Are you choosing the right business environment?
Are you in the right business environment in order for your company to flourish? Experienced entrepreneurs know that next to being passionate and dedicated to their businesses, they need to surround themselves with the right people. When you are just starting out, chances are you work from home, just because it seems that is the cheapest alternative. Saving money and avoiding unnecessary expenses is a smart decision to make; however, you also do not want to socially isolate yourself. Nobody knows about your dreams and plans, if you do not share what you do. While this is mostly a marketing plans purpose, you also need to be in the right business environment in order to connect to the people who can help you stay focused and benefit you the most. There is a reason why tech-companies move to Silicon Valley, because that is where they find like-minded peers, mentors and investors for their start-ups. What business are you in? Are you networking with potential clients or companies who can refer business to you? Are you easy to find for people who are looking for the product or service you offer? Do you have a professional office setup where customers can find you or your representative? These are just some questions you need to consider in order to determine your company’s outreach. Being in the right business environment can help you to not only brainstorm with compatible businesses, but also gives you an instant exposure to potential costumers and other companies who can become strong referral partners for you. Trying to save money while at the same time you have zero marketing and exposure going, can be the reason why your business is not taking off. Being surrounded by people, who can motivate you in a more professional setting than a home office, will benefit your business in the long term. Making an investment, which is minimal, but gives you maximum results, definitely makes sense. Consider a few thoughts when it comes to the decision of where you want to be located and what you want to be recognized for. Who and where are your potential customers? Do your customers have multiple ways to find and contact you? Is your corporate headquarters situated in a business environment appropriate to your companies industry? Where can you surround yourself with companies beneficial to your business
How does it influence your business
The economy today is oftentimes made responsible for once own financial situation, when in fact each cycle of the economy has the potential to earn a significant amount of money. Business people and investors know that, they study and anticipate how the market will develop and than act in accordance with their findings. Unfortunately the average employee most likely wont know about a change in the economic cycle and is faced with the facts when it is already to late to act. Having one hand on the pulse of the market can help you making the right decisions before you are faced with the inevitable. You can not necessarily believe what the media or the government will tell you about the economy today, according to them the economy is never bad. Fortunately there are many very good independent sources to find out about the state of an economy. First you have to understand that there are economic seasons. Similar to the four seasons of an annual cycle, the economic cycle also has a Summer - This is when the economy is booming, sales are up, house prices are through the roof, it is easy to get a loan and everyone feels that they are missing out on something, when they are not investing in the stock market right now. Everybody is talking about it, get on board, otherwise you will regret it later. Here is the problem, in summertime it is already to late to invest, because everything is overpriced and over valuated. If you know that, you better get prepared to liquidate your assets take the capital gain and reinvest it at a better time. If you sell in summer, you will get most of the money for your assets. Autumn - This is where the shift happens, sales are slowing down, the supply exceeds the demand, prices start to stagnate and eventually begin to fall. If you have not sold your assets yet, this would be a good time to still try, otherwise you will have to sit it out throughout the winter. Look at the economy today in a critical way, make decisions based on facts, not hearsay. For a business autumn is a great time to work on and improve marketing strategies, the business now goes mainly to the brands which are recognized and have a strong marketing plan. Top corporations are experts in forecasting the economy today, they have too, in order to make the right decisions at the right moment. Companies who believe they can just wait it out until the market picks up again are sometimes disappearing overnight. An example of that could be seen in 2008 when the economy basically collapsed due to the housing bubble. The recovery is still holding on until today. Winter - In the economic winter time, we are actually in a depression, the prices for housing and goods fall. This is the time where the few people who have liquidated their assets in summertime now make a killing. Properties are bought at rock bottom prices, very often for pennies on the dollar. This is how you create the economy today for a richer tomorrow. Cash is king and many are looking to invest slightly before the market goes into spring time. For businesses, winter time is great to get prepared for the next upswing, train your people, work on your marketing and sales strategy. Look for new markets with a more stable economy. Expand and invest into your business, so you can benefit the most once the recovery phase has started. Spring - In the economic spring time, we are entering the recovery curve, meaning the economy is starting to improve. This can be seen by lower unemployment rates, increased returns and profits. Don't forget it is the people who decide when they are ready to start spending again. The smart entrepreneur now starts through to explode into the improved economy, prepared with a great marketing plan and motivated staff, you know work on increasing your market share, gain more customers and invest smartly to expand your enterprise. The economy today and its seasons described above run in cycles of about 10 years. That is the reason why many successful people say that overnight success will take you ten years to accomplish. If you are starting or building your business, it is best not to participate in the opinion of the mob. You will learn quickly that you cannot get discouraged by bad news or a fluctuating economy. You rather must develop the skills to find the right information and act on your intuition. After all you know your business best and anticipation of economic development is key for your business to become successful.
Use your common sense
To keep it simple, business ethics is nothing else but being honest and truthful with your customers and other businesses. Conducting yourself and your company in a truthful manner, avoiding trick and scheme to gain profits. Sounds pretty much like common sense does it? Yet still everyday we hear about corrupt business practices for capital gain, some industries are more susceptible than others. While we can expect that every company makes it sound like their products or services are the best or do not disclose any weaknesses, we need to find the fine line of effective marketing and unethical business practices. If the perceived value of the advertising is fulfilled by the expectation of the customer or the company has a return policy, than no harm is being done. On the other hand, if the direct opposite is the case and you make promises which you knowingly cannot fulfill, than you act unethical and fraudulent. To maintain proper business ethics just align yourself with some basic rules of conduct. Tell the truth and disclose what you know Don't do to others what you don't want others to do to you. Be honest and admit mistakes you will gain your customers trust and respect Don't try to make yourself or your company look better than you actually are. Always tell the truth over popularity. Before selling, build a relationship with your customers Exceed your customers expectations. Under-promise and over-deliver. Create a true value for your customers. Use your common sense in difficult situations and have a strong customer service policy. If there is a doubt, than the customer is right. Educate your staff to present your company in an ethical manner. Build a strong reputation by maintaining high standards of business ethics. It is hard to believe that companies have difficulties to align themselves with these simple, most logical steps. Lawsuits and costly litigation procedures are happening all the time just because of misconception or non-dislosure. This can simply be avoided by creating strong policies and uphold of a honest business approach. Think long term success and not temporary gain.