not true. When you invest in stocks, you will need to do a good amount of research if you want your assets to grow. The right amount of research and diversification of your investment portfolio will help you minimize your risks and ensure your money will grow. The same can’t be said for gambling, for which there is little rhyme or reason. Besides, when you invest in stocks, you are investing in companies and you are following their profits and losses.

8. Stocks Inevitably Fall

Yet another common myth in the world of stock trading involves this idea that every stock, no matter how high it goes, must eventually come back down. But that does not always happen. If you are able to find a really successful business that has great managers and long-term success, you can ride that wave, and you will not need to worry about the stock price falling. Of course, there will be fluctuations no matter what, but there is no rule that says a stock price has to go back down to its starting point or below that starting point. You can invest and watch your money grow over time, even if you do hit a few days during which the price drops a bit before it recovers.

Now that you have a clearer understanding of some of the most common myths about trading, you can enter the market and start trading in a way that will ensure your money will grow. Remember, stocks go up and stocks go down, so you will hit some losses every now and then. The key is to stick it out and then sell high after buying low.