Category: Strategies

With the right tools and strategies, you can expand your business all around the globe. In this age of the internet and digitalization, taking your business to an international audience might seem easy to achieve, but on the contrary, it takes a lot of hard work, dedication, and a focused strategy to get the best possible outcomes. Here are some essential tips you can follow to help improve your business outreach and open up possibilities for your business to grow and prosper.

Analyze the Market

Before you consider entering a foreign market with your products, research the local market to determine the influence your business could potentially have. You can start by conducting a segmental analysis to determine whether the product you choose to sell could cater to the local market. Reviewing the gap analysis can also help in knowing whether there is a potential space to fill in the consumer demand for your product. Furthermore, evaluate the market size and work on the pricing to meet the price range of local consumers. 

Build Your Team

For businesses to expand quickly and with ease, setting up an extension of your office and hiring local talent can prove to be a great decision. Besides finding employees to run operations, you can always utilize the services of senior interim executives. This allows you to make informed decisions, provide the right guidance to employees, and help you build a team that leaves an impact on the market. 

Working on Products

Use the insights collected from analysis like product gap evaluation and rework on the prices and availability of your products for a better impact. Learning about government-regulated laws and regulations can help you better understand the types of certifications that might be necessary to sell the product locally. Furthermore, work on the brand name and try to translate the product name into the local language for better engagement. After you have worked on product basics, initiate a patent review to be on the safe side and avoid any legal trouble. 

Devise a Business Strategy

Your business plan and strategy can guide your company towards reaching the global market. Therefore, give yourself time to make a focused strategy and an effective business plan while keeping in mind the cultural differences, socioeconomic status of the general population, government policies, and the market conditions you intend to work in. You can make a long-term business strategy, but consider implementing the SMART goal strategy, which ensures that the goals you establish are achievable, time-bound, realistic, and can be achieved within a reasonable amount of time. Making a business model while keeping in mind the above-mentioned aspects will help get the best possible outcomes. The final step is then to develop a budget and a tactical action plan that details all the work-related activities and objectives that the business has to achieve within the time frame. 

Improving Communications

Businesses and corporations that handle a large volume of incoming and outgoing calls can improve their communications by adopting modern technologies like VOIP or SIP trunking services for much better results. Using SIP services ensures that you are all set for international calling without the hassle of hefty line fees and call tariffs that come with connecting with people globally. There are a variety of SIP trunking suppliers out there, each providing different features catering to a lot of different businesses. Therefore, make sure you evaluate your business requirements and the offered SIP features to decide on the best possible outcomes. 

Organize Your Business

The rules and policies designed for the foreign market should be flexible enough to let employees follow the provided company plans and work routines without any issues. While keeping in mind the strategy you made, analyze the business infrastructure to ensure the implemented strategy is effective. Work on adjusting your existing policies and making an extension of policies that can cater to the local market. You have to keep in mind that a business will only prosper when you let employees feel the benefits of their hard work. You can run competitive incentive programs to appreciate and reward employees that put time and effort into their office-related work. When it comes to organizing a business, most entrepreneurs are now emphasizing using automation tools to carry out many office tasks that take quite a lot of time to complete. To ease up operations, you can either start using automation tools for basic office-related tasks or get the services of tech experts to help you out with the setup and execution. 

Pros and Cons of Expansion

Pros of a Global Reach

• Tapping into new markets to explore opportunities and improve sales.
• Easy access to local talent can cut the cost of operations and provide you with the best outcomes in terms of employee productivity and effectiveness. 
• Expanding your business on a global scale ensures that you are establishing a clear international representation that consumers can trust.
• The expansion also helps in making a reputable name for yourself in the local market, keeping you ahead of your competitors. 

Cons of a Global Reach

• The capital investment required to expand the business might slow down other business transactions and limit the cash flow.
• As the international consumer market is well-connected, approaching several markets at once can cause a lot of spread, making it impossible to push products into the market and generate lucrative outcomes. Most business owners think that expanding the business is an effective strategy when everything is going smoothly. However, in reality, the expansion will spread your resources and expertise too thin, resulting in relatively poorer outcomes than expected. 
• With the expansion of your business, you will require more time and energy to manage and delegate employees at different locations. 
• The increased workload can easily affect the quality of products or services offered. which can negatively impact your business’s outcome.

The above-mentioned strategies and tips can be implemented to help expand your business into the international market. However, it is important to understand that each business’s requirements are different, so always study your business model in detail, get your team involved, and get help from industry leaders to make impactful decisions that help you establish your roots in other foreign markets.

Many people need to transcribe videos quickly and accurately, which can be a challenging chore, yet one which can be immensely satisfying and useful if completed successfully.

If you are struggling to stay on top of your transcription tasks, here are just a few top tools and tips to ease the strain.

Automatic transcription is speedy but imperfect

There are a whole host of tools which enable you to analyze video files and transcribe the speech they contain automatically, although there are pros and cons to many of the packages out there.

Dovetail, for example, is one of the most popular solutions in this space, and yet it only offers an accuracy rate of around 85 percent. This might not be suitable for your needs, in which case finding alternatives to Dovetail is a good idea.

Some services, for example, include both automatic transcription and the ability to outsource this to human transcribers elsewhere. This can be handy if you are on a tight deadline and you need accurate transcription ASAP, or you simply don’t mind spending a comparatively small sum to allow someone else to handle the often tedious task of transcription for you.

Brushing up on your typing is sensible

One of the main skills that a transcriber needs is a high per-minute word count when typing. If you are not especially quick at the moment, or you find yourself falling behind when the video gets speech-heavy, such as when multiple speakers are involved, it can really slow you down.

The answer is to spend time practicing your typing using tools designed to increase your speed without sacrificing your accuracy. There are lots of software packages intended to teach touch typing, of which free examples like Typing.com are a good starting point, while premium equivalents like KeyBlaze deliver a more expert-led, transcription-specific approach.

Don’t skimp on your audio equipment

Your fingers may feel like they are doing all the work, but your ears are really the stars of the show when it comes to transcribing video.

As such, if you are stuck with tinny headphones, or worse still the small speakers of a laptop computer, then your experience will suffer.

Instead, invest in a high quality headset that not only delivers excellent sound, but also has active noise cancellation built in. This will ensure that you can give your full attention to what is being said, regardless of external distractions.

Choose the right space

Speaking of distractions, it might seem obvious but the environment you transcribe in can either help or hinder your speed and accuracy.

Having a space which you can escape to and shut out the rest of the world is the ideal, for obvious reasons. It is also sensible to make sure your transcription setup is comfortable, because you could be using it for long periods. Getting a chair which is supportive and adjustable, rather than cheap and cheerful, is wise in this context.

Break up your transcription sessions

Last but by no means least, remember that you need to have a rest during very long stints of video transcription. If you don’t, you could find your typing speed tumbling and your accuracy taking a plunge, which will only protract the amount of time you have to spend making corrections later on.

Compartmentalize your day, build in regular breaks and make sure to move your body as well as fuelling it with food and water. All of this should lead you swiftly towards your transcription goals without any of the usual speed bumps slowing you down along the way.

There are so many things that must be understood when it comes to cryptocurrencies, especially if you’re relatively new to this. If you’ve decided to invest in cryptocurrencies, then you should get your facts straight regarding the purchase of Bitcoin.

Besides that, you should also gather as much information as you can when it comes to selling it. So if you’ve recently purchased a certain amount of bitcoin, and you’re not sure how you can sell it, don’t worry, there are a plethora of options out there.

Nowadays, there are lots of people who are interested in cashing-out their bitcoin, which is why this article is here, to show you all your options related to this topic. Let’s see and uncover the best ways to sell it.

1. Create An Exchange Account

One of the easiest ways to turn Bitcoin into money is to make use of the exchange platform. Namely, they act as a mediator for the decentralized cryptocurrency by selling Bitcoin for you.

There are lots of reliable and reputable platforms on the market, however, possibly the best one is Coinbase. If it doesn’t seem like the best option for you, then you can always select another line, like Bitfinex or Bitstamp.

As far as Coinbase is concerned, it’s really easy to set up an account, however, there are some hurdles along the way that you will have to jump through. Depending on the country you’re coming from, you will have to obey certain rules.

For instance, the website will ask you to send some ID forms. Now, this isn’t anything that’s too complicated, however, it does take a couple of days to process. If you sign up for this website, you will have better control over the sale.

2. Determine A Currency You Want To Cash Out In

What are your options in this case? If you’ve decided to leverage crypto, then you should opt for the currency you utilized to purchase the crypto. For instance, if you bought Bitcoin with EURO, then you should sell it for EURO as well. 

On the other hand, if you want to cash out by using a different currency, such as USD, then you should look for a cryptocurrency exchange that trades USD and go there to trade.

3. Transfer The Coins To The Platform

If you’ve successfully created an account on a certain platform, now is the time to transfer the coins. You can either transfer your coins from the exchange wallet into any digital platform wallet on the crypto marketplace. 

Now, before you do so, just make sure that you are utilizing someone who is reputable and reliable (this refers to the vendor), meaning, that it’s somebody who doesn’t have any problems with the safety or security of funds in their possession. 

This is of huge importance and something you should always keep in mind, because if something negative occurs once you transfer the coins, you will not have enough resources for recovery.

4. Place A Sell Order

If you’ve decided to use Coinbase for this purpose, then you will quickly realize that it’s not difficult at all to make a sale. All you have to do is click on Buy/Sell from the menu and then go straight to the Sell section.

Then you should click on Bitcoin since this is the currency you’ll be choosing, and then just make sure the proper destination is chosen for the funds in the Deposit To department. If your bank account is linked to your account, then you will be able to choose it there for a direct transfer.

Furthermore, now you should check the connected wallet to see the amount of Bitcoin you have and then pick the amount you wish to sell.

5. Direct Trades

If you want to be more involved in the trades that you are currently part of, then you should opt for this alternative. What’s great about it is the fact that it provides you with more control during this whole process and allows you to choose how much to sell.

First, you will have to set up an account and then register as a seller and then once again deal with that whole identity verification process that is similar to the one that you’ve experienced on an exchange platform.

Once you’re done with it, you will have to accentuate that you want to sell some Bitcoins, and then at some point, potential buyers will contact you if they are interested. During this process, you will only be communicating with the buyer, there will be no third parties.

6. Face-To-Face Transactions

Another simple way of selling your Bitcoin is precisely through face-to-face transactions. There are lots of people nowadays who simply want to meet up in person and then sell their own Bitcoins.

Now, if you’re considering this option, then it would be recommendable if you understood how to send your Bitcoin and deal with the platform or crypto wallet. Bear in mind that the value of Bitcoin constantly changes, hence, it would be smart to get yourself familiar with the price (at the time you’re selling it) before you meet up with anybody.

A majority of traders employ rates from reputable exchanges. Moreover, you can always rely on services like Cointelegraph’s Bitcoin Price Index to reveal the newest price of the crypto asset. In various countries, you can go to shops to perform this exchange.

7. What About ATMs?

Another great way to sell your Bitcoins is via Bitcoin ATMs that can be found in a lot of different places in the world. Now, before you choose this option, make sure to see if it’s available in the area you live in.

Moreover, this service lets people deposit their money into a machine and then get the same amount of bitcoin in return. Remember that some machines have daily withdrawal limits, while there are those that demand verification from a team member of the ATM’s owner.  

If you’re a newbie who isn’t too familiar with this whole crypto scene, then things may seem a bit confusing at the beginning. That’s precisely why you should carefully go through this article to get all your facts straight.

Communication is one of the most crucial aspects of our life; it allows us to plan, talk, and disagree with one another. Communication is essential in business; without it, the workflow would be disrupted, and misunderstandings would be common. We’ll attempt to show you some techniques to increase general communication and, as a result, the pleasant mood in your company.

Utilize Group Chats

If you want to boost communication, create this group chat a location where individuals can discuss their workplace issues as well as schedule some events. You may also post information about active activities there. They may also talk about what has happened in the past, potentially an amusing incident, which will allow them to get to know each other better.

A group chat reduces the necessity for face-to-face meetings as well. Physical meetings that aren’t essential detract from your company’s efficiency. Many decision points that would have needed a meeting can now be decided via group chat. Email and teleconferencing are examples of traditional techniques of business communication that may restrict the natural back and forth of a fruitful dialogue. Using text to communicate enables a collaborative and participative approach to information exchange, which can increase the data quality. If you operate in a fast-changing business, you may need to convey crucial information in real-time. Your team will be able to share information and coordinate responses more quickly via group chat.

Team Building Exercises

One of the most important segments for your employees is to be a team. When they sense that they are a team, every assignment will be much easier. Once people feel that they belong to a certain group, they start to relax and get to know other workers better, and thus communication and understanding are reached. There are many businesses that work on the principle that you should not talk with one another, except if it matters for the job. This notion can be very problematic, people are never able to truly express themselves, rather they just do what they are told to, without much joy which over time can lead to depression, and anxiety. Team building exercises bring cohesion to the table, people start to know other staff members if the employees enjoy the company of other staff members, and when they think that you are part of the team also, it will make them more eager to discuss with their colleague what he or she should do, and that conversation will be more thorough because of them getting to know each other better. Also, these types of exercises train the people how to work together which will make for a more efficient unit.

Organizing Events

For some employers, this may seem like a time-wasting and money-losing option, but it is not in most cases. Employees love to get out of the everyday routine of coming to work, doing it, and then going. Because of this type of monotonous life, many cannot continue to work at a certain place or they do not do their job appropriately, with a sense of responsibility. Now, if you would throw a 2-hour event every month or two, your employees would be a lot happier, especially if they have something to eat there. These events should be loose, everybody just takes something from the buffet and walks around to talk with other people. Them getting to know each other will make a better connection between them and thus communication will be achieved easier. You as the leader need also to socialize with them, let them know that you are open to advice and help. Some people will perform a better job if they get to know their boss better and realize that you care about them. They may also give you ideas on what needs to be changed.

Talk with Them about What Is Happening

This suggestion is aimed squarely at managers. Because successful communication necessitates everyone being in the loop, one of the finest things you can do is keep your staff informed about what’s going on at work. Once they are familiar with some aspects of the firm’s dealings, they will be able to tolerate some decisions, especially if they agree about what needs to be done. Talking with them will also lead them to pitch in, and be involved more in the business dealings, giving advice, also they will talk about the business more between themselves which will result in better understanding what needs to be done. If your company includes its employees it will result in a cohesive unit that knows what their goals and task are. 

Recognition

It’s no secret that an employee’s level of engagement is strongly influenced by their amount of recognition (or lack thereof). In fact, one of the underlying reasons why employees quit their firms is a sense of being unappreciated and devalued. Give your staff what they desire, and communicate with them to keep them engaged. Recognize employee worth through techniques such as praise from top management, more autonomy, or meaningful awards. If you give the most hard-working of them a raise or promotion, the others will see that if they work hard they, can move up the chain. It is very important in this segment to be fair and just, you don’t want someone to think that a certain employee was not deserving that post because it would lead to the opposite mindset from the one you are seeking. Because the employees see how they would get rewards if deserving, then they would want to talk with others so that they can do their tasks quickly and well. 

Positivity

Nobody would like to work in a hostile environment, and when that is the case, the last thing you want to do is to talk with others or the boss about how to get something done. You as the head of the business should be talkative, ask your employees about their problems, do they need some help, what can you do for them. 

Without proper communication, company’s are destined to fail. So keep in mind that you need a proper environment to establish good communication which is brought up over time.

Note: Thinking of getting a business car? Read this guide.

Retail arbitrage is when you buy goods at a discounted price and then resell them at a higher price to make a profit. For instance, you can buy a product at a discounted rate of $2 from a store or brand and resell the same for $6 and gain from the difference.  

Amazon retail arbitrage is just the same as any other retail arbitrage, the only difference is that the selling platform is Amazon. Here, you find a deal on a product and resell it on Amazon. 

Retail arbitrage shouldn’t be confused with other business models like wholesaling, private labeling, and dropshipping. Here, a customer orders from the seller, who in turn forwards the order to a supplier. It then becomes the responsibility of the supplier to get the product to the customer.  

The Pros Of Amazon Retail Arbitrage

• It’s a simple business model and won’t cost you much, unlike wholesaling and private labelling. If your sales are relatively low (less than 40 a month), Amazon won’t charge you a subscription fee. However, if you make more, you’ll be upgraded from Individual Seller Account to Professional Seller Account.
• Some of the products aren’t available on the Amazon platform. When you sell such products on Amazon, it widens their product range, therefore, earning revenue for Amazon and yourself. This will make you a valuable asset to Amazon and they’ll work hard to keep your business.
• It offers buyers convenience as they can order goods remotely by clicking ‘add to cart’ instead of physically going to a brick-and-mortar store.
• You won’t be tasked with thinking of new product ideas to make a product sale; Amazon already takes care of that. You also have the freedom to choose from a variety of products to resell.
• You won’t have to put much effort into marketing the goods, as brands are already advertising them.

The Cons

• Profit margins may be limited since you don’t have ownership of the products. For instance, a popular product has buying limitations. You may end up asking others to buy stock on your behalf which will come with other expenses. You may also be forced to purchase from different outlets to satisfy the demand.
• You may face the hurdle of ‘brand gating’ (barriers set up by brands on their products). You might purchase products only to realize that they’re brand-gated. The hassle of getting a brand’s permission to resell a product involves a lot and may not be worth it after all. You may eventually be forced to look for other markets to sell that product.
• Under the ‘Brand Registry Protection’ on Amazon, private labels and brands have larger control over their listings. Brands can gate their products or report sellers reselling their products. This can negatively impact your business as a seller and be branded as someone who sells counterfeit goods. Your account on Amazon can be flagged and taken down and become a victim of social media trolls.
• Being a reseller means everyone before and after you gets a cut. Your Return on Investment can therefore be quite low especially if you’re selling a few products.
• Some products may be on sale because they’re defective or may have recall issues that you may not know at the time of purchase. Stores may also be offering clearance sales to make room for newer versions of their products. If you purchase such products, you may end up suffering huge losses.

If done properly, Amazon retail arbitrage can scale your business.

• After signing up on the Amazon Seller account, consider signing up for  FBA Program. This program will take the burden off your shoulders of dealing with orders yourself. You’ll be left to deal with other tasks like shopping for products, listing them on Amazon, and taking the products for storage in Amazon’s warehouse.
• Amazon BSR is the tool Amazon uses to measure the popularity of a product compared to other products in the same category. Don’t use BSR entirely to make your stocking decisions. This is because a product may rank well on BSR but has no popularity and end up with dead stock.
• Stock variety of products instead of going all-in on one product just because you got a good deal. This way you minimize the possibility of losing your capital if things don’t work out.
• The possibility of making quick money on a deal shouldn’t lure you into making rash decisions. Be patient or you’ll end up with bad stock which either sells at a loss or will accumulate your storage fees.
• After listing your products, take the next step of monitoring your sales and listings so you won’t end up stranded in inventory.
• Use a seller app that will help you know the sales rank of a product and how fast it can be sold on Amazon and its resale worth. The app will enable you to scan a product’s bar code and give you information about it.

Conclusion

Simple as it may sound, don’t be deceived. Just like any other business, Amazon retail arbitrage is a business that needs hard work. Unlike other businesses, where systems and processes put in place enable the businesses to run even while the owner is away, retail arbitrage is different. You have to be hands-on and continually searching, buying, and flipping. Because when you stop, your income stops.

All writers have the same dream; to have their books published and read by as many people as possible. ًWriting a book takes time and effort. It is a long journey filled with restless nights, writer’s block, and a lot of procrastination. After all of your hard work, naturally, you want to share your book with the world and watch it become a success. First-time authors may find the whole process more challenging because they may not know where and how to start. That being said, there are various methods that can help authors get their books published. You just need to choose the right method for you and your book. Here are some useful tips to help you get your first book published.

Research Agents

The first thing that you should do after finishing writing your book is to find an agent. The best way to do that is by conducting an online search. Finding an agent is your safest bet to getting published and securing a publishing deal because they usually have connections at many publishing companies. Getting your book published isn’t an agent’s only job; they will also advise you, give you editing tips, provide you with an objective opinion about your book, and act as an intermediary between you and the publishing company. They will also take care of everything related to publishing your book so you won’t be concerned with anything other than writing. 

Additionally, since you are a first-time author, naturally you won’t be familiar with many aspects related to the publishing industry. On the other hand, an agent has the right experience and expertise to help protect you from scams and will handle all the negotiations to ensure that you get the best deal as well. When looking for an agent, find one who loves your book so they are able to sell it. 

Get Feedback

Is your book really good? As the author, you may be biased, and you won’t be able to determine that for yourself. Therefore, you need to have someone other than your agent take a look at your book. You can try to seek out people in your circle who are avid readers and may be interested in the genre that you are writing about to give you an honest opinion. Ask them to write their feedback and send it to you. Take notes of what they tell you and adjust your work accordingly. However, if you need a professional opinion, then you can hire an editor as well.

Hiring an editor is a very important step. A good editor can make your book a bestseller, so it is definitely worth it. If you have friends who are published authors, then you can ask them to recommend editors for you. If not, then you will have to search for a good one online. That said, before hiring an editor, you should check their portfolio first to ensure they are adequately qualified.

Self-Publishing

Technology has made our lives much easier and made many things a lot more accessible. Many new authors have taken advantage of what technology has to offer and opted to publish their books digitally for a very small fee. It is an easy and fast method that you can do yourself without any help. Self-publishing is ideal for writers who don’t want to work with editors or agents. In this case, you will have to do the marketing, editing, and cover design for your book yourself. However, this may be a very hard task for first-time authors, but it’s not impossible. 

Self-publishing has many advantages, like owning the rights to your book and giving you the chance to publish your book in various formats, like paperback, hardcover, audiobook, and e-book. 

Hire a Publishing House

As mentioned, editing, marketing, and designing your book’s cover may be difficult tasks for new writers. If you feel that self-publishing isn’t the right step for you, then you should consider hiring a publishing house. A publishing house will provide you with the same speed and freedom that self-publishing does, while also offering you all the guidance and advice that a new writer may need. 

Publishing houses aren’t free; you have to pay in advance, but the services they provide are worth it. They can help get your book published on various platforms that boast global audiences. According to the information on www.booxai.com, Amazon is one of the largest platforms that can help connect you to a wide demographic of global readers. Other platforms that you can also use include Apple, Google Play, and Barnes & Noble. You will find many publishing houses with distribution networks that can help get your book published on these platforms. Unlike self-publishing, you won’t have to take care of all the tasks yourself; the publishing company will handle all of the editing, formatting, cover design, and marketing for you.

Choose a Great Title

Although people don’t always judge a book by its cover, they will certainly judge it by its title. First and foremost, your title should be short. You want a title that is easy to remember, not a long and complicated one. Additionally, a short title can be very intriguing as it hints at what the book is about without spoiling too much. For instance, the novel One Day by David Nicholls could have been called One Day Each Year or One Day in the Lives of Two Friends, but the title One Day remains true to the theme without revealing too much of the story. Last but not least, make sure that your title is original and stay away from titles that will sound familiar and confuse readers. 

Becoming a published author isn’t as hard as it used to be. There are many methods that can help you get your book published; you can hire an agent that will connect you to a publisher, publish your book yourself, or hire a publishing house. That said, as a first-time author, try to find a method that will provide you with all the help that you need.