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7 Interesting Reasons to Invest In Platinum Today

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StrategyDriven Editorial Perspective Article | 7 Interesting Reasons to Invest In Platinum Today

As soon as you start earning a steady income, people ask you to invest. Whether it’s in vintage cars, stocks, a business or even a house, investment is a huge part of a stable financial plan. Putting aside your money each year or month not only helps you save up for emergencies faster but also gives you a lot of profit on your earnings.

The investment market dealing with precious metals has barely made the cut in terms of popularity among people, and it’s not something many people tap into, if they do hear about it, it’s mostly for either gold, silver or palladium.

There’s a reason that highest-paid memberships in any category offer a ‘platinum card’ or make you their ‘platinum member’. The term ‘high value’ is greatly synonymous with platinum, and that automatically translates to better quality and reliable investment. Because of platinum’s unique characteristics and the growing demand in the global market due to its versatility, it makes sense that this should be a solid investment. But if you need some more convincing, here are seven reasons why you should consider investing in platinum today;

Solid Properties

Platinum is a soft white metal with a very beautiful sheen. Not only is it ductile but malleable too, which means that it can be industrially processed to make wires or sheets to be used in many things. The metal is pretty resistant to corrosion or rust where even the best give up. The biggest use of platinum is as a catalyst or controller in motor vehicles, jewelry or most importantly, in dental work where it can be yielded to make cast partial dentures etc.

Growth in Industrial Demand

One of the rarest precious metals in the category today is platinum. Its production is around 10% of that of gold (merely 7 million ounces a year), and during the world war, the US government banned any ownership of platinum and termed it as a strategic element. While the supply is only 7 million ounces a year, the demand has grown from 2.6 million in the 1970s to 7 million today and is expected to go even higher in the coming years. As diesel vehicles take up quite some space in the global market, platinum’s demand is only going up to be used in catalytic converters.

Around more than 20% of consumer goods use platinum, while more uses are still being discovered. Majority of the industries like medical, glassworks and dies, dental applications, chemical processing and petroleum refining now use platinum as a catalytic controller or a major component. It is also readily used in transport applications to lessen global warming and exhaust waste to a much greater degree.

The beautiful sheen, ease in malleability and gorgeous luster also makes it a star of the jewelry industry.

Growth in Platinum Investment

Investment funds have bought platinum in significant amounts, and the numbers are only expected to increase. Private businesses with pension funds have increased their commodities investment, especially through Exchange-traded funding. One such example is that of a large Swiss-based pharmaceutical company that invested around $11.3 billion in platinum and other metals as well. The establishment of EFT is slowly growing, and with its increase, the mining companies dealing with the extraction of platinum say that there will soon be a considerable increase in platinum demand soon in the global market.

Limited Supply Sources

Most Platinum reserves and mines are concentrated around the areas of South Africa and Russia. More than half of the world’s platinum comes only from these countries. With such a limited and short supply and only finite resources for platinum, there is a huge amount of uncertainty that lies regarding its supply in the future which makes it even more precious to own now. Holding greater importance in the industrial and the military sector, the difficulty in mining and the lack of a number of resources makes platinum the most precious of the precious metals. In case of any disruptions in Russia or South America, the global market would be affected severely, and the prices will break records. This makes platinum a very smart and stable investment.

Price Performance in Recent Years

Platinum has proven to be one of the most top-performing assets over a period of a few years. In 1971 platinum was sold for $90 an ounce and by 1980 it was $1000 an ounce. The increase in platinum prices has been much more significant than the increase in prices of other precious metals. Platinum has almost sold premium to gold for much more than 25 years, and though there have been divergences in the over-all selling point, it is important to note that these falls were mere anomalies, but in the market, these anomalies do not change the fact that such investments are long term opportunities of the greatest kind.

Liquidity

Liquidity, in business, refers to the ability of an asset like stocks and bonds to be turned into cash with ease. The higher the liquidity, the easier it is for a certain asset to be turned into cash. In the global market, while gold has been termed more liquid than platinum, Platinum has had the advantage of playing it’s cards right and turning its less liquidity into its own favor which means that in an environment with rising platinum prices, it will take fewer buys to raise the prices further.

Current Volatility

While platinum’s less liquidity may play to its advantage, the opposite might be harmful too thus making it more volatile, but as history has been great at reminding us why platinum has done wonderfully in the past three decades, the current low price of platinum can be a huge plus point for the investors. They can very easily seize this opportunity before the market realizes that platinum’s decline as compared to gold in nonsensical on a number of levels.

Conclusion

In conclusion, it is safe to say that while the supply of platinum remains affixed with respect to rising industrial and investment demand, platinum is one of the safest investments out there.

Bridging The Business Gap Between Office And Production

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No employer wants to deal with workplace divides that impact everything from efficiency to general atmosphere. It’s no wonder, then, that the majority of modern employers implement anti-bullying and discrimination policies, as well as taking fast action when disagreements do arise. Yet, despite your efforts, there may be a divide within the workplace that you’re forgetting to account for.

In businesses that deal with both office and production-based staff especially, resentments can often build due to discrepancies in the way different colleagues are treated. Production staff, in particular, often end up on the outside of an otherwise happy office bubble, especially as we increasingly focus company efforts online. But, this can cause all manner of issues considering that you rely on your production team to create the very items you’ll be shipping to your computer-based consumers.

With this in mind, it’s worth nipping resentment here in the bud before it grows, and we’ve got some pointers to help you do it.

Provide the same perks to both teams

StrategyDriven Talent Management Article | Bridging The Business Gap Between Office And Production

Resentment is inevitable if your office colleagues enjoy a decent aircon and the latest tech while production staff  are stuck next door in a cold factory that relies on outdated machines. Your first step for overcoming adversity and keeping morale strong across the business board is, therefore, to take time providing those same perks to your production staff. By this, we mean that you should implement heaters in the factory, and even invest in cutting-edge machine equipment as offered by companies like https://www.ceratizit.com/. Equally, making sure that break rooms and other such benefits are available to all can go a long way towards making sure no member of your team feels forgotten or pushed aside at any time.

Encourage integration

Departmental separations can be hard to overcome, hence why many managers implement open office and collaborative working to avoid them. Still, few company heads think to integrate warehouse and office staff in the same ways. They work in entirely different spheres, after all, so why bother? Actually, there’s a very good reason, and it again comes down to employee happiness. Failing to connect with every face in the workplace can cause a disconnect and a generally fragmented workforce that you don’t want. Make sure that doesn’t happen by arranging meetings that always include your entire staff and encouraging office-production nights out, etc. as much as you can.

StrategyDriven Talent Management Article | Bridging The Business Gap Between Office And Production

Keep rules consistent

Workplace rules are essential, as is consistency when you apply them. You’ve heard the saying ‘one rule for one, another rule for the other,’ right? If you allow office staff to eat at their desks and get drinks when they want while your production staff are restricted by health and safety, for instance, you’re automatically going to ruffle feathers. Instead, make sure that office staff are in keeping with rules like no eating at work units, too. This small nod to equality might just be the final effort you need to keep both sides of your company on even footing at last.

Building a Reputation For Excellence in the Construction Industry

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When you’ve dedicated your whole professional life to working in the construction industry, it’s entirely reasonable to want to make your mark in the industry by starting a firm of your very own. That is, after all, the dream isn’t it? To take the skills you’ve spent decades honing and go into business with yourself, taking on the industry on your own terms and shattering the ceiling that your current job places over your pay and prospects?

StrategyDriven Managing Your Business Article | Building a Reputation | Entrepreneurship | Building a Reputation For Excellence in the Construction Industry

Yet while there are many who find success in setting up their own construction business, there are many caveats when it comes to starting out on your own. The construction industry is high in costs and low margins by nature. Cash flow equilibrium can be hard to come by and the inevitability of large scale borrowing can mean a great deal of money spent on interest in your early days. In order to find sustainable success, firms need to be securing contract after contract in rapid succession to stay afloat. Which is why reputation is so incredibly important in the construction industry.

Here are some tips to make sure that your nascent firm develops a sterling reputation which carries it to lasting success…

Never over-promise in the hopes of landing a contract

Bidding for contracts can be an extremely nerve-wracking process, especially when you’re throwing your hat into the ring alongside well established and seasoned construction firms with whom high paying business clients will already be familiar.

In such a context, it can be extremely tempting for hungry new firms to over promise in the hopes of beating their competitors to the punch… but such a tactic can often create more problems than it solves. There’s nothing worse than over promising and under delivering. As important as it is to be competitive, it’s also essential that you’re realistic about the capabilities of your team and your equipment.

Invest in the resources for outstanding project management

When you’re working on a construction project, it can seem as though every day is a battle for productivity. Not only do you need to keep close tabs on your plant, knowing where your equipment is and who’s using it at all times, you need to be sure of the whereabouts of every member of your team, know what they’re working on and make sure that they know what to focus their attention on next.

And this can be a real uphill struggle without the right project management solutions. Fortunately, there’s a plethora of software out there to help you to track your team’s progress as well as Internet of Things (IoT) enabled devices that can be attached to virtually any plant and allow for easier tracking. There are even new tools hitting the market that already have IoT technology built in.

Deliver solutions that will withstand the test of time

It goes without saying that compliance in the construction industry is enormously important. But in order to secure a sterling reputation in the industry, you’ll also need to be able to assure your clients that your firm will go the extra mile and deliver solutions that are guaranteed to withstand whatever time, the elements and the caprices of nature can throw at them for decades to come. Invest in great quality materials, having checks and balances in place to ensure consistent quality and outsourcing to other entities like seismic engineering contractors can all help you to go the extra mile and develop a sterling reputation. Even if your company is still in its infancy, clients will have confidence in you if they can see that you take every care to maintain the integrity of your work. That said, it’s also essential to…

Own your mistakes

No matter how many precautionary measures you take, there’s always a chance that things may go wrong either during or after the construction process. As tempting as it may be to bury your head in the sand, failing to own and respond to mistakes can do irreparable damage to your reputation.

Invest in your plant. Invest in your team

Your plant is an important investment. You need to be absolutely sure that the equipment you use will give you the same high standard of performance. And that’s not always easy to do when you’re first starting out, which is why hire purchase is often a favorable solution for nascent construction firms who need equipment of the highest quality but can’t necessarily afford to buy it outright.

But perhaps more important is the need to invest in a skilled and highly motivated team who you can trust to get the job done on time to a consistently high standard. Your work is only ever as good as your team. Fortunately, having spent years as a construction worker you likely already know exactly what to look for in your workforce.

StrategyDriven Managing Your Business Article | Building a Reputation | Entrepreneurship | Building a Reputation For Excellence in the Construction Industry

Maintain an outstanding safety record

The last thing any client wants is mishaps taking place on their site. And as a seasoned construction professional, you know how fraught with risk the average site can be. This is why it’s so important to maintain the highest standard of safety. When deadlines loom near, it’s all too tempting to loosen your standards in terms of safety checks in the name of getting the job done quicker.

Manage and meet expectations

It’s always frustrating when your best efforts fall short of clients’ expectations. It’s even more frustrating when this happens because your client’s expectations are inherently unreasonable. This is why expectation management in the early stages is so essential. When the client has clear parameters for what to expect there’s no room for them to perceive failure and all you can do is meet or surpass their expectations of you.

Construction firms rely heavily on word of mouth, but unlike other businesses they can’t use easy strategies like discount codes and referral incentives to facilitate it. That’s why it’s so essential to hold yourself to the highest standards and have an infrastructure in place to assure excellence in every job. When you’re doing this, you can be sure that world will get around.

2 Ways to Take Your Business to the Next Level

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StrategyDriven Managing Your Business Article | Entrepreneurship | Next Level | 2 Ways to Take Your Business to the Next LevelYou didn’t start your business just to see it flounder and struggle at the foot of its market. You took the plunge and brought your organization to life because you wholeheartedly believed that it would one day be capable of reaching the pinnacle of its industry. If your business is to scale these incredibly lofty heights, you need to start taking action today. More to the point, you have to find a way to take your business to the next level.

To find out how this can be achieved, be sure to read on.

Expand Your Workspace

The bigger your workspace is, the more work you will be able to produce on a day-by-day basis. This will result in being able to provide your customers with a greater product range, which will ultimately result in standing a better chance of increasing your revenues. If you want to turn over a far greater profit and subsequently invest this extra money into taking your business to the next level, then you should seriously consider expanding your workspace.

Taking such action can entail you doing a number of different things. It can simply mean finding and moving into a bigger space, it can mean adding more space onto your current operational area, or it can even mean building your own bespoke space. Should you opt to follow the latter route — building your own workspace — you will be able to create an operational area that is tailored to your business’s specific wants and needs. Whatever you do, however, just make sure that you align yourself with a professional that is capable of creating bespoke buildings for businesses, such as BBB accredited Armstrong Steel. With them by your side, you will be able to circumvent the challenges of expanding your workspace and ultimately build an area that is optimized, safe and suited specifically to your needs.

Focus on Customer Service

If you want to attract and retain your target audience, you need to focus on your customer service capabilities. Quite simply, you should treat each individual consumer in a highly optimized and bespoke manner. Anything less, and your most desired client base will start looking for an alternative service provider in your market.

To improve your customer service, you must:

  • Understand your customer needs
  • Seek and analyze customer feedback
  • Go above and beyond to ‘WOW!’ your customers
  • Invest in customer service training for your sales team
  • Set clear standards and expectations with regards to customer service
  • Build your customer service processes around the consumer, not your organization
  • Empathize with your customers
  • Cross-sell as often as you can
  • Use positive language and body language
  • Know your products and services inside out
  • Always seek to establish common ground
  • Communicate with your customers clearly
  • Be an active listener
  • Respond to customer queries quickly

If you want to reach the very top of your industry, you constantly have to find a way to take your business to the next level. Put the above advice into practice, and you’ll be sure to do just that.

Refining Your Craft: 4 Aspects of Business Every Restaurant Owner Can Improve

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StrategyDriven Managing Your Business | Entrepreneurship | Restaurant | Refining Your Craft: 4 Aspects of Business Every Restaurant Owner Can ImproveMany restaurateurs get started with visions of rave reviews and prestigious awards dancing before their eyes. Running a real restaurant, though, almost always turn out to be more difficult and demanding than expected.

Fortunately, there are a number of proven ways for restaurant owners and operators of all kinds to raise the bar higher. There are at least four important facets of the restaurant business that can almost always use some attention.

1. Double Down on Accounting

Laypeople sometimes believe that the most popular restaurants get by entirely on the quality of their food and service. In reality, every successful restaurant rests on a firm, carefully laid financial foundation.

When a restaurant does not feature plenty of enlightening, useful accounting behind the scenes, its days will necessarily be numbered. Upgrading a restaurant’s accounting processes and systems can easily end up being the best way to ensure its long-term viability.

Fortunately, that is easier to achieve than at any time in the past. From focused franchise accounting services to one-off consulting projects, the required kinds of support are now readily accessible.

When a restaurant’s accounting game has become truly well-developed, the entire establishment will be a lot more resilient. Accounting is so important to every restaurant that it often proves to be the best place to look for ways to improve.

2. Cut Down on Waste

Well-run restaurants tend to feature menus that account for every bit of expense tied up in each dish. Even when a great deal of planning has gone into developing a business-informed menu, though, excessive waste can alter the equation significantly.

From scraps that get thrown out instead of being turned into stock to misfired dishes that end up in the trash, waste is a pernicious problem in the restaurant industry. Having strong accounting processes in place will make it easier to identify areas where waste can be reduced or even eliminated.

Over time, that will contribute directly to the continued viability of almost any restaurant. While some level of food waste will typically prove unavoidable, keeping on top of this universally relevant problem will always be best.

3. Make More Efficient Use of Workers

Most restaurants spend just as much on labor as they do on procuring fresh, delicious ingredients. In many cases, though, restaurant workers find their talents being misdirected or even neglected.

Looking to make the most of every employee hour can cut a restaurant’s costs significantly. Having a salaried sous chef handle some additional duties might make it possible to reduce the number of hours scheduled for prep cooks.

Of course, workers have rights and limits, and these always need to be respected. In most cases, simply taking a regular look at how staffers are being employed and when will reveal opportunities for improvement.

4. Speed Up Service

Restaurateurs who are passionate about food never want guests to feel rushed. That generally hospitable approach to the business can encourage excessive slowness if not properly controlled.

Keeping things moving along in the dining room and the kitchen can allow a restaurant to serve more diners each day or night. That can end up raising revenues significantly without adding much to the operation’s costs. In some cases, this can even turn a formerly unprofitable establishment into a successful business.

There are Ways to Improve Any Restaurant’s Operations

Tactics like these consistently help restaurant operators make much-needed progress. Some of the most successful restaurants got there largely because of behind-the-scenes efforts like these. While great food and refined service will always help, restaurants that rest on solid foundations tend to have the best chances of success.