Business

“A man without a smiling face must never open a shop” or so the Chinese proverb goes. Truly, smiling goes a long way to lighting up the mood for a friendlier, more understanding conversation. This is true in business as well, especially when trying to make a business partnership. However, there are more business etiquettes beyond smiling and demonstrating these will show others that your customers and your business are worth respecting.

* Introduce everyone, even when in doubt – There is a proper way to introduce people to each other. First, introduce the person who is the most senior, using their full name and their job title or responsibility. Next introduce that person to the person who has lower authority. Make sure to also mention his or her full name. To end, you may mention some details about each other as a topic of common interest. When being introduced to someone, always stand up if you are sitting.

* A firm handshake – The way businessmen shake hands more often than not sets the tone between them. Giving a good, firm handshake will

Business

Business fraud can have a monumental impact on an organization. There are many types of fraud that go by different names, such as financial statement fraud, bribery and corruption and asset misappropriation. It is often the case that fraud instigated by an employee will involve more than one type of fraud. Also, business fraud is not always easy to detect because it does not always show up in a company’s official accounts system. In general, the most typical way to detect this type of fraud is by receiving a tip from an employee, a customer, or an outside vendor.

Here is an overview of the different financial fraud in business:

Asset misappropriation

Asset misappropriation is the type of fraud that involves a member of staff who uses their position to take from their employers. This fraud is often committed by those trusted to manage the interests and assets of a company, which can include board members, employees or directors.

This type of fraud activity can include theft of company formulas, patents, or sensitive data, theft of credit notes or vouchers, inventory theft, theft of money or

Business

Who can use an errand running service?

Who wouldn’t appreciate a helping hand in today’s hectic lifestyle? Bachelors, Bachelorette’s, Single mum’s, Dads, Youngsters and Seniors alike appreciate the idea of someone getting their errands done on time. Busy business owners are now able to focus on work rather than worrying about getting their mundane tasks done.

5 benefits of hiring an errand running service:

1. Saves Time

Errand running service will take care of all your daily tasks and allow you to spend time to do what you like. Be it watching soccer, a day at the Spa, enjoying a movie night with friends or building your business, having someone take care of your chores saves your precious time.

2. Reduces Stress

Getting timely help reduces your stress level. With someone taking care of all the tedious jobs like fetching a medicine that you run out of, or fetching your weekly groceries, you can be at peace; with the assurance that your worries are taken care of.

3. Increases productivity

Having someone to take care of your daily tasks gives you all the time you need to focus on the jobs that

Business

According to a report published on Deloitte Insights, 86{b2c334eadc11e85d85e7d69ea6071353c57eb82a7d535ea251e0a34fd19231a4} of companies interviewed in a survey say that developing new leaders is an urgent or important need. This means that the majority of organizations would prefer to groom a number of their employees who have the potential to handle higher positions than to hire externally.

Taking up leadership training courses is a great way to boost your confidence and gain the additional skills and knowledge you need to be an effective leader. Once you think you’re ready to take on a leadership role, you can demonstrate your readiness and competency through these strategic actions:

1. Bring extra value to the table

When you were still applying for your job, during the interview, you were probably asked the question, “What can you bring to the table?” You probably answered this all-important question by enumerating a list of your accomplishments, skills, experiences, etc. But once you’re ready to take on a higher position, you’ll need to bring more to the table.

This means taking on more work that you’re sure you can do competently and complete. If you have a set of tasks you need to do daily, go beyond the norm and put in more effort

Business

1st Stage-Initiation:

There can be varied reasons for a business start-up but the main values in running the business are of those who are the founders. We can see that company exhibits the main skills of the founder in its spirits, for example, if the founder is an engineer, he will emphasize in production rather than sales and marketing which should not be neglected. Main efforts are centered on the acceptability of the product in the market. If the owner can provide the demands of business i.e. time, energy, and finances, he/she can move to the second stage. Otherwise, he/she will have to wind up their business as there is limited time for the company to stay at one stage. Here the main focus changes to establish the company and earn profits. With this financial push company will need to formalize the system and start record keeping, an unskilled manager can’t handle this all. After this, there will be demand for change in administration’s style because of increased activity in his business.

2nd Stage-Growth:

The moment a company moves forward to the expansion stage it should be able to earn a decent profit, but that profit will not go to the owner. This

Business

Has it ever struck you that Ugandan banks could be alienating potential customers by not considering financial translation services and having their transactions done in the English language? Every Ugandan bank you go to has its receipts written in English. In fact even most of the tellers and other staff in these banks speak only the official national language – English.

It’s ironic that banks that are at the forefront of preaching the gospel of developing a savings culture are the ones doing all their official business in the English language yet they know that most Ugandans are not well-educated and even some of those who have attained formal education up to university level are still not fluent with the Queen’s language and prefer communicating in the local languages.

This situation in Uganda’s financial sector justifies the urgent need for financial translation services. In the capital city, Kampala, the local newspaper Bukkedde sells more copies everyday than Daily Monitor and New Vision. Even in western Uganda, Orumuri newspaper which is written in Runyankole-Rukiga sells like hotcakes because people generally prefer reading something written in their mother tongues.

This also explains why the glut of radio and television stations that saturate our country since

Business

Dealing with customers internationally or do you source the goods or parts from foreign vendors?

Then, this might interest you.

For a period, the stricter regulations under the US Department of Commerce, State, and Treasury have sent jitters to various companies. There’s no substantial reason to become non-compliant with the export regulations at all. Since the steps are taken for national interest, the vested interests would definitely find it unruly. But, the common citizenry applauds the state for taking such robust measures against perpetrators and traitors.

The ever-changing norms of export regulations are a cause of worry for the international trading community, especially the exporters. However, the different state departments are working on the way to remove the bottlenecks and ensuring seamless movement through the procedures. If you turn a blind eye to the procedures, then you may fall into a legal soup for violations, which has serious penalties amounting to rigorous imprisonment and monetary fines. The disrepute is an added burden to that.

In all, the trouble can be cut short in the midway. Generally, the ECCN classification involves several steps, such as consulting the Export Control Officer, developing superior knowledge about the product/service as well as export control regulations. If this wasn’t

Business

Corporate social responsibility programs are essential to businesses not only from the perspective of their customers but also because of today’s workers. Workers are pushing multi-national corporations and smaller mom and pop shops toward CSR. One of the best things you can do for your team is to create an employee volunteer program, which will help you hire and retain the best talent. It’s also a way to demonstrate that your business understands how it’s vital for all types of organizations to be involved in making a social impact. In turn, this will enhance morale within your company and broaden your brand and the base of people and groups that interact with it.

Many years ago, I had dinner with a high-powered and wealthy finance professional. The financier told me that after spending a weekend painting a hospital wing with his corporate team in a facility that operated in an area that was less affluent than where he lived, he understood the value of “rolling up your sleeves” in the community.

In other words, what he was telling me was that he was used to writing the big checks, which was great for the organizations he supported. But it was in spending

Business

Most of us have an inherent distaste for conflict. And somewhere along the way, society has reached a conclusion that disagreement is a bad thing. When it comes to business advice and decisions, that conclusion can be deadly.

I see two factors that have contributed to the current state of disagreement. One is the national political climate, which is the most polarized I can remember since my father was snarling about those damned hippies. The other is social media, which seems to exist largely as an arena for vicious arguments on virtually every subject, fueled by a complete absence of accountability and a belief that having read a Facebook post on a subject qualifies as expertise.

I mention those factors because I’ve seen them seep into the way businesspeople think and operate. I encounter it most often when I’m working with a client and counsel a course of action that doesn’t match their plans, or find them objecting to the way I’ve written something on their behalf. Instead of healthy, productive conversations, the conversations often devolve into defensive reactions focused on guarding turf. And the emotion shifts from tension about the suggestion to personal anger directed at the person who made it.

Now,

Business

There is a common saying about the devastating loss that strikes when an idea dies in the mind before its actual fruition. It is, therefore, largely advocated that all ideas must be put into action and with the help of product design and development firms, individuals have been able to realize their dreams.

Who are these product design and development firms? These are designed to help turn ideas into tangible products. Many brilliant minds choke with ideas that they cannot bring to reality simply because they lack the manpower, the resources and the maybe lack some few essential basics. Product design firms help you design the product to meet the taste of the consumers as well as compete well market wise.

Benefits of hiring a product design and manufacturing agencies

Some of the innovators as discussed above lack some key essential requirements to manufacture their products. These firms take away these troubles and guide you all the way to the end to see your brilliance in action.

For a new product to succeed in this competitive market certain factors must be considered and this requires professionals to conduct market research and other studies. Product design and manufacturing companies carry out these market studies and provide

Business

As you know, we live in an environment where it’s “blink,” and you missed it. Still, there’s always an urgent need to keep on top of what is happening so that you can stay ahead in business. I own several companies and, candidly, I don’t think there’s a single day I’m not thinking about how to make things better and improve our competitive advantage in our industries.

A couple of days ago I read an article about a luxury yacht company that had been in business for generations, and although they had client orders on hand, in the tens of millions of dollars, they fired everyone and shuddered their doors. They were hemorrhaging money and not paying attention to the changing winds.

The reality is that I can sit here today and write what you want to be looking for in business trends and then a year from now, write the same sort of article with different ideas to keep an eye on as business and society evolve. Still, there are some areas that I think will remain constant and you should pay attention to in your company.

Always Pay Extra Attention to Millennials

For decades and decades, the “darling” of generations were the

Business

In the surety underwriting business, we are forward looking. Bond decisions are based on a variety of factors including “The Four C’s of Bonding” (Read Secret article #5). Surety capacity levels are determined and used as a guideline to administer the account. That all makes sense.

However, the forward looking analysis makes assumptions – that may or may not be correct. If they are incorrect, the outcome could be devastating for the contractor and surety.

In this article we will delve into an aspect of evaluation used extensively by investors, but not so much by bond underwriters. It is called the Burn Rate.

Here is the internet definition:

Burn rate is the rate at which a company is losing money. It is typically expressed in monthly terms. E.g., “the company’s burn rate is currently $65,000 per month.” In this sense, the word “burn” is a synonymous term for negative cash flow.

It is also a measure for how fast a company will use up its shareholder capital. If the shareholder capital is exhausted, the company will either have to start making a profit, find additional funding, or close down.

Very interesting. The reason our underwriters use the Burn Rate is because of the assumption it does

Business

We live in a world of immense technical innovation and data is something many of us are immersed in, and there are times when there seems to be too much of it. Other times, we’re seeing a lot of information, but it’s not being presented in a way that is relevant and provides us a chance to make informed decisions. As the owner of multiple companies and brands, I spend a lot of my time looking at data.

  • Data informs the strategic goals for my companies.
  • Data helps me to understand what’s working and what isn’t.
  • There’s a direct link between some data, such as marketing for instance, and the bottom line of my companies.

There isn’t a day that I don’t walk into my offices, and I’m not looking at multiple reports, particularly financial reporting and sales or even asking my team to provide me analytics on things, such as our social media results. Data spans the gamut, and I can slice and dice every area of my businesses and see how we’re performing.

Early Days

After I first when I started my holding company, there eventually came a time when the work of my team and I began to take off. All of the

Business

Why it should be foremost given the current political atmosphere.

It’s something that’s heard all the time now: “They don’t make ’em like they used to” or “Another product made outside of the United States.” Indeed, to some degree, there’s a ring of truth to these sentiments; unfortunately, many areas of commerce – notably the aforementioned electronics sector – are being outsourced to countries such as China on a widespread basis, so much so that many consumers feel value has paid the ultimate price. Case in point: The home audio enthusiast market saw a resurgence of turntables over the past decade or so, driven by a millennial demographic just getting their feet wet in the “vinyl resurgence” pool, but in the mad scramble to compete and churn out these record players as fast as they were being purchased, many major companies outsourced their specs to Asia-based entities that ended up cutting corners to meet a price point.

As a result, more than a few series of turntables from this particular brand suffered from poor build, unreliable drive motors, design snafus such as warped platters and more – all of which compromise a vinyl playback system’s performance in critical ways.

Of course, this

Business

A household relocation project can be tough and difficult, but things get really complex and stressing when we talk about a commercial move. No matter if we are talking about office relocation or dedicated equipment that must be transported, the sheer volume of work is huge. Moving experts can tell you how complex is a corporate move and how effectively plan it.

Corporate moves are typically a nightmare for the project management team. There are so many factors that must be taken into consideration. Let’s take for example a regular office relocation project. Inventory lists with all equipment must be carefully done. Since we are dealing with multiple computers, monitors, peripherals and other hardware, exact quantity and numbers are essential in order to provide logistic.
The moving company wants to know that in order to send sufficient transport vehicles and sufficient moving supplies, if needed and asked.

Measurements for office furniture are also important. And since we usually deal with numerous office cubicles, it is important to make sure that they fit through all doorways and hallways. In many cases, those cubicles must be disassembled, shipped and then re-assembled. This is another reason why a commercial move is so time-consuming and stressing.

When

Business

Closing a deal with another company for the transfer of goods for payment seems like it should be easy. However, when dealing with multiple moving parts in a deal exchange involving two different companies, it can be complex. More specifically, when creating a product that needs to meet a specific specification for resale or company use. That is why a contract is needed. Arrangements can be complicated and involve a lot of work. That is why I’ve comprised some tips on how to make your contracts as airtight as possible.

Airtight Contracts

1. Negotiate
This is where you don’t leave anything out, don’t hold your breath. Make your priorities and concerns known. Don’t move on to a different issue until the current solution is reached.

2. Document negotiations
Keep track of what everyone is saying. This is important when resolving conflict and creating solutions.

3. Be concise & detailed
You should be able to understand the contract with ease. You should cut any unnecessary words or phrases. The obligations of each party should be spelled out in specific language that doesn’t leave any room for mixed interpretation. Having a detailed product requirements and clear Statement of Work (SOW) for the project manager, will help

Business

Way long ago in 1998–yes, that long ago–B. Joseph Pine II and James H. Gilmore published a piece in Harvard Business Review (link at the end of this article) that the experience economy had arrived. And, sure, in 20th Century terms, it had. As they explained in their article, the progression began with families buying items, such as Betty Crocker, because there was less kitchen time to prepare the ingredients for a child’s birthday cake. Then parents started going to the bakery store to pick up cakes for their kids and no longer making the cake at home. And, eventually in the late part of the 20th Century, with more work and other demands, families started to outsource the entire birthday to soup-to-nuts groups that did everything, such as Chuck E. Cheese and the Discovery Zone.

And now we’re in the 21st Century, and experience matters even more and companies are beginning to try out different technologies, for instance, virtual reality and augmented reality. Major corporations, such as Facebook and Apple, have made substantial investments into those technologies because the future is coming quickly and I wouldn’t be surprised if in 2018 we see some other global experience, such as Pokémon Go.

Smart marketers

Business

Organizing an event implies confronting many decisions. Thus, choosing a venue, catering and assuring pleasant experiences, definitely sounds intimidating. The earlier the better, beginning to search based on your budget, space requirement and estimated event size is ideal. Booking before 4-6 months gives you enough planning time.

Putting all these together, finding the right venue for your event or meeting may be daunting and also time-consuming. Here are six tips to focus your decision-making in venue choosing.

1. Location

This is the key factor in choosing a venue for the meeting. The location you choose should be based on your attendees’ convenience and should facilitate free parking or easy transport links. However, the dedicated meeting venues stay focused to meet your needs and also consider outdoor space.

2. Budget

Researching is inevitable, yet before initiating your research, arrive at a budget so that you can keep that at the line and avoid getting tempted to expensive venues. Take care that you also do not consider very cheap venues as it may require compromising on services or you will be hit with hidden costs later while settling the bill. Choose a venue with great facilities, good value, service and food. Read testimonial of customers and without

Business

Events are all about fun, frolic and inspiration. For the smooth execution of any corporate event it is imperative that there is a powerful idea around which the occasion needs to be organised. Once you devise a doable plan you are almost done with half the responsibility.

So here are some of the statement ideas that can transform even a boring experience to a lively one without calling for a massive effort from your side.

    • Conversation Starters –a Making the guests committed to the program is not only great idea to get them involved on the outset, but it also plays a great role in breaking the ice. You can go for an interactive wall in the front lobby itself. The guests can open the door and then put down their dreams on the wall. This can turn out to be a thoughtful and interesting conversation starter.

 

  • An Exciting Entrance – An interesting entrance is capable of transforming the gusts right from the commencement of the affair. You can create a range of ideas for creating an immersive experience and depict the complete transformation of the venue right from the time the guests start entering the venue. You can arrange for a customised bed
Business

Most businesses fail to realize the excessive costs involved in shipping and that may be one reason for their lower profit margins. Higher overheads on shipping make logistics a costly affair for them, hampering the overall efficiency and profitability of the businesses. As a business maker, you might be losing out competitiveness with your peers in the market. So, the first and foremost thing you can do is minimizing the shipping costs of your products with some effective ways, benefitting yourself as well as your customers. Apparently, you can redistribute the costs saved in shipping by offering them some discounts to your customer on the final prices. This will obviously help your business win the trust and confidence of buyers and tempt them to keep coming back for your products. So, what are the major ways you can cut down your shipping costs? Find it out below.

Optimizing the packaging resources

The packaging resources or materials are the crucial part involved in distribution logistics where there are immense scopes to save costs. A major portion of the shipping costs constitutes the costs of packages. Yet, most of the times, we receive products packed in too many covers, but that may be needless