Category Archives: Business
When you don’t have a job or just lost one, a personal financial crisis looms ahead. Managing your savings until a new job prospect comes along is quite challenging. Besides having to limit personal spending, you need to look for other ways to at least stop your funds from drying out while waiting. With financial uncertainty, your likely option is to inquire about high-interest deposit accounts – in case you have savings.
However, if your savings is scarce and no steady stream of income is forthcoming, it would be in your best interest to act decisively. Start managing your funds and follow these tips for proper direction.
Where to Start Managing Your Finances When You Don’t Have a Job
- Scale Down Spending
Your first call-to-action is to control your personal spending. The loss of a job means you no longer have disposable income to spare. A lifestyle change is definitely in order. Avoid spending in little pleasures at all costs. Your spending is down to the necessities, as it’s the prudent way to start managing your funds.
- Work On A Budget
When you didn’t care about budgeting before, working on a budget this time is the only way to go. Set a budget to allocate funds for specific use only. Accounting for every cash outlay will begin a habit of cautious spending. If successful, you will see that things are affordable after all because you’ve accounted for every expense.
- Avoid Debt
There is a strong tendency to borrow when you are tight on the pocket. Remember that the absence of a steady income and additional loan to be repaid will only worsen your financial situation. Understand that you are already in a tight fix.
- Apply For A New Job
Waste no time in searching or applying for a new job. Your objective is to bounce right back to mainstream employment. Take your network list or contacts as there might be people on your list who can help you find a suitable job. Think of your situation as a temporary setback.
- Update Your Resume
Looking for a new employment is looking for a fresh start. Update your resume by enumerating the things you have accomplished since your last work. Include your new skills and qualifications.
The rules on personal finance never change. Spending beyond your means is the basic ‘not to’ in money management. When you lose a job, and financial disaster hits, you have no one to blame but yourself. Make saving a habit and learn to place your money in high-interest deposit accounts. A lot is at stake, including your future.
Advancements in technology have completely revolutionized the way businesses are run and managed today. One of the sectors that benefited the most from these developments is the human resource department. Technology has been instrumental in the creation of various tools, resources, and business strategies which managers utilize to improve the morale and productivity of their subordinates. Below are some of the ways in using technology to build better teams of workers.
- Use it as a recruitment tool. Technology now plays a very important role when it comes to finding new employees. This is especially true for companies which allow employees to work off-site. Using the internet to find new recruits has a lot of benefits. One, you have access to a larger pool of applicants. Two, you have the flexibility to check and confirm the credentials of an applicant before you decide of bringing him into the company. And three, you don’t have to spend on wanted ads to be printed on newspapers or broadcast on television/radio.
- Use it to train both new and established employees. Before the invention of the internet, employees are trained using traditional methods such as seminars and team-building activities. The landscape has changed now because there are several other ways on how to sharpen the skills of your workers. There are software programs that enable you to train or update the skill set of your employees. Such programs may include video tutorials, webinars, games, or podcasts. What’s great about these training resources is that workers can go through them at their own time and pace.
- Use it to encourage employees to collaborate and accomplish tasks as a team. As a manager, the question that you must contend with at all times is this: How can HR create value for a business? Technology has made it easier to answer this question. Value in the perspective of a manager means harmony and healthy relationships among the employees. You can achieve these by using technology to keep your employees close. Encourage them to collaborate using online tools such as social sites, messaging boards, and even mobile applications. As long as an online tool helps them in accomplishing their tasks, you shouldn’t intervene.
It’s almost impossible to manage a business these days without using any sort of technological tool or resource. So what you need to do is embrace the developments and use them to your full advantage. Following the tips discussed above would be a great start.
Are you worried that employee engagement in your business is plummeting? Office productivity is going down. Employee turnover rate is going up. The workers look stressed-out. These are just a few of the signs that there’s an engagement problem among the ranks of your employees. The moment you notice these signs, you should work towards fixing the problem before it morphs into even bigger problems. In short, you should make increasing employee engagement a strategic priority in running your business operations.
To help you get started, here are some practical methods on how you can encourage your workers to be more engaged and involved in the operations of your company:
1) Be more hands-on in managing your workers. People respect and trust bosses who go the extra mile to connect with their subordinates. A simple gesture like giving a thank you note for a job well done can go far in boosting an employee’s morale and confidence. This in turn will encourage the employee to work harder and be more invested in his duties. It’s about leading by example. If you are an engaged boss, you will have engaged workers.
2) Nurture an open form of communication. Communication is the very foundation of engagement. Your employees shouldn’t feel any fear about reaching out to you. They should be free to comment, suggest, or complain about anything related to their job in the company. When workers are not allowed to speak up their mind, that’s when disengagement starts.
3) Encourage collaboration. This is a strategy for employee engagement that’s also very helpful in emboldening innovation. That said, you are hitting two birds with a single stone. When employees have the liberty to band together and work in teams, they’ll develop a sense of belonging. They will feel the importance of their work. They can better see the value of their contributions to the company.
4) Actively seek comments and suggestions from your employees. Again, this is about sending the message that they have a say in the business and its operations. Are there things that they want to be improved? Maybe they know of a potential market that can be tapped. Maybe they have questions about the division of responsibilities in the workplace. By actively seeking feedback from your employees, you’ll find it easier to determine the problems. It will also be easier to find the solutions to fix them.
5) Recognize and reward those who do excellent work. Give your employees a reason to be more invested in your business. They will be more engaged if they truly believe that their work not only benefits the company but their careers as well. It strengthens their drive to become better employees.
In today’s business environment, employee engagement is one of the keys towards achieving success. Your company is only as good as your employees. Nurture them and they will nurture you. Make their jobs more meaningful and better appreciated. They’ll reciprocate by working harder thus contributing more to your company’s bottom line.
Give yourself a pat on the shoulder if you’ve decided to pursue a career as an entrepreneur. The journey is rewarding both personally and financially. However, it doesn’t come without its own obstacles. For entrepreneurs working to make their mark in the eCommerce industry, particularly within Malaysia, here are 5 useful tips that should be taken to heart.
Many aspiring entrepreneurs fail to plan for the long-term while others fail to plan at all. They buy a book or pay for training and then just dive right into it. This is a bold strategy for passionate entrepreneurs, but is not always the most effective way to introduce yourself to the market. Instead, know what you are doing and what you plan to do in the following year or two.
If you aren’t making mistakes, you’re probably doing something wrong. Though this doesn’t necessarily mean you should intentionally make mistakes, an online entrepreneur should not be afraid to take risks that could cost him/her money, time, or labor. If you do make mistakes, learn from them.
It is less expensive and more fruitful to make mistakes early as opposed to encountering them in the future when your business is already well-established.
Ask For Help
Sure, you’d want your brainchild all for yourself, but the reality is businesses reach scales that no single entrepreneur can handle by himself/herself. For web-based entrepreneurs, seek physical company incorporation in Malaysia by hiring professional virtual office providers. Having a physical headquarters makes your brand more legit and trustworthy in the eyes of local consumers.
Get Professional Web Design
Your website is the first point of contact with your customers. If it looks poorly constructed or lacks the vigor to excite customers, your sales and bottomline P/L will suffer year after year. Start the right way by getting professional web design and development services. You can either provide a draft of the design you want for the business or have the professional create one for you from scratch.
Offer Relevant Content
Different markets foster different audiences. Consumer demand in Malaysia may be slightly or completely different from consumer demand in U.S. states. Know your audience by conducting thorough research, surveys, and polls to accrue data regarding your target market. Furthermore, take the time and effort to visit ground level and meet your customers in person. This gives you a better understanding of who your ideal customers are, what they think about the product/service, and what opinions or thoughts they may have regarding your brand.
The road to building a well-established online business can be physically and mentally demanding. But having a plan and knowing the market space simplifies the process of building a profitable brand that can withstand the harshest economic conditions. In addition to these technical tools and resources, your personality and attitude as an entrepreneur will have considerable impact to your endeavors. Make sure you evaluate yourself and your suitability as a CEO before you enter the space.
Scan through the online or print newspapers and one can clearly read about incidents of crime and concerns over rising violence in Malaysia.
This reminded me of a conversation I had some years back when I was in London. At an evening out, the conversation shifted to where I was from and what I was doing in the UK.
That led to one elderly gentleman reminiscing about a long-gone era when the British could leave home with their doors unlocked and needn’t fear burglaries happening, but not anymore.
The gentleman was not being racist. Far from it, he said the current immigrants to the UK from Sri Lanka, Bangladesh and other third world countries had actually improved English cuisine. However, he was upset that the new immigrants flouted the law with impunity as well.
Inspiring Story: Datuk Vinod Sekhar
Reports and statistics back then – and this was sometime in 2002, showed that these immigrants were mainly caught for petty crimes such as riding the underground without buying a ticket, stealing money from newsstands, and the like.
I am not sure what the situation is in the UK today, but if our media is anything to go by, the rising number of crimes in Malaysia is by no means petty. Shootings, murders, rape, and snatch-theft with deathly consequences … the list goes on.
Whilst I would love to blame the police like most do for the current situation, we must ask ourselves if we are doing enough as individuals to curb crime?
My neighbour, Chong, says yes we are, because he purchased mobile phones for all his three teenage school children so they can call for help if they were ever in trouble. Will this really help if, God forbid, any of them were kidnapped? I doubt it.
I believe we should take precautions and be aware of our surroundings wherever we are. I fear this is not happening. How often have we seen near accidents as people walk the streets while texting on their phones?
Interesting Reading: Petra Group
Such occurrences are common enough. So what’s to stop anyone making off with a young lady’s handbag whilst she texted away? This is precisely what I mean when I ask if we are doing enough to curb crime, or are we instead inviting it?
Statistics prove that crime in any country gets worse when the local economy slows. So we can expect crime in Malaysia to grow in tandem with the waning economy. My advice is to text less, keep a lookout wherever you are, and be aware of your surroundings. You just might save yourself from becoming a victim!
See Also: Green Rubber Global
The reality is that you are going to experience volatile markets at least once or twice if you hold your investments for any length of time. Volatility is something that every investors needs to deal with. Volatility does not have to mean big losses. Several tips will help you to invest safely when markets are experiencing volatility.
Assess Risk Carefully
Your investment decisions are exposing your portfolio to more risk when markets or governments are going through volatile periods. You need to assess the risk attached to every investment decision carefully. You are generally going to want to stick to larger stocks and investment vehicles that have a history showing they can weather the storm. If you do make a risky investment during volatile times, then be fully prepared to lose the money.
Volatile markets can move very fast. You want to avoid trying to time the market or micromanage every investment. You need to have patience to come out of volatile times without significant losses. Do not overreact to sudden spikes and dips unless they are clearly part of a larger trend. Having patience can allow your portfolio to survive and regain lost value over the course of months or years.
Keep Your Investments Diverse
The key to getting through volatile times is keeping your investments diverse. You might even need to rebalance your portfolio to make it more diverse. Diversity is important because volatile markets do not normally hit every sector, investment vehicle or company at the same time. Diversity allows your investments to minimize exposure to any single risk so that growth is still possible in unaffected areas.
Learn From Successful Investors
Many successful business people and investors have survived or thrived during volatile periods. You should take time to learn from these successful individuals. You will likely want to read some of the most recommended business books written by successful investors who have overcome volatile markets and turned a profit. The advice of these individuals and business owners can be invaluable for protecting your investments.
Try To Lower Costs and Fees
Your expected yields when the markets are volatile are likely to be average or a little below average. You will want to take steps to try to lower costs, fees and taxes during this time. Even a small amount of savings by taking advantage of tax laws or switching to an investment house with lower fees can save the small amount needed to keep the portfolio earning an acceptable yield.
Stick To Your Goals
The worst thing you can do when markets become volatile is to panic. You do not want to abandon your long-term investment goals. You need to stick to your goals and keep them in mind when making investment decisions. Sticking to your original goals or plan will keep you focused on the long-term growth of investments and not on mitigating short-term uncertainty.