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10 Investments a Young person can afford to make

1. Check your budget

if you haven’t done so for some time, you should review your current living costs. Start by listing your essential monthly outgoings such as your home loan and food then, after including those items you would consider important, add in the monthly items you would consider treats and luxuries. Interestingly, this exercise leaves many scratching their heads asking ‘where does the money go each month!’ Once you have worked out your regular monthly outgoings, hopefully there is some money left which can be classed as your disposable income.

This may also be a good chance to highlight the areas where money can be saved, perhaps by shopping around for better deals on your regular bills or on your insurance for example. If it turns out, by working through the check list, that you need to save more for your retirement years or to start thinking for your child’s future, you will have a better idea of how much you can really afford.

2. Review your savings and borrowings

it’s a fact of financial life that it usually costs more to borrow than you can earn by saving. So the message is this: if you have cash to spare, you should probably use it to pay off your debts first.

3. Review your protection

Are you sure you have enough life cover in place? Should the worst happen to you or your partner how would the family cope? Many base their life cover needs simply on the amount of their outstanding debt. However, as any monthly budget chart usually shows, the majority of one’s income tends not to be spent on servicing loans but rather on regular family living costs such as food, car expenses, school fees and electricity and water bills. Clearly, in the event of your death, your family will still incur. Should your children be young it may be difficult for your partner to continue to work, due to the extra care your children may need. Of course, your family could be entitled to state benefits but a cash lump sum gives an extra cushion of security at such a critical time.

It’s worth adding up how much cover you have in place, and working out how much you may actually need. Amazingly, good life cover doesn’t have to be expensive and you will usually find it’s a lot cheaper than you thought. You should also consider ‘staying alive cover’. You know what they say ‘if you do not keep up your home loan payments, your home may be at risk’. If you fall seriously ill not only would it affect your health, but it could also have a devastating effect on your finances as well. It is now possible to protect yourself from the financial implications of a heart attack or cancer for example.

4. Update your retirement planning
many people know that the state pension won’t take them very far. But do you know how much you will actually receive? By contacting the Government department responsible for pensions it is possible to get an idea of what you can expect to receive when you retire. An independent financial adviser can also help you find this information. Retirement should be the longest and happiest holiday of your life, but like with all holidays, it’s good to work out how much you can afford to spend in advance. The good news is that you probably still have time to build up funds to provide for those special things in your retirement years.

5. Keep track of your existing investments

You may already have started to save for the future; but do you know how well your investments are performing? Are they on track to achieve what you had hoped for? By reviewing their performance on a regular basis, you will have time to do something given that they are not growing as expected. These days it is much easier to research funds on web-sites, maybe you should also get a second opinion from an independent financial adviser? You may get a nasty shock if you fail to review your investments and wait until the day you need them!

6. Lay a nest egg

Perhaps you have some major expenses in mind – possibly helping your children with their education or wedding, or maybe going on a world cruise when you retire. A fixed, regular savings plan or a minimum period investment is a good way to get the best returns, and also helps keep your money away from temptations. You don’t even have to take big risks to achieve better returns than the interest rates offered by the Banks.

7. Plan your will

If you haven’t yet made a will, you should do so without delay. Preparing a will is the best way of leaving a record of what you want to happen after you die. If you do not do so, your loved ones would be left to sort out the problems, at a time of great stress. Speak to a suitably qualified professional person about the benefits of having an up to date will.

8. Give your kids a head start

Start the saving habit young. A good idea is to open a savings account on the children’s behalf and let them see it grow. Whether it’s buying their first car, funding a fantastic wedding or helping them through university these things cost money! Planning as early as possible will solve many future financial worries and will make their dreams come true.

9. Invest for Income

You may have built up a sum of money in the bank, from the sale of property or by investing wisely, yet at some point, it will be important for you to see the benefit of your hard work. You may then need to consider changing your investment strategy from ‘growth’ to ‘income.’ To achieve better returns, you may have been happy taking a risk with some of your money. But can you now afford to lose what has been taking you years to build up? Investing for income generally means taking a lower risk and seeing the benefit each month or each year in the form of an income payment. Ultimately, it’s your money, and you should enjoy it!

10. Keep an eye on the parents

A large number of people need to have some form of financial help or may even consider going to a nursing home in their old age. It, therefore, makes sense to talk things with your parents, regarding their wishes should this eventuality arise. Thinking ahead can help, and with the correct planning and preparation, any future financial burden will be greatly eased.

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UK`s Economy Growth Finally Starts To Slow After The Brexit Vote

british coins

Believe it or not it was a surprise to everyone when UK`s economy growth experienced some unexpected boost after the Brexit Vote way back in June. But the case now seems to be far from what was observed for the past few months. The latest major business survey indicates a slow decline in UK`s economy growth which is ringing bells of warning for major companies.

The Fridays`s Market/CIPS UK Services Purchasing Manager`s Index (PMI) showed that the service companies are started to feel the decline in consumer spending which can retard the rapid growth of economy since UK decided to leave the European Union. The survey strongly point towards the fact the UK`s economy will see the fading effects of Brexit`s sudden boost in the economy in the following year.

Statistics showed that the services PMI fell to a stinging five-month low of 53.3 from 54.5during January. These number indicate the growth of UK`s economy which is expanding at a pace of around 0.4% compared to the 0.7% expansion during the fourth quarter of the year 2016.
These reports surfaced many other reports from business typhoons and firms in the UK.

Like British broadcaster ITV presented reports indication a surprising first ever decline in the advertising revenue since 2009. Major companies like WPP have pointed towards some potential toughness to be faced in the year 2017 regarding economic growth.

The reason behind this sudden decline is due to the increasing inflation which is affecting the spending margins of consumers and the profit margins of producers. Surveys show that people in Britain are showing caution in their spending which is putting pressure in input costs and selling prices.

According to Chris Williamson, Chief Business Economist at HIS Markit, “the biggest contributing factor in weak economic growth is the weak consumer spending. Increase in the prices of products put a household under tight budget where they then restrain from spending. This ultimately puts pressure on the producer and the economy starts to slow down”. Experts say that this was expected after the Brexit Vote but they preferred to be probed wrong than right.

Though inflation pressure isn’t the only reason for economy`s gloomy future according to BoE Governor Mark Carney. He said that he totally convinced that the inflation pressure would go temporarily above the bank`s 2% target which is due to the decrease in the value of pound since the Brexit Vote went down in 2016.

Some foreign strategists are estimating a further fall in the pound in near future which can be a red signal for top companies and then again the people of Britain.

As the Prime Minister Theresa May moves in to make the separation from European Union formal at the end of this month, many services firms still believe in the economic strength of their country.

Though the numbers right now are not in favor of both the consumers and the producers, services firms are confident and optimistic that the economy will recover and prosper in the next 12 months. Until then it’s a test for the people of UK in every aspect.

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5 Business Tactics And Strategies You Never Thought Of

All businesses run by the set strategies, towards achieving the set objectives. However, the tactical approach differs in both the formulation and results. The combination of strategy (long-term) and tactics (short-term) defines the success rates and the overall achievement of the Company’s goals. Here are the five surprising tactics and strategies that have positive impact:

The Next S-Curve

The growth curve follows the same S-curve for all businesses. The importance of understanding this curve is definition of the onset of the consecutive curve. In this case, tactical approach is important in setting up short-term steps towards the transition. At that time when you reach the peak, there will be diminishing returns since you have reached out to your last customer. Trying to create another start at such a time is always difficult and most businesses incur great losses trying to rejuvenate the operations. However, you can start soon after you hit the onset of the peak phase by introducing the next products and/or services, before the initial ones reduce in price competition.

The Minimalist Approach

Success in business depends on continued increase in profits. This means that as you run the business, you should always invest the least possible with the aim of maximum results. For instance, instead of investing in billboards, you would rather use social media marketing, as it is cheaper but very effective. The whole strategy should focus on the maximum possible profits while the tactics should focus on minimizing losses and improving the outputs of all stakeholders. However, this approach should be reasonable enough through financial considerations to prevent inefficiency.

The Normality Rebellion

Even with the Five Forces Analysis being proven to work, risk taking enables bigger strides than following the norm. If you have to keep growing and developing, uniqueness and outstanding performance is the expectation from the customers. The market base is the same for all companies dealing with similar products and services and this means you must always be unique. Design a strategy that goes beyond the basic business principles and continually updated tactics that focus on the strategies. Use financial theories to foster much developed business perceptions and the results will be new and positive.

The Sales Secret

Although sales are the last product flow chart for most businesses, other steps ahead can promote your future ventures. The fact is you require the same customers in the future and their referrals are also important. Go further ahead to consider the customer’s feedback and taking the most relevant steps, may it be heeding to their wants or convincing them that your products are at their best. All sales should relate to customer expectation rather than your motives.

Corporate Gifting

Appreciating the community through charity donations is one silent tool towards business success. Most firms assume this strategy as wastage of resources but the eventual results have positive results. It is during this time that you have a chance to popularize your product and/ or services. On the other hand, the community builds trust and confidence with your products. For startups, this engagement not only advertises the firm, but also, to some extent, reduces taxes through the tax deduction process.

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3 Ways to gain a competitive edge as a business

Business enterprises are growing in leaps and bounds, with millions of people in this world over, enjoying the benefits of working from business establishments. Entrepreneurial activities are a decisive breakthrough to your freedom from overbearing bosses, difficult work schedules, and undue stress. But in spite of the guaranteed rewards- an easy workable solution to your money problems, hard work is inevitable to get your business on the profitability track; this means gaining a cutting edge over your competitors. Then what are important tools to gain an advantage as a business over your competitors?

Search Engine Optimization:

To increase your reach as well as to get the full benefit of existing market, it is necessary to align your business model with IT infrastructure. IT contributes greatly to the success of any enterprise. May it be a small business or any giant complex business; one needs to take the help of IT services. The usage of IT and its various accessories are very much in need and today no business can survive without it. IT software can identify issues in your business easily as well as it can also calculate cost effectiveness in conducting any business. Once you integrate IT in your business model, you will be able to achieve a lot of goals such as integrity of information, security of information, ease in decision-making, eliminates technical obstacles in any business, ensures transparency, reduces cost and saves time.

Proper web design:

The ultimate goal of a website is to lead customers to buy products or services from your site. If you are looking for an edge over your competitors, then it is time to get serious with website design. By putting in effort in designing your website, not only will you increase your sales and customer satisfaction, but you will also gain valuable information about your products and customer preferences.

Ensure your website is easy to bookmark. Once users have found what they are looking for, they may not make their purchase right there and then. It is important that they should be able to return to the website easily, especially to the point they were at, later. It is important that users will be returned to the exact page that they bookmark.

Having a good website design company by your side will help you make the best choices and steer you in the right direction concerning your website.

Outsource Outsourcing:

Outsourcing work to third party service providers is the need for virtually every business establishment around the world. Practically all big and small enterprises are now resorting to it. This helps businesses focus on their main objectives. However, corporations that outsource work have to shoulder the gargantuan task of looking for professionals to handle their work, which takes a lot of time. This has necessitated the need to outsource outsourcing work to help businesses find more time to concentrate on their core operations.

The concept of outsource outsourcing may sound confusing, but actually it is not. It means giving out the work of finding professionals to handle the outsourcing work for a company, to a group of experts, who are well-versed with the phenomenon of outsourcing and understand the requirements of the company hiring them.

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Tactics On How To Grow Your Business

Owning a small venture can be the start of something better. Of course, you have high hopes of growing it into a corporation but please do not dwell on cloud nine for long. Frankly how to grow your business is the biggest challenge. So be prepared for a roller coaster ride.

The business world is an evolving plain. Be constantly updated. Read the news. Get involve. Keep in mind that transactions are dependent on the status of the current economy so are the preference of the market. Monitoring the fluctuating global market allows you to make better decisions for your own investment. It helps you keep up with the changing times. It can even help develop the current system that you have to attract prospects. Business is service. Providing the need of a consumer based on the current economic status helps you build better relationship, more loyal follower and expanding business.

Business is like fashion. What may work for you might not be suitable for others. Each approach should be customizing according to your need. Conducting a market research constantly will allow you to have better results. Basing your decisions on the affecting factors will imply better outcome for the company. Ensuring that you have an accurate data can also ensure success for the venture.

Be like a vacuum cleaner. Suck all the information required to grow your investment. Properly using this information can be your greatest asset. If required, go back to school. Acknowledging your shortcomings may help you to grow yourself. The more confident you become in dealing with your business, the more possible it would last. Never be afraid to learn some more to survive this jungle.

The market itself is evolving. The preference change as the season unfolds. Making sure that you can keep up with it would require experimentation on your end. Improvement must be applied to avoid to be overtaken by competition particularly in saturating the market. Be open with the changing time and it will reward you heftily.

The internet is the best tool any marketer can obtain today. Its accessibility empowers the marketer to interact and complete a transaction in less the time and effort. It is an indispensable tool that helps monitor the whole transaction without leaving the comfort of your home or office. Many marketers take advantage of its characteristics towards simplifying the whole process and making more time for other tactics or concerns that might need attention.

Consult an expert if needed. Not because you are the owner means you know everything about the business. Acting like the jack-of-all trades may be disastrous for a venture. Leveraging or outsourcing certain task allows you to have time for other concerns. This does not mean that you are not on top of operation. It simply means that you have to segregate the task to optimize it. As an old adage goes, two heads are better than one.

Establishing a venture is like planting. Propagating it will require patience and determination. It will be affected by several factors and you must be ready to deal with them head on. Do not underestimate competition in any way. Instead closely monitor them to deliver what the market wants. Learn to culture relationships in this field. Word of mouth is still the best marketing tool. Keeping your customers satisfied will prolong the life of your business. More business would mean more profit for your end. More profit gives the capacity for expansion.

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Which marketing channels should a small business invest in?

Marketing a small business may be a very difficult undertaking due to the fact that the business is still in its minor stages of growth and therefore does not have a very strong and stable market yet. However, this can be made very easy basing on the marketing channels that the business person is aiming to apply. The fact that it is a small business means that the business person does not have too much money to channel; into marketing. As such, the owner needs to be very carefully in choosing the best marketing channels for their business, one that is not very expensive to spend money on but is guaranteed to be effective in bringing in new clients and therefore increasing the sales margin.

In this current digital era, it is very easy for one to drive large sales over the internet by making good use of all the features that the internet platform has in store. There are various techniques which can be applied such as search engine optimization, social media marketing, Paid advertising among other techniques. These will help one largely in gaining very many online customers. This article is going to cover the most essential marketing channels which are very essential in helping a small business owner gain more clients thereby expanding their market and business at large.

Pay Per Click

This is a marketing channel that has proved to be very effective for very many businesses. The way this works is that the business owner only gets to pay for every single click that an internet user has made which has redirected the user to the business’ website. This is very effective since the business owner only gets to pay for the potential customers who get to view their website therefore going through their products and or services. Once a potential client has checked your website, it is highly likely that they may find at least one thing that would please them thus adding sales for the business in question which is a very essential and effective marketing method. As such, Pay per Click, PPC, is an important marketing channel that a small business owner needs to put into practice.

Banner Advertising as a Marketing Channel

The fact that this is a small business possibly translates to the fact that most of its clients are from the local area where the business is located. As such, it is very important to advertise the products and or services that the business is majoring in, via the use of banners in public areas such as highways and or Central Business Districts. An advantage of using banners is the fact that very many people are bound to see it and it is always relatively a cheap way of marketing.

Investing in Google AdWords

The way that most people are shaped these days is that they rely on the internet for every bit of information. Investing in marketing your small business on the Google platform by use of Google Adwords such that your advert pops up among results on the keyword that related to your business is very effective. This channel is also bound to widen the market of the small business to go beyond the locality where the business is located which is just an added advantage.

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How entrepreneurship is changing in modern day

All over the world, people are breaking free from the traditional employment model and choosing to achieve business success as entrepreneurs. Will you be the next?

Let’s start by covering 12 of the most commonly-mentioned benefits of being an entrepreneur to inspire you on your journey:

1. You can choose your own schedule.

2. You are free to travel.

3. You can take sick days or vacation days whenever you need them.

4. If there are necessary tasks you don’t enjoy or have time for, you can outsource them.

5. You can select your own employees.

6. Learning to be a better boss also teaches you to be a better employee.

7. Your innovative ideas have a chance to shine unfettered.

8. You do not have to wear a uniform or follow a company dress code.

9. You enjoy better job security than most people.

10. Entrepreneurship teaches you the benefits of hard work.

11. You can always feed your curiosity by learning more about every aspect of your business.

12. Your ambition can always drive you to greater heights and business success.

As you can see, entrepreneurship is becoming popular because it comes with a whole new lifestyle for those who are willing to seize it.

Of course, entrepreneurship isn’t all sunshine and freedom. According to the United States Small Business Association, 33% of little organizations come up short inside the initial two years, and more than half fall flat inside the initial five years.

Not surprisingly, the challenges of entrepreneurship represent the flipside of the advantages we discussed above:

1. Choosing your own schedule can result in wasted time without the proper time-management skills.

2. Even while traveling, it may be necessary to handle work-related crises, because you are basically always “on call.”

3. There are no paid sick days or vacation days, so you must decide how much each day off is worth to you.

4. You are responsible for completing any tasks you can’t afford to outsource.

5. Hiring employees means you must learn how to conduct interviews, uphold workers’ legal rights, and coordinate payroll.

6. If you don’t yet have the leadership capabilities to direct others, you will be taking a crash course once you hire freelancers or employees.

7. You must narrow all of your innovative ideas down to the ones that have the most potential to help you achieve business success.

8. If you don’t maintain a professional appearance in person and online, it is sure to reflect poorly on your company.

9. You are responsible for funding your business, even if you’re operating at a loss.

10. Only results are profitable, not time clocked, so it’s possible you will work hard and still end up disappointed.

11. You must be familiar with each aspect of how your business operates, including those which may not interest you, to ensure everything is running smoothly.

12. Only you can motivate yourself to achieve business success.

To sum it up, let’s say that with freedom comes responsibility. If you can’t handle one, you aren’t yet ready for the other.

Of course, I don’t believe people should give up on their dreams. Just be sure to arm yourself with knowledge and understand what you are getting yourself into.

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Five Modern Marketing Methods Every Business Should Use in 2016

Whether you run the small convenience store down the street or a million dollar eBusiness online, there are a number of modern marketing methods that apply to and will help any business. Consider making the following five techniques part of your marketing strategy for 2015 and beyond.

Make PR a Priority

Small business owners and CFOs grind their teeth when the subject of public relations comes up. Though it sounds like an expensive add-on to the advertising budget, its value exceeds the cost in time and money. Why include PR in the area of important strategies?

Good PR favorably shows off your brand to potential as well as current customers. It’s an excellent way to let the public know the best qualities of your major products. Develop rapport with recognized names in your field. Ask them to look over and critique a report or whitepaper you plan on posting to your website. The credibility of their statements will add to the value of your product.

Be Proactive

Marketing is flexible. Today’s hot product may be tomorrow’s forgotten idea. Be flexible along with the market by observing trends in technology and goods, anticipating the next step, and preparing to immediately answer any needs in your niche.

Transparency as a Marketing Method

Demonstrate the transparency of your business methods by operating so others can see how business actions are performed. Propaganda does not appease consumers. It’s simple for them to do an Internet search about the validity of claims and post blogs and Facebook comments about any differences. Build trust with customers by showing what your brand is doing that is in their best interests.

Incorporate Social Media in Marketing Campaigns

What makes social media a valuable marketing method? Incorporating it into marketing campaigns with a different message makes it unique and encourages viewers to share it. Make sharing easy by adding social sharing buttons for FB, Twitter, Pinterest and other sites on your emails, blogs, and websites. You’ll find click-through increase, improving web ranking.

Use Content Marketing Wisely

Blogs are a good example of content marketing because they provide information that increases the reader’s understanding of a particular topic. They use the knowledge to purchase a product that meets the standards of quality learned in that article, even though there was no advertising or other types of sales presence placed on them.

Strategy in content marketing methods may also include short TV clips and radio advertisements to targeted markets. Invite the attention of the press on submitted press releases by adding the name, position, and number of a qualified person in your company who is available for comment.

The results lead back to the rewards of transparency. Earn consumer loyalty and business by supplying buyers with a steady production of valuable information through your strategic method of context marketing.

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How to be successful avoid Pitfalls as a small business startup

Business-Team

Are you ready to start your own business? You have probably heard that nearly 90% of startups fail in the first year, which is an absolutely terrifying thought. However, if you understand the reason so many start up fail, you can put you and your business in the best position to succeed.

People

65% of startups fail due to interpersonal problems between the founders. Start by considering who your fellow founding members are going to be. The most common configuration is family and friends, these are the people you know the best and the most likely to take a chance with you but this type of team is the least stable. The key is making this situation work for the betterment of the business.

How do things go wrong? For starters, it is difficult to make the best decision for your start up when that decision is not the best for your personal relationships. Another common problem is the fact that you have a lot in common with friends or family, which means there may be gaping holes in the team because your skill sets are so similar.

In order to make a startup work with your brother, best friend or even the in-laws, everything needs to be business when you are at work. This means decisions have to be made early on about the direction of the company, possible routes and all roles need to be clearly defined as do the future rewards.

Money, Money, Money!

You have a fantastic idea and plenty of startup cash (this may be rare but it does happen), so the temptation is to spend yourself to success. When you are starting a business, the only money spent should be absolutely necessary. Look, you are going to run into unexpected costs all along the way so instead of a state of the art phone system perhaps you should keep the money in the bank to cover these types of situations.

Think of your business money as the lifeblood, you never want to give away too much at one time if you want to maintain life.

Invest into your startup with whatever means necessary, make sure to do your research beforehand online on the best small business investments on a tight budget available, things like Facebook advertising, Free Twitter and Instagram exposure, Linkedin Sub-groups, Forum posts, and more.

Guidance

What is your guidance plan? Do you have a plan? There is nothing simple about a business plan, and for that reason too many startups either delay creating one or forget it altogether. If money is your lifeblood think of your business plan as the brain, it instructs all the parts on when and how to move in order to move the entire thing forward. Do not skimp on the business plan.

Understanding the Competition

Who is your competition and what is their market saturation? You simply must know your competition as well as you know your own business. These are the companies that are doing what you plan to do and by knowing their strategy, both good and bad, you are in a better position to offer a better solution. Markets do not die and fade away, they merely change and the business that can stay ahead of the curve on these changes is the business that will make it past the startup phase.

Final Thoughts

These are but a few of the pitfalls to a startup, but they are a few of the top reasons a business will never fully get off the ground. Do not take these pitfalls as a reason not to start, look at them more as hazards to avoid on your journey to the top.

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