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Tuesday, December 30, 2014
Business

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When it comes to sourcing products via the Internet there is one website that stands out from all of the others. That website is Alibaba and quite simply it is home to the biggest collection of manufacturers and suppliers that you could ever hope to come across.

We are talking about millions of products covering more than 40 main categories of products, with hundreds of sub-categories, and the chance to talk directly to suppliers that are based in over 190 different countries around the world. Basically, think of Alibaba as being similar to the trade version of Amazon although it does then beg the question, how can you actually take advantage of this website?

Getting Started.

Of course to begin with you need to join and set up your profile, but do not worry as it is completely free to do so. This is the point where you are able to mention what you are looking for and it is certainly best to do this as you will eventually have potential suppliers contacting you rather than you doing the hunting.

Finding The Best Supplier.

This is the hardest part of all because there are just countless suppliers for pretty much any product that you can imagine. In some categories you can easily be looking at thousands of companies that could help you and this in itself causes you bigger problems than you might realize. To really take advantage of Alibaba you are advised to use only those companies that have taken that additional step and become a gold member. The idea here is that it is easier to trust them and lets be honest you do not want to gamble with your money and just hope that the company you have been talking to is legit.

So when you realize that gold companies are where it is at, your thoughts need to turn to the search itself. Be as detailed as possible as that will cut out so many companies that are not actually suitable and save you wasting your time. Those companies that are serious about dealing with you will have a very detailed profile with more than enough details on their products. They will also often have an option whereby you are able to purchase a trial order or even to arrange for samples to be delivered and this is certainly something that you should seriously consider doing.

However, one other piece of advice is to navigate away from Alibaba for a second and look at investigating the company in question a bit further to ascertain if they are as reliable as you think. Google is very good at helping you to uncover information that may very well help you to change your mind. Do also be aware that a large number of the companies on this site are actually ‘middlemen’ and not the manufacturer, so this will alter your price quite dramatically.

Looking For Deals.

With so many suppliers, it is very easy to find companies that are capable of providing you with a fantastic deal. Of course as a business you want to pay as little as possible to reduce your costs and increase your profit margin and this really is no different. However, if you plan on really building a relationship, then try to avoid squeezing them as much as you can as both parties should walk away happy with what they are getting with this building the foundation for a strong relationship.

Something else to be aware of is that you may very well be dealing with a company where English is not their strong point. There will also be a case that every manufacturer or supplier will say that they can do something or meet a price when perhaps only two of them are capable of doing it. What we are saying is that you need to keep things simple to get a good deal and never just take an email response on face value as representing a good deal. Get references and cast iron assurances before you get carried away.

A Recap.

So when you are looking to use Alibaba to source products you need to keep the following in mind.

1. A lot of the companies you are talking to are middlemen.

2. You need to keep things simple and be very precise in what you want.

3. Do as detailed a search as possible to cut out time wasters.

4. Focus on gold members to add a sense of trust.

5. Research the companies outside of Alibaba.

6. Get references and assurances from the company before going too far.

7. Know what you are ordering and how to deal with shipping before sending money.

8. Get a sample or trial order before gambling big.

9. Be aware that the apparent lowest price may not be the best price.

10. Constantly be on your guard against fraud and protect yourself at all times.

Alibaba is a wonderful website, but it can also be a nightmare. Be careful and make sure that it is an enjoyable experience that is also profitable.

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While the business world is still very much a male domain, women are making some serious headway. One may look at the statistics to see the explosive growth among the ladies who decide to take on the challenges of entrepreneurship. In 2002, according to the US Census Bureau, there were 6.5 million female owned businesses. In 2007, that number surged to 7.8 million in just 5 years. Currently there are more than 9.1 million female owned business in the US alone. This is up from 8.6 million just one year ago. Women are starting new business at a rate of 1,288 new businesses a day, twice that of a year ago which is 1.5 times the overall average. Those started by women are growing at approximately double the rate of those started by their male counterparts.

While one may look at the entrepreneurial rock stars like Bill Gates, Steve Jobs, Mark Zuckerberg and Richard Branson and wonder where these women are. They are all over the world, but the public is still largely unaware of them. Still, women entrepreneurs are becoming the fastest growing segment of the economy, out-pacing their male counterparts at a significant rate.

There are many reasons for this. Women have a natural creativity. Female intuition is highly tuned and enables women to evaluate opportunities and people much faster and more accurately. That little voice that tells us to zig when everyone else zags is a potent tool in business that serves female entrepreneurs very well, when they listen to it. Men also have instinct but women are able to spot the subtleties of unspoken cues much quicker.

Women are natural communicators and the use of social media is pretty much mandatory. Women are already way ahead of the game on this. Let’s face it, we love to talk and do it very well. Also a female’s natural leaning is toward collaboration and cooperation whereas men tend towards competition. This is an essential skill in team building. Women also excel at listening. Being nurturers and people pleasers we are able to determine what is needed and wanted, and take care of those needs. This is not to say that men do not have this ability but we have been honing this skill for generations. Women are often more patient than their male counterparts, perhaps stemming from starting their businesses on average about 10 years later than their male counterparts. Nowadays aggressive strategies are not as effective as they once were. Women have shown they have the staying power.

Women are naturals at multitasking We can bring home the bacon and fry it up in a pan, and some of us make it look so darned easy. Well, most of the time, anyway. Women have been juggling the demands of the workplace and family for decades, Whereas the ability to focus is still a male advantage, it today’s distraction-filled environment, women really do shine.

As we move into 2015 female entrepreneurship is expected to be on the rise. Female entrepreneurs still face challenges, the biggest of which is attaining financing. Many women starting businesses feel that area is still largely gender-biased. However, more and more women are starting their businesses and the economy is strengthening because of it. This is actually nothing new as women have been running businesses all along, but usually alongside their husbands and their achievements largely overshadowed. This is changing as more women are stepping into their own as entrepreneurs.

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Business longevity and profitability often hinges on the quality of the marketing strategies. Marketing is the single most important aspect of any business function. With the new marketing ideas growing, content marketing has emerged as one of the necessary actions for any business to connect and engage with the consumers.

Content marketing has been around for a couple of years. Its importance has only recently emerged once businesses realized its impact. Here are five things that content marketing can do for your business:

  1. Save you Money

Content marketing is a source of free advertising for your business. This helps you cut down on the costs of paid advertising on the internet. There has been a shift on the internet whereby content is now considered king. You no longer need to pay an expert to drive traffic to your website. Just provide excellent information on your business website and your audience will boost your search engine ranking. Content marketing therefore saves you money on paid ads and paid website traffic improvements.

  1. Generate Leads

People always want to believe that they are making purchasing decisions not because they have been influenced into buying the products, but rather because they made the decision independently. Marketers know the truth though. With content marketing, you can influence your audience into wanting to purchase your business’ services or products. There are psychological triggers that you can use in your content that will create a great perception of your business in the eyes of the consumers. They will be more likely to purchase products from companies they can readily identify with. Content marketing can create this relationship for you and your prospects.

  1. Increase the web traffic to your business website

There are a lot of benefits to having your business rank highly in search engines. Your business is perceived to be the market leader if it pops up on the first page of a search engine results page. People are more likely to do business with companies that are considered to be the best in their field. Content marketing will help your business by boosting the number of people who visit your website everyday and this will lead to a higher placement on a search engine.

  1. Build consumer loyalty for your business

It is easy selling something to a consumer. What’s more difficult, though, is making that consumer want to buy from you again. Customer loyalty is an expensive commodity. Businesses must adapt to the techniques being used by their competitors to attract prospects. If your business does not have consumer loyalty, you will have to work twice as hard to maintain your sales margins. This issue can be easily resolved with content marketing.

Content marketing gives you the platform to not only communicate with the consumers, but also build loyalty. The content you provide must engage the audience and provide them with relevant information that improves their lives. Consumers must feel that you have their best interests at heart and that you are not just after their money. Providing great content can therefore build the connection with consumers that will lead to loyalty to your business.

The connection also works with the leads you have generated. Once people feel that you want to help them, they are more likely to purchase your goods or services.

  1. Raise your business profile as experts

In business, you have to position yourself in the hearts and minds of consumers. You achieve this once you are considered the experts in your field. Content marketing is a great way to raise your business profile. Most of the time, consumers might not know about your business or what you do. This is already a huge barrier that you must overcome in order to have them as customers. The content you provide can allow prospects to gauge whether you know anything about your field of business. Not only that, but also whether your business is merely profit-based or consumer-based.

If customers believe that your business and the content you provide is meant for their benefit, they will subconsciously accept your business as the experts and will thus be more likely to purchase from you.

These benefits of content marketing should make you consider using it to grow your business. It is very effective in building a consumer following and in raising your business profile amongst your peers and amongst the consumers.

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Being an entrepreneur is not easy. You need to have some tools at hand to make your life seamless and to operate efficiently in order to achieve your expected success. When it comes to technology, an entrepreneur must embrace tech apps that are relevant to the business. The apps must also be easy to use and effective in their capacity to make an entrepreneur’s life easier.

The following apps meet the criteria above:

  1. Winstreak

Winstreak is an application that is used to establish habits that are conducive to the success of the business. It is a free app that is available in Apple Inc.’s iTunes Store. Winstreak shows the successes that a business has experienced and helps to motivate people to want to continue doing those habits that aided in making the success a reality. This is an app that can help an entrepreneur’s staff to gather momentum and enthusiasm from the success of their work and to seek to do more.

  1. DropBoxDropbox

In an age where transfer of large data has a lot of requirements, an app like DropBox resolves any issue that an entrepreneur might have. Sometimes you might want to send large files such as multimedia and it might not work because most emails don’t allow attachments of very large files. This is where DropBox comes in. DropBox allows you to send large files to a recipient in any part of the world as long as they have installed the app on their computer. Even if you don’t intend on sending files to a recipient, you can just store all of your business files in the DropBox storage and access them from anywhere using your password. It is very convenient. There is also a DropBox app available for your Android or iOS smartphone.

  1. Evernote

Evernote is one of the best inventions of recent years. It’s an app that allows an entrepreneur to edit and save written and audio notes, and share files. Evernote also gives you the luxury of bookmarking website content that you would like to read later and access it when it is convenient for you. All the data stored on Evernote can be synced to all your tablet and smartphone devices at just the touch of a button. You can save all your thoughts and ideas, as well as multimedia files.

  1. Gmail Offlinegmail-offline

Google developed a very helpful tool for entrepreneurs to access their emails without having to connect to the internet. They can read all the received emails at their own pace without worrying about internet data bundles. You can also reply to the emails. It is very convenient to an entrepreneur as it can be used anywhere. 

  1. Hootsuite

People love Hootsuite because it simplifies their social media interactions. Hootsuite is a social media manager for all your social media accounts.

  1. Skype

Skype allows you to chat via text, audio or via video with anyone in any part of the world. It is an application that is very easy to use. All their data and premium options are affordable and you can make free Skype phone calls to anyone who has installed the Skype app. In the long-term, as an entrepreneur, you will discover that you have saved a lot of money on phone charges.

  1. Trillian

Just like Hootsuite focuses on social media platforms, Trillian focuses on instant messaging apps. Trillian allows you to access all your IM clients and log in to all of them at once. From then, you can send messages to every customer’s favourite IM chat client just from the Trillian app.

  1. Flow Dockflowdock

Flow Dock is an app that allows you to keep track of team communications and ensure your employees are in connected to one another. The app allows employees to send files, chat with each other and even read emails meant for the entire team.

  1. Lookout Mobile Security app

Lookout is a mobile phone application used to secure sensitive company data that might be lost if the mobile device was hacked or stolen. It protects your network and therefore you will not be susceptible to identity thieves when you are browsing the web from your mobile device.

All these apps will give an entrepreneur a leg up in the business dealings. It is important to take applications that are convenient and apps that will improve efficiency.

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Business expenses and what can be included in them is a massive subject and opinions on what qualifies as an expense can vary greatly. The problem here is that, for somebody that runs their own business, an individual has certain tax liabilities to consider and some will use expenses as a way to reduce that all important tax bill. This takes us into a rather shady area with loopholes and uncertainty, but there are a few basic rules that should be adhered to at all times. Failure to do so could easily lead to major problems not only for your business, but also you on a personal level as well.

The Definition Of A Business Expense.

The main definition of a business expense is something that has to be bought directly for the business itself. That does not include your own salary or anything that you could be taking out if the business on a personal level or for your own gain. If you thought that buying yourself a new outfit for a business meeting was included, then think again.

This means that equipment, vehicles, travel expenses, and even a business lunch can, in theory, be put down as a business expense. The size of the bill is not important, as there is certainly the idea that it can and does add up to quite a substantial sum over the year, and that is why you have some clever business people that will even claim for basic stationery that is only costing them $2. Is it because they are misers and are tight when it comes to spending money? Not at all, but instead they are being shrewd and playing the system that has been set up by the tax authorities and of course anything that can be beneficial to your business has to be a good thing, doesn’t it?

Business Expenses And Tax.

We have already mentioned the link between business expenses and your tax bill, but it is worth discussing it in greater detail. The tax bill for your company is worked out by looking at both your income and expenditure to then decide if you have made a profit or a loss. The amount of tax that you then pay on your profit varies depending on the actual figures themselves and this is where business expenses can make a real difference.

By keeping receipts of everything that can be seen as being paid out in order to benefit the business, you will of course increase your expenditure and profits will fall. This is important as this drop in profit can potentially move your business into a lower tax bracket, so the percentage that you are liable for will be reduced. This, in some instances, can lead to a substantial saving and really work to your benefit especially when you then consider that you have also been able to purchase everything that your business needs in order to operate.

Are There Any Limits? 

The quick answer here is no there are no limits as long as the items you purchased are clearly for the business and not for yourself. The only other limitation that you will have is the amount of money that is available in your account, but then that has nothing to do with business expenses.

The problem with creating a comprehensive list of what can be included as a business expense is the way in which different types of businesses clearly need various items in order to operate. An import business may spend money sending staff abroad with flights and hotel bills to pay, but a small local tradesperson will be focused more on materials, equipment, and fuel to get around.

This is where a good accountant can prove to be worth their weight in gold as they can look at your 21512832_sexpenses and really make them work for you. However, they will also be able to advise you on what should be left out due to it being an unreasonable expense.

What we are saying here is that the idea of business expenses should not be abused, but at the same time a careful understanding of how they can make a difference to your profit is also extremely important. The main thing to keep in mind is that you are unable to claim for anything that is clearly for your own personal use although obviously you can still benefit from use of a vehicle as well as a host of other things. If you are in any doubt as to what constitutes a business expense, then talk to your accountant as they are the absolute experts and will advise you accordingly.

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Picture the scene for a minute. A guy with dreadlocks who started making something in his kitchen with no money is waiting for his opportunity to go on Dragons Den, which is the UK version of Shark Tank. He walks up the stairs playing a guitar and singing a song that he had written himself. You can imagine what was going through the minds of the investors as it was certainly a novel entrance and one they had never seen before. This was Levi Roots and his story is one that really is rags to riches and it gives you hope that your life could work out the same way.

The origins of Levi.

Levi was originally born in Jamaica in 1958 and was actually a friend to Bob Marley and spent time with him when he lived in the UK. Occasional jobs, picking up money from time to time, and playing his reggae music whenever possible. However, life was always a bit of a struggle and he ended up in a poor suburb of London trying to make ends meet, but it was his Jamaican origins that would ultimately prove to change his life.

His business.

In London there is a world famous carnival in Notting Hill every year and this was where Levi really kickstarted his business career. His sole product was his very own cooking sauce, which became known as Reggae Reggae Sauce, which he created, manufactured, and bottled in his own small kitchen. However, a carnival was certainly the best place to sell such a product, which he eventually did do and sold 4,000 bottle in just a few days. This success is regarded as being the turning point for him and led to him developing the belief that he did indeed have something that people would want to purchase and this ultimately resulted in him applying to pitch his idea on national TV in 2006.

Levi RootsTV and changing his life.

If you are in any doubt about the potential effectiveness of these kinds of programs, then maybe this guy will change your mind. As was mentioned earlier, his entrance was unique, but his pith was far from perfect with him even making a mistake whereby he claimed to have an order for 2.5 million liters, but the actual order was for 25,000 kg which is something completely different. The main thing was that the investors saw enough merit in his product leading to two of them investing a total of £50,000 for 40% of his business.

The outcome of that deal.

The outcome of that deal was not only his product flying onto the shelves across the UK, but Levi himself became a bit of a personality. Within weeks of the episode airing it was announced that one of the largest supermarket chains in the country was going to stock it in over 600 stores. The others soon followed with it leading to Levi creating a whole host of other products along the same lines, which he continues to do to this day.

Now, the Reggae Reggae brand consists of various flavors of jerk sauce, marinades, sodas, ready meals, cookbooks, and has generally made cooking from the Caribbean cool. When you then add in his appearances on television, he has certainly come a very long way from a small apartment in that poor part of London.

His belief in supporting others.

Since then, Levi has become a major supporter of helping up and coming entrepreneurs to get started in the world of business. He does this by supporting a UK government scheme, of which he was one of the early founders, whereby people get help from a business mentor and limited funds from the government to help them to turn their business dreams into reality.

His overall success.

By 2014, Levi has an estimated fortune of £35 million, which is very impressive considering the small profit margins with his products and that he only has 60% of his company. His fortune is only going to continue to grow as his products have really been accepted in the UK and his energy is infectious for most people and he is certainly a perfect example of how your personality can play a major role in the way that your business develops. The fact that he is then trying to pass on that energy to other people who are in the same boat as he was in 2006 is to be applauded.

Turning your life around in just a few years is always impressive and perhaps the best lesson to learn here is that investors do not always have to be a bad thing. Instead, with the correct people you could really make your fortune, so do not simply dismiss it as Levi is glad that he accepted that offer.

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Your business needs money to function. That is pretty much a no-brainer. If you do not have the capital to purchase equipment, advertising, pay staff and other start up costs your business will crumble fast. The first choice for most businesses is to apply for a bank loan. However that is not always a viable option, especially when your business is just starting up. Banks are not always forthcoming with available funds to self employed business owners, particularly if they credit-challenged. Fortunately there are methods of creative financing for businesses that do not involve the banks.

1. Merchant Cash Advance

 Also called Factoring or Receivables Financing, this simply means your business is being financed by selling future credit or debit card sales. This works particularly well for retail locations, service businesses, restaurants etc, where payment is made largely by credit or debit cards. The merchant cash advance company will take a portion of those sales. There is no fixed repayment schedule. The percentage of revenues to be applied to the advance is determined at the time of approval. There is usually no credit check or collateral requirements and payments are flexible. The down side is that the cost of these cash advances can be quite dear, on average about 25 % and they do not take start ups. You need to be able to prove that you are receiving a certain amount in credit card sales per month, and they usually require you to have a physical location with at least 6 months left on your lease. However, the funds can be used for anything you wish, so if you need fast cash flow, this could be an option.

2. Peer-to-Peer Lending

This option is where several investors grant a loan to an individual or business bypassing the banks entirely. These can be easier to get but you still need reasonably good credit in order to get a decent amount of money. This has become a popular option when the banks decline and can be done online through companies like lendingclub.com or Prosper.com. Interest rates vary with the company and the borrower and a credit check is necessary. They are able to lend in smaller amounts than banks and are a good option for a new start-up needing seed capital.

3. Crowd Sourcing

Similar to Peer-to-Peer in that funding is attained by a number of investors who grant money to a business or project but do not necessarily expect to get paid back in cash. They purchase “perks” in the business or project such as an autographed t-shirt or a copy of the movie being shot. This is a favorite form of financing among the film and music industry or other non-profits, as singular projects can acquire the money they need that are not necessarily bank-friendly. Such projects may include shooting a film or web-series, producing an album or funding any charitable or non profit cause. For profit businesses may also take advantage of this financing method. A great proposal with mass appeal can net thousands of dollars. Try kickstarter.com or indiegogo.com.

4. Business Incubators

Business incubators are systems that offer business start ups support in the form of office space, administrative services, management guidance, software, training and funding. They usually work with several businesses simultaneously and will typically not require a monthly fee but rather ask for an owner equity or profit sharing arrangement for a given time. At any rate they can provide resources that would be very expensive for a new business to bear on its own and the mentor- ship factor alone could be invaluable.

5. Vendor Financing

There are many instances where a vendor will be willing to finance the purchase of equipment or inventory. This can occur in cases where the supplier is small or new and they really want your business. They may be in a position to be flexible. When in doubt, ask.

6. Family and Friends

Last but certainly not least, do you have a rich uncle who can help you? It may seem like asking family or friends for money is last thing you want to do, but perhaps you should take another look. If you have a solid business plan and a repayment proposal with appropriate interest they could well take your idea seriously and get on board. Remember to treat your new venture as a business. If you are taking it seriously they will too. Remember too, that they love you and want to help you.

When the economic climate is difficult and they banks are inaccessible that doesn’t mean your business idea is dead. A little ingenuity and some research can turn up many alternative ideas to finance your business, even when the banks say “No”.

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Concentration is clearly very important, but often we lack the ability to maintain the level of focus that we need in order to actually perform as required in our day to day lives. Clearly this can pose a real problem, but there are a number of things that you can do in order to improve your concentration levels almost immediately. Why is this such a good idea? Simply because when we concentrate correctly we manage to get more done and are less likely to make mistakes and surely you can see how that can only be a good thing for your personal life and career?

1. Organize Your Day And Prioritize.

One major contributing factor to poor concentration levels is being disorganized. Just think about it for a moment and it will make more sense because how can you possibly focus correctly when your mind is having to be all over the place trying to remember what you need to do next. Instead, thanks to organizing your day and dealing with the most important tasks first, you will be mentally calmer, will be able to deal with just one task at a time, and concentrate enough to complete it before then moving on to the next thing on your list.

2. Reduce The Number Of Possible Distractions.

Us humans are fantastic at finding things to distract us and obviously this will then play havoc with our ability to concentrate. This problem is magnified when we then move between our different environments as potential distractions at work are largely going to be different to those at home, but the end result stays the same. We lose focus. What you need to do is to set aside specific times to do certain jobs such as checking your emails or dealing with calling people. Of course there can always be exceptions to this rule, but generally speaking it is more beneficial for your concentration levels if you are able to stick to having these set times for certain tasks.

3. Work On The Smaller Parts Instead Of The Big Problem.

When it comes to concentrating at work, it can often be the case that we start to become too stressed and highly anxious due to feeling overwhelmed with the work that we feel that we need to do. However, the problem is that we have a tendency to allow ourselves to be stressed out by the bigger picture and our concentration levels suffer as a direct consequence. The best advice is to look at these major problems and try breaking them down into parts that are more manageable. By then seeing each part being completed, you will feel that progress has indeed been made and you will manage to stay focused and concentrate for longer.

4. Get That Quiet Spot.breather-room

This is pretty obvious advice, but try to find that quiet corner at work or at home where you can be left alone by others and they will realize that you want to just concentrate on what you have to do. It is important that you create an atmosphere around you that says that you are there to work. You are going to struggle to do this if you are next to the coffee machine where people are chatting constantly. If you do need to share a workspace, then look at finding an individual that has the same work ethic as yourself. It can be very difficult to concentrate if your work mainly involves a computer and the person beside you never stops chatting or using the telephone. Wherever possible try to manufacture a position that is favorable to your ability to concentrate as too many distractions will seriously reduce your ability to produce on a regular basis.

5. Learn Some Distress Techniques.

Stress is a major cause of loss of concentration, so it makes sense for you to learn ways to lower your stress levels on a regular basis to stop this from becoming a problem. This can be done in a number of ways including stress balls, meditation, breathing techniques, short walks, even some forms of music via your iPod can make a difference. By lowering your stress levels you will manage to lose that brain fog that often encapsulates your mind and makes it harder to even remember what you were doing in the first place. Surely it is more beneficial to spend five minutes doing something to make you feel calmer and to return you to some sense of normality rather than struggling on perhaps for the rest of the day with your mind scrambled and unable to concentrate?

There are of course more ways in which you can improve your concentration levels and this is certainly just a small selection of tips that have previously been shown to be quite effective with others. However, it is often the case that it is a bit of a personal journey to find out what works for you as long as you can concentrate long enough to work out which one is best for you.

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So your business is going well. You are making a profit, you have cash in the bank, and you are getting busier. Everything is rosy and you basically have no complaints whatsoever about the direction that your business is heading in. However, even though this sounds wonderful, you are probably heading towards a very difficult point. You see this is the kind of crossroads whereby you start to think about the possibility of expansion. The question now is, when exactly do you expand? Will it cause a problem for your business as it is? Is expansion even a good idea?

 The reasons behind expanding.

First, we should look at the reasons as to why a business may expand, and there are several reasons. First, they may be getting more business than they are able to handle at any given time. The amount of work may be at a level where they need more staff to handle it, or the quality of the work or service will diminish. Next, they may see an opportunity to move into a new area, open a new office or store in another area, or to tap into a different market and have the capital to do so.

Companies may also be given an opportunity to offer a new service or sell a new product. They may be given the rights to be the representative for somebody else. They could also even take over a rival and buy them out.

The point being made here is that there are a number of reasons for expansion, but a business still has to be careful as to when and how they expand as will now be explained.

How to expand in a sensible way.

There are several things that you need to do when it comes to expanding your business. The main thing is to never rush into it as so much research has to be undertaken before you make that move into a new area or market.

First, fully understand the reasons as to why you are contemplating expansion in the first place. Is it logical for you to expand now? Is it a good enough reason? Once you accept that this is the best route forward, you must be prepared to fully commit to it or you could be making life harder for yourself.

Next, look at your finances not only now, but also what is required from a money point of view for the expansion. This should form an integral part of your new business plan, as you are going to be more organized with one, as you must be absolutely sure that you do have the money in place along with extra to make sure that your current business will not suffer.

The third main thing that you must do is to look at the market research. Is it viable from a market point of view for you to expand? What is the competition like? What is the overall market like? How do you see the market growing over the next couple of years? Clearly understanding the market in advance will then give you more confidence about expanding, or even make you steer clear from doing so.

When expansion becomes an issue.

Clearly, as there are several reasons as to why you should expand, there are also reasons why you should not. You see, expansion is not always a favorable thing to do and there are moments where it can cause problems for your business and understanding these problems can help stop your company from collapsing.

The first point where expansion can become an issue is when you simply do not have the correct finances in place to sustain the expansion plans not just now, but for the foreseeable future. It is madness to try to increase your business base if the money is not there and there are numerous examples of businesses collapsing due to a misguided adventure.

Next, not understanding the market will always pose a problem. You are putting everything at risk by not being aware of the market that you are moving into because why would you do something when you are effectively blind? How do you know that people want what you have to offer if you have not checked? How do you know if the market is saturated or dead? If taking over a business, do you know the reasons why it was not performing as well as it should be? Preparation is key and expanding without being prepared is deadly.

A third and final major reason why expansion can be an issue is when you try to expand too quickly. Allowing yourself to get carried away with almost instant success is a major problem as you might not have even come across the problems that all businesses have at some point. Yes it might be going well,but there are important lessons to learn and mistakes to be made and if you expand too quickly, then those mistakes are bigger and of course more costly.

 Expanding your business is an exciting time, but it must be done correctly to make sure that your new and improved business is even more successful and on a bigger stage. Be careful and do not allow yourself to get carried away with success as expansion is not always a good thing as you have just read.

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It is important that you monitor your reputation, especially on social media. This is important for both small and large businesses. It is understandable that small businesses do not have larger budgets like more established ones yet today this article is going to discuss five social media monitoring tools for a business on a budget. Therefore, you can see how easy it is to monitor your business’s social media accounts.

KnowEmKnowEm

KnowEm is one of the tools that allow you to search your brands name to make sure that no one else is using it. This tool is one that every business should use as a part of their marketing strategy. It can help you monitor your reputation in addition to finding out which social media networks your competitors target so you can get your accounts set up too.

The best part is KnowEm is 100% free to use and if you want to be able to claim your profiles across all of the social networks, you can do so for a onetime fee. KnowEm is ideal for businesses that are just starting out yet established businesses can find this tool to be great for monitoring their competitors.

Hootsuite

Hootsuite allows you to make columns so you can monitor Twitter mentions, Facebook wall posts, and searches on Google +, Facebook, and Twitter. The search columns are a great feature because they can be used to spy on your competitors. The best part is Hootsuite allows you to schedule out posts too, which could save you time and money when it comes to social media management.

Hootsuite has both free and paid options available. The free option can be used for users who have five social media profiles or less while the paid packages begin at $8.99 per month.

Social Report

For businesses who would like to monitor their social media accounts without having to go into a bunch of different tools to do so, Social Report is the ideal tool. With this unique tool, all you have to do is check your email daily and you will find a report of your social media mentions, Google Analytics stats and more. You never have to worry about logging into the dashboard, after creating your account because each day Social Report emails everything that you need straight to your inbox. If you have 10 accounts and just need basic features, you can expect to spend $9.99 per month and if you have fewer than 50 accounts and need advanced features, you will pay $39.99.

TrackurTrackur

Trackur is a simple, quick, and budget friendly way for businesses to monitor social media accounts. They do not have any free account options available yet when you first sign up, they do provide you with a free trial.

Trackur serves the purpose of allowing you to review mentions of your business across social media and blogs. It even goes as far as to provide you with the influence analysis for the mentions. Many businesses find Trackur is helpful when they are looking for testimonials and you can even save the best mentions for later to discuss advertising with the blogger down the line. Trackur plans start at $97.

Mention

Mention is your key to making sure that you never miss anything that is said about your brand. With Mention, you can stay on top of what your customers are saying. This allows you to reply to them faster, so they can see that you are not a business that is just out for the money but you actually care about your customers too and show them with your remarkable customer service. Mention has both free and paid packages available. However, the free package only includes 2 alerts and 250 mentions each month. If you need more than that, you can always upgrade to a paid package for as little as $29 per month.

Closing Thoughts

Monitoring your business’s reputation is something that is very important. With the five tools, that we have discussed today you will be able to do just that.

What tools do you use to manage your business’s reputation? Feel free to share in the comments section below.

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