Blogs

Are bank holidays good for the economy?

Are Bank Holidays good for the economy The average bank holiday costs the economy £2.3 billion. Considering the fragile state of the economy, the argument that we should reduce the number of days we enjoy off work is understandable.

The average employee in the UK working full time works 1,647 hours a year. The average Korean works 2,191. That’s the equivalent of working nearly 4 more months a year at the British rate. Even the average US worker works more than we do at 1,695 hours a year. Only in the decadent European economy do people work shorter hours than in the UK.

Stand out from the start

These days it is rare to find a business niche that is not already over saturated, however you don’t need to come up with a new concept to be different. Little tweaks here and there can make you stand out from the crowd and give you a great chance to be successful from the first day.

Shout about your USP (unique selling point) from day one

This may sound obvious but all too often I see and hear about new businesses starting up and unless I really delve into their website I don’t actually know what makes them different, what sets them apart from the competition. Use all your PR channels to shout from the roof tops about your USP(s).

From startup to global success

From start ups to global success We’ve all witnessed it – the seemingly overnight success of some startups that begs the question “what am I doing wrong here?” Is it the idea? The timing? The commitment? Why do some companies transform into breakout brands, while others struggle along?

In my 25 plus years of working with entrepreneurs and startups, I’ve noticed three similarities between the companies that skyrocket vs. the ones that sputter out. Here are three ingredients that will fortify your brand for immediate growth.

How to Reduce Expenses without Sacrificing Quality

How to Reduce Expenses without Sacrificing Quality Operational margins are narrowing; leaving business owners constantly looking for ways to reduce business running costs and increase profits.

Here are simple things you should do to reduce your business expenses and increase revenue without affecting productivity or quality.

Review Standard Operating Procedures

If a business has been in operation for several years, it is possible that some standard operating procedures have become obsolete or less efficient. It is important to re-evaluate operational processes from the bottom to the top, and make changes like trimming unnecessary steps that were needed before but are not anymore, or making new changes to labour functions.

The customer is King

The customer is King Building a brand is about building a relationship with your customers. For this relationship to be long-lasting, it has to be based on something meaningful. That comes when a brand satisfies a real need, either better or in a different way to any other brand available.

Understanding customers is the key to giving them good service. To give good customer care you must deliver what you promise. But great customer care involves getting to know your customers so well that you can anticipate their needs and exceed their expectations.

To understand your customers well, you need to be attentive to them whenever you are in contact with them. The potential rewards are great: you can increase customer loyalty and bring in new business through positive word-of-mouth recommendation.

Taking a break can improve your productivity

A recent survey indicated that the average American accrues 18 vacation days and uses only 16. The average French worker takes more than twice the vacation time. To some, this statistic encapsulates the difference between American and European workers. Americans are productive. Europeans are lazy. In fact, it might say the opposite.

Europeans understand that breaks improve workplace efficiency. We mistakenly believe that more hours will always increase output, while ignoring the clear evidence: The secret to being an effective worker is not working too hard.

The importance of choosing a brand or product name

World Many global companies, like Coca-Cola, Nike, Google, Intel and Microsoft, choose to use the same brand name in multiple countries.

This is not possible for every brand, but it can often be an advantage. Think of the degree to which a single brand name simplifies marketing and increases return on advertising investment. By comparison, how much more would one of these companies need to spend to achieve the same results with a different localised brand name in every market?

How to impress your boss

The ability to impress your boss is a major determining factor in your success, as well as your happiness and productivity at work. Whether you get along with your boss or not, you need to show them you’re capable of greatness.

We looked through the latest research to find science-based strategies to help you seem like a better and more cooperative employee and, in turn, make your boss happier.

Wear red to show you’re ‘focused, committed, and trustworthy’

According to a recent study, waitresses wearing red earned more money.

If you want to persuade or impress someone in the office, you could try wearing a powerful shade of red. The colour makes others view you as someone who’s “focused, committed, and trustworthy.”

Taking risks – is it essential to success?

Taking risks - is it essential to success More small business owners today are feeling optimistic about the economy. Nevertheless, the majority say the number of risks they are taking has remained the same over the past six months.

If you’ve been playing it safe with your business, the time may be ripe to take a chance again on risk. Calculated risks taken within your tolerance level can help you make decisions wisely while keeping your business energised and moving forward.

How to capture consumers’ attention at your event

Whether you call it event marketing, experiential marketing, live marketing, participatory advertising, or any other moniker, this is a brave new world of blowing things up, building in a technological overlay to real-world places, and convincing otherwise sane passers-by to dance or change clothes in the street—all with the motive of engaging consumers.

We talked with some of the smartest minds in experiential marketing to find out how they pull off memorable events—and make sure there’s significant consumer engagement long after the event is over.

Here’s what they told us:

Create an event within an event

Try to create an event within an event where you can touch a consumer one-on-one, where you can engage directly, and teach them about your product, and do so by interacting in a quality way. Have a truth-or-dare themed campaign, ask people to dance in the middle of the street, etc.

How Businesses Borrow Money when the Bank says « no »

When conventional credit markets get tight, individuals and businesses are pushed to seek alternative lenders to obtain financing.

In this article, we’ll uncover the known alternatives (both old and new) and define the benefits, dangers and drawbacks of each.

Factoring
Factoring (also known as accounts receivable financing) is one of the oldest methods of in-house financing. Factoring, simply put, is when a business sells its accounts receivable to a financial institution or « factor ». The factor will advance funds on a portion of the receivables, usually 75-80% of their face value. The remaining 20-25% is known as the « reserve » and is initially held by the factor. The amount of the reserve will vary with the quality of the receivables and the historical average of the payers. Historical late payers will increase the amount of the required reserve.