4 Skills You Need To Develop If You’re Going To Run A Small Business

If it’s your first time ever looking into starting a business, and your first time ever being in a leadership position; you’ve got a lot to learn. Running a business isn’t all about knowing your customer and having a great business idea - it’s about how you handle things internally, too. Your business is nothing without the team working on it, and you need to know how to be a great leader for said team. 

Leadership skills don’t come naturally to everyone, but they can be trained and learned from other people. Check out john-doulgeridis.com if you want to learn more about what goes into being a good leader for your business. It helps to learn from others who have already found success as a leader, as you can find a lot of insight into how they do things.

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Communication

If you’re going to be managing a team of people, then you need to be able to properly communicate with them if you’re to achieve efficiency. Giving out mixed messages on what you want from people is going to cause complications, and being unable to listen when there’s a problem will be just as problematic. You need to be able to clearly convey your thoughts and explain what you’re aiming to do.

Improper communication can lead to misunderstandings and wasted time, which is not something you want from a leader. 

Delegating work

If you’re going to actually lead, being able to delegate work to your employees is just as important as figuring out what you need to do. Sure, it’s more work for you to focus on what you need to be doing as well as getting everyone else in order, but you’re the one who has the business’ direction in mind. No one else can run your business for you, so you need to confidently tell people what it is that they should be doing. Delegation is something you can go too far with, and if it appears you’re just palming the work off onto everyone else, you might lose respect as a leader.

Emotional intelligence

Emotional intelligence is something that everyone needs to have if they’re going to be part of a team or work in a professional environment. It’s your ability to control how you feel and act despite what your emotions are telling you. As the leader, you need to act professionally no matter the event, and losing control of your emotions is only going to land you and your business in hot water. No one wants to work for a boss who is unable to control their temper or other emotions. You need to be able to remain calm and think through your next actions when your emotions have been challenged.

Handling customers

If you’re going to frequently be handling customers, not only will emotional intelligence be important here, but also patience and communication. Some customers will be easy to handle, and they’ll clearly tell you what they want and what they think - whereas other customers can be hard to deal with. You may have to put a lot of work and time into some customers to help them find satisfaction, and sometimes your efforts won’t be rewarded. Customer service can be difficult for those with no experience.

Investment Opportunities To Seriously Consider

 When it comes to making the most of your money, there is nothing like making the right kind of investment. Saving money is essential, but if you want to maximize your money, you need to start making wiser choices. That is because saving money in an account does not have a particularly good level of interest, so there is no way that you can make the same expected returns as you would from good investments. Although good investments are harder work, they are far more rewarding too. So, let’s find out more about a few:

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Real Estate

Investing in property is always a great investment opportunity. House prices are continuing to go up, people need somewhere to live, and that is not going to change anytime soon. Buying a property for yourself is a great way to start this investment, then you could branch out to buy to let or buy to modernize and resell. All these choices can land you with a lot of profit. Remember that there is a lot of legal stuff associated with the property market to protect both you and your tenant and buyers. So ensure that you do your homework, and if a property seems like it is too good to be true, it probably is. Take a look at things such as the Home Mortgage Disclosure Act to discover areas where people are struggling with mortgages; this could well be an opportunity for you.

Bonds

You can get Government Bonds or Corporate Bonds. Corporate Bonds are generally better in terms of return. However, they are the riskier option, simply because private corporations are far more likely to fold. Bonds work by you buying, or rather lending money to the institution for a set period of time, as long as 30 years in some cases. Throughout this period, the institution will pay you intertest known as coupons. At the end of the contract, the bonds mature, and you receive the amount you invested back. If you have never invested before, then Government bonds may be a great way to whet your investing appetite. 

The Stock Market

If you have never invested before then, this could be a great way to break the ice. To invest, all you need is an account to invest from. You can speak to the bank you are with and see if they have a share account. Once you are live, you can begin making transactions, for a fee, of course. When it comes to the stock market, you are buying a section of a company, and that is important to remember. The reason for this is if you see it as an investment in a company, then you will be inclined to do the right kind of research to ensure that the company is a good investment. Also, remember you can invest in as many companies as you want. It is never a good idea to invest all your money in one company. So, diversify and ensure you fully understand your investment before going ahead. 

Why Your New Business Idea Will Probably Fail (And What To Do About It)

 

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Starting a business is probably the best way to make real money. It lets you escape the wage-earning rat race and allows you to create real freedom in your life. 

The problem is that it is extremely difficult. Only a small number of people even build firms that generate life-changing wealth for themselves and their families. 

The problem is this: most businesses fail. 

In this post, we take a look at some of the reasons why your new business idea might fail, and how you can stop this from happening. 

You Lack The Right Leadership

You’ll notice in life that the more you try to control, the worse the outcome. For instance, you might notice that your romantic relationships go south if you try to coerce the other person. 

The same is true of business. If you’re always breathing down everyone’s neck, they won’t feel free to do their best work. It’ll be like trying to write an essay when the school teacher is leaning over your shoulder. You just can’t do it. 

To become a better leader, delegate. Trust people to do the right thing. On balance, if you give them space and respect, they will. 

Your Idea Isn’t Unique And Lacks Value

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Entrepreneurs tend to get very excited about their business ideas, believing that they will one day save the planet. But that almost never happens. In most cases, the company fails. 

If you don’t have a great idea, it’s best to avoid building your business from the start. That way, you can save your time, money and energy for other projects. 

If you're not sure whether your idea is good or not, use a SWOT analysis template. These can show you precisely where you stand, what your advantages are, and where you are weak. 

Remember, your business idea doesn’t have to be totally original. It just needs to offer unique value along at least one dimension. Even coffee shops can be successful if you tap into an underserved market. 

You’re Not Meeting Customer Needs

Customers do business with you for one simple reason: you meet their needs. If you don’t, there’s no point in them spending their money with you. They might as well go to a rival. 

If you're not in touch with customer needs, conduct market research. Pepper your prospects with surveys to try to get to the bottom of what it is that they actually want from you. Set up CRM tools so that you can see precisely who is likely to benefit from your services in real time. 

You’re Engaging In Bad Financial Management

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Poor financial management is another reason businesses fail. Company directors spend money on every app and service that comes their way, believing that it’s all necessary for running a successful firm. Then, six months down the line, they find all their capital dried up without the revenues to replace it. 

To counteract financial mismanagement, use money tracking and accounting software to see where your business stands. Analyse your marketing efforts to ensure that you’re getting a good return on investment. 

How To Save Money On Car Expenses

 Car expenses can be costly. They can eat up a huge chunk of your finances. 

No matter if you are looking to buy a new car or save money on your monthly outgoings for your car, it can help your finances if you know the best tips to save money on your automotive bills. 

Hence, here is a guide to help anyone save money on their car expenses. 

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Compensation help

Getting advice from car accident lawyers will help recover physically and financially. After a car accident, you might be asked to pay fees or you might suffer from physical pain. Either way, a lawyer will help you get the support you deserve in order to regain financial and physical health. Going through hardship can add extra stress to your life, which is unnecessary. 

A lawyer will ensure to keep your life as stress-free as possible after an accident so that you can recover and get back to normal life with little to no complications. 

Hence, you will be able to avoid paying huge fees and also attain compensation, should you be entitled to it. 

Regular maintenance

To keep the costs of your maintenance low, it helps to get regular services. Just like our own personal health, the health of our car can become complicated the longer you leave it without being checked over. 

Your car could be experiencing underlying issues, which could result in huge bills if you leave them unattended. Therefore, regular car maintenance will ensure that your car maintains its health. 

Furthermore, regular maintenance will also help your car stay in its best condition and therefore, help you attain peace of mind that nothing will suddenly go wrong with your car. 

Tune your vehicle often

Poor tuning of a car can result in poor fuel economy, which will result in you spending more on fuel. 

Hence, it is useful to tune your car often to maintain its fuel economy so that you don’t overspend on fuel. 

Change its filters

Dirty and dusty air filters can result in poor engine health, which can shorten the lifespan of your car.

Changing the filters every few months will maintain the health of the engine and ensure that the car doesn’t give up on you sooner than you expected it to. Issues with the engine can be very costly, which is why it is important to keep it in good health. 

Get the right tires for your car

The tires on your car could be increasing the amount that you spend on fuel. Poorly made or worn down tires can soak up your fuel quicker than you think.

Therefore, get the right tires and ensure that they are inflated correctly in order to maximize your fuel. 

Buy used

Although it can be a great feeling to buy a brand new car that has zero miles on the clock, it can save you a lot of money by buying a used one. As soon as a car leaves the garage, the price of it will depreciate. Therefore, it can save you quite a lot of money by buying a car that is just a few months old. 

It is important not to buy a car that is too old, as this could incur more issues. Hence, buy one that is only a few years old so that you can get the most out of it and save money. 

Buy small 

Smaller cars often cost less to run, due to smaller engines and parts. The smaller your engine, the less it will cost to fill up and run around. Likewise, smaller parts can be more affordable, especially on mass-produced cars. 

The main benefit of a smaller car is that they are much lighter, which will improve their gas mileage. 

Don’t get talked into the extras

Although the additional extras for a car can be tempting, they are sometimes a huge waste of money. When you buy your car, the dealership will likely sell the upgraded trim level, more luxurious interior detailing, and better tires. However, sometimes these will simply enhance the look of the car and not its value. 

Therefore, avoid being talked into paying for the extras and purchase the standard base model of the car you are interested in. 

Research insurance

Insurance can be expensive, especially if you are new to driving or want to purchase an expensive car. Whether or not your car is fancy or affordable, it will help you save money on your car expenses if you research and shop around for car insurance. 

The longer you spend shopping around, the more deals you will find. You will want to opt for high coverage insurance to ensure you can get help should anything go wrong with your car. 

But, avoid buying for unnecessary add-ons, such as extra credit, as these will cost you more and you will likely not need to use these services. 

Carpool trips

If you often take the same trips as your friends or work colleagues, then why not use each other’s cars and head to and from the location together? All jumping into the same car can save you all money. 

You can carpool and take trips in turns so that it is fair. 

Switch to electric

Electric and hybrid cars either use little fuel or require no fuel at all. You can save a lot of money on fueling your car by switching to electric vehicles. Instead, you will run them through an electrical charge. EVs can be charged at home or at electric charging stations, which are sometimes free or will cost much less than gas.

Some places also offer grants when you buy your first electric car, which will reduce the overall cost when you purchase it. Hence, you will save money on the cost of the car as well as running it. 

Should you often find that your car expenses are too high or more than you thought they would be, use these tips to lower your outgoings and make a difference to your finances. 

You Need To Plan For The Future Now, Or You Could Run Out Of Time

 One of the things that you are going to need to do is plan for the future. If you do this sooner rather than later, then you are going to put yourself in a far better position in your life. You want to know that you know where you are going and what you are doing, which direction you should be heading in and so on. Having all of this information is going to help you guide your life financially, which will be a huge help in your daily life. Also, it will give you peace of mind that if anything unexpected does happen, you have got a plan. In this article, we’re going to be taking a look at some of the things that you need to do to plan for your future before you run out of time. Keep reading down below if you would like to find out more.

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Savings

The first thing that you are going to need to think about is savings. You are going to need to think carefully about savings because they are not always going to be guaranteed. It’s for this reason that we highly recommend while you can, so that when you can’t it’s not going to be the end of the world. Ideally, you should always have some kind of savings tucked away for emergencies. It’s tough because we know that you want to have savings, but actually saving can be tough, especially when you have a whole list of expenses that you need to pay.

What you should do is try to make sure that you budget so that you can put away a certain amount of money per month. Of course, this is going to be before any unexpected expenses and assuming that your financial situation is not going to change throughout the month. If it does change, then you can adjust the amount that you have decided to save accordingly. Really, when it comes to saving, the general rule that you should follow is save what you can, where you can. This is true, even if it means that you only save a couple of pennies in a week.

Plan For Big Purchases

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You should also be planning for any and all big purchases in your life. For example, a house and a car are two big purchases that some people are going to make in their life. Both of these are massively expensive, and they may require some financial aid if you don’t have all the money. This is the case especially when it comes to houses as these are a huge expense that you likely won’t be able to cover on your own in the beginning. It’s for this reason that we recommend you think carefully about planning for this kind of purchase.

You want to know what your options are when it comes to mortgages and financing. You want to know how much you are going to have at certain points throughout your life and you want to know how much you want to have before you start looking. If you think in these terms, you might find it easier to manage. If your eyes have been another expense you want to invest in then Ok.Vision is a great option if your savings won't cover it.

Set Some Goals

If you want to plan for the future, then setting goals is going to be a good idea. It will keep you on the right track, ensuring that you are getting to the point you want to be at. If you don’t meet the goals at any given time, they can always be pushed back. Just try to remember that if you try to do something that is supposed to take a year in six months, you might fail but you will be a lot further along than you would be if you would have blindly accepted that it was going to take a year. 

Sometimes this is the right outlook to have, and other times you need to ensure that you are setting realistic goals. Discuss these goals with your partner, see what they think and come to a decision together. It’s important that you are in this together, so that you can meet the goals that you are setting.

If You Want To Invest

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Something else that we encourage you to think about is investing. More people than ever are looking to invest in things like stocks, but also real estate and other things. Investing is a fantastic opportunity to make more money if it pays off, but you have to accept that there is a risk here. There are some investments that are seen as generally safer than others, but you still need to be careful. You should never use money that isn’t spare to invest, as this is going to be counterproductive. If you lose this money, then you are not going to be in a good position which is what we are trying to avoid here.

Some people like to invest in stocks because you can either leave your investments as they are and just leave them to gather money, or you can hire someone to manage this for you. This is good for people who are looking for a more long-term investment. Do your research before you make a choice and we’re sure that it will pay off.

When You Pass Away

When you pass away is not something that you or those around you like to think about, but it’s a practical thing to be considered. While it’s not the most pleasant thing, you still need to have a plan in place for what is going to happen to what you own when you are no longer with us. For example, you need to go through the process of estate planning so that you can be sure all of your wishes regarding your money and property are going to be followed.

You have got to be thorough, and update this regularly if you accumulate more things since the last time that you wrote an update. Of course, we know that it is somewhat morbid to plan for the time in which you are not here, but it’s important that it gets done. You also need to know that it doesn’t matter how old you are, this is important. If you have money or property, you should have a plan. 

Clear Your Debts

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Clearing your debts is going to be one of the most important things that you can do for your life. If you are in debt right now, then we don’t want to see you fall into the cycle any more than you already may have. The cycle is where you are up to your elbows in debt, and you can’t manage to get yourself out. There are a lot of people who are in this position right now, and it can be massively hard to get yourself out of there. One of the things that you can do is call the people that you owe money to and try to set up a more reasonable payment plan for your finances. Try to keep in mind that at the end of the day the lenders just want their money back. If you are struggling to pay it and you approach them with a reasonable offer that gets them their money back, even if it’s a little slower than planned, they will likely accept it. It saves them chasing you, and shows that you are reliable.

Don’t Forget A Pension

You also don’t want to forget about saving for when you get older. This should be separate from your savings as these should be able to be used for an emergency or when you want to do something like go on holiday. A pension is there for you to live on so that you can cover your everyday expenses without having to worry. A lot of companies have pension schemes that you will automatically join when you work for them, but make sure that you check this out. If not, then we recommend starting your own private pension just to be on the safe side. The more you have, the more comfortable you are going to be in your old age.

We hope that you have found this article helpful, and now see some of the things that you need to think about when it comes to planning your financial future. If you don’t take matters into your own hands sooner rather than later, you could end up running out of time. You never know what is going to happen in life, and you have got to be prepared from all angels. It’s not dramatic to say that having a plan is one of the best things that you can do when it comes to finances, because then you know where you are headed. You also know that everything is sorted in case anything were to happen to you. 

Don’t wait until the last minute to start planning for your future. We wish you the very best of luck, and hope that this has helped you in some way.

Five Reasons To Save For Retirement

 It might not seem the most important thing right now, but retirement isn't as far off as you’d imagine it to be. Saving for retirement might not seem like the most important thing in the world compared to all of the other bills and things that you want to save for. The problem is that without forward thinking, life will pass you by in a blink and you will be in retirement with no savings behind you before you know it. 

Whether you are near to retirement or you’re still in your early 20s, you have to consider the fact that without your savings, you could run into a little bit of an issue when it comes to finishing work. If you don't have any savings, how do you plan to live the rest of your life? This is something that needs consideration early, and whether you are saving to move into senior independent living apartments one day or you are saving to support yourself in your home, saving is always worth it. So, when it comes to it, you need more reasons to get started on your retirement savings. Are you ready? Let’s go!

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1. You might live longer. The way the world is going, people are living longer than they ever have done. This is always good news to hear because who wouldn't want to enjoy the rest of their lives if they can? This means that your money needs to last you longer, too. Saving now ensures that you have enough to last you.

2. You’ve got things to do! Most people have a bucket list that they save for their retirement and those bucket lists often require cash to complete. Whatever you have on the bucket list, you should ensure that you have the money to cover it as well as your living costs.

3. You can’t predict the future. No one can predict what’s going to happen in the future, and that means that you need to be prepared for any eventuality. If you’re going to get to retirement age, you need to know that you can cover yourself for the years you’re retired.

4. You might save money on your tax bills. If you make extra payments into your pension pot, you could save money for your retirement and reduce your annual tax bill. 

5. You can add more. You will get a small pension from the government when you get older, but you can add more to that. You don't have to deal with just the bare minimum - you can add more as you need to. You can add more savings and build it up and whether you pay it directly into your current pension pot or you open a new savings account, you can grow your money for your retirement.

The years you spend living beyond your working life need to be considered as important, and that means that you should consider saving as early as possible to make room for what you want in your future!

The Best Ways To Save On Family Expenses

 Having a family means needing to pay out on a regular basis, and that is something you can’t really get around if you are in this situation. Fortunately, however, there are things you can do to ensure that you are saving some money on all kinds of family expenses, and as long as you have put some of these in place you should find that it makes the financial side of things considerably easier and less stressful. Let’s take a look right now at how you can save on family expenses in your own family.

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Look For Family Deals

So many things have family deals, specifically for those who are in a family and might be struggling, so it is a good idea in general to keep an eye out for these. For instance, there are often coupons and vouchers for everything from food to vacations that you can make use of, and doing so is certainly going to ensure that you can save quite a lot of money on the whole. It’s a good idea to look out for these wherever and whenever possible in order to keep your finances intact even as you spend money on necessities and essentials.

Prepare For Emergencies

Sometimes you have to pay money out very suddenly because of an emergency situation. The thing about emergencies is that you can never know when they are going to happen or what exactly they will be, but you can at least generally prepare for emergencies by having an emergency fund that you can dip into whenever necessary. Whether it’s for a funeral, cremation or simply to fix up the house after some storm damage, it’s good to have that money to dip into as and when it might prove necessary to do so.

Make Use Of Lists

A very simple, straightforward and yet powerful thing you can do to make your family expenses a lot less burdensome is simply to make use of lists. This includes, for instance, making a list when you go grocery shopping. Just having a list that you can refer to is going to ensure that you won’t go over budget - as long as you stick to that budget, that is. You might be amazed at how much money you can save this way, so it is certainly something you are going to want to think about.

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Try An App

There are also a lot of apps that you can consider using, and these can be deceptively powerful for saving money as well. There are budgeting apps, general finance apps and more to help you with saving money and looking after your pot and your family all at the same time. You might need to try out a few apps before you land on one that really works, but it is worth the trial and error involved, especially in the long run, as you will end up spending so much less this way. Be sure to try out a few before committing.

The Newbie's Guide to Buying A Car

 

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If you are looking to purchase a vehicle for the first time, it can be quite overwhelming. Perhaps you have only recently passed your driving test? Maybe you have had the same car since your parents first bought you one, and now you want to upgrade to something a bit better? No matter what situation you are in, if you feel a little bit overwhelmed by the thought of purchasing your own car, don’t panic, as we are here to help. We have put together this guide, which is filled with great advice to help you when purchasing your own vehicle. So, let’s get right to it.

• Choose a reputable seller - There is only one place to begin when it comes to purchasing a vehicle, and this is with buying from a reputable seller. Take the time to choose a company with care. Make sure they have a long-standing and impressive reputation in the industry, as is the case for companies like Hoffman Ford. By teaming up with a business like this, you can have peace of mind knowing that they have provided reliable and quality cars for many people before. It is always a good idea to go for a seller that specialises in the type of vehicle you are considering. By doing this, you know that they have the expert knowledge that is required to help you find the perfect car for you.

• Used or new? - Not only do you need to consider the seller you are going to buy from, but one of the big decisions you need to make is whether you should go for a used or new vehicle. There are pros and cons associated with both, and ultimately, it is all about what is going to be right for you. If you go for a new vehicle, you know that there will not be any miles on the clock and so the car should be reliable. However, you can typically get more value for money if you go down the used route. This is because cars will decrease in value considerably from the moment they are driven out of the showroom. Therefore, you do not suffer the impact of depreciation as much if you go for a used vehicle. Nevertheless, you will need to be incredibly careful when buying a used vehicle to ensure that the car you get is the same car as what is being advertised. 

• Make sure you consider your needs carefully - In addition to the points that we have mentioned so far, it is critical to think about what you really need from a car when shopping. While a car may look good, this does not mean that it is going to be the most suitable vehicle for your requirements. There is a lot more to picking an auto than simply going for the one that best suits your sense of style. You should think about what the vehicle is mainly going to be used for. Are you looking for the perfect car for the school run and traveling to work every day? Or, do you want a family vehicle that will be suitable for taking long trips? Maybe you are someone who travels around the country every day for work purposes? Whatever your situation may be, you need to consider this carefully so you can make sure that you end up with the car that is right for you. For example, if you are going to be traveling a lot, you may want to consider a vehicle that is easy on fuel so that you do not end up with massive fuel bills. If you are going to be taking a lot of family trips, you may be looking for a car with plenty of space. 

• Consider your insurance policy when looking for a vehicle - Next, we advise that you carefully consider what impact your choice of car is going to have on your insurance plan. Some cars are more expensive to insure than others. This could be because they are expensive or it could be because they are not considered very secure or they go at a faster speed than other cars. Either way, the last thing you want to do is purchase a vehicle only to discover that the insurance expenses are extortionate and you cannot really afford them. This is why we highly recommend that you take the time to research car choices in regards to insurance so that you can plan your budget effectively. 

• Spend some time reading reviews that have been left by others and don’t forget to do a test drive - Last but not least, you need to carry out some due diligence when looking for the ideal car. There are a number of different things that you can do in this regard. Of course, you need to test drive the vehicle to make sure that you are happy with the way that it drives and that you feel comfortable in the car. This is also a good opportunity for you to make sure that everything is how it seems with the vehicle. Aside from this, we would recommend that you take the time to read some reviews online that have been left by others so that you can find out what they have to say about the make and model. If there are any common issues across the model in question, you should be able to pick up on them. 

As you can see, there is a lot that needs to be considered when purchasing a vehicle. We hope that the tips and advice that we have provided above will help you to find the car that is right for you, your needs, and your budget. After all, the last thing you want to do is buy a vehicle to find yourself being frustrated by the lack of space or the poor fuel efficiency. This is why you always need to do some careful and considered research before you purchase an auto.