Reginald Chan

Category: Business

  • 7 Things You Must Know Before Starting A Business

    7 Things You Must Know Before Starting A Business

    It is in no way easy being an entrepreneur. The journey resembles a roller-coaster ride rather than sailing smoothly in a yacht on fair weather. But like a roller-coaster ride, it is indeed thrilling and perhaps even fun but fulfilling. The advice rendered to you by this article draws on the personal experiences of several entrepreneurs who have each successfully started more than one business. This is the kind of advice seasoned entrepreneurs yearn they had known before starting on their entrepreneurial journey. Without further ado, the seven things you must know before you begin your entrepreneurial journey.

    Having A Business Plan Helps More Than You Imagine

    Often, we find entrepreneurs without the need of funding sources skipping the forming a spelled-out business plan part of the whole endeavor. But there’s news for them; they might be doing something that will reduce their business venture’s effectiveness and profits. Sure, it is time-consuming to pen down your business plan, develop different forecasts based on data and formulate the marketing strategy. One option is to hire professional business plan writers and get the plan to be prepared by them. Copywriting industry stalwarts writingmetier.com/ however, is quick to point out that it is better to reserve writing services for the different types of copy you need. Seasoned business experts opine that writing a business plan is a worthwhile, effective, and a recommended practice.

    Past Experiences Do Not Necessarily Set Future Outcomes

    There have been several instances where entrepreneurs have first tried a business in a particular industry and failed or didn’t meet with expected success. However, undaunted, these same people have entered the same market at a more ripe or appropriate time and met with wild success. While previous experiences in the same market give you an upper hand, it might not entirely be as easy as you are tempted to think. It’s a world where only the agile survive, and often successful businesses close shop due to their inability to adapt. Things change, and usually, things change drastically. So, people entering a market for the second time around will do themselves a favor by erasing previous notions concerning customer needs, competitors, service quality. You need to start writing your playbook from scratch. In other words, markets are constantly evolving, and accordingly, business plans need to address the same.

    Hiring Friends And Family May Not Be A Great Idea

    By the nature of their work, entrepreneurs are friendly people with a vast network of friends and acquaintances. However, don’t let that determine your hiring. Remember your product, its marketing, and its support are all determined by the quality of talent. Don’t let your social side make you commit business suicide by hiring on reference and relationship alone. Merit matters!

    Plan All Aspects Of Your Business

    Planning helps, whether it be the business plan or any other type of new commercial initiative you are thinking of launching. You know “if you fail to plan, you plan to fail.” It is quite right and appropriate, and planning all business aspects is critically essential. This is the era of startups, and it’s only too easy to get mired with that great new idea. But you will do your business prospects a world of good by shying away from distractions and focusing on one idea in the form of a service or product. The road will remain open down the line if you succeed with your present idea. And if you do indeed decide to divert attention, remember to let your company vision and goal direct your efforts.

    Don’t Give Too Much Of A Discount.

    New businesses are often under pressure to acquire a sizable number of customers in a relatively short period. While it is indeed important, you also need to make sure your business activity can sustain the prices you offer. Keep in mind raising prices later on, is always going to be tricky. It is a better option to add value to the product or service you offer instead of slashing prices.

    Try To Find An Experienced Mentor

    Mentors are not that different from being business parents. They provide you with the guidance you need. Don’t hesitate to make yourself accountable to them for your actions relevant to your business. Mentors play a role of great importance in an entrepreneur’s life. Exercise discretion and judiciousness in your choice of the same. Accordingly, make sure they are successful themselves and have belief and faith in your business idea and you in an entrepreneur’s capacity. The feedback you will receive from your mentor will prove to be of immense value in whatever you may end up doing.

    Be Prepared To Fail

    There is no shortage of impressive and accurate choice of words in business. One such example is that which talks about how fear of failure might be the most significant impediment to success. It is true. Accordingly, don’t let that bog you down and restrict your realizing entrepreneurial nirvana.

    Business is one of those fields where there’s a little guarantee. The proper steps can better your chances of success. Best of luck!

  • 25 Most Popular Business Speech Topics

    25 Most Popular Business Speech Topics

    When students write different academic assignments, they may face any sort of complication. One of them is topic selection. It’s not always easy to define an interesting and meaningful topic that can attract many readers. This task becomes more complicated if students are assigned business speeches.

    Although a speech makes you introduce and defend your presentation vocally, it doesn’t mean it mustn’t be written. A good researcher surely writes a speech similarly to essays or research papers. Many students fail this challenge and use the help of speech writers for hire. Their specialists can write flawless business speeches on the most popular topics. Our guide will show you that students can write great speeches without somebody’s professional help. 

    We’ll begin with a list of the 25 most popular business speech topics:

    1. The major advantages of gaining secondary education for businessmen.
    2. What is the most prospective major for future entrepreneurs?
    3. Should internship be paid?
    4. How to avoid conflicts at the enterprise?
    5. Where to get business practice before you graduate from college?
    6. The importance of accounting for a corporation.
    7. How to improve the productivity of a factory.
    8. The main principles of organization workforce according to Henry Ford.
    9. When B2B is useful?
    10. How to run a startup successfully?
    11. The importance of globalization for the business industry.
    12. Can business partners become true friends?
    13. How does a business plan affect future success?
    14. The typical mistakes of the newcomers in the business.
    15. What methods allow predicting losses and complications in business?
    16. Credibility and trust is the base of a brand.
    17. The most effective methods to attract customers.
    18. Why are marketing strategies important for an enterprise?
    19. The resourcefulness and usefulness of technology in manufacturing.
    20. The role of a leader in achieving business objectives.
    21. How can managers reinforce the working process?
    22. Emotional intelligence and its importance for business.
    23. Why is a CEO important to earn money?
    24. How to deal with breach of contract?
    25. The best methods to motivate workers.

    You’re welcome to utilize any of these topics. You may likewise use them as a good example of what a relevant business speech topic should be. Thus, you’ll be able to create your list of great ideas to cover. You should also know the main features of a relevant topic. It should:

    • Be clear for your readers;
    • Concentrate on an important problem;
    • Study an unsolved problem;
    • Be helpful and meaningful;
    • Be original.

    Writing a Business Speech

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    We believe that you’ll successfully generate relevant topics for your business speech thanks to our list of topic ideas. Right now we’d like to pay your attention to the way a speech should be created. Not all students can do it perfectly.

    • Know Your Audience

    Firstly, define your listeners and try to understand what they want. You should analyze their preferences, age, life interests, etc. Using this feedback, you’ll have a clear understanding of the things your audience wants to see in your presentation. Try to predict the possible questions of your audience. When you conduct your research, you should question yourself about every point. Imagine that you’re an opponent. It will help to identify possible questions of your opponents.

    • Understand Your Subject

    Secondly, make sure you clearly understand the topic you are going to present and defend. Research it thoroughly until you clarify all the uncertainties and can explain every component of the thesis statement. Decide what facts and examples to use. Decide where and how to implement them in your presentation. Do that naturally.

    • Identify the Purpose

    Thirdly, have a clear purpose for your business speech. You may chase different objectives, and it’s necessary to choose the main standpoint. For example, your presentation may inspire business partners, pay their attention to some important but omitted argument, convince them to take the action, assure that your subject is important, and so on.

    • Outline the Project

    It’s good to have a clear vision of how to deliver your speech. A reasonable outline will help to become organized and disciplined. It should include the introduction, thesis statement, main plot, and conclusion. Each section is crucial and consists of tiny bits of information. Your outline is supposed to take into account how to connect different parts, how you implement them, what examples should be used, etc.

    • Control Your Time

    You should consider the time of your business speech. It will be surely limited by a strict deadline. Therefore, you should plan the entire presentation without exceeding that deadline. Give a presentation to your friends or at least to yourself to check whether you’re fast enough. If you run out of time, reconsider the speech to decide what parts can be skipped to meet the time limit.

    • Practice

    Undoubtedly, you should practice your speech many times before the day of the presentation comes. It’s better to ask your friends, mates, or family members to listen to your speech. Ask them to be honest to express their opinion about all the elements of your project.

    Perhaps your voice is shaky or your body language is annoying or unconvincing. The slightest details may play a decisive role in your project. Work out your charisma as frequently as possible to get rid of potential drawbacks.

    • Revise

    Finally, reread the writing parts and slides before you approve the last copy. Pay attention to transitions, language, length, arguments, examples, and similar stuff. All these things are important to make your business speech either perfect or spoil it entirely. We have already recommended asking other people to listen to it. Another good method is to use grammar checkers to make sure your presentation is free of grammar and spell mistakes.

    Utilize all the topic ideas we’ve mentioned in our article and/or create your own. Obligatorily use the recommendations about speech writing. Thus, you’ll have great chances to create a perfect speech on business to earn the highest grades.

  • Organic Versus Inorganic Business Growth: The Pros And Cons

    Organic Versus Inorganic Business Growth: The Pros And Cons

    When it comes to growing a business, the underlying philosophies are all over the place. Some gurus recommend building up a company from scratch and taking your time, and enjoying the process. The idea is that you build a firm foundation, a solid brand and then go from there. If the business is a good one, people will naturally flock to it. 

    Then there’s another school of thought that sees approaches like that as madness. You need to grow quickly, they say, otherwise you’ll miss opportunities. The goal of the entrepreneur should be to secure as much funding as possible to take the business to the next stage and reach a “critical mass.”

    The first approach described here is what people in the business community call “organic growth.” You’re not trying to force the issue. Instead, you’re coming at it from a different set of assumptions and values. Your view is that if you have value to offer, the business will grow without you even having to try. Customers will spread the word that you offer an incredible service – and they’ll thank you for it. 

    Inorganic growth is all about taking risks and seeing how far you can push things. It denies that great businesses will just flourish of their own accord. It sees the world as a hypercompetitive place and that the only solution is to radically scale the company to keep the competition at bay.

    So which is right? And which should you care about most? 

    It turns out that there are merits to both these views. And it is really down to the entrepreneur to think about which environment suits them best. 

    The Pros Of Organic Growth

    In a strictly financial sense, organic growth means only using funds generated by the company itself. The form that this takes depends highly on the profitability of the business. Some companies manage to move forwards quickly, just using the profits that they make from revenues. Others take much longer. 

    The benefit of this approach is that you don’t have any counterparty risk. You’re not worrying about paying back creditors or whether you’ll get funding for your next mission-critical expansion. Instead, you’re charting a path that relies on the success of your enterprise right now. 

    That approach to business can be an emotional boon. You get two distinct senses when you approach it in this way. The first is a sense of confidence that what you’re doing is actually working. Sometimes, entrepreneurs can get a feeling in their gut that the world isn’t valuing what they have to offer. But when your company is making profits right now, you have all the proof you need. It tells you that you should be bringing your model to more people. 

    The second sense is one of freedom. When you’re in debt to somebody, you feel obligated to them. And this then creates a sort of tension throughout your entire body. No matter what you do, you always have this annoying thought in the back of your mind that you’re “in the hole” and have to get out of it.

    Bootstrapping your way to success, however, avoids this entirely and gives you a sense of peace – just what you need when you’re striving to make your enterprise a reality. 

    The Cons Of Organic Growth

    While organic growth certainly has its upsides, it also comes with a bunch of downsides too. 

    Perhaps the most obvious is the challenge of adapting the business to new demands. Let’s say that you operate a ready-meal company and you sell dishes to people through the post. 

    It’s a great business model that’s taking off right now. But one of the complaints is that there isn’t enough variation in the meals. People are eating the same old food over and over again. And it’s not what their palates want. 

    At this juncture, the company has a choice. It can either slowly save up money to develop products, or it can approach investors and seek funds for quicker rollout. 

    In many cases, the sensible option is to invest and deal with the problem now. Not doing so could lead to loyal customers leaving for another brand. 

    The same process occurs when deciding how to fund the development of a new product. Your customers might be asking you to update your lineup. But if you go down the organic route, you can’t just whip up something new overnight. It takes time – sometimes many years. 

    Again, here’s where inorganic growth could come in handy. You could just acquire another company that is already making the product you want and start delivering it to people immediately. That way, you could transform the outlook of your business and compete with your rivals more effectively. 

    The Pros Of Inorganic Growth

    Inorganic growth is what most business advisors prefer. Mainly, this concern comes from a place of fear. They worry that if a company doesn’t scale fast enough, another brand will take its place, and all the spoils will go to a competitor. 

    Inorganic growth essentially allows you to get to scale faster and outcompete everyone else in your segment. With funding, you’re able to make your brand more convenient and your products better. Eventually, it doesn’t make sense for customers to go to anyone other than you.

    Think about what happened to General Motors when Uber came along. For a while, it seems like Uber was going to gain the upper hand over the legacy car company. Eventually, the unicorn startup would be able to provide a ride-sharing service that negated the need for personal transportation. 

    But that’s not what happened. GM hit back by purchasing Uber’s rival Lyft and immediately put itself back in the game. Now that it’s vertically integrated, it’s ready to face whatever changes come down through the car market. If full autonomy arrives, GM could simply create cars itself and then rent them out to people via Lyft, negating the need to make continued private sales (something that other car companies are going to have to do). 

    Inorganic growth also makes it easier to open a satellite office to reach new markets. Let’s say that you are currently operating in the US but you know your business has a massive target market in France. In situations like that, it makes sense to open a second office in Europe. That way, you can access markets and generate revenue faster. 

    Going down the organic route would be difficult because you’d have to save the funds you need first. But with investor capital, you could do it immediately and begin generating returns. 

    The Cons Of Inorganic Growth

    Inorganic growth, however, isn’t without risks. There are problems that you’ll need to consider. 

    Let’s say, for instance, that you try to grow your company via mergers and acquisitions. You carefully select companies you think will add to your enterprise positively. But, it turns out, that your picks were wrong. The enterprises you bought don’t actually bring you the value that you hoped for. 

    In many cases, companies make the same errors as investors. They pick what they think are winning business models, only to discover that they don’t really work. 

    There are numerous examples of this from the business world. Failed acquisitions happen all the time, and they put a drag on firms’ overall finances.

    Another con of inorganic growth is the sheer cost of it. Startups wind up paying enormous sums of money in interest which can hurt their growth later on. Thus, any company seeking out funds needs to be confident that business will go exponential. They need to have a sense that they’re going to make 10X for every dollar they receive in venture capital. If they don’t, then the debt has a nasty habit of mounting up and up to the point where it actually makes future growth impossible. 

    Think about it. What if a startup developed a pair of augmented reality lenses, hoping that they would change the world as the smartphone did. They decided to invest billions of dollars in the project, and then put it out to the market to see whether there were any takers. The product could work. But thanks to the ubiquity of smartphones, there’s a good chance that it won’t.

    And that’s the problem with inorganic growth. You’re not getting feedback throughout the process. Instead, you’re taking a punt and hoping that it will pay off enormously.

    Which approach you use to grow your business depends tremendously on your objectives and circumstances. Where possible, organic growth might be preferable. Sometimes, there aren’t a lot of people in your space, so you have opportunities to corner the market. In these situations, what matters is your brand, not your ability to dominate the market or get to “scale.” 

    In other cases, however, you will need to borrow from others, especially if you have significant capital requirements to get to scale. Often, you can’t afford to grow organically. It’s just not possible in your industry. 

    For some, the combination of organic with non-organic works best. 

  • What Are The Best Ways To Promote Your Online Business?

    What Are The Best Ways To Promote Your Online Business?

    If you want to be successful when running an online business, you need to have an excellent marketing plan in place. The two are an inseparable combination if you’re looking for growth and profits. Without enough of the right promotion, your business could fail entirely – at the very best, it will fail to thrive in the way it should. With that in mind, what are the best ways to promote your online business to ensure you’re giving it the best chance possible? Read on to find out more. 

    Create A Blog 

    Blogging might not sound overly exciting in this fast-paced world with so much new and innovative technology around, but a good blog on your website definitely still has its place. Not only is it relatively easy, but it is also the best way to interact with your customers and bring them to your site. Plus, it’s ideal for SEO purposes, ensuring that you have ever-changing content on your site. 

    The best thing about having a blog is that you don’t have to use it to sell. In fact, this is the last thing you’ll want to do. Instead, use it as a base for your content which will include all the information your visitors could ever want to know about your sector, showing you to be an expert and helping them to make the purchasing decision that means buying from you. 

    Use Social Media 

    It seems as though the whole world has at least one social media account, and that’s why your business needs to have at least one too. Do some market research regarding which social media platform (or platforms) is where your target audience is going to be, and then ensure you have your own account there too. Rather than being unusual, social media for business is becoming commonplace, and for a lot of potential customers, it’s where they go first to check out any business they are thinking of buying from. 

    You’ll need to keep your social media pages and accounts up to date with relevant information that taps into what people are looking for. This can be a big job to tackle, but thanks to the help of an app marketing agency, this particular task can be done for you, with perfect marketing campaigns designed on your behalf. 

    SEO

    We’ve briefly mentioned SEO (search engine optimization) above, but we’ll go into some more detail here. SEO essentially means the tactics employed to ensure that your website is at the top of the first page of search engine results when someone searches for a specific keyword or keyphrase. If you don’t put these all-important SEO techniques into practice, you are letting your competition get ahead of you, and the lower down you drop in the SERPs (search engine results pages), the less likely it is that anyone is going to click through to your site. 

    Some SEO techniques include:

    • Linking to other high-quality sites
    • Having changing content on your website (your blog is the ideal vehicle for this)
    • Using videos and images
    • Using keywords and phrases that your target audience is likely to search for

    SEO can become a full-time job, which is why it can be useful to reach out to experts when you need some advice. 

  • Discover The Best Ways To Increase Your Online Customer Base

    Discover The Best Ways To Increase Your Online Customer Base

    Are you looking for ways to increase your online customer base? If so, then you have come to the right place. There are lots of ways to approach this challenge and some will provide better results than others. Here are the key choices that you should definitely consider. 

    Reach Out To Influencers

    You might want to consider using the power of influencers to get the results you’re looking for when working to grow your audience. As the name suggests, influencers have a lot of power over people, what companies they buy and what brands they choose. The good news is that influencers are quite often intrigued and interested in the possibility of working with different businesses. You just need to make sure it’s a mutually beneficial partnership and that the brand of the influencer matches the brand of your company. There are countless influencers like Ella Orten that could be perfect for your brand. 

    Get Active On Social Media

    You might also want to consider using social media to expand your reach. To do this, you need to make sure that you focus on creating incredible content that captures the interest of the average follower or user. You should think about what it takes for a piece of content to go viral and get the interest that you want online. It’s worth working with professional content creators to ensure that you reach the right quality standards and do take the right key steps to ensure that you get the levels of shares. 

    Explore Guest Post Opportunities

    You might also want to consider guest post opportunities. Guest posting is a great way to expand your reach as you’ll be able to attract an audience from an entirely different website to your own. You just need to make sure that the guest post website in question makes sense for your business. Gaining guest post opportunities is easier than most business owners realize. You just need to make a polite inquiry to the owner of a website and they should respond. 

    Check Existing Reviews

    Finally, if you’re looking to gain new customers for your business, then you do need to think about existing reviews. It’s important that there aren’t any particularly negative reviews that are making customers think twice about buying from your business. If this is the case, then it can leave you in a situation where you’re missing a lot of fantastic opportunities. Don’t forget that more than 80% of customers admit to exploring online reviews before they commit to the purchase of a product or a service online. You should check various platforms for reviews that could be hurting your business in the long term. 

    We hope this helps you understand some of the best ways that you will be able to increase your customer base. In doing so, you can make sure that you are able to claim the higher levels of profits that you always hoped for and potentially secure the longevity of your business at the same time. 

  • What You Should Know About Trading Systems?

    What You Should Know About Trading Systems?

    Both the stock market and crypto market have seen massive booms and busts this year. With the internet going crazy for stocks such as GME and bitcoin surging, there are plenty of opportunities to make money if you know what you are doing and have the right tools. While you can go about trading manually, you can look to use a trading system. A trading system is a fully automated tool that will execute the rules that you have programmed into it. It might sound a little confusing at first, but once you understand it and learn to use it, you can stand to make a lot of money. Here is what you should know about trading systems.

    They Are Fully Automated

    As mentioned above, when you create a trading system, it is something that is fully automated. You don’t have to sit there staring at the market waiting for the right moment to enter. All you need to do is program your entry points and then let the machine do the rest of the work. Creating your own rules for a trading system can be a little complicated, however, especially if it is your first time doing it. A blog post at https://therobusttrader.com/ talks about how you can create your own trade systems and use them to your advantage. Where can these help you the most? You probably don’t have the time to be watching the stock market every waking hour of the day. 

    When nighttime hits, you are probably going to be getting some sleep as well. By having a trading system, if something happens when you are away from the computer, you don’t have to worry about missing out and losing potential earnings. The fact that trading systems are fully automated and always online makes them tempting for people looking to regularly trade.

    Buy and Sell Fast

    The other issue that people have when it comes to trading is that they are not nearly as fast as a computer is. With stocks and cryptocurrency, you are typically buying from another person at a certain price. Once all of the stocks within that price range have been sold, the price will rise. If you spend too much time figuring out how much you want to buy, you might miss out on a golden opportunity. Even if you do know, you might not be fast enough to take advantage of what you are seeing. Once again, this is where a trading system can come to your rescue. When you program in the buy order, it will instantly snatch the stock at that price. This will greatly increase your chances of getting what you want for the price you want it.

    The same can be said with sell orders as well. If you are worried about your investment plummeting, you can create a sell order with the system that will look to trade away whatever amount you dictated at a certain price. This can allow you to create multiple safety nets, giving you some financial security.

    That being said, it should be noted that trading systems are not a 100% guarantee when it comes to purchasing and selling. As we are in an age of automation, many other people are going to be using their own trading systems, meaning you are going to have to compete with them. Do you want to disadvantage yourself by doing it manually? Put yourself in line with the rest of the competition and be able to buy and sell your stocks quickly through a trading system.

    Free of Emotion

    One of the biggest things that hold people back when it comes to trading on the stock market is emotion. They are afraid of losing their money and making tough decisions. Getting yourself a program that can act at the moment and make these decisions for you can ensure that you are always making the smartest decisions. Our fears can either hold us back from purchasing or worry us into holding onto a bankrupting stock. Regardless of the situation, the more you can cut out the human aspect of trading, the better you are going to be doing. Trading systems are always free of emotion and will help you make wise decisions.

    This is just a little bit of information in regards to trading systems. Before you attempt to use one, take your time to familiarize yourself with the market and the stocks that you are planning to be trading. The last thing you want is to create a set of rules that do not make sense in any way. Learn how you can use the system to your advantage, and with some smart investments and decisions, you can easily find yourself making a lot more money.