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How To Use Customer Research and Smart Algorithms To Name Your New Local Business

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StrategyDriven Entrepreneurship Article | How To Use Customer Research and Smart Algorithms To Name Your New Local BusinessOpening a new local business isn’t for the faint of heart. You’ll have to hunt for commercial real estate, develop a financial plan, find the right suppliers, and more. However, before you can even tackle those challenges, you’ll need to come up with a name for your store. Many entrepreneurs find that it’s harder than they expect to name their business, but often feel like they have no options other than waiting for inspiration to strike.

Modern keyword-driven name generators like Namify take the guesswork out of the naming process. Namify combines a smart algorithm with user input to develop hundreds of unique naming options. With this approach, you can feel confident that you’ll choose a catchy name for your new store that conveys the right image to your customers.

Understanding Your Ideal Customer

Before you use Namify’s store name generator tool, it’s a good idea to think about what type of customers you want to attract to your store. The theoretical personality profile of your ideal customer is called a buyer persona. This exercise encourages you to delve deeply into the ways your store is different from nearby competitors. It also helps you develop a better understanding of the marketing strategies you’ll use to connect with the customers you’re best equipped to serve.

As you explore the behavior and preferences of the customers who will compose the core of your client base, you’ll also start to think about how you can signal them that your business is the best way to meet their needs.

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Speaking Your Customers’ Language

Why spend all this time getting to know a fictional customer? With a fleshed-out buyer persona, you can start doing research on the keywords and phrases you’ll provide to Namify to generate your store’s name. Think about what your customers find useful, entertaining, or aspirational. For instance, if you’re starting a stationery company that caters to young professionals cultivating a minimalist aesthetic, you’d want to use phrases like “clean lines,” “organized mind,” “stillness,” and “classic.”

Using these terms to guide naming, imagery, and marketing copy communicates to your ideal buyer that your business was developed with their needs in mind. Since your store’s name is the first impression you can make, it’s essential to choose a name that’s informed by concepts that resonate with your prospective customers.

Using the Namify Algorithm

With several well-considered keywords, you’re ready to use Namify to generate new ideas for your store’s name. Choose the right category for your business to shape the results and all your keywords to the search field. Namify requires a minimum of two keywords but using more will provide you with more options. Once you’ve generated a list of potential names, you can start to review your choices. Consider how names sound when spoken aloud, or how they’ll look as a part of a custom domain name. If sound is important to you, try restricting your search output to names that rhyme.

You don’t have to write down or remember all the ideas that Namify presents. Click the heart icon next to your favorite ideas to mark them for your shortlist and email them to yourself so you can spend as much time as you want mulling over your top picks.

Naming your store won’t be the hardest part of launching your new business, but without any help, it can start to feel that way! Combining your market knowledge and customer research with Namify’s smart naming algorithm will make short work of the name generation process so you can move on to all the other tasks you have to tackle before opening day.

How to Manage Newly Remote Workers in Your Business

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StrategyDriven Managing Your People Article | How to Manage Newly Remote Workers in Your BusinessIn these uncertain times, more and more of your employees will become remote workers. In many cases, this will be a straightforward transition in terms of technology and logistics. However, there can be some other underlying challenges along the way. It’s not just businesses that face difficulties when it comes to working from home; it’s the employees themselves. So how do you mitigate these to get the right balance for both the business and workers?

Take a look at some of the common challenges of remote working and how you can resolve them to create a harmonious balance.

Challenges of remote working

To understand how to make remote working a successful practice for your business, you need to understand the challenges it presents. The main areas to focus on include:

Lack of face-to-face interaction and supervision

While research indicates that many people are productive in a remote setting, supervisors often worry that employees won’t be without supervision. On the flip-side, employees may also lack confidence when there is not someone available to offer support and guidance.

Issues accessing information

In the workplace, we just chat to someone or pick up the phone to get the information we need. This immediacy of information is something that is not always available when you’re working remotely. While it should be just as simple, there can be interpersonal challenges to overcome.

Home environment distractions

Naturally, at home, there are a lot more distractions to deal with, especially if children are also at home. At this time, managers should expect a different remote working environment to normal as many people are in sub-optimal conditions as they transition to this type of work. Supervisors may also need to compromise with more flexible working arrangements while employees are juggling home and work life.

Increased loneliness

This is one of the most understated challenges of remote working, but it is one of the most common complaints. Workers may struggle to deal with the lack of connection that comes from being in the workplace, and the longer remote working ensues, the more this can impact someone’s life.

How employers can support employees with remote working

There are several ways to face the challenges mentioned above to ensure your employees feel happy in this new working environment. By making small adjustments and inexpensive alterations, you will also see an increase in productivity.

Take a look at some of the primary ways you can support your remote employees:

Create structure in the working day

Much like if they were in the office, create a structure such as check-ins and catch-ups to ensure everyone is happy with their workload and daily tasks. However, this shouldn’t feel like you’re checking up on them. You could also make this time a collaborative effort by involving everyone on the team. This time could include a morning brief or team meeting to help sort out issues anyone is facing. Plus, it gives everyone a chance to catch up without it feeling too formal.

Monitor their working conditions and encourage healthy habits

While it might be ok in the meantime for employees to be camped out on the kitchen table with a laptop, after a while, their health may be affected. Happy and healthy employees are more productive, and although they are not in the workplace, it is still a good idea to care about their working environment and wellbeing. Help them make a better choice about where they work in their home, such as dedicated space. Allow them to take an office chair home to encourage better seating. If they spend a lot of time on the phone, supply a specialized case with EMF protection to minimize harmful radiation to the body. Other things to consider is whether they have a break during the day, as getting away from screens can be more challenging at home.

Create boundaries for everyone

One of the most significant frustrations for remote employees is it can feel like they need to be constantly on-call. To avoid this, think about when they are working in the office. If they have an important task, they are usually given ample time and space with limited interruptions to complete it. The same should be done in a remote setting. If employees feel they are getting urgent requests and even messages to their phones every five minutes, this will affect their overall productivity and willingness. Boundaries should be set on in regards to messaging services used by your company. It’s great to have functionality such as Slack or Zoom available. Still, it is not viable to expect an immediate response from someone every second of the day.

Encourage vigilance surrounding company information

Your remote employees will have access to everything they need at home, so security is an important area to think about. If you handle sensitive data, establishing secure connections and remote access to company data is vital, but this isn’t all you need. You also need to ensure that a risk assessment is in place should information be compromised in any way. To encourage better data and security management, suggesting a dedicated space to work is an excellent idea. This helps to keep work information away from home life.

Provide emotional support when needed

The mental well-being of your employees is paramount. They’ve had to deal with a lot in the past few months, and the ‘new normal’ is unlikely to change much going forward. Stress will be natural alongside frustrations with other remote working aspects. To assist with this, be sure to provide emotional support when it is required. It could be a case of merely asking questions to help employees talk about their experiences, or providing information on where they can get specialized assistance.

Everyone should be aiming to get the best out of remote working as possible, but times are hard, and stress is high. By working with your employees to create a balanced and respectful environment, you can all learn and grow together during this period.

Expert Tips on How to Create an Investment Strategy That Works With Your Goals

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StrategyDriven Managing Your Finances Article |investment strategy|Expert Tips on How to Create an Investment Strategy That Works With Your GoalsDid you know that the collective worth of the 15 wealthiest investors in the world surpasses $300 billion?

An investment strategy can change your life for the better. Whether you are young or nearing retirement age, you can find an investment opportunity.

One thing about investments is that there are no limits to what you can choose. Also, there are no time limits, and so you can make the right choices at any age.

This guide will take you through the process of establishing an investment plan that works. Read it to make the right financial decisions.

Assess Your Current Financial Status

Your budget should clearly show your total income vs. the total expenditure. If the amount of money you remain with after the expenses isn’t enough, you must cut down some costs or look for more ways to generate income.

If you want a liquid investment, stocks would be the best. For illiquid investments, you can consider real estate investing.

Set Goals

Why do you want to invest? What do you want to achieve?

When you set goals, it becomes easier to attain your target. Maybe you want to buy a car with the investments, or you wish to secure your future.

If you have many goals, write them down and narrow your list according to their importance.

The goals should be measurable. For instance, if your goal is to save $50 every week, then you should evaluate your finances with time to know if you have achieved what you wanted.

The goals should also be realistic and achievable. You can’t plan to save more than $10,000 in a month when you know very well that you can’t achieve that.

Explore Options

The investment you choose should depend on your goals and your personal preferences.

If education is your saving goal, you may consider the mutual funds, stocks, bonds, and other long-term securities. You may also decide to invest in the real estate market or other physical products that increase value with time.

The key here is to diversify. As a beginner, you only need to dip your toes as you test the market. That’s why you should diversify the assets no matter how little they are.

This is the essential step for planning; thus, you might need to involve a financial planner. The planner should listen to your ideas and advise you on the best high rate investments to consider.

Check the Charges

Every investment includes some charges. If you decide to invest in stocks, you will need to hire a broker who will require a service commission.

If you choose investment funds, you will have to pay the fund manager too. The same case applies to real estate where you must pay a real estate agent.

Don’t commit yourself to any investment plan without knowing the charges. Ask the firm to explain to you all the possible costs that you will incur for the investment.

In most cases, the higher charge translates to better quality. But still, you should compare the price of getting a similar service somewhere else. You may be lucky to get the same quality service at a reduced price.

Do Your Research

Don’t invest blindly. As an informed investor, you should research the most profitable types of investments. You should always consult an educated professional, like Daniel Gordon, before making any big decisions in the financial market.

If you choose to invest in the financial market, you need to research on the best markets.

Currently, many firms are offering the same service. Some are legit, while others are not. Unless you are careful and do in-depth background research, you can quickly lose your fortunes to scammers.

If possible, check the reviews of the firm you choose to know what other people think about the firm. Don’t put your investment in a firm with too many negative reviews.

Understand the Risks

Every investment is risky. Young investors are more likely to fail because they are still green. Before you invest, you should familiarize yourself with the risk associated with your investment strategy.

If you plan to invest in the stock market, then you should know the possible risks of that industry. It’s possible to lose all money or even get abnormal profits.

With knowledge of risks involved, you can easily come up with a proper risk management strategy. For instance, you can diversify the assets to stay safe just in case one of the investments fails.

Be cautious with the investments which promise high yields only. There is no investment that does not have a risk. Unless it’s a scam, there will always be the drawbacks that you should understand.

Monitor the Investment

Don’t invest and leave your money there. You should monitor the progress of your investments.
Is everything going as expected? Are you depositing excess money into the investments? The progress of the investments should help you make the next step.

At times, it’s better to withdraw your investments if the plan is not profitable. After all, it would be useless to keep on investing without seeing the results of your hard-earned cash.

Choose the Best Investment Strategy

The right investment strategy should be cost-efficient and profitable. The ideal approach should also be simple and easy to manage.

So, don’t stress yourself finding the most complicated investments that promise the highest returns. Start small, and move to the more profitable ventures once you learn the basics.

StrategyDriven helps entrepreneurs make the right decisions for their businesses. Our help comes in the form of well-researched articles written by business experts. If you just started your business, or wish to create one, read our blogs to know more about the most important business aspects.

3 Wall Street Terms You Need To Know To Play the Stock Market

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StrategyDriven Entrepreneurship Article | 3 Wall Street Terms You Need To Know To Play the Stock MarketUnderstanding financial news is a key part of participating in the stock market. Unfortunately, Wall Street often describes business activities in less-than-clear terminology. Read on to learn more about three common business terms that will help you make sense of your investments.

What Are Advisory Firms?

Consulting and advisory firms provide various professional services to corporate clients. They help companies communicate better with customers and shareholders, conduct the research that businesses use to make decisions about their investments and provide clients with expert advice on improving their management and strategy decisions.

Many of these firms also work with nonprofits; for instance, Teneo’s Declan Kelly has a longstanding relationship with advocacy network Global Citizen. Declan Kelly, who founded the company, has years of expertise in international business, allowing Teneo to meet the needs of clients all over the world, a capacity essential for any advisory firm’s success.

What is Private Equity?

You’ve probably heard of several private equity firms like Blackstone or Bain Capital. These firms use investor funds to buy out publicly traded companies and take them off public exchanges or to make capital investments in private businesses. The “private” in private equity simply means that the capital isn’t listed on any public exchanges. Although there are many types of private equity, such as venture capital, you’ll encounter this term most often when it’s used to describe buyouts of struggling companies by larger firms that may be able to return them to profitability.

What is Venture Capital?

Private equity and venture capital both involve third-party investments, but venture capital is spread over several newer companies that demonstrate growth potential, and venture capitalists usually hold less than 50% equity in those companies, allowing the founders of those companies to retain some control. Private equity usually involves a complete takeover of a single company. Venture capital is also concentrated in tech startups, whereas private equity portfolios span broader industries.

Wall Street terminology might have a steep learning curve, but there’s no reason you can’t learn what you need to know to keep up with stock market trends and achieve your financial goals.

The Need for Commercial Cleaning

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StrategyDriven Managing Your Business Article | The Need for Commercial CleaningAlmost any commercial building absolutely needs some type of professional cleaning service. Commercial buildings can become messy very easily, even if the building in question is just an office building or something similar. Commercial building floors can get a lot of foot traffic, making them dusty by the end of the day. During certain seasons and areas, it’s very obvious if a building is not cleaned regularly enough. The businesses that try to save money on commercial cleaning will lose money later in some other form, even if it is not obvious at first.

The services that offer commercial cleaning are almost always very cost-effective. Businesses will get multiple services at once when they hire commercial cleaning services Winnipeg and elsewhere. The professional cleaners will make sure that the entire building is cleaned. Companies usually will not need to hire more than one cleaning service. They can get all of these tasks completed after working with one single business.

When business leaders think about the specific services that commercial cleaning companies offer, it becomes clear that there is no substitute for a commercial cleaning company. The technicians from these companies will clean all of the bathrooms and the washing areas. They’ll also clean the employee lounge and any of the sitting areas in the building. The employees will certainly be happy about this, and so will everyone else. It’s the sort of thing that can improve morale at almost any business, especially if the employees are social.

Commercial furniture also needs to be cleaned and maintained, or it will quickly fade and cease to look anywhere near as presentable as it once did. This sort of change can reflect very poorly on almost any company, and it’s important for all professionals to make sure that these sorts of finishing touches get added. The commercial cleaners are all careful to make sure that the furniture at any corporate building is in good condition. These sorts of cleaning services are ultimately an important part of commercial building maintenance, even if it does not look like that at first.

Almost any part of any building will start to degrade much faster if it is not cleaned all the time. A lot of people have found that they have run into similar problems in their own homes. Dirt and dust can cause anything to wear away that much more rapidly, even if people do not notice the change on a day to day basis. Companies that are careful to make sure that they stay up-to-date with maintenance usually outperform other companies. The organizations that are just as careful with cleaning will often get the exact same benefits.