Archives for November 2022

Some companies focus on products, others, on the customer. But firms that achieve lasting success tend to concentrate more on prestige. Like rappers, they want to be top dogs. Nobody else should even come close. 

Adopting the same mindset as these firms, though, is challenging. While they seem to adopt their approach so naturally, it’s hard for regular firms to emulate. You want to follow in their footsteps, but you can’t. 

The good news is that becoming prestigious didn’t come naturally to these firms either. For them, it’s an ongoing process and a challenge. 

But the difference between these top firms and ordinary brands is that they have a game plan. In other words, they know exactly what they need to do to build prestige, and they execute it. 

Prestige-building takes effort and time. But once you get it right, amazing things can happen for you and your brand. Here’s what you need to do: 

Engage With Customers But Don’t Make Things Too Personal

As a business, you should engage customers. But you don’t want things to get too personal. People should look up to your brand, and that requires an element of detachment on your part. 

Think of it in a similar way as the relationship between a boss and an employee. They get on well together, but the boss needs to maintain a distance to retain their authority. If they get too close, workers will see them as a member of the team, and that could undermine them. 

Be Open

Prestigious companies are also open about what they do. They try to create as much transparency as they can in the interest of customers and other stakeholders. 

Trust ultimately drives prestige. That’s why millions of people are prepared to invest all their money and resources in some companies, but not others. These are the firms that make the biggest returns. 

Don’t underestimate the ease with which people see through facades. If brands are faking, they can almost always tell. 

Instead, work on honesty and integrity throughout the firm. Success depends on the ability of each person in the team to work transparently with others and customers. If there’s something that people need to know about your operations, products, or services, tell them. If it comes out via whistleblowers, that could permanently damage your prestige. Just look at what happened to Volkswagen. 

Treat Your People Well

Some companies are big and successful. But do they have prestige? Maybe not. That’s because these firms are notorious for treating staff poorly. Everyone knows that you only work for some companies if you can’t find a job anywhere else. 

As a firm, you need to eliminate this perception. And the best way to do this is to treat your people well. If the public knows that you run a great operation where you compensate people adequately, they are much more likely to go to you than the competition. They are also more likely to look up to you. It’s not just about profits for your firm but how you benefit the entire community. 

If you are struggling with your brand as an employer, you can get help from a marketing firm. Instead of just focusing on the value you can offer consumers, you can also beef up your efforts to attract the best talent. 

Once you change your attitude towards colleagues, remarkable things will start happening. Suddenly, you’ll discover a level of productivity among your staff that you never witnessed before. Paying them more helps to keep them motivated and ensures that they don’t go looking for higher pay elsewhere.

Add In Surprises

Customers love surprises, particularly from companies. They want to buy from firms that give them a little something extra when they purchase their goods and services. 

When you offer little add-ons like this, it signals abundance. It makes your firm seem like it has all the resources at its disposal and is able to give out stuff for free. 

Of course, you’re just like any other business. Resources are a real constraint, so you need to be careful. But signaling to customers in the form of gestures can increase the prestige of your firm. You can pay for things that your rivals can’t. 

Respond To Reviews

Responding to reviews is a critical part of reputation management. If you get a series of negative feedback from customers posted online, it can have a material impact on SEO and sales. It’s something you’ll want to avoid at all costs. 

Responding to reviews is time-consuming, but it is something that modern tools can help you with. These pool all your reviews in a single dashboard, notifying you every time someone posts about your firm on popular review sites. You then have an opportunity to respond to people who complain. 

If you offer good products or services, you’ll get between four and five stars. There will always be disgruntled customers, but you’ll want to keep one- and two-star reviews under 10 percent of the total. If they go any higher than that, prospective clients will get suspicious and they may not want to buy from you. 

If you have a sale, or you suffer significant downtime, you can get a glut of bad reviews. Failing to meet each customer’s needs can damage your reputation profoundly and leave you much worse off. 

Therefore, prestigious companies ensure that they can meet their existing customers’ needs all the time. Then, if they have the capacity, they add more clients to their books. Many top management and consulting firms take this approach because they are aware of the risks of not doing so. 

Be A Part Of The Community

Businesses aren’t separate from the rest of society. Rather, they are an important part of it. 

Unfortunately, a lot of companies don’t really believe this simple truth. They see society as separate and not part of their responsibility. 

Brands that take this attitude, though, are making a grave mistake. Society is the fertile soil out of which companies grow. Without it, there wouldn’t be any businesses. 

Because of this, prestigious firms always look for ways to get involved in their local communities. They find ways to support the people who support them, perhaps by sponsoring events or getting involved in outreach programs. 

The key here is to do good deeds conspicuously. As a company, you want everyone to see how you are making community life better. (There’s no point giving in secret if you run a firm). 

Therefore, publicize your giving activities as widely as you can. Allocate some of your profits to good causes to prove that you are on the side of people, not profit. 

Once you take this approach, you’ll notice that the community responds by rewarding you with more business. Almost always, you get back more than you put in over the long term because people trust and respect you. 

Make Customer Service Your Top Priority

Excellent customer service is the lynchpin of prestigious firms. Brands that can meet their audiences’ needs develop a reputation in the community that can persist indefinitely. 

What’s interesting about customer service, though, is how easy it is to get right. Often, just being friendly and helpful is enough to get people to wax lyrical about the virtues of your brand.

The reason for this is pretty simple: most firms aren’t good at providing top-quality customer service. They take a lazy approach and, therefore, miss out. 

Remember, customer service calls are actually an opportunity for you to build your brand, not a cost. People calling up to complain is a chance to develop a deeper relationship with them, and reveal the quality of your operation. Many clients are more grateful when you fix a problem compared to solving it from the outset. And customer service calls can help them trust you more, encouraging them to come back and use you again. 

Offer A Great Experience

Lastly, offering a great experience is essential for building a good reputation with your audience. If you can do something that no one else is doing, then it makes a big difference to how people view you. 

Remember, when it comes to service, most people have low expectations. They expect companies to cut corners and reduce the quality of the service they receive as much as possible. Firms that offer more than the bare minimum are few and far between. 

However, if you can become one of these, you automatically put yourself in a better position. Customers will write rave reviews and, eventually, the word will spread to the rest of the community about how great you actually are.

If you’re not sure whether you offer a great experience, try becoming a customer of your own firm. See what it feels like to experience your own services and whether it makes you want to come back again. “Mystery shopping” is a powerful tool for executives who want to get a feel for what their company is like on the ground. 

So there you have it: some of the ways you can emulate highly prestigious brands. Which will you try?

Business loans are the most common way to fund your startup idea. A very simple transaction takes place; you borrow money from a lender (usually a bank) and you will pay this money back with interest over an agreed-upon term. Obtaining a loan depends on the state of your business plan and idea. If the bank doesn’t think your plan is up to scratch, they won’t let you borrow any money. 

For the most part, loan applications tend to be successful if you have a viable business idea and structure. The benefit of business loans is that they can help inject your company with some much-needed cash. This could assist you in starting your business from the ground up or giving you additional funds to aid with rapid growth. Unfortunately, there’s one major drawback: you end up in debt. 

The more money you borrow, the larger your debt will be. As such, it’s smart to think about alternative ways of funding your business that doesn’t put you in debt. Many options present themselves, yet these four are the best ones to consider: 

Investors

If you want to receive a large influx of cash without any debt, investors are probably your best bet. In essence, you find people who want to provide financial backing for your business. What do they get in return? It depends on the investor, but most will look for ownership equity. Simply put, they want to own a stake in your business. Generally, most investors will be after anywhere between 10% and 25%. If someone demands more than this, you should be a little cautious! 

What types of investors are there? Usually, you have two types: 

• Angel investors
• Venture capitalists

Angel investors get their name as they are the ones who typically look to invest in startups. These investors are eager to help companies get off the ground when nobody else is looking to fund them. 

On the other hand, venture capitalists are investors who will give you a lot of money, but they typically only invest in slightly more established businesses. Once your company is up and running, a venture capitalist can be a fantastic way of getting an injection of cash to help you grow. 

Overall, the upside for investors is a lot of money without any debt. The downside is that you give up a stake in your company. 

Business Grants

The next funding option is a business grant. A grant is a sum of money that you have access to without needing to provide anything in exchange. Typically, they’re offered by governments looking to help small businesses grow. After all, a thriving small business sector is the backbone of a strong and stable economy. 

If you’re interested in seeing what grants are available for businesses in the US, check the SBA website. 

What’s the catch? Typically, business grants are only available for specific companies or purposes. For example, you could get a grant to help with research and development. This would mean all of the money has to go on R&D, and you’d need to prove that to the government as well. 

Nevertheless, it’s a chance to basically get free money with no strings attached. You don’t have to pay grants back, and you certainly don’t give up any equity in your business. 

Scholarships

Typically, you think of scholarships with regard to education and getting into college or university. However, there are genuinely some scholarships available that will help you get a bit of extra cash to fuel your business idea. Things like The Quality Company Formations Scholarship can give you money that goes towards developing your business concept and getting it off the ground. 

Naturally, the caveat is that scholarships are only available to students. So, if you’re currently studying and have plans to start a business, look for any scholarships that might reward you financially, making it a bit easier to get your plan off the ground. The benefit is that you also get free money. It’s kind of similar to a business grant, only with fewer restrictions on what you can spend the money on. Of course, some scholarships might be more specific than others. 

One possible downside is that scholarships may not give you enough money to fully fund a startup. Still, every little helps!

Crowdfunding

Finally, you have crowdfunding. Plenty of crowdfunding platforms exist that can help you generate funds for your business. This has the potential to raise a lot of money – we’re talking hundreds of thousands of dollars. It’s a straightforward concept: you put your business idea out there for all to see, and people can back it. Anyone, literally anyone, can pledge funds to help you reach your goal. Crowdfunding is commonly used in the startup phase, but some platforms let you raise money for established businesses too. 

It’s a bit like investing, only you’re getting thousands of different investors from all over the world. Plus, here’s the kicker, you don’t need to offer any equity in exchange. Some people give money to fund projects out of the kindness of their hearts without wanting anything in return. However, you could increase the likelihood of people pledging money by offering rewards. 

These rewards can be anything you like. Many businesses will offer special discounts on products for people who help fund the idea. It could be a one-off discount, or an ongoing one. You can put levels to your rewards as well – set minimum amounts people have to donate to unlock rewards. The more they donate, the better rewards they get.

It’s a brilliant idea, but the hardest part is actually getting your business seen. You’ll compete against thousands of other ideas on crowdfunding platforms, so you really need a fantastic idea that grabs people’s attention and hooks them in. 

To summarize, these four funding options help you raise money for your business without taking out a loan. Does this mean you shouldn’t get a business loan? No, but it means you could get a much smaller one that’s easier to manage and can be paid off quickly. The moral of the story is you need to consider all the different funding options to help your business thrive. 

For a small business, achieving rapid growth can seem like a dream come true. After all, most entrepreneurs don’t want their small business to stay small forever, and the faster a business grows, the faster it can become profitable. But fast business growth has its challenges. If you’re not prepared for growth, your business may stall or lose customers because of backlogs or the inability to provide customer service due to increased demand. These situations can be frustrating and cause you to make decisions without thinking them through or sacrifice quality in an attempt to meet demand.

If your business is growing quicker than you expected and you’re becoming overwhelmed, stay calm and don’t rush into any big changes. A growth period is a crucial time for a company to establish itself and make a good reputation with customers. You’ll have to adapt your business to keep up with growing demands, but it’s important not to lose sight of the values and strategies that got you here in the first place. Here are five things you should keep in mind to better manage your rapidly growing business:

1. Be smart about hiring

It can be tricky to decide if and how many new people you need to hire to keep up with the demands of your growing company. If your current team is overwhelmed and can’t keep up with the workload, you might feel desperate for new hires. However, taking on more staff is an added expense and you need to hire the right people for the job. Hiring isn’t something you can take lightly or rush into. Your business and its reputation depend on the efficiency and work ethic of your staff. 

Before jumping into interviewing and hiring, make sure your growth isn’t just temporary, but something sustained that will require the extra staff. If you can, hire temporary workers before committing to permanent new hires. You can also use freelancers or outsource tasks to phone answering services or virtual receptionists. If you decide you need to hire more people for your team, make sure to choose carefully since one bad employee can wreak havoc on your workplace environment. When it comes to hiring, be smart and don’t rush into any decisions.

2. Don’t sacrifice customer experience

One strong point of many small businesses is their ability to connect with their customers and provide great customer service. When a company begins to grow rapidly, it can be hard to keep the same standards. Whether it’s automating the customer service phone system or taking longer to respond to inquiries, growth often leads to changes that sometimes aren’t beneficial to the customer. If your customers notice that your company is changing and the customer service isn’t the same as before, they might not feel the same loyalty and take their business elsewhere. At the end of the day, it’s in your company’s best interests to prioritize the customer experience. 

3. Make a plan

It’s important to update your business plan for your growing company’s needs. If your business continues to grow quickly, you’ll need to put strategies in place to manage it well. In your plan, you can include things like how to expand your team, collect payments, and continue to provide high-quality customer service. Going forward, you can plan for growth and be prepared to fulfill your growing company’s needs. 

4. Simplify any processes you can

Making things simpler will give your team more time to work on important tasks. Look for ways to eliminate unnecessary tasks and make complicated tasks more efficient. Invest in software and automation to reduce the time needed to complete certain tasks. Make good communication a priority so that different members of your team can work together efficiently. Once you’ve established what works, standardize your basic processes to make things run more smoothly. Improving your business’ efficiency will help you support growth and meet customers’ needs.

5. Don’t forget what got you here

Rapid growth is a good sign that your company is doing something right. Take the time to pinpoint what makes you stand out from the competition and the reasons for your success. Maybe you’ve developed an active online community, or you’ve gone the extra mile to make sure your customers are satisfied. Perhaps you have a unique product or your marketing strategy attracts customers more than what the competition is doing. Whatever it is that makes your company special and is contributing to your company’s fast growth, you need to hold onto it. Pay attention to what’s working, and stick with it. While change may be necessary to keep up with growth, don’t change the things that are making your company successful. Stay true to your business’s core values and never forget how you got to where you are.

Managing a rapidly growing company has a lot of challenges, but if you focus on providing customers with the best experience possible and making a good business plan, you can keep up with it. Don’t make bad decisions or rush into hiring new staff. Keep in mind the values and tactics that got you this far, and keep working hard to reach your goals. If you follow these tips, you can continue to build a successful business.

Whether you’re a new homeowner or you’ve been living in your home for years, it’s important to know some plumbing tips and tricks. Plumbing problems can be expensive and inconvenient, so it’s best to try to prevent them from happening in the first place. Here are 10 of the most important plumbing tips and tricks that every homeowner should know!

If you’ve never done much hands on maintenance around the home before, it can feel a little daunting to learn about plumbing. But there are actually some simple things that every homeowner could be doing to try to prevent or solve problems. Of course, if you ever feel out of your depth or if there is a plumbing emergency, you should always consider calling a professional. But for many other situations, there may be something you could be doing yourself to keep your plumbing ticking over smoothly. Here are 10 of the top tips and tricks you should know.

1. Know Where Your Main Water Shutoff Valve Is

The first step to take in any plumbing emergency is to turn off the water at the main shutoff. This is known as the main water shutoff or whole house shutoff valve.  In most homes, the main water shutoff valve can be found in the basement, utility closet or under the sink in the kitchen. It’s important to know where your main water shutoff valve is so that you can quickly turn off the water if there’s a burst pipe or another plumbing emergency.  

In most homes, the main water shutoff valve can be found in the basement, utility closet or under the sink in the kitchen. It’s important to know where your main water shutoff valve is so that you can quickly turn off the water if there’s a burst pipe or another plumbing emergency.

If you cannot locate the main water shutoff valve inside your home, then you can cut off the water outside at the water vault in the ground with a meter key or you can call a professional plumber out to locate the valve.

2. Don’t Use Chemicals to Unblock Your Drains

If you have a blocked drain, it can be tempting to pour some chemicals down there to try and clear it out. But this is actually one of the worst things you can do! Chemicals can be very corrosive and damage your pipes, making the problem even worse. Chemicals are harmful to the environment too. If you have a blocked drain, try using a plunger first. If that doesn’t work, you can always call a professional to take a look.

3. Don’t Flush Anything Other Than Toilet Paper Down the Toilet

We all know that toilet paper is the only thing that should be flushed down the toilet, but it’s amazing how many people still flush other things! Flushing anything other than toilet paper can cause serious blockages and plumbing problems. So, make sure you only flush toilet paper and nothing else!

Even wipes labeled as ‘flushable wipes’ can lead to toilet and pipe blockages. Flushable wipes are not flushable; they do not break down like paper and get stuck in the line.

4. Empty Your Traps

Your home will have traps installed in the drains to stop bad smells coming up into your home. These traps need to be emptied every now and then to stop them from getting full. If you don’t empty your traps, bad smells could start to come up into your home through the drains. Traps are usually located under the sink, so take a look there to see if you can find yours.

5. Don’t Ignore Leaks

Leaking taps may not seem like a big deal, but they can actually waste a lot of water and money. If you have a leaking tap, make sure you get it fixed as soon as possible. It’s usually a pretty easy fix for a plumber. Don’t forget to also check for leaks in other places, such as your toilet. A leaking toilet can waste a lot of water and may even cause some structural damage to your home.

6. Don’t Put Food Down the Sink

You may not think that putting food down the sink is a big deal, but it can actually cause some serious plumbing problems. Food can get stuck in your drains and cause blockages. It can also attract pests, such as rats and cockroaches. So, make sure you dispose of food properly and don’t put it down the sink.

7. Check Your Pipes Regularly

It’s a good idea to check your pipes regularly for any signs of leaks or damage. If you catch a problem early, it will be much easier to fix. You should also check your pipes if you’re going away on holiday, as a burst pipe can cause a lot of damage if it’s left unchecked. When checking your pipes, look out for any cracks, leaks or drips. Also, check to see if your pipes are starting to rust. If you notice any of these problems, make sure you get them fixed as soon as possible.

8. Wipe Away Grease Before Washing Up

If you’re cooking with oil, butter or another kind of grease, make sure you wipe it away before washing up. Grease can build up in your drains and cause blockages. It can also be difficult to remove, so it’s best to wipe it away before it has a chance to build up in your plumbing system.

9. Catch Hair in the Shower

Hair is one of the most common things that can cause blockages in your drains. If you have long hair, make sure you catch it in the shower before it has a chance to go down the drain. You can do this by using a hair catcher or a drain cover. Lift up your drain cover occasionally too as some hair tends to get stuck underneath. Dispose of hair in the bin rather than washing it down the drain to avoid blockages.

10. Don’t Use Too Much Toilet Paper

Even though toilet paper is designed to be flushed down the toilet, it’s important not to use too much. If you use too much toilet paper, it can cause blockages in your drains. So, make sure you only use a small amount of toilet paper when you go to the toilet, and flush the toilet before you put too much toilet paper inside.

If you follow these plumbing tips and tricks, you can avoid some serious plumbing problems in your home. Make sure you keep an eye on your plumbing and don’t ignore any problems. If you’re not sure how to fix a problem, make sure you call a professional plumber. They will be able to help you fix the problem and avoid any further damage to your home.

An online broker acts as an agent for investors by facilitating transactions on their behalf. If you are like most people, you may think that financial advisers like these are the exclusive domain of wealthy investors. The truth is ordinary people like you and me can benefit greatly from online brokerage accounts. This article explores investment options and how you can get the most from their services.

What are the Benefits of an Online Broker?

More Choices: One of the main benefits is that they offer access to a wide range of investments. Having many different choices allows you to choose the investment that best suits your needs. It also helps you avoid the risks associated with investing too much in one type of investment.

Extra Access: These financial professionals may be able to help you to be part of investments that are typically only available to investors with large sums of money. For example, you may be able to invest in companies that have not yet gone public and own shares of stock in up-and-coming companies that are still in their infancy.

Build Knowledge: Working with an online broker can also help you reduce your costs and make better investment decisions. Many service providers offer low-cost trading tools and free educational materials that can help keep you from paying unnecessary fees. These can help you to become more educated and increase your wealth.

Monitor and Analyze: Some tools offered exclusively by these established professionals can help you to monitor and analyze the performance of your investments over time. They may also make recommendations based on these trends. This can help you stay on track with your financial goals and help you to identify potential problems.

Available 24/7: Another advantage is that their services are usually available round the clock. This gives you the flexibility to trade whenever it is best for you, including pursuing investment as a side hustle. Online trading also allows you to take advantage of market fluctuations as they occur.

Lower Costs: Many people find that they offer lower commissions and transaction costs than other types of brokers. This is because online brokers do not have to pay the high costs associated with maintaining physical branches. This can translate into significant savings and more profit on your investments.

Who Can Use an Online Broker?

Almost anyone can access an online broker. All you need is an internet connection, a computer or smartphone, and a banking account. Once you set up an account, you will be able to trade securities and make investments whenever you want, from the convenience of your own home.

You can use these services even if you do not have a lot of money to start with. Many online brokers offer trading services for a few dollars per trade or accept small sums as a initial deposits. You can add more money to expand your portfolio after you have established a trading account.

How to Choose an Online Broker?

While there are numerous benefits, as outlined above, choosing one can be a challenge because there are so many different options available. Here are some tips on what to look for in an online brokerage platform to make sure you find the best one for your needs.

Range of Services: Some brokers specialize in a particular type of investment, such as stocks or bonds. Others offer a variety of options for you to choose from, allowing you to tailor your investment strategy to suit your goals. Typically, it is best to choose a broker that offers a full range of services so you can diversify your portfolio.

Selection of Tools: The tools these professionals offer are equally important. Your broker should offer tools such as charts and real-time data updates that will help you to make sound investment decisions. They should also offer educational resources to help you develop a sound strategy and learn more about investing.

Ease of Use: Good brokers have an intuitive interface that makes setting up your account, navigating different investments, and placing trades easy. Some will even allow you to place trades and monitor your assets using secure mobile apps, helping you to react quickly and stay on top of your investments.

Customer Service: Customer service is another essential consideration. Most will provide 24-hour customer support, making it easy to find help in case of a technical issue or billing inquiry. Ideally, choose a platform with live chat customer support or a phone number to call so you can resolve any urgent problems quickly.

Costs and Fees: Last of all, consider the costs and fees. Look for a broker with low transaction fees and no minimum balance requirements. This is especially important if you only plan to trade occasionally and have limited funds to invest. Compare the fees charged by different online brokers to find the best value for your money.

Online brokers are not limited to the rich. Everyday investors can benefit from the range of products and services offered by brokerage platforms as well. Perform your due diligence to find the best broker for your needs. Remember to only invest what you can afford to lose and be prepared to take some risks!