3 Entrepreneur tips
Over a year ago, I began my quest to find answers to my two most pressing entrepreneurial questions: What does it really take for an entrepreneur to be successful? And what does it take for a business owner to be the best of the best?
My conversations have taken me across the country, and I’ve spoken with business owners from different industries in all stages of business growth. I’ve also participated in numerous discussions on Connect, Citi’s network for professional women on LinkedIn, where many of our members are running their own businesses or are aspiring entrepreneurs. They’ve been exchanging ideas and supporting one another with advice on how to succeed as a small business owner, so I’ve distilled what I’ve learned from these conversations into three cardinal financial rules for entrepreneurs:
1. Work on your business, not just in your business.
When you are surrounded by your own business day in and day out, it’s important to take a step back and make sure you are handling all aspects of the business. Sometimes entrepreneurs are so focused on their product or service, they may overlook their business finances. But it’s important to handle your business finances with intent and in an organized–not haphazard–way.
2. Keep your personal and business wallets separate.
The old adage that business and pleasure don’t mix also holds true when it comes to your business finances. Set up separate accounts for your business. Don’t stop talking to your financial professional or advisor throughout the process of starting your company, since it can help you feel more confident that you are managing your personal finances wisely while you begin to build your business.
3. Have a “drop-dead” number.
Set a threshold for the minimum amount of money in the bank that you are not willing to go below. This number will be different for each person, but the important thing to take away is that you think about what this number means to you and save it in advance. It’s important to build up and maintain this “healthy” reserve or cushion to allow you to manage the lean months or the periods of uncertain cash flow. If you find that you are approaching your “drop dead” number, this is where discipline must override passion. Step back, take a hard look at your situation, and see what’s working and what’s not.
February 24, 2016 | admin
Building Rapport On Social Media Sites
As a business owner, having a website is a plus for your
business. You’ll need it to keep in touch with your clients and
provide relevant information on your site to attract potential
customers. You can go further and take advantage of the social
media platforms as well. Building a rapport on social media sites
requires you to come up with unique strategies.
Here are some effective tips to help you out:
1. Offer solutions – Regardless of the nature of your
enterprise, use some creativity to generate interest. Come up
with ‘updates’ stating how your products or services can change
everyday routines. This is a sure way of getting ‘comments’
2. Add value – whenever you allow a client to express their
views, you make them feel valued and appreciated. This
encourages other clients to give feedback and suggestions.
3. Create a buzz – By offering high quality services, your build
a rapport for yourself as word spreads fast about your services.
4. Be real – Don’t always attempt to sell something. Instead,
focus on offering solutions and interacting with your prospects.
5. Hold events – Do free giveaways and other events that encourage
prospects to share your information.
Yours in Success and Nothing Less,
February 21, 2016 | admin
1) Customer first
Celebrate your customers and align any growth plan around protecting your existing relationships. Sustainable business growth depends on keeping your customers happy,just as it did when you started your business .
2. Revisits your margins (profit)
Are your prices and profit optimized? Gain a solid understanding of what your business offers relative to your competition. The more unique or advantageous your products and services, the greater their value. Make sure your prices and profits reflect the market, th value your company provides and your overall business plan.
3. Why does email marketing stand out?
Email is more personal than most types of marketing. Thing of its as a conversation between your company and an individual customer. Your primary task is to convey useful information. Be brief and concise. When you provide useful contents to your prospects and customers you build trust , awareness of your products and services, and strength your band.
4. Manage your cash flow
Insufficient cash flow is one of the key reasons business fail. To manage your cash flow,set up a forecast for day-to-day expenses. Things like rent, utilities,lease payment ,payroll ,supplies, etc. The more variable your sales and revenue, the more frequently you should update your forecast. When you’re in the enviable position of surplus cash, use your forecast to help determine the most effective way to invest it.
5. Offer a Beneficial Difference.
Your customers are living in the same economy as your business. Both sides of the sale are looking for opportunities to get more for less and taking extra care when making investments. The technology you employ can be great differentiator for your business . Make the most of it.
6. Make it quick
The majority of cell phone owners text,and new smartphones make texting easier than ever . Most text messages are read within 15 minutes and generate response within an hour. Texting is a useful alternative to email for short,targeted messages that get immediate attention action.
7 Define your goals.
Goals are either strategic or tactical .Long range , strategic goals like improving customer satisfaction are never finished, where as shorter term,tactical goals like sending a “thank you” note to customers after orders are delivered, can be marked as complete once a process for its implemented.consider both long range strategies and short term tactics when settings personal and company goals.
February 20, 2016 | admin
Role of letters of Credit in trading
A Letter of credit (L/C) has often been a key element in international trade. It is an important payment scheme that eliminates risks between sellers and buyers. It can be revocable or cancelled without consent up to the time the documents are submitted or irrevocable unless there is consent of all parties including the seller.
The written instrument is issued and checked for compliance by the bank for the buyer to document promised payment to the seller. The seller presents all documents called for in the letter while meeting all its terms and conditions. Once both parties have agreed, amendments are incorporated into it.
L/C is clearly a safe document that helps structure the buyer’s payment plan. There is also surety that payment will only be made after all the documents are presented.
Sellers are also guaranteed of reduced risk during trade especially when the buyer requests modification in the middle of a transaction.
L/Cs are distinguished by their different types of use: transferable for international trade, standby which is akin to a guarantee, revolving or contract for delivery and payment by installments, and future or credit for payment at future dates after negotiation, among others.
Reimbursements and courier charges are usually borne by the buyer. The cornerstone of L/Cs is that banks deal with documents only not goods.
Letter Of Credit Tips
• One letter of credit can cover many transactions
February 14, 2016 | admin
• It gives security to both the seller and the buyer
• See additional costs involved in a letter of credit
Power Of Attorney key tool for business setup
The power of attorney (POA) is an important legal document given by a person or a company to another person or a company to act for and on behalf of them in various government departments and for contractual purposes. The attorney and the person giving the other authority to act on his behalf, called the principal, must be over 21 years of age.
If the POA is being executed in the UAE, both the principal and the attorney are mandated to be present before the notary public to sign it. The notary public checks the identity of the document or contract holder and also verifies his capacity and his approval.
If the POA is signed abroad, the process is slightly more complex. The document needs to be attested by the foreign office of that country and needs a seal of approval from the UAE embassy in that country. The contract, which needs to be translated into Arabic in the UAE, is required to be attested by the UAE Ministry of Foreign Affairs and ratified by the Ministry of Justice.
A general POA empowers the attorney to be responsible for a variety of areas ranging from the purchase and sale of business, dealings with banks and financial institutions, and representation in courts.
Here, a POA is common practice in limited liability companies. An Emirati partner, holding a majority stake in the company, often gives his expatriate partner the right to manage the business on his behalf through a POA.
Power Of Attorney
• Power Of Attorney gives one authority to do a legal act for you
February 10, 2016 | admin
• It needs to be notarised with both parties present
• It is commonly used in limited liability firms in UAE