How Businesses Should Protect Themselves from the Impending Recession 2020

The US recession 2020 and its impact on the globe has been in the news lately. Many economists believe in a 2020 recession prediction—that a recession may be around the corner. However, economists are divided on the next recession forecast. Some believe it will be during the early 2019 or 2020 while others believe it will be during the end of 2020. The U.S. economy has been growing for nearly a decade since the Great Recession. The country is expanding and experiencing one of the longest booms in history.

Recessions are basically a period of economic slow-down. Poorly thought put investment strategies and credit agreements accrue and then cave in on themselves. This exerts a sudden financial pressure on businesses and individuals who made those poor credit decisions and investments, sending out a ripple effect on the economy. The added financial pressure forces companies to lay off its employees. With less and fewer people gainfully employed, the collective buying power goes down. This affects businesses adversely, as there are fewer people to buy their products and services. This in turn, leads them to let go of more employees—and so the cycle continues.

How Bad Will the Next Recession Be?

Recessions can be mild and are a natural part of the economic growth cycle. But considering that the last recession whacked not just the top 10 economies in the world, but globally all over, it’s natural for businesses to get concerned about how to get the money ready for the next recession. Economists believe that the next recession might be more long drawn than its predecessor, meaning that it would last longer than the 18-month recession we experienced in 2008. Which brings us to the next question—

How Can I Prepare My Business for The Next Recession?

Business protection is on top priority for everyone. It’s all in how you plan. There is a saying: failing to plan is planning to fail. As a business owner, business protection should be on your top list. The best thing you can do is craft an emergency plan, one which covers how to stay afloat in the recession period. Think about what you’ll need to do to put yourself in a position to competently implement your recession emergency plan when the actual recession strikes.

But what should an emergency plan for recession look like? You will need to determine how to sustain your company if revenue gets tight and the going gets tough.



For more information click here

5 Signs Your Business Needs Advice in the Right Direction

Business Tips for Success

There comes a point in every entrepreneur’s life when they must answer a serious question: “Is my business headed in the right direction?”

The planning phase of a business is of the utmost importance—whether you are in the pre-startup phase, opening another office location for your business, starting a new project with a new client, or upgrading your service.

Without a plan, a business is like a ship without a rudder. Sometimes, people need the advice to steer the business in the right direction. This is to make sure that the overall business is following a growth-focused trajectory.  Strategic planning is absolutely critical. It is one of the signs of a successful business. However, as much as entrepreneurs know that they need to plan ahead for their business to be successful and approach a business advisor, many of them don’t undertake the strategic planning sessions that are required to run a successful business as often as they might need.

So, how do you know if your business is headed in the right direction? How do you know that you need business startup advice and need to approach a business development consultant? What signs should you be paying attention to indicate that your business needs a facelift and is in dire need of some work? Here are five telltale signs.

1. You’re Losing Existing Customers

If your business is losing existing customers, especially the ones that have been loyal to you, it’s a sure shot sign that something is amiss in your business. It is time to hurry to the business advisor and see what needs to change in the way you are running your business. Either, you are pursuing the wrong demographic, or you are not focusing enough on the customer experience. Either way, it’s important to determine why the customers are leaving you for other businesses so that you can retain your customers.

2. Your Employee Attrition is High

Are you suddenly losing more employees than usual? Or maybe, your employees are less enthusiastic about their work and are less engaged in the workplace leading to a lack of productivity and burnout. Whatever the case, you need to look into it and need to determine why employee morale is low in the workplace. To increase employee engagement, you may need to implement employee wellness programs or processes that help forge an amazing office culture, attracting and retaining the best of talent. Strategic planning will help you in the process and achieve success. Or you could consult top management consulting firms to identify what measures you need to pursue.

For more information click here

How to Handle Angry Customers?

How to Deal with Angry Customers Face to Face?

“The service you promised doesn’t work! I want my money back, and I want it right now! And I’m telling everybody I know how you all really conduct your business!”

“The information you sent me is wrong! Can’t you guys just listen or read? What’s going on in your head? What’s the matter with you people?”

“Customers should be treated like kings! If it weren’t for us, you would run out of business! Oh, wait! Let me post this on social media!”

Sounds familiar? Angry, unhappy and rude customers can drain you emotionally and sap the energy out of you. It takes just one angry customer to ruin your whole day.

There are two kinds of customers—the kind ones, and the difficult ones. By difficult, we mean rude and downright angry. Customers get angry for a variety of reasons. Some reasons are justified, whereas some not. But if you run a business, then you are likely to encounter rude or angry individuals at some point or other, especially if you are into the service industry. How you deal with such an angry customer can make the difference between a satisfied customer and one who vows never to conduct business with you again.

Here are some tips for dealing with difficult customers and diffusing a tense situation:

1. Remain calm

When a customer starts yelling or being rude, it helps to be calm. There is nothing to be gained by responding in kind. In fact, that will worsen the situation and make it difficult to handle the angry customer. It is important to restrain yourself and remain calm in such situations.

2. Remember—It’s Not Personal

The customer is not angry at you, but angry at the situation. You are not the target. It’s never OK to be rude or hang up on your customer. That’s negative for your morale as well as for your business. There is no time for your personal feelings. You can get details for How to Exceed Customers’ Expectations

3. Apologize—And Do It Gracefully

Acknowledge your customer’s feelings. Apologize sincerely, immediately, and gracefully. Then follow up with action. Just saying “I’m sorry” and not acting on the solution won’t work. Whether the customer’s complaint is genuine or not is not really relevant. If you want them to stay a customer, you need to express your apology. A simple “I’m sorry you are not happy with our service. Let’s see what we can do to make things right” will do wonders. Dealing with difficult customers is not rocket science if you know how to diffuse a situation. 

How Do Investors Find The Right Startups?

Startup Investors

Each and every year we see a lot of new startups emerging and make it successful while few have blink and miss appearance. Startups are always on the lookout for investment for their ideas and products. Investors are looking to invest in startups even though the stats state that more than 50 percent of small business fail in the first four years.

An entrepreneur wonders where they can find the right investor for the idea, but the truth is the right startup is able to garner the attention of the investor if they have the right idea.

The success of a startup is very opinioned and dependent upon the type of industry and business involved. Even though investing in startups has its share of risk but definitely, growth is one major aspect to invest. Here are a few reasons investors find it their money’s worth to invest in a startup.

1. The Product

The product is an important aspect when an investor looks to invest in a particular business. What is the potential market for a particular product? How is the product going to make an impact in the market? How much traction the product/service can bring in? What is the market size of the product/service? All these points interest the investor while finding the right kind of startup to invest.

2. Investors see if the Business is Scalable

Scalability is yet another factor that an investor searches for when asking a decision to invest. A scalable business depends upon the market size of the product/business. Only a high growth and scalable business are able to give the 10 times the return on investment.

3. The Timing of the Product

Investors analyze and keenly follow the market trends, as well as the wider economic condition before making an investment decision. When they feel that the product rises at the right time and is able to occupy a large market share they deem it the perfect product/service to invest.

4. Competition

Competition for the product is a major force for an investor to make an investment decision. Whether a monopoly or a disruptive marketing strategy, the investor needs to have a strong belief that the product is going to work in the market.



For more information click here

7 Mistakes You Are Making While Starting Your Own Business

Are you starting your own business? Setting up a business is never easy. There are so many decisions to make and so many things to consider. There is so much pressure on you that can cause you to make a poor decision. This can potentially hurt your business and lead to more mistakes, or at least set you back.

While there isn’t a fool-proof way of setting up a business and reach startup success, there are several common small business mistakes and failures that new business owners make. This can negatively impact their businesses. Following is listed some of the most common mistakes that businesses make. While the list is not exhaustive, it covers the basics. Be sure to avoid these mistakes and gear your business up for success!

1.Skipping the Business Plan

Skipping the business plan is one of the biggest mistakes a small business can make. Planning is tedious and takes a lot of time. But without a solid business plan and market research, you will be probing in the dark. You must consider chalking up at least the following plans: a business plan, a financial plan, a marketing plan, and a contingency plan. If you are unsure where to start, there are several business consultant companies that can guide you. If it is market research that you are after, there are several market research firms in India that you could approach.

2. Not Having a Goal

Not having a goal for your business is like steering a ship without a rudder. Business goals give you direction while starting your own business. They keep you on track during the day-to-day operations. In order to achieve the success that can be sustained, businesses must repeatedly re-examine their goals and visions and make sure the organization follows it. The motivation for the right purpose allows for profitability and growth.

3. Not Networking

Several small business owners make this startup mistake. Finding the right way to the network will make your business stand out.  You will make new connections. One of the most popular ways for taking your business forward is through proper networking. A good business relationship involves proper networking and referrals. Networking also allows you to be visible by regularly attending business and social events. This also builds credibility and helps to build your reputation as a knowledgeable, reliable and supportive person.

4. Not Creating a Brand Voice

Many businesses make the classic mistake of trying to be all things to all people. This is a sure-shot way to product failure. Create a voice that is unique to you. Make use of various strategies to achieve your brand identity. It is important to build an emotional connection with your customer by having the right brand voice. It won’t happen overnight but will happen over the course of time.



For more information click here

Winner’s Mindset in Business and In Life

Successful people understand that the journey is the destination and that the destination is not important. They work hard to succeed and then work twice as hard to maintain their success. It’s a steady process. And it all starts with you—in your mind. Your thoughts have the power to change you—for better or for worse. At the end of the day, it all boils down to what you think about yourself. What you allow yourself to think and take up space in your mind will determine your action, and consequently, your outcomes and results.

A winning mindset, like success in business, isn’t simply handed down to you—it must be cultivated and over time. It is important if you want to succeed in life. But, how do you cultivate a winning mindset?

Here are some tips to help shape your mindset for winning in life and in business

Don’t Ask Freebies

Be it in Life or Business. You should always develop the mindset of paying for the product/service you are receiving for your growth. There is no quality unfortunately for free. So developing the habit of paying builds your personal as well as professional reputation.

Believe in Yourself

First of all, you must believe you have what it takes to succeed. Believe in yourself. If you want to change the trajectory of your life for the better, you must change the way you think and view life. A winner’s mindset will put you on the track to success and keep you there as long as you believe in yourself.

Don’t Give Excuses

Do you have a business idea and it’s not taking shape? Don’t blame others or give excuses, make it a point to try and turn the idea into a reality. Blaming others for your situation and not taking responsibility for your own action can be very easy, but it will only put you on a downward spiral.

Develop a Routine

This is one of the most important steps towards developing a winner’s mindset. Develop a routine that you can follow easily and stick to it.  Dictate to yourself how your day will go. This way, you have things under better control.



For more information click here

How to Identify Your Entrepreneurial Skills and Redefine Them to Match Your Business?

Do you have what it takes to be a successful entrepreneur? What makes someone a successful entrepreneur, anyway? There is no one defining a characteristic of being an entrepreneur. It certainly helps to have strong expertise in a key area, but there is more to being an entrepreneur than being an expert on a particular subject matter.

No matter how you choose to define being an entrepreneur, getting there requires a lot of hard work and determination. So, let us take a delve into the makings of an entrepreneur. What makes a business person? How do you find out that you are destined to be an entrepreneur?

Though there have been many studies on the subject, researchers have not been able to find out one definitive answer. What they do know is that successful magnates have certain traits in common.

Personal Characteristics

Being an entrepreneur is much more than having big ideas and starry dreams. It requires one to have strong mettle, be a force to reckon, be committed and goal oriented amongst others. Ask yourself the following questions:

Being Positive : Are you an optimist? Being an optimist is truly the epitome of entrepreneurship. It will help you face failures and get through the hurdles that entrepreneurs surely experience as they find something that works for them.

Having Vision: Having a vision for your business goes a long way. Ask yourself these questions — can you see for yourself where things can be improved? Can you visualize the “big picture,” and make decisions accordingly? Can you inspire your co-workers to share your vision? Do you have the wherewithal to plan and organize?

The Desire for Being in-Charge: Do you like being in control and making decisions, as well as being responsible for the decisions you make? How good are you at making decisions? Do arrive at a decision rationally, or emotionally? Are you prepared to face the consequences of your win decision?

Leadership: Are you a leader? Are you motivated enough to lead others? Do you take initiative; for instance, do you initiate problem-solving and troubleshooting?

Perseverance: Are you motivated enough to see your business through? are you energetic, mentally and physically? Are you prepared to work hard every day, for a long time, in order to realize your vision and goal?

Toughness: Being an entrepreneur calls for being tough in certain situations. Are you that tough person, who would be able to pick him/herself when you fall down? Do you learn from your mistakes?

For more information click here

5 Things to Focus on If Your Business Fails

Solutions to Small Business Failure

Failure in business is very common. It is true even for those businesses that are led by experienced serial entrepreneurs. No doubt, failure is inevitable in the world of entrepreneurship. However, the most successful entrepreneurs are not limited or defined by their failures; they are defined by how they deal with it. Being able to navigate through business failure is no cakewalk, but not impossible either. All it takes is your willingness to learn and stay focused on your goal.

Mostly, business failure is caused by a combination of a lack of funds to keep the overhead operations going and the inability to emotionally connect with the customer. This is especially true for first-time entrepreneurs. What do you do to avoid falling into the spiral of failing business depression? What are the options that you will have to think about? Could a marketing strategy consultant help your business? Likely. But before you approach a marketing strategy consultant, what is it that you need to do after a business failure? Let’s dive in.

1.Focus on Your Finances

What to do when your business is in trouble? Focus on your finances and get them in order. Needless to say, this should be on the top of your list. Make sure you get your finances — personal as well as professional — in order. This goes without saying, as you will no longer be able to depend on your business as the key source of income. Note that if you had put in your own personal savings in the business, then you may stand to lose more in your business’s failure. This is the time to muster up your courage and energy to analyze and gather your finances. Fret not, there can still be a bright financial future ahead of you — provided you spend some time figuring out a new line of income.

2.Analyze

It is easy to fall into the dangerous spiral of failing business depression. Muster your will and analyze the failure. Make a list. Why did your business fail? What factors contributed to the hiccups and ultimately, failure in your business? What are the solutions to your small business failure? Analyze to see if there are common threads in your list. Reduce the most common cause of failure and see what you can do about it. The likelihood of the root cause being a very common and identifiable cause is very high. Spend some time looking over your business’s history and see if you can recognize any identifiable pattern which led to the business going under. See what kind of decisions were made. Were those decisions wise? Or was it the reason for the downfall of your business? The better you understand why your business went under, the more likely you’ll be able to prevent a repeat outcome in the future.

3. Take a Time-Out

If your business is going under, then it is natural that you may want to dive deep and try to get everything in order as soon as possible. Granted the focus is your business, but it doesn’t mean that you should forget about yourself. Entrepreneurship itself is demanding, and losing business is more so — it is tough. But look at it as a critical opportunity to gather yourself and spend some time doing what you have always wanted to do. Spend some time relaxing and put some distance between you and your business. Take a vacation if the situation allows you or spend time on hobbies and personal projects. The important thing is to de-stress and clear your mind of clutter. This will allow you to come up with fresher ideas and implement new strategies that may save a sinking ship. De-stressing will help prepare yourself to take on whatever life throws at you and overcoming it with grace.

For more information click here

What are Business Trends in 2019?

Top Business Trends for 2019

Every business has its fair share of ups and downs. It is never too late to reflect on the past and plan for the future with the learnings in mind. It is important to keep in mind that business trends and opportunities are always changing. Whether you are already a business owner or are looking for the best business trends for 2019, it is always advisable to keep abreast of all the developments happening. Be it changes in finance, technology, AI, or public policies, entrepreneurs need to be aware of all these things.

1. Artificial Intelligence will Continue to Help Businesses Grow

Artificial intelligence (AI) has really started to enter the market and will only continue to grow. With virtual assistants like Amazon Alexa and Google Home all the rage now, AI will make their presence felt in a wide range of industries. Artificial Intelligence will be used to improve customer experience and streamline business operations amongst a myriad of other applications.

As more and more people are getting acquainted and comfortable with AI, it is safe to say that Artificial Intelligence will be a game changer if you use it to upgrade your business operations. For instance, virtual assistants are able to handle customer service tasks that help better facilitate the customer journey.

Speaking in the same vein above, it is important to note that no matter how much technology improves, it will never replace the human touch when it comes to delivering customer service. While there are some great opportunities to use AI, it needs to be used hand-in-hand with the human, as Artificial Intelligence can only augment us, providing people with better information, thereby aiding them to perform their roles in a better manner.

Technology runs our lives nowadays, but it is relationships that drive people and business both. Exercise caution while using automation, yet don’t shy away from it. Algorithms can tell you so much about your customer; find a way to combine and balance AI and personal touch and you have got a winner. Do not underestimate the power of personal touch. Find the balance. That is the key.

For more information click here

Modern Day Challenges of an Entrepreneur

Modern day entrepreneurs face cut-throat competition when it comes to running a successful business. No matter how experienced the entrepreneur may be in the related field, sustaining the business model becomes a challenge for every entrepreneur. Luckily, in this modern era, we are blessed with more resources to tackle the business challenges more effectively. Below are the most common challenges faced by an entrepreneur:

Deserting a Steady Income Job

Letting go of a steady income job and switching your career can be difficult, to say the least. You may be in a view that you are able to manage your job and the business well but you cannot see the business grow after a certain point in time. If you want to pursue entrepreneurship you will have to let go of your day job. It’s near to impossible to manage both simultaneously. Pursue your dreams of becoming an entrepreneur by weighing the pros and cons while being prepared to see the obstacles coming your way.

Competition

With the advancement of technology and internet, the business world is buzzing with lots of competition. There are numerous business problems and one of the major challenges faced by an entrepreneur would be the competition in the market. This hurdle can also be overcome by knowing your targeted market. Doing a thorough market research to know your competitors, your strength & weaknesses of the business can help you create your own niche in the market. It will help you to address the pain points of the customer more efficiently. There are market research companies who can help you with doing the right research for the company.

Funding

A company needs funding to fuel and kick-start the show — this is a known fact. There are ways to fund a business one would be self-funding, approaching a financial institution like a bank which needs you to have a collateral or going to investors. If you want to approach an investor a business consultant company can help you with the right process for pitch decks and B-Plans. But a self-funded company is the best way to go as you are not answerable to anyone. Take baby steps. Grow your loyal customer base and strive hard to give the best quality. While the business is growing have the right business process to accommodate the expansion of the business.

Cash Flow

One of the most important aspects of the business is having a proper and regular cash flow so that the business does not face any bottlenecks. Sales will be high so will be the profits but a regular cash flow is important to run the business smoothly. Do your budgeting properly to avoid distresses.

Many entrepreneurs face the challenge of getting paid for their product/services. One way to address the cash flow is having a proper budgeting in place. This can be done by taking an advance from the client for the service you are providing. In some cases billing the entire amount in advance is the solution for a proper cash flow.

For more information click here