Posts in category: BUSINESS

You must have probably heard of the phrase, the “new normal”, obviously different from the “normal” that most people used to know.

In the new normal, the way we run our lives would be different, from how we ran it, pre-COVID-19; physical distancing in social gatherings, remote working for most organisations, conducting meetings over video conferencing.

The normal that people would have wanted, is to return to their normal lives, pre-COVID-19, where interactions were one in close proximity.

Moving on, however, things might not be the same again, owing to the ravaging effects, of the Coronavirus.

I, however, seem to have a different view on things going back to normal.

I had preferred a situation, where all of us move on, rather than backward.

We can take a lot of lessons from this halt that the pandemic has laid on the entire globe.

We could as well make use of them, with the intention of making out a brighter future.

Well, as life begins to return, gradually to “normal”, why not reflect on the things learnt, during the period of the lockdown and commit yourself to make positive changes, moving forward.

I have learnt a few lessons, especially, on how things can be done differently, moving forward.

Showing kindness first

During the total lockdown, I was highly impressed with the simple acts of kindness, from people, especially, strangers.

People who never knew one another, showed lots of love, via the internet, with giveaways that would at least result, in cushioning the effects of the lockdown on people, who could not afford the luxury of food items.

When your focus is on doing good, taking the focus off yourself to others, your challenges appears to matter less to you.

The act of kindness is not just about handing out useful items, or passing compliments.

Speaking up for the oppressed, in the face of injustice, thus, promoting change, is, also, a great act of kindness.

Why not make it a habit to be kind. You never know who such acts would touch in times like this.

At every point in life, try to be generous.

What actually matters

Ever since the lockdown, many parents have spent ample time with their children and other members of their family.

Why this sudden family reunion? Of course, the pandemic led to it.

I have always been a journeyman, but the pandemic has given me a ‘quarantine gift’, in the last 3 months.

You would find out that, Life is beyond money or work.

At the end of it all, what matters most is the relationship with our family members and our friends.

As things would be returning to normal, ensure that you devote your time to what really matters.

Spend time with your family and loved ones. Neglect things that appear not to be a priority.

Get intentional, with your relationship. Invest enough time in them.

As we gradually gather our lives back to normal, it would be quite good, if we can get intentional about spending more time with what actually matters.

Also read, Lockdown Experience: Lessons To Remember In This Pandemic

You have control on how you spend your time

I’m too busy to do this,” or “I wish I had the time to do that”.

These phrases have become part of our lives, especially, for those who are glued to their office work and spend less time at home.

During the lockdown, however, most people found time, which seemed to be never available.

Time to reflect on relationship with your family and also time to plan.

As life may now return to the old normal, it is very important, not to give up all the engagement we had, during the intense lockdown.

You now have to be intentional about it, as you have the ability to make decisions in the essential areas of your life. You are responsible for your relationship and your happiness.

Conclusion

The only certainty is uncertainty. Change is always inevitable, it will come sooner, or later.

COVID-19 has come, unexpectedly, changing the way some businesses will be operated.

One must always be ready for eventualities, in times like this and change should not be resisted, but rather embraced.

Featured Image: everythingexperiential.businessworld

According to research, 90% of people, lack natural leadership skills, while 60% of employees are always on the verge, of exiting their organisations, due to bad leadership.

No leader wants to be ascribed to, as a bad boss, but regrettably, indications have shown that the number of the bad ones, clearly outnumbers the good ones.

This ugly issue can, however, be minimized, to increase employees’ retention and productivity, as well as, their general contribution to the success of the organisation.

Also read, Leadership Tips For Successful Business In 2020

Here are 5 ways, to take your leadership, to a favourable level, with your employees:

Establish psychological safety

When there is, a common belief that, the team is safe, then, people will be all out, to take an interpersonal risk.

How do leaders respond, or react, to the mistakes made, by their employees?

Depending on the way you act, you may not be sending the right signals to them.

Any negative approach would create a psychological atmosphere that, appears unsafe.

A better approach should be to ask your employee, what he, or, she has learnt and how to improve on it.

This would work, rather than, an intimidating remark.

You should create a safe environment, for your employees, to make them feel safe, to take a risk.

Also read, Psychological Safety; Its Necessity In The Workplace

Listen to your employees

Do not think about responding to your employees, while they are speaking. Carefully, listen to them.

When you solicit their feedback you, easily, create a sense of loyalty and trust, around them.

They feel validated when employers listen to them and act, on their suggestions.

Self-reflection

There is a professional and personal life. Sometimes, our life reflects what we experience, personally.

Taking time out, to perform self-reflection would launch you, into the realm of meditation, causing you to connect with your inner self.

You need to show signs of care and a positive outlook, towards your employees.

Build a growth mindset

With this mindset, you, unconsciously, create an atmosphere that, you are a work-in-progress.

With your focused attention, your capability, to take more charge, is increased.

This can guarantee that your leadership style is, a good one that, considers its employees.

Focus on strengths

Create an assessment guide that, will allow your employees to understand, what their natural talents are.

This assessment can, also, be employed by managers, to develop their followers’ talents, which will cause improved performance.

You can always avoid the bad boss tag.

Featured Image: thriveglobal

Today, in the world of cryptocurrency, there appears to be, a newfound language, which seems to make people confused.

Surprisingly, a good number of people, fall under this category, so, you may not, just be the only one left in the dark.

This article will, hopefully, provide answers, to many budding questions that will change your knowledge, of cryptocurrency.

A very common one here;

what is cryptocurrency?

Cryptocurrency comprises of web-based, digital assets that use cryptographic functions, to carry out financial transactions.

These digital assets, make use of blockchain technology, to obtain a level of transparency and decentralization.

Digital assets can include Bitcoin, Litecoin, stablecoins, and other cryptocurrencies.

Types of cryptocurrency?

Asides from Bitcoin, which appears to be most popular, others include Stellar and Tron.

They are, specifically, called altcoins.

Social media giant, Facebook, is expected to roll out its crypto coin, called Libra.

Facebook’s cryptocurrency, would be governed by certain partners, as well as, getting tied, to the fiat currencies, (US Dollar and Euro), of government bonds

What is an ICO?

Similar to an initial public offering, (IPO), of stocks, initial coin offering, (ICO), offer tokens.

What the public gets in exchange for money is token.

This indicates that, the contract agreement, between the issuer and the buyer, has been settled.

The buyer, will then, own the coins, or, tokens, as it may be.

Are cryptocurrencies, securities?

Securities are often negotiable financial devices, given out, by the government, or, a company, with rights of ownership, right to buy, or, sell.

Bitcoin has no centralized governance, thus, not defended, as a security.

Its success is not tied, to that of a centralised organisation.

Some digital assets, may be seen as securities, which can be subjected to SEC regulations.

Any difference between bitcoin and blockchain?

Bitcoin is, a decentralized digital asset. Bitcoin leverages blockchain technology.

It records all the cryptocurrency transactions that have been verified, by cryptography.

It is not only open and secure, but, also, accessible by all.

Anyone is open, to make a transaction and sign it, with a private key.

Bitcoin has proof of work, (POW) and it makes use, of specific models, for transactions.

Blockchain technology, however, has no restrictions, on its transaction model.

Would Libra end bitcoin?

Libra is, more of a stablecoin, though, Facebook is saying that, it is a cryptocoin.

The Libra would carry low volatility because, it is tied to the US dollar.

With the partnership Facebook has created with other companies on its cryptocoin.

Libra would have more visibility, compared to Bitcoin.

Bitcoin would, however, remain the choice, for cryptocurrency enthusiasts.

Not being tied to any government bond is, what makes it appealing to some people.

Cryptocurrency has established a new order, combining currency trading, international commerce and banking.

In the ever present word of business, ensuring the transfer of funds, with the highest form of security is, the most sought after execution and cryptocurrency is, the answer to it.

Featured Image: verdict.co.uk

Traditional industries present many opportunities, for entrepreneurs, especially, innovative ones.

Obviously, as seen, over the years, innovation has, systematically, altered our activities, in the workplaces, yet a good number of traditional industries, are still stuck, to traditional means of getting things done.

This, in return, has made way for opportunities, to be explored, in the world of innovative technology.

If you are a start-up and you intend placing traditional industries on your target market, consider the following:

No matter how conservative, people will, eventually, embrace progress.

When you want to sell to industries that are still making use of very old technology, do not hesitate to go for the kill, as a part of you might suggest that, they are not interested in your innovation, or, simply afraid to embrace change.

That thought might just be, way over your head. Never be too quick, to jump to such a conclusion.

These industries are, also, concerned about delivering good services, to their customers.

If you deliver a valuable innovation, they will, certainly, align with you and even, if they are afraid of embracing change, your innovation may just be the tonic, to bring them out of their shell.

Beyond innovation, show your real value

You must go beyond, just pointing out the old traditional methods of these industries.

You need to be able to prove, how your technology, will help. For instance, assist users in attaining efficiency.

Beyond the nice user interface, give something extra. Apart from efficiency, ensure better service.

Young talents are needed, by traditional industries

For traditional industries to, fully, embrace innovative technology, it is necessary for them, to have, in their structure, smart young people, with a deep understanding of innovation and proficiency.

The old ones, who know nothing of innovation will, eventually, be phased out. Young talents are required, to replace them.

Though, it might appear that, traditional industries are not interested in innovation, nevertheless, they will still, require young talents.

Also read, Ways To Overcome Challenges On Innovative Changes

Do not assume you know too much

Most times, start-ups, who are selling into the traditional industries, think that they are more knowledgeable than the people in the industry.

This thought, ought to be far from you, if you, really, want to sell to them.

What should be your focus is, in trying to better understand their operations, so you can offer your best services.

Create a community and educate it

Let your marketing, be focused on educating your community. You do not barge into an industry that has been using on-premise software, with your cloud-based product.

It appears to be a fantastic innovation, but you first, need to educate them, on its potential benefit.

Featured Image: leadingedgeonly

They are products, but they do not, necessarily, need a physical form and it appears as if, little, or, no developmental cost is involved.

With these features, they stand to earn you a great deal.

You agree with me that, it takes a great deal of work in setting up, to design, or, rather, build a product, let alone, sending it to the market for sale.

That has seemed to have taken a back seat, as almost anybody with a nice concept can create a digital product and make money online.

Fortunately what you create could be sold, as many times, as possible because, you do not have to make them, physically available in their numbers.

This is a very big plus, to such a concept.

Digital products, can include: video tutorials, audio courses, templates, stock photos, icon sets, ebooks and pdf guides

The development of these products, are with low financial implications and takes less time to be readily available.

Nobody gets to share the resulting proceedings with you.

Below are tips that can ensure that you create a digital product that can rake in sales:

Choose The Right Digital Product

Before taking it heads on, you must ensure that your choice of a digital product is a good one.

Come to think of a digital product that you will not bother, spending your money to own it.

This simply indicates a sheer waste of time and valuable resources, if you create products that, will not make you a dime in the market.

Your creative mindset and problem-solving skill, have to come to bear, in creating a solution to a challenge, faced by your audience.

How do you create this niche for a best seller? Study the pattern of what your audience seeks from your blog site.

Do they seek marketing tactics to thrive in a Startup ecosystem? Create a template on this, for them.

You might get stuck in determining the pain points of your audience, nevertheless, it is not over, as you have the luxury of visiting your website, or, blog dashboard and view the analytics.

Not only that, as you could, also, create a survey, to see what your audience is most interested in. All these are indicators, to an idea, for a digital product.

Visually Appealing Products

Whether you are creating a physical, or, digital product, both, should have a sense of appeal to the sight.

In this case, a digital product should command the same good looks, as it will if it were physical.

If beauty is in the eye of the beholder, then, on the average, you should make your product look impressive, as the first sense of your consumers’ reaction to a product, is that of sight.

A report from Science Direct shows that, if a product’s design is impressive, consumers do not care about the price, as they would be willing to spend a fortune on it.

Spend valuable time on making an appealing product image. It is worth your time and that of your audience.

Establish And Promote Your Expertise

Do you already have a digital product, but not a website, or, blog? You need to have one immediately, as many people do not trust a product from a person, without an online identity.

Having, either, of a website, or, a blog, would establish your expertise, as an authority in that field and helps create a level of trust.

Trust is an essential feature in business, which must not be overlooked.

Harvard Business Review indicates that, with high trust, people would take a risk to buy from you.

Start, therefore, the journey immediately and ensure that, your posts on your blog site are related to the digital products you intend creating.

Nothing else, then this, would likely convince your potential customer for good.

Get Feedback

Ensure that you do some product testing before you send out your digital product.

Get feedback from your closest fans, by giving the product out for free and wait for an honest review.

You might have missed out some bits of information.

It is not just enough to have a website, or, blog. You could also consider adding digital products, to earn more.

Featured Image: Payproglobal

Over the years the world has seen changes in the industrial revolution and the one at the very centre of it now is Artificial Intelligence, (AI).

AI initiatives are now the core of every top global company. AI is assisting these tech companies in achieving an advantage in global competition.

The AI market is growing at an astronomical rate and indications show that this market would attain a valuation of $36.8 billion, globally, by 2025.

The many advantages posed by AI is not for the giant tech companies with huge investment only, but Startups in similar industries, are now in this league of the AI bandwagon, with a, not too explosive budget.

AI can assist Startups in cost savings, while simultaneously, shooting up their profit margins.

The power of AI can be utilized by small businesses, to boost the efficiency of the different sections of your venture, including branding, marketing and production.

Are you yet to harness the power of AI, for the growth of your small business?

Your competitors may have already employed it, therefore, having a competitive advantage over you.

Cost cutting, marketing and improving customer relations, are many of the ways that you can increase profits, for your Startup.

With the application of AI, you could improve on these areas for high-profit margin.

Below, are ways, in which AI-powered tools can assist the growth, of Startups:

Sales and customer support

The two areas, which can come helpful, are the AI chatbots and coaching program for marketers.

The chatbots are employed, to enhance operations, in basically, generating automated outputs for requests, made by your clients.

Chatbots have shown proficiency in dealing with the customer engagement process and can, easily, provide an alternate cost-effective means, thereby, putting an increase on profit margin.

The coaching program for marketers is effective, in analyzing data and certain patterns.

With some AI-based tools, like Chorus, your Startup can figure out patterns obtained from records of sales that are successful.

From here, your marketing team can replicate the winning strategy.

Branding and Marketing

Startups can use AI’s attributes, which includes machine learning and audience segmentation, to identify product-market fits, very easily.

You can also identify the patterns of your consumers, through AI platforms.

This can help you to get prospects for your value proposition.

Security

Within the cyber-security space, AI has become an effective tool.

Employing AI’s analytic tools, security specialists have identified breaches on security, on a number of occasions.

These AI security tools, assist cyber-security experts in tracing out anomalies quickly, in systems, to prompt timely responses.

Artificial Intelligence can also be used for facial recognition, through power biometric authentication.

With this, you are provided with a complex layer of protection on your devices, against cyber-attacks.

The need for human security expert does not need to be over-stretched, as you would have saved some cost.

With AI-based tools, you can keep your business in competition and at the same time, increase your profit margin.

For an investor, hoping to invest in an early stage company, it is critically important that an early stage valuation of such a company should be carried out, in order to ascertain the real-time value of the company and the benefit it will yield in the long run.

Company valuation, helps an investor to ascertain, or, better still, have a clue as to what will be his/her percentage in the ownership of the company.

Over the years, there have been theories propounded on the best way to value an early stage company, but three methods stood out and they are still being used till date.

They are Discount Cash flow Analysis, (DCF), Comparable Company Analysis and Precedent Transaction.

These three methods have been used effectively, over time, to carry out an early-stage valuation of companies, by the industry practitioners, in almost all the areas of finance, starting from Equity Research, Private Equity, Corporate Development, Investment Banking, Leverage Buoyancy, and Merger & Acquisitions.

Discount Cash Flow,(DCF)Wikipedia defines Discount Cash Flow, as a method of valuing a project, company, or, asset, using the concepts of the time value of money.

With DCF, analysts tend to analyze the intrinsic value of the company, by forecasting the business cash flow, into the future and discount it back to the present, using the weighted average cost of capital, (WACC), to arrive at the current value. The Weighted Average Cost of Capital reveals the risk of the cash flow.

Comparable Company Analysis (COMPS)This is a method of valuation, in which the current value of a company is compared and measured to other businesses in similar industry, in order to ascertain the real value of the company.

Comparable Company Analysis, (COMPS), can also be called, Peer Group Analysis, Trading Multiples, Equity Comps and Public Market Multiples.

When valuing a company through this method, you have to look for a company that operates in the same sphere as the company you want to value. They should have similar characteristics in terms of size, growth rate, margins and profitability, etc.

Precedent TransactionPrecedent transaction can also be called, Mergers & Acquisitions, (M&A), transaction and it is a method that involves comparing the value paid for the company in the past to determine its current worth.

This type of validation is commonly used by the industry practitioners, when it comes to gathering information on how much a company is worth, in case of an acquisition, although it can be a little bit difficult, when gathering information through this method, as information may not be accurate, due to the fact that transactions recorded happened in the past and the data used back then, may no longer be relevant.

Establishing a multinational startup isn’t as easy as it sounds. It takes years of labour and pain to give the concept a concrete form. While the thought of self-earned success is fascinating, turning it into reality is easier said than done. No matter how good the idea is, in the end, it’s tough to survive in this era of competition and innovation.

As a startup, the budget is always tight and hands are short. The only way to ensure survival is being smart about your finances. Here are some valuable tips to keep tabs on your finances and cut down on unnecessary spends.

1. Set Up Financial Goals

Begin with developing Specific, Measurable, Attainable, Relevant and Timely (SMART) objectives. These daily, weekly, monthly or yearly objectives should be accompanied with appropriate milestones to take stock of the progress made and to detect deviations at an early stage.

These goals and objectives will provide a blueprint for the rest of the entrepreneurial journey and should thus, be set up with utmost thought and care. Note that you cannot build a multi-million dollar company overnight, and establishing unrealistic goals will be nothing less than taking shots in the dark.

1. Limit Your Fixed Expenses

Control your fixed expenses while establishing yourself in a new country. Unless the business hits breakeven, it is wise to keep fixed expenses as low as possible. You have limited capital, don’t you?

Spending it on lavish offices in multiple countries or expensive business trips will drain the resources leaving you with limited capital for investment in important areas that actually matter to the business. In the beginning, earning revenue should be of paramount importance for any startup in order to be able to see the day where you can actually afford to have the best of amenities.

1. Monitor Cash Flow In Every Country

Most startups go kaput for a number of reasons, but one is more common than others?—?running out of money. Managing business in different countries can be highly challenging. Multinational transactions mean that you have cash coming in from and going out to different regions simultaneously.

Not maintaining a track record of cash transactions can be detrimental to the startup as a whole and you might soon run out of funds if timely action is not taken. Use a software or hire an accountant (if you can) that will help you stay on top of things. No matter how good your idea is, if you run out of money, you are possibly done for good. Establish a budget and stick to it.

1. Understand The Regulations

It is important to update yourself with the regulation of the country you to intend to grow your business in. Get the hang of the laws of the country you plan to operate in. Some governments encourage foreign investment while some levy high taxes on foreign businesses that offer direct competition to domestic products. The taxation and compliance standards need to be taken into account to determine the suitability of expansion.

1. Evaluate The Business Prospect Of The Expansion As Well

A startup cannot survive if it works in one area of business or stays in one market alone. Never keep all your eggs in one basket; diversify to spread risk and at the same time offer variety to customers. However, before expanding into newer, unexplored horizons, don’t forget to ascertain the feasibility of the proposed business plans since outcomes may be different across boundaries depending on the level of the economic, political and cultural environment.

1. Prepare Yourself For The Worst

The business environment is highly dynamic and uncertain, and while a project appraisal report might conclude an idea to be highly feasible, there is a chance that it might not work in a particular country. It is always better to have a plan ‘B’ ready for emergency situations. If things go south, don’t be afraid to pull out of a failed business. Consider alternative options such as micro-investment, in case there is idle capital lying in your bank account and reselling if you’ve depleted majority of the resources. Third party online companies can also be used to advertise and conduct business.

1. Hire Professionals For Managing Business Overseas

A flourishing business will make management complex and increase administrative costs for the startup. A group of individuals in the host country cannot keep on shuttling between different countries to look after the business.

Delegating the role to a professional team that is trustworthy and at the same time capable of adding value to the business plays a key role in the success of the business. Not only will the global operations be managed more effectively, but the salaries paid to the managers for their services will also be justified against the frequent travelling costs undertaken by the owners.

1. Maintain Creditworthiness

Banks and other investors will not lend you funds unless you have a good brand reputation in the market. This can be tricky for startups, especially, in newer countries where they are foraying for the first time. Credit rating from a world-renowned agency and networking with reputed individuals from the country can help in this regard. You can send money from different countries around the world at zero-margin FX rates with InstaReM.

About the Author

Vivek Gaula, Hubspot Certified Digital Marketer and Freelancer. He works as a Marketing Consultant for Online businesses and had experience, Event-based Marketing and Email Marketing. He also loves writing Marketing base content and become the digital publisher for different business clients