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The Different Ways Your Business Can Grow

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Growth is essential for any business. If you’re not looking at ways that you can grow, you’re at risk of being overtaken by competitors who have more ambitious plans. There are lots of different ways a business can grow, however not every form of growth is suitable for every business. Today we’re taking a look at some of the ways your business can grow to ensure its long-term survival and success!

Exploring New Markets

One of the most popular ways for businesses to grow is to bring their successful model and products to new markets, filled with fresh customers.

It’s easy to see why this is an attractive option: it simply requires you replicate the business model that has worked for you in the past, in a new area, or even a new country. You have to beware if you’re looking at taking your business into international markets though. Not only do different countries have different laws that might affect your business, their consumers behave differently. You need to work with an international research company to make sure you know what those international consumers are looking for, and what about your brand you can expect them to value, to make sure your marketing campaign speaks to them as effectively as possible.

Adding New Products

Another way you can grow your offering is to add new products to your store, whether it’s online or in a bricks and mortar building.

Diversifying what you offer has lots of advantages: as well as giving your customers a fresh reason to be excited in your business, and perhaps bringing more people to your door, the more products make up your revenue stream the less dependent you are on any one of them. Whether it’s a change in financial circumstances or the trends governing customer behaviour, a product can become unavailable, or untenable at any moment. The broader the base of your offering, the safer you are when a product or product group loses its appeal.

Growing at Home

If you don’t want to expand into new markets or change what you’re offering, you’re left with the marketing challenge of broadening your appeal in your home market. This is the best choice for a smaller, younger business with plenty of untapped potential in the market surrounding them – it’s bigger businesses that have to radically reinvent themselves to find new customers.

You might want to work with a market research firm to help find the best way to spread the message of your company, and ensure you’re speaking to the biggest possible market for what you have to offer.

Innovation Labs and Their Link to Business Growth

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Innovation is absolutely essential to the growth of any organization. It was Albert Einstein himself who said that anyone who continue to do what they have always done will never get anything other than what they already have. Innovation is also not something only large organizations need to think about or even have the capacity to do. While it is certainly true that those with the bigger budgets also have the bigger innovation labs, some of which are actually purpose-built, even the smallest organization in the world can have a semblance of an innovation lab.In fact, all organizations must focus on this.

Innovation Labs Are Key to the Success of an Organization

Businesses with huge budgets sometimes have a full innovation department or even separate innovation labs. Google is an example of this, but so is Microsoft, IBM, Facebook, and so on. It is certainly true that the small mom and pop store down the road does not have the capacity to build a department of this size or to invest as much money into developing ideas that are most likely going to be pipe dreams. However, every business can put at least some time aside for people to come together and think innovatively, coming up with new ideas that can drive the organization forward.  whether this is done in a separate building somewhere and Silicon Valley or around a desk in a corner shop makes no difference.

All organizations, no matter what size they are, should make innovation of priority. Running innovation workshops is an ideal way to do this. Unfortunately, in corporate environments, there is still a lack of space and place for innovation. The main resource that has to be allocated however, is time. People need to have time outside of their regular workload to come up with ideas, and this is not something that should be done as an afterthought. It is something that will actually drive the success of the business as a whole. That is worth making time for.

It is heartening to see that more and more companies are now taking part in innovation training. This shows that they truly are interested in the potential and the creativity that each of their employees can bring. It recognizes that individuals have their own sets of competencies, processes, talents, knowledge, and more. By focusing on innovation, a business starts to take a holistic approach towards generating more profits. It also starts to develop a true vision in terms of where the business wants to go and how it will get there.

Innovation is difficult. Embracing innovation itself is already a form of innovation. It means changing an existing culture and that is perhaps the most difficult thing to do in any business. Again, it doesn’t matter how old that business is, what size it is, what its budget is, or where it ranks on the Fortune 500 list. Doing things differently, which is what innovation is, is always difficult. But equally, it is an absolute necessity.

How to invest in a business

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Before investing your savings into a business venture, Marc Leder believes it pays to conduct due diligence and to take the necessary steps to make sure that the business which you plan to invest money into is a viable business, which is likely to provide you with a decent return on your investment.

How to invest in a business:

  1. Decide whether you can commit to launching and operating your own business

The first critical decision you’ll have to make is whether to launch your very own business or whether to invest in an existing business. If you don’t have the necessary capital and time to invest into a new business, you may be better off investing in a business which has already launched. As your only responsibility will be to inject money into your chosen business.

However, if you’re willing to invest a lot of time, money and energy into your own business, you may be able to set up a business which will earn you passive income for the rest of your life.

  1. Try to figure out your initial operating costs of investing in a business

If you choose to launch your own startup business, one of your very first goals should be to work out your initial operating costs. Costs which you may need to factor in include the cost of purchase or renting a storefront and paying manufacturers to create your first batch of products.

If you choose to invest a private company, you will still incur investment related costs such as paying an investment company to purchase stocks on your behalf.

  1. If you choose to found your own company, decide how you plan to fund your business

While it’s highly likely that you’ll invest a great deal of your savings into your startup, you may require a great deal more capital, in order to get your business off the ground. So you may have to consider taking out a business loan or opting to sell a small portion of your business, in exchange for much-needed capital.

  1. Make sure that the business you choose to invest in has a sound, calculated business plan

Whether you need to decide whether or not to turn your plans for a business into a reality or you’re looking to sink cash into someone else’s business, make sure that the business in question has a sound business plan, which shows you exactly how the business will make a profit within the first six months of operation.

Never make the mistake of sinking your savings into a business, which doesn’t have a well thought out business plan as chances are high that you’ll lose all of your initial investment!

  1. Consider meeting with a financial advisor

It’s well worth meeting with a financial advisor, you’ll be able to look over your investment plans, to tell you whether or not they are viable.

Before you invest your money into a business venture which you’re excited about, simply refer back to this handy guide in order to decide whether or not you should go through with your investment.

Smart Ways for Entrepreneurial Minded People to Make Great Money

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By nature, entrepreneurs looks for great investments that can make them money both in the short run and over time. This need to succeed is what ultimately fuels them toward success. Many examples of serial successful entrepreneurs exist today. People like Mark Cuban, Reed Hastings and Elon Musk are great examples of how the best ones perform. They are invested in dozens of companies in different industries, all of which have the potential to turn a great profit.

An entrepreneur must be discerning and gain an understanding of the business and industry in which the investment will be made. Not all investments are good ones and to be able to determine which one is a good one will determine the fate of the entrepreneur’s investment.

With this is mind here are some smart investment ideas for entrepreneurs to consider.

Trading Binary Options

The stock market is at record highs, pricing out many who would like to participate and worrying those who are in already about whether they should expect the market to continue its lofty heights or come crashing down to reality. As a result, it has become increasingly hard for many to jump in even though they are attracted to it.

One way to take advantage of a hot market at a fraction of the price is to trade options. Options can be purchased at a fraction of the cost of buying the stock outright, and can prove to be more beneficial when the movements of the stock reflect the direction of the option. The options market can get complicated and convoluted, but a simple way for entrepreneurial minded people to get involved is to set up a binary options account at a company like Binary.com.

Binary options are attractive because of their simplicity. The investor must essentially only guess whether something specific will or will not happen. As an example, a binary option may be as simple as whether the share price of a company will be above $30 on December 4th at 9:30 am. If the share price is $33 at the appointed time, the option automatically exercises and the option holder gets a predetermined amount of cash. Entrepreneurial types can manage their own option accounts. Like with all trading involving stocks, there is a risk that the investor will lose some or all of his money, so caution should be exercised. But the simplicity, low cost, and high income potential of binary options make it a great business for entrepreneurial minded people.

Investing in Technology Start-ups

The technology boom is in full effect right now and it seems like anything that is tech is seeing its fortunes rise. Companies like Facebook, Snapchat, AirBnB, Jet.com, Google and Amazon have made their investors and entrepreneurial founders billions of dollars and each week a new company seems to emerge and become a high flyer. Pick a known company in the industry and there is a story about its sky high valuations and stock price and tales of how it has made many millionaires.

But even though this is what we are seeing on CNBC and Fox Money all the time, the truth is that like with any industry, there are many more losers than winners in tech, and picking a winning start-up in the technology industry is a science and an art.

The science part is getting to understand the start-up’s management, products, potential and industry. These factors will give you a strong fundamental understanding of the factors needed to determine the potential of the start-up but they will not give you the full picture.

Entrepreneurs must also have a good gut feel about the particular company and their guts can often be the intangible factor that makes the investment attractive. The gut can tell you that the timing is right, and that the rationale behind why the company is launching its products and services resonates with the marketplace. This combination of factors will get you much further down the road toward making a great decision, but in the end, it will still require a leap of faith on the part of the entrepreneur.

Take your time and do your research, and good luck investing.

Take the Stress Out of Office Management with a Serviced Office Partner

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The decision to start a business is a substantial one, no matter where you are in the world. In every industry, the stakes are high and failure is a possibility. With eight out of every ten start-ups closing their doors in the first two years, you’ve got to be smart if you want to survive. As our economies grow increasingly hostile, the focus is on careful spending.

In recent years, entrepreneurs in Hong Kong have come up with some clever ways to streamline and optimise their overheads without compromising on quality. The serviced office, for example, is a major asset. It makes premium facilities affordable to smaller businesses. Visit www.servcorp.com.hk/en/serviced-offices/ to check out some amazing serviced suites.

This guide to the key features of serviced offices will explain why they’re a great way to minimise operational risk.

A Shortcut to the Big League

For many small businesses, working with a service provider is a clever way to boost brand potential. Due to the ‘all in one’ pay structure – which sees major utilities rolled into the monthly fee –, these workspaces are eminently affordable even while being in prestigious locations.

The consequence of this is an unrivalled opportunity to grab one of the most impressive addresses in the region for a very manageable price. In other words, you could be rubbing shoulders with some of the biggest brands in Hong Kong not long after you launch.

More Money for the Future

One of the biggest challenges for a first-time business owner is figuring out how to grow fast without putting the existing staff and equipment under too much pressure. Expansion and development is a wonderful thing, but it must be sustainable.

You can’t invest all of your in capital growth, as it will leave you vulnerable when times get hard. All businesses experience difficult months, so you need to manage your overheads carefully. Serviced offices minimise expenses by including all major utilities in the rental fee.

The Freedom to Change

Whether you’re a first-time business owner or a third, mistakes happen. Sometimes, hard times aren’t even a result of your own errors. They’re just a consequence of a hostile economy. While you can’t predict the future, you can use serviced solutions to prepare for it.

These vendors offer inherently scalable resources, and this includes the physical office space. There are no-lock in leases, so you’ll never be trapped in an unsuitable contract. Plus, many serviced facilities allow tenants to up or downgrade within the same building if needed.

Making a Major Impact

Finally, it’s worth remembering how useful it can be to occupy a top spot, particularly in a place like Hong Kong. When your office is centrally located and right at the heart of all the action, the business is visible. It’s a beacon for investors, sponsors, suppliers, and local talent.

It’s also much easier to tap into local networks if you’re in close proximity to them. Most serviced facilities give tenants a helping hand with networking. It can be invaluable if you’re new to the area. Pitch nights, mingling sessions, and networking events are a common perk.

Why You Need a Serviced Office in Hong Kong

Aside from the practical and technical benefits, serviced offices have a substantial impact in terms of brand exposure and market presence. Location prejudice is a legitimate concern in big cities like Hong Kong and, unfairly or not, investors love brands that look the part.

You could attract more attention simply by having an impressive address, in a sought after neighbourhood. Fortunately, serviced providers can help you secure it, even if you’re working with a tight budget. They are committed to providing flexible, custom workplace solutions.

Reducing Shrinkage in Your Store, How to Get It Done

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If you are a small business owner then you need to be concentrating on every cent that comes in and goes out of your business. Despite meeting so many people through my line of work who focus wholeheartedly on their bottom line, it always surprises me how few of them focus on shrinkage within their business.

Shrinkage is unknown loss in the business and in the main this can be put down to theft, poor practice or damage. Within this, I work mostly in helping business owners reduce theft and stopping them from being exposed to shoplifters. Recently I have been working with John Bradberry Charlotte NC resident and security expert on some stores in a shopping center in Charlotte, helping small business owners to focus on shrink and protect their stock.

Training Your Staff

One of your best weapons against theft is the service which your staff can offer the customers as they are walking through the door. The reason why this is so effective is because thieves do not want to be bothered, especially not by a smiling face asking them what they need. Staff should also be ever-present on the shop floor and be vigilant throughout their shift for anyone who looks out of place or indeed as though they are up to something.

Targeted Protection

Understanding what goods are being taken from the business is massively important and you can use stock counts to highlight what it is that is going missing. Throughout this process, you will be able to be far more effective at targeting at risk products in your store and finding ways of making them less exposed for shoplifters.

Product Protection

If you sell high value items then you should have processes in play each day that have staff checking the product protection and ensuring that everything has stickers and alarms on it. You should also be regularly moving the products in your store about and removing the possibility of blind spots within your store which will invite thieves to go about their business in peace.

Investing in Security

Investing in security cameras and security staff for your store amy cost you a bit of money up front but in the long run it could sea you a great deal of money and it is well worth doing. Not only do methods such as these deter shoplifting, they can also help you to catch a shoplifter in the act. Very often small stores are targeted by the same thieves and catching them could cut down the shoplifting altogether.

Neighbourhood Watch

If you are on a high street or in a shopping center then you should be working with your neighbours to ensure that the area is trying its best on the whole, to reduce theft. Sharing information is vital to everyone being on the look out and you should be working as a team to eradicate theft from your stores.

Top Online Marketing Trends in 2017

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As 2017 is now well under way, it is time to review whether the lessons of 2016 have been properly implemented into your digital marketing and SEO strategy. Hopefully, you have registered with a local SEO company and they have implemented all the necessary new information, trends, and rules. But just in case, below are a few of the most important trends that you should pay attention to.

  1. Effective Engagement

Firstly, with competition becoming stronger, only those who find new ways of engagement can still make their mark. This can only be achieved by embracing any new technologies. It is important that you create a memorable and interesting experience for your audience. For many, this is achieved by using social media to share interesting videos. Additionally, they complete sponsored advertisements and you will focus on the various messaging apps as well. Some reports have shown that, if people see a vide they like, 43% of them look for more videos from the same source.

  1. Live Videos

Live video is another very important tool that you will have to implement in your social marketing campaign. This means you will deliver interesting content as and when it happens. Make sure that you work together with an experienced digital marketing agency for this element, as going live also has a number of dangers, not in the least accidental bloopers (which can sometimes go in your favor as well!).

  1. Native Advertising

Native advertising is quite an old way of advertising, but it is making a comeback. Banners are still great ways to pitch products and services online. It is an opportunity to share interesting and meaningful content. The difficulty is creating something unique, however.

  1. Responsive Designs

Websites now have to be mobile responsive is they are to be relevant. There are now 7.22 billion active mobile phones in the world – pretty much as many as what there are people – and they love going online. In fact, in 2015, 2 billion people searched the internet through mobile and, today, that stands at 4 billion, a doubling in just two years.

  1. Augmented Reality

Augmented reality is one of the most modern technologies out there. Progress has been somewhat slow, but it is being made. If you get in there now, you will instantly be ahead of the competition. Augmented reality allows your customers to digitally try before they buy.

  1. In Store Marketing

Last but not least, businesses are starting to focus back on their in store marketing as well. While customers are attracted by websites, and look for an enjoyable experience, those that do have a physical store do also want customers to come in there. There seems to have been such a focus on all things digital, that some businesses have forgotten about that. Don’t be one of those businesses and make sure that your physical store is attractive and delivers high quality customer service.

Consumers today have high expectations and only those businesses that can meet those will continue to be relevant.

Ideal Ways Freelancers Can Help Your Business

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If you are running a business on a budget, you might find it hard to hire permanent staff to help. However, you still have tasks you need to complete; all that need to be completed to a deadline. Thankfully, the world of freelancers has become a lot more widespread than previously.

There are a few areas of your business that can benefit from using freelance workers. Here are some of the ways you can use them to help you and your business.

Design

If you are planning a new email marketing campaign or a new advertising poster, then you might need the help of a graphic designer. There are many designers online that can do freelance work for a reasonable price.

Usually, they can take on a new design and have it ready in a few days. You might need to liaise with them a couple of times to finalize the design, but it can save you money on hiring a designer to come in-house.

Data Entry

A lot of companies will have data that they need to have transferred onto spreadsheets to work on them. It isn’t a very hard job, but it can be time-consuming which isn’t easy when you have a lot of other things to do.

You can hire a data entry freelancer to help you transfer all that important data, and to ultimately save you time. They are usually people who have a great attention to detail so errors should be kept to a minimum.

Depending on the amount of data you need transferring, it can take a day or two for them to transfer it. However, this is a lot less than hiring permanent in-house staff.

Virtual Assistant

The virtual assistant is one area that many companies turn to, especially if they are looking to streamline their processes. The advantage of using a freelancer is that they can work when you need them, and the rest of the time you are saving money.

They can typically help with many tasks including booking flights, arranging your calendar, dealing with emails, and even creating and sorting with invoices.

For this type of role, you need to be aware of each other’s time zones or communication could be a little difficult.

Marketing

In general, you will already have a marketing campaign in place before you begin your business. However, you may need to have it amended or reviewed at certain times so that your business is still going in the right direction.

With a freelance marketing expert, you can call them in to look at your campaign, and they can suggest ways it can be improved. They can also help you to implement some of the changes for you to save you time.

Freelance workers are becoming a normal way of doing business for many companies now. If you use the right channels, you can get a professional freelancer that can save you a lot of time and money. You can then use that money to grow your business.

Recognize Your Employees if You Want Them to Innovate

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There is something really special about innovators, something that sets them apart from others. According to expert, what makes them special is that they are explorers and, if you want to use that passion to your advantage, you need to learn how to unlock it. Having innovation management software for businesses in place is only the start of that.

You must learn, first of all, to recognize who they are. A true explorer is the individual who loves change, and who will volunteer to make changes, believing that they will create something positive. You can recognize them, therefore, by finding the people who do that. But that is only half of the job. The second part is that you show them that you appreciate what they do.

A recent study completed at Harvard University by Professor Teresa Amabile showed just how important official recognition is. In fact, she says that innovative cultures are also cultures in which efforts are recognized. People love to be told they did well, be that in public or in private. And, when they are, innovation levels automatically increase as well. When people are recognized for their efforts, they are motivated intrinsically. Providing prizes or financial rewards only motivates extrinsically. Yet being intrinsically motivated is far more enduring.

How to Recognize Your Innovators

Once you have identified your innovators and explorers, you need to be ready to recognize them in a way that they appreciate. Some things to think about include:

  • Having a platform available. You should have regular meetings where people can talk about what they have done and how they intend to innovate. Make it clear that the sessions are all about sharing, and about recognizing efforts.
  • Peer to peer recognition should be encouraged across the board. An innovation award program works, but this is usually managed by a senior. Instead, you should get peers to recognize each other, which is far more appreciated in real life. Not just that, peer to peer recognition can happen at any moment, rather than once a year, at the office party.
  • Make sure that you recognize people whenever they make an innovation. Don’t wait until you have a place in your diary that you have dedicated to celebrating innovation, but do it as and when things happen. This makes it look genuine and has the greatest impact.

Recognition is said to be part of what is called the “innovation formula”. There are many other elements involved in that formula, but this is one of the biggest ones. People will be keen to try innovation for the first time, but unless their efforts are rewarded in a way other than a prize here and there, they will quickly stop their efforts. Innovative employees are engaged employees, and engaged employees are more productive employees. These are the people that genuinely care about the organization and will therefore go the extra mile for the business as a whole as well. The cumulative effect of this is tremendous.