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Six Business Lessons We Can Learn from the Online Casino Industry

Since the early days of online consumerism, web-based casinos have been at the forefront of success; continually evolving and adapting to ensure they thrive. The online casino industry has been and continues to be one of the savviest and progressive business sectors on the planet. Here are six business lessons we can learn from it.

Customer Loyalty Is Key

If there’s one area where the online casino industry stands out, it’s customer loyalty. While online casinos still use marketing strategies to attract new players, most online casinos pour the majority of their energies into retaining those customers. They do that by making them feel special by providing things like regular bonuses and discounts. The way your business goes about retaining customer loyalty is up to you, but the more you provide your customers with rewards and first-rate service, the more you’ll be able to gain customer trust and loyalty.

Greater Choice Creates More Customers

While it’s important to focus on developing high-quality core products, a successful business should always be working on ways of expanding the choices customers have. That could include diversifying a product range or offering new and convenient services like click-and-collect. Online casinos like Kazoom are continually updating their game offerings, with lots of new slot and table games being introduced regularly, while ensuring classic casino games like blackjack and roulette are still available. Whatever industry you are in, you can take a leaf out of an online casino’s book. If you don’t create new choices for your customers regularly, you could soon lose out to your competitors.

Experimentation Leads to Innovation

 If your business does not continually offer new choices, it could sink fast. But you also need to provide new customer options in the right way, so don’t be afraid to experiment. As online casinos know, experimentation is not about simply trying new things out that carry a lot of risks. It’s about predicting trends and creating new ones. The online casino industry actively embraces new technologies to merge with their services and products. For example, online casinos now offer live casino games with real dealers, augmented reality games, and virtual reality games. When you use experimentation to create innovation and stay ahead of emerging trends, your business has the potential to prosper greatly.

Social Media Marketing Is Key for Building Brand Awareness

Social media marketing is essential for any kind of business, and the online casino industry most certainly knows how to utilize it for full-advantage. You can follow suit by firstly creating social media accounts on platforms that attract your target audience. Then, market through posting content and social media ads. If you approach social media marketing in the right way, you can build your brand awareness and potentially attract a mass audience.

Pay Per Click Ads Are Great for Attracting New Customers

A specific marketing strategy that works well for the online casino industry is using Pay Per Click ads. While other marketing techniques are best for retaining customers, when it comes to attracting new potential customers, PPC ads can be an excellent method. Online casinos have been using the marketing method for decades to create brand awareness and attract new players. The great thing about PPC ads is they enable your business to appear near the top of search engine results based on the keywords you use in the advertisement.

Mobile Devices Enable a Wealth of New Opportunities

Smartphones transformed the way that people connected to the internet. For many, mobiles are now the primary device for browsing the internet. With opportunities for a whole new world of users, online casinos were quick to embrace mobile technology, making games and apps specifically for mobile use. By catering to mobile-specific audiences, you can tap into this large pool of potential customers for your industry.

How to Create a Compelling Pitch Deck for Your Startup

create a business pitch

Pitch decks work as a selling medium for startups. Through pitches, startups can sell ideas, products, and innovation to prospective investors and hope they are convinced enough to part with their money. 

The proper presentation deck has ingredients that can hold investors’ attention for long, keep the attention nourished and while doing that, sell your ideas, products, and innovation to that rapt attention without losing it.

Compel is not just to impress; it is to engage and captivate. This is what it means to compel: 

  • gaining attention 
  • keeping attention
  • finding things to do with the attention 

It is the art of seduction. The art of winning things over to yourself. The art of making things happen, holding onto them without losing them.

For the art to be realized, it requires being familiar with pitching challenges, confronting them head-on, and providing the needed solutions to them.

I have highlighted the top 5 challenges startups face in getting approval from investors. 

What Investors Are Looking At In Your Pitches

business budget

Quartz reported the common adage in Silicon Valley about 90% of startups ultimately failing to get investors’ approval. The topmost of these reasons were business viability and running out of cash.

This report was in 2016, but there are reasons to believe the adage is still very much alive today. Knowing these reasons will provide you with insight into what investors are looking at in your pitch deck.

  1. Business Model: Viability in business means clarity. Product clarity. Market clarity. Cost-profit clarity. Customer clarity. Without transparency, no investor would want to invest. Your pitch should emphasize this aspect.
  2. Budgeting: Before you pitch, know investors would be interested in how you’ve been financing your products. They would want to know the amount of time you’ve spent and the experience you’ve gained in budgeting. More reason you shouldn’t pitch at the early stage of your business. You need the experience to convince them about your financial capacity and wealth management skills.
  3. Customer Traction: Before you pitch, how many  have you been able to convert? How many customers feel your model can solve their needs? You must have first gained sufficient customers that you can use as evidence in your pitch.
  4. Insufficient Funds: Investors know this is where they come in; still, they would want you to identify the lack. In addition to that, they would want to know the efforts you’ve been making to fill it.
  5. Technical Issues: When investors look at your pitch, they want to see what technical issues it addresses with regards to your business industry. Before you pitch, it is important to find out what technical issue and how you intend to solve it.

Important Reasons For Creating a Compelling Pitch

It is important to know what your investors want; without that knowledge, they will not support your startup. It is also important to align your goals with your investors goals. Such alignment is necessary to ensure you both are on the same ground.

This plan, and ultimately your pitch, should revolve around three things: a problem, a solution, and the benefits.

Investors are most often concerned about these areas, therefore, you should understand and relate to them too.

What is the Problem?

When creating a compelling pitch, start by identifying the problem. Match these problems, using the investors as case studies or a solution to the end game. If using a slide presentation, your problem should be the fourth slide, after the introductory slides that contain the company overview, mission, and team.

Your real pitch begins with problems. However, it is not enough to identify the problem, you also have to state how what is being presented is actually problematic. You can use questions such as:

  • Who is impacted?
  • Why are they impacted?
  • What are they currently doing?
  • Why is that not a viable solution? 
  • What is the size of the problem and the upcoming trend?

What is the Solution?

After that, move to the solutions. This is what the investors want to see; how can their money help and what is in it for them.

Since most pitches are solution-based, there are working templates you can model after. Find them and study them. Some of the most popular business pitches include Airbnb and Facebook. 

The solution should be the fifth item on your slides. It should reflect the market opportunities, products, customers, technology, and marketing strategies. Be sure you have slides for all of this data; the more deliverables you can offer, the better your pitch will be overall.

In presenting your solution, make sure it is detailed. And do not undermine your competition, even if there isn’t any. Make your solution procedural. Let it take the course of hard work and sweat. 

Explain the technical details without sounding wordy, and don’t start talking about finances here since you would do that with the benefits.

What are the Benefits?

This is the negotiation stage, so take your time. It would be best if you had a lot of patience, clarity, and simplicity to convince investors. Your benefits should take into account the cost of financing your solution and the returns on investments.

Use metrics rather than just talking. Consider using projections, too. Explain how much your company will be worth in the future and what they would be missing out on if they don’t patronize. In short, propose value, repeat, and emphasize.

Conclusion

Creating a pitch deck takes time but should not be terrifying. It takes hard work and dedication to succeed. To get funds for your business, you need to know what investors want and then align their needs with your needs.

About AbstractOps

If you’re an early stage CEO, we handle and automate your HR, finance, and legal ops — so that you don’t have to. We help you Be Scrappy, Not Sloppy.

We understand that ops can be painful. If you have any questions or need assistance with your ops, drop us a note at [email protected]. We’ll do our best to help.

References

Influential Books About Women Empowerment and Being Your Own Boss

Michelle Obama

Since the 1700s to the 2010s, there has been a steady and healthy abundance of fictional, theoretical, and critical literary works all revolving around one overarching theme: feminism. 

That feeling you get when you read an awe-inspiring memoir written by a highly influential and successful woman, as she goes on for a hundred or so pages intimately detailing the times she wasn’t so bright and preppy, that feels almost akin to sisterhood. Reading about vulnerabilities and successes alike from people we never thought could have bad days is a lesson on humility, and can in turn inspire you to view your life as not so different from the ones featured on front pages of the press.

There’s nothing quite as empowering as reading about how someone you admire was able to turn things around even in their darkest of times. It is perhaps a universal feeling most women collectively share of reaching a low point in their lives and feeling utterly alone, wishing there was someone there who could have guided them to make better decisions and be more mindful about living in general; but worry not, we can be that someone for you. 

As every woman intimately knows the feeling of disconnection from their lives and feeling like every day is a struggle, these influential women on top are no exception. When you hear names such as Michelle Obama or Toni Morrison also feeling like the world is out to get them the moment they wake up, you feel less isolated about your own struggles.

Thankfully, there are now plenty of female-penned books that can give you just that pep talk you badly need. Whether you’re looking for career advice, a hangover cure from a broken heart, or just a little nudge in the right direction through a little validation: there’s no lack of inspiring women you can emulate. These titles are jam-packed with empathetic wisdom with a sense of delicacy only women can truly embody, along with their sage-like wisdom you can carry with you forever long after the last page.

The European Business Review has compiled some of the most inspiring books for women, written by women of all ages and races, that we hope will give you all the motivation you need to get out there and start living the life you want to live.

They cover a range of subjects from finances to female empowerment, so it doesn’t matter if you’re looking to freshen up your history of the women’s movement or adhere to more modern-day feminist heroes; any woman will surely benefit from these inspiring reads.

1. Becoming by Michelle Obama

Becoming by Michelle Obama

It’s hard to imagine the former First Lady of the United States as someone that struggles with everyday musings much like the normal folk, but Michelle Obama’s memoir is one filled to the brim with intimate details of exactly what made her out to be one of the most respected women in the modern world.

Through this book, you can read about her childhood days in Chicago, her academic journey attending Princeton and Harvard, her career as a well-known attorney, motherhood, and so so much more. She is not only a political figure in this one, but a multi-faceted woman that carries much depth within her; it’s impossible to limit her to one role. 

More importantly, her autobiography was one of inclusion and advocacy for women. It’s a fascinating read on how America’s first Black First Lady was able to overcome all the disruptive forces both in her personal and private life and both as a person of colour and a woman. The resilience she demonstrated can be a message for any woman on how to hone their strength and drive, and how that will ultimately play in their favour once the time is right.

2. The Moment of Lift by Melinda Gates

The Moment of Lift by Melinda Gates

Most popularly known by her husband’s innovative invention that transformed the landscape of technology as we know it, Melinda Gates is also a philanthropist, businesswoman, and a global advocate for women everywhere. She co-chairs the famed ‘Bill & Melinda Gates Foundation and also founded ‘Pivotal Ventures’, an investment company specifically for women and families in America.

In her book, she goes on to share meaningful life lessons from her ongoing tenure as the many roles she embodies; from amazing people, she’s met over time due to the nature of her work and her travels around the globe that granted her wisdom. In the introduction, she writes: “I want all of us to see ways we can lift women up where we live.” 

Throughout this unforgettable narrative, Gates introduces the reader to remarkable women and shows the power of connection. She has immortalized the phenomenon of ‘empowered women empower women’ in this autobiography. Perhaps one of the biggest takeaways from The Moment of Lift is this highly quotable phrase: “If you want to lift a society up, you need to stop keeping women down.”

3. Secrets of Six-Figure Women by Barbara Stanny

Secrets of Six-Figure Women by Barbara Stanny

Having six financial books under her belt before this one, Barbara Stanny is one of the leading authors on women, wealth, and power. Her career of 20 years and counting have contributed largely to the revolution of women’s relationship with their money and general financial habits. As an author, life coach, motivational speaker, and workshop facilitator, she urges women to nurture their mental and physical wealth to create the life they deserve for themselves.

In Secrets of Six-Figure Women, Barbara Stanny identifies the seven key strategies of female high earners based on extensive research and hundreds of interviews, including more than 150 women whose annual earnings range from $100,000 to $7 million. By following Stanny’s step by step framework, every woman can successfully make the money they desire.

She completely reframes the relationship women have with their hard-earned money and shifts the conversation away from being afraid to spend big out of fear of being called bashful, but instead guides them to be proud of their hustle and to reap the seeds of their labour.

4. Men Explain Things to Me by Rebecca Solnit

Men Explain Things to Me by Rebecca Solnit

Known for popularizing the colloquial term “mansplaining”, Rebecca Solnit’s collection of highly personal and intimate essays explores various themes of modern feminism. Her un-saccharine essays all have a touch of humour in them but are delivered with utmost clarity and direct messages. From having your own interests explained to you and the #YesAllWomen movement to marriage equality, Solnit’s pieces are a relatable look into gender in the 2010s.

The book’s essays take on a range of subjects from the silly (like “mansplaining”) to the serious (gender equality). Solnit’s opinions about feminism, marriage equality, and our society are nothing less than bold (and sometimes totally necessary) in Men Explain Things to Me.

5. In the Land of Invisible Women by Dr. Qanta A. Ahmed

In the Land of Invisible Women by Dr. Qanta A. Ahmed

In the Land of Invisible Women revolves around Quanta Ahmed, the author, in her true-to-life story about being a British doctor of Pakistani descent as she took on a job in Saudi Arabia when her U.S. visa renewal was declined. Her autobiographical story is woven into both highs and lows: such as when Ahmed discovered her Islamic religion during a spiritual pilgrimage, as well as seeing some of her own co-workers celebrate the 9/11 attacks in America.

Things aren’t always black and white, as Ahmed comes to realize on her two-year stint in Riyadh, but sometimes you just have to find the silver lining. This was a compelling book that explored women’s resilience during traumatic situations, and how much strength we carry when we rise above it all.

6. We Should All Be Feminists by Chimamanda Ngozi Adichie

We Should All Be Feminists by Chimamanda Ngozi Adichie

The Nigerian author Chimamanda Ngozi Adichie delves into her New York Times bestseller, We Should All be Feminists, to present her own definition of feminism amidst all oversaturated discussions revolving around the movement and questions surrounding which idealism is right. She explores what it means to a post-modern woman and feminist in today’s highly sensitive world where ‘cancel culture’ is rampant on social media.

Her book is adapted from her TEDx talk of the same name with six million views to date. In both the video and her popular book, she looks at how 21st-century feminism can be more inclusive, not just limited to white feminism as is the more popular and accepted trend.  Adichie, being a person of colour, has a unique and needed voice that isn’t often represented in feminist spaces. 

7. Year of Yes: How to Dance It Out, Stand In the Sun and Be Your Own Person by Shonda Rhimes

Year of Yes by Shonda Rhimes

You might know her being the person that gave us countless hit shows such as Grey’s Anatomy and Scandal, giving her a lifetime’s worth of dealing with certain occupational hazards even as high in the totem pole as her position warrants. Shonda Rhimes, an executive creator, found herself at a stagnant point in her life as she was safely cocooned in her safe bubble, afraid to try anything new.

When her sister pointed out that she never reached outside her comfort zone anymore, Rhimes decided then that something had to change. For the next year, she would say yes to everything that scared her. In her book, she presents herself just like any other woman in work who is equally afraid of most things working women face, public speaking and feeling too comfortable. She gives insider tips on how to break apart from the standard hum and drum of your life, and how to live each day with slightly more excitement than the last.

8. Everyday Sexism by Laura Bates

Everyday Sexism by Laura Bates

A well-known writer and activist, Laura Bates, launched her ‘Everyday Sexism Project’ in 2012. Laura Bates craftily explains just how normalized subtle microaggressions aimed towards women in their daily lives are, from the simple whistle as you pass by a group of men or to more direct discriminatory actions in the office. This book is about the experiences that happen every single day, but are so quickly brushed off because of their unassuming nature and normality.

Most women experience sexism and harassment regularly — daily acts that are often ignored. With her Everyday Sexism Project, writer Laura Bates wanted to give women an outlet to speak up. What began as a website where women could share their experiences daily has managed to amass over 100,000+ testimonies from women all over the world, giving the movement more credibility and opening dialogues specifically targeting these everyday microaggressions.

9. The Source of Self-Regard by Toni Morrison

The Source of Self-Regard by Toni Morrison

Toni Morrison is one of the most important writers of the 20th century. This book collects her own words in a gathering of essays and speeches that will leave you feeling inspired by all of the wisdom she has blessed the world with over half a century in the public eye.  Morrison is a genius, and reading words from her speeches, meditations, and essays feels like an invitation into her mind. 

Here is Toni Morrison in her own words: a rich gathering of her most important essays and speeches, spanning four decades. It is an enlightening look at how people of colour, especially women, deal with oppression through the lens of society, culture, and art.

10. Kim Jiyoung, Born 1982 by Cho Namjoo

Kim Jiyoung, Born 1982 by Cho Namjoo

Dubbed as the “South Korean #MeToo bestseller”, this feminist book from Cho Namjoo spoke to the hearts of South Korean women who still lived in a patriarchal society where most of their life decisions were dictated through its oppressive lens. This novel is a timely read as we strive to find ways for women to have healthy and meaningful lives in a deeply depraved society. 

Kim Jiyoung, Born 1982 comes from the commonplace nature of the story it has to tell, one of sexism and misogyny so unspectacular that we sometimes forget to question them. It is quite the ride as we see her gently challenge these societal norms in place, the resistance she gets for bringing attention to them, and ultimately the sense of gratification we readers receive as we see her pull out all the stops for people to take a woman seriously. 

There is something compelling in seeing the representation of this narrative of women’s systemic devastation as completely unremarkable.

 

It has been decades since we first heard of the likes of Jane Austen or Sylvia Path make headlines for being women in literature, but it is because of their bravery in putting out their creative works with compelling messages that we can enjoy such a wide range of women-penned works today.

What these authors have all demonstrated, along with all other women in the world, is our penchant for surviving tough times and managing to make life lessons out of adversary. The manner in which women have evolved over time and are now taking ownership of their voices is a movement women of decades past could only dream of having, but a luxury we can now all thankfully partake in.

How to Use Local SEO for Post-COVID-19 Business Recovery

seo

Last year, many small and local businesses were impacted by the COVID-19 pandemic, which led to business closures and small companies scrambling to get online so that customers could continue to buy products in a safe and socially distanced manner. While things are looking up this year due to the COVID-19 vaccine and much of the world getting back to normal after the pandemic, small businesses are having to work hard to catch up and recover from the crisis after a difficult year for many. With businesses now reopening and things beginning to slowly get back to normal, making sure that it is easier than ever for your audience to find your local business online is one of the most crucial aspects of recovery.  If you do not have a strong local SEO strategy in place for your business, you could easily end up missing out to your competitors that do. According to the latest insights from Safari Digital Perth, “near me” local searches grew by more than 136% between 2020 and 2021 which means that now, more than ever, consumers are looking for local solutions.

Why Does Your Business Need Local SEO?

Today, more and more customers are making location-based searches. Let’s say that you own a business selling auto parts. A customer in your area needs a new part for their car, and they make a search for ‘car parts near me’ in Google. Your competitors have a local SEO strategy, but you don’t. This means that your competitors are going to come up in the top local spots in the Google search while your business will be much further down the page, and will probably go unnoticed by the customer, who’ll get the address for your competitor and go there instead. For Houston businesses, check https://johnnychenmedia.com/.

The stats for local SEO are difficult to ignore, with around 80% of location-based searches resulting in an offline purchase, and a massive 97% of users searching for information on local companies online. Just under 90% of people who search for a local business will usually visit or call the company on the very same day, and ‘close by’ or ‘near me’ searches are on the rise, increasing by a huge 900% over the past few years. So, what can you do to make local SEO work for you in 2021 to help your local business recover from the effects of the COVID crisis?

Use Google My Business

A key step in making sure that your local business is in with the best chance of getting the top results spot in Google’s local search is to make sure that your Google My Business listing has been created and verified. You will need to head to Google My Business and create a listing that includes all the relevant information on your company and your website link. Once the listing is completed, you will receive a letter from Google in the mail which contains a code that you will then need to enter into your account to finalize and verify the listing. Doing this will significantly boost your chances of appearing at the top of the list when users make searches for relevant search terms ‘near me’ in your area. Keeping your listing active and up to date can also improve your ranking, so spend some time uploading photographs and leaving positive responses to any Google reviews. Go through your listing to make sure that all the information is correct and matches your website.

Hire a Good SEO Agency

For most business owners, trying to do SEO on your own is not a good idea. If you’re not clued up on SEO, it’s best to outsource this work to somebody who lives and breathes it. This is especially true right now if you want to up your local SEO efforts in order to help your business recover after a difficult year of dealing with the COVID-19 crisis. Throughout this year, you will want to ensure that your business website is getting as much traffic as possible, and more brand awareness will help your business recover from the impact of the pandemic. You’ve also got many other business aspects to think about as you reopen and rebuild your company after the COVID-19 crisis, so consider working with LNP Media Group for a tailored solution to improve your local SEO and increase your organic rankings in Google. LNP Media Group offers customized strategies for your local business website with a unique plan of action developed specifically to help your business reach its overall goals.

Voice Search Optimization

We have already seen an increase in voice search in the past few years, with smart devices like Amazon Echo and Google Home now used by more people than ever before. Because of this, over this year and beyond we are going to see an increase in the need for companies to optimize their content for voice search. This is especially important when it comes to improving your local SEO rankings since many local searches are going to be made via voice search rather than text search in the future. When users use voice search and ask questions to their device, they tend to use different language compared to when typing. Users will be more likely to ask questions that are grammatically correct compared to text search which is often typed out in such a way that unnecessary words and phrases are eliminated to make the process as quick as possible. In addition, long-tail keywords will become more important. Voice search users tend to make the intent of their search much clearer, so ensuring that you add as much relevant information into your website’s content is a must.

Post Some Local Content

A business blog for your local business website can be an ideal way to connect with customers and improve your local SEO results. A blog itself will provide Google and other search engines with more site pages to index, keep your site active and provide more information for visitors to stay on the site and read, which can help your SEO results overall. Posting local content on your business blog is an ideal option for boosting your local SEO results. Posts that are centered around local events, local news stories that are relevant to your industry, or education on the area where your business is situated can all be very useful information not only to users who might be traveling to the area, but for search engines when algorithms decide which local businesses get the top listings.

Reach Out to Surrounding Towns

To get the best results from local SEO and boost your brand awareness even further, it’s a good idea to not only include keywords and content for your local area, but also surrounding towns and areas. Local online directories and services such as City Pages are an ideal option for helping your local business appear in local search results for users who are looking for a business like yours but are located a little bit out of town. Work with an SEO agency to put together a local SEO strategy that doesn’t just target the town that you are located in but the neighboring areas also to reach out to customers who are not too far away and could easily travel to your business to find what they need.

After the events of 2020, it’s no surprise that many small local businesses want to focus heavily on rebuilding and repairing their company throughout 2021. If the COVID-19 pandemic hit your business hard, a good local SEO strategy can help to build brand awareness and put your local business out there this year. 

6 Things to Do Before Applying to College

college

Heading to college can be one of the most exciting times of your life. You’ll make new friends, generate your own career path, and learn more about yourself all at the same time. However, before you start your journey, there are some steps that you need to take first. It’s not like you can just walk in and start right away!

In this article, we are going to discuss six things that you should do before applying to college. Let’s get started!

Research your options

The very first thing you need to do before anything is to start researching what colleges are out there. With over 5000 in the US alone, there are plenty of options to choose from. However, it would be best if you thought about a couple of things first. These include knowing where you want to study (either abroad, interstate, or close to home, etc.) and what you want to learn. Specific schools may have better programs to suit your desired career.

Tour different schools

Once you have narrowed down to a few different choices, take every opportunity you can to tour different schools. This might even mean going on a road trip so you can check out the options that may not be in your state. It may seem like a lot of work, but it will help you narrow down your selection further so that you can begin the application process. Not everyone wants to attend a campus that they have never seen before.

Prepare for your application

The college admissions process can be stressful, so make sure you spend some time preparing for your application. It can even be worthwhile seeking assistance from a consulting group so you get the best chance possible of being accepted into your dream school. Always remember, practice makes perfect!

Do some test prep

As much as studying can be annoying, it’s still a good idea to prepare for any standardized tests that you will be taking. There are many great tools out there that can help, and you’ll feel way more confident. Here are a few of our favorites that are all free:

  • Quizlet – Generates flashcards, quizzes, games, and practice tests to help you learn.
  • Schooltraq – Perfect for keeping track of your assignments and important tests.
  • Grammarly – Can help improve your writing and offers excellent suggestions.
  • StudyBlue – Allows students to connect with each other.

You can find some other great study planning apps here.

Save extra cash

Once you start college, you’re going to need money to fund your expenses. The fact is, college life can be challenging, and saving up some cash in advance can make a world of difference. Not only will it help with fees, but you’ll be able to enjoy luxuries here and there rather than living off the bare minimum.

Spend time with your family and friends 

Lastly, the most important thing you need to do before starting your applications is to make sure that you spend time with your family and friends. Before you know it, you’ll be leaving the nest! So take time out to appreciate your loved ones and show them how much you care.

Why Denmark dominates the World Happiness Report rankings year after year

Denmark

By Marie Helweg-Larsen

This year’s World Happiness Report again ranks Denmark among the top three happiest of 155 countries surveyed – a distinction that the country has earned for seven consecutive years.

The U.S., on the other hand, ranked 18th this year, a four-spot drop from last year’s report.

Denmark’s place among the world’s happiest countries is consistent with many other national surveys of happiness (or, as psychologists call it, “subjective well-being”).

Scientists like to study and argue about how to measure things. But when it comes to happiness, a general consensus seems to have emerged.

Depending on the scope and purpose of the research, happiness is often measured using objective indicators (data on crime, income, civic engagement and health) and subjective methods, such as asking people how frequently they experience positive and negative emotions.

Why might Danes evaluate their lives more positively? As a psychologist and native of Denmark, I’ve looked into this question.

Yes, Danes have a stable government, low levels of public corruption, and access to high-quality education and health care. The country does have the highest taxes in the world, but the vast majority of Danes happily pay: They believe higher taxes can create a better society.

Perhaps most importantly, however, they value a cultural construct called “hygge” (pronounced hʊɡə).

The Oxford dictionary added the word in June 2017, and it refers to high-quality social interactions. Hygge can be used as a noun, adjective or verb (to hygge oneself), and events and places can also be hyggelige (hygge-like).

Hygge is sometimes translated as “cozy,” but a better definition of hygge is “intentional intimacy,” which can happen when you have safe, balanced and harmonious shared experiences. A cup of coffee with a friend in front of a fireplace might qualify, as could a summer picnic in the park.

A family might have a hygge evening that entails board games and treats, or friends might get together for a casual dinner with dimmed lighting, good food and easygoing fun. Spaces can also be described as hyggelige (“Your new house is so hyggeligt”) and a common way of telling a host thank you after a dinner is to say that it was hyggeligt (meaning, we had a good time). Most Danish social events are expected to be hyggelige, so it would be a harsh critique to say that a party or dinner wasn’t hyggelige.

Research on hygge has found that in Denmark, it’s integral to people’s sense of well-being. It acts as a buffer against stress, while also creating a space to build camaraderie. In a highly individualized country like Denmark, hygge can promote egalitarianism and strengthen trust.

It would be fair to say that hygge is fully integrated into the Danish cultural psyche and culture. But it has also become a bit of a global phenomenon – Amazon now sells more than 900 books on hygge, and Instagram has over 3 million posts with the hashtag #hygge. Google trends data show a big jump in searches for hygge beginning in October 2016.

Nor is Denmark the only country that has a word for a concept similar to hygge – the Norwegians have koselig, the Swedes mysig, the Dutch gezenlligheid and the Germans gemütlichkeit.

In the U.S. – which also places a high value on individualism – there’s no real cultural equivalent of hygge. Income is generally associated with happiness; yet even though the country’s GDP has been rising and its unemployment rates have been declining, levels of happiness in the U.S. have been steadily decreasing.

What’s going on?

Income inequality continues to be an issue. But there’s also been a marked decrease in interpersonal trust and trust toward institutions like the government as well as the media. In the end, more disposable income doesn’t hold a candle to having someone to rely on in a time of need (something that 95 percent of Danes believe they have).

At its core, hygge is about building intimacy and trust with others.

Americans could probably use a little more of it in their lives.

The article was first uploaded in The Conversation

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About the Author

Marie Helweg-Larsen

Marie Helweg-Larsen, a native of Denmark, is a professor of psychology at Dickinson College. Her research is in the areas of social psychology, health psychology and cross-cultural psychology – specifically why smart people do dumb things and how to make them stop.

Most recently, she has examined cross-culturally how moralized beliefs about smoking affect risk perceptions and willingness to quit smoking. In her NIH-funded research, she is examining the effects of stigmatization on smokers’ willingness to quit smoking.

Since 2002, she has been awarded grants from the National Institutes of Health and National Cancer Institute; the Andrew W. Mellon Foundation; and the Pennsylvania Department of Health. In 2016, she was presented with the Distinguished Teaching Award by her faculty peers at Dickinson College.

Top 3 Accounting and Finance Business Trends Driving The Industry Growth In 2021

business trends

2020 has not been a year to confidently rely on market trends and draw inferences from them. What portion of a trend is driven by the pandemic and what is based on solid data, there’s no way to tell for sure. However, in the financial services market, we have enough data moving in certain directions to see some definitive patterns.

Big Tech and financial services partnerships, innovation at the banking level, a renewed appreciation for consumer intelligence, robust AI helping in detecting fraud and other forms of cybersecurity, and an increasingly cashless economy are some of the most prominent financial business trends for 2021.

If you are planning to launch, modify, or expand your financial business in the next year, continue reading to find out which way will the market go during the next 12 months.

1. The Meteoric Pace of Digital Growth

The financial sector has, finally, fully realized the need to become digital. The efficiency and convenience that come with digital banking solutions already made a compelling case for it, but it is due to the current health pandemic that we have all seen how critical it is for a financial institution to have a robust digital presence.

As more people and businesses opted for online payments, we saw an unprecedented surge of incoming traffic on different digital banking channels. This trend is expected to be mirrored at the corporate banking level, too. As companies become more technology-reliant, they will look for financial solutions that are more flexible and agile.

To ride this wave of digital growth, invest in the digitization of your financial service more proactively. Hire people who bring a technology skill subset to the table, allocate a separate portion of the budget to ensure efficient digital advancement, and invest in robust data and analytics. Without the last leg to stand on, your digital growth strategy will remain severely lacking.

To distinguish your digital finance platform from the rest of your business operations, consider launching it as a separate brand with a unique accounting and CPA logo design and all. The move will help your customers look at the brand with more favor and as a niche and focused service.

2. New and Emerging Fin-tech

With the full might of technology at its disposal, the fin-tech industry is enjoying its day in the sun. And the sunny day seems to be going on forever, which is good news for all of us. As the delivery of financial services becomes more tailored and intuitive, we all benefit. Taking advantage of emerging technologies such as blockchain, cryptocurrencies, and big data, the fin-tech industry is enthusiastic in its commitment to provide insightful, flexible, and convenient financial products with simplicity and reliability.

If you are a finance service startup, your chances of getting funding may be brighter if your focus is technologies like blockchain. Investors are also looking at entrepreneurs who have a vision of moving from retail and consumer banking to larger financial sectors.

The great thing about a fin-tech startup is you do not need to offer solutions to every banking/financial problem. Think of a specific issue that you can address creatively and create your fin-tech around it.

3. Cyber Security & Big Data

We keep talking about the role of technology in providing proactive and creative solutions to different financial and banking needs. But without a robust cybersecurity system in place, this can all go down in flames.

As reliance on technology becomes a norm for the financial sector, security will play a key role in determining which platform has the larger market share, the more loyal customers, and the market trust to innovate big. Sophisticated cybersecurity systems in place will also ensure an improved customer experience as well as a more flexible digital banking infrastructure.

Additionally, data and analytics are also going to be dominant topics for 2021 and beyond. The more a financial institution drives to incorporate change, the more data it’ll need to make informed decisions. Professionals with data and analytics skills who can manage their company’s market analysis needs will be in high demand, and will need to have their finger on the market pulse at all times. Actionable insights will drive growth for any financial services organization.

Some Parting Thoughts

Technology is the singular trend underlining the major ways the finance industry is changing. Whether you are a technology firm exploring financial waters or a finance service navigating the foreign jungle of tech, one thing is certain: finance and tech can’t do without each other. Tech needs fast and smart monetary products to keep up with its pace and finance needs tech to keep delivering to its consumers.

No matter which side of the field you belong to, you can make some really smart business moves by merging these two sectors of the market and offering something innovative to the public in 2021.

Vietnam: No country of a comparable size has seen such an increase in economic freedom over the last 25 years

Vietnam

By Rainer Zitelmann

The Heritage Foundation publishes the annual Index of Economic Freedom to assess the levels of economic freedom in 178 countries. Since the survey began in 1995, no other country of a comparable size has seen such rapid gains in economic freedom as Vietnam.

The index uses 12 criteria to measure each of the 178 countries’ economic freedom. The countries that rank at the top of the Index include Singapore, New Zealand, Australia and Switzerland, while Cuba, Venezuela and North Korea occupy the last few places. The highest score for any country is 89.7 (Singapore) and the lowest is 5.2 (North Korea). The most recent index score for Vietnam is 61.7, which represents a gain of 2.9 points over the previous year. This puts Vietnam in the category of “moderately free” countries for the first time in the index’s history.

Vietnam has been extraordinarily successful

The fact that Vietnam ranks 90th of 178 countries may not in and of itself seem so sensational. But when assessing a country’s economic outlook, it is not so important where the country currently stands in the ranking, but how its ranking has developed over time – whether its level of economic freedom has increased or decreased. And in this respect, Vietnam has been extraordinarily successful. Back when the Heritage Foundation published its first index in 1995, Vietnam scored 41.7 points. By 2005, this had risen to 48.1, and in 2010 it climbed further to 49.8. What is remarkable is the huge increase in economic freedom since 2015, when Vietnam was awarded a score of 51.7. Since then, Vietnam has added another 10 points to reach 61.7 today – an increase of 20 points since 1995!

In comparison, the United States scored 76.7 in 1995 and had slipped back slightly to 74.8 by 2021. Italy and France made virtually no progress on economic freedom in 25 years, scoring 61.2 and 64.4 respectively in 1995 and 64.9 and 65.7 today.

There are only five countries in the world – all of them much smaller and not directly comparable – that have managed to match or even beat Vietnam’s economic freedom gains over the last 25 years. These five are Moldova, Bulgaria, Belarus, Romania and Angola.

Venezuela as a counter-example

While an increase in economic freedom equates to economic growth and a higher standard of living – as the example of Vietnam confirms – a decrease in economic freedom represents declining quality of life.

This is illustrated by the counter-example of Venezuela. While Vietnam is progressively evolving from a state-run economy into a market economy, Venezuela has moved in the opposite direction – from a market economy to a state-run economy. In 1995, the Index of Economic Freedom awarded Venezuela a score of 59.8. Shortly afterward, in 1999, Hugo Chavéz came to power and launched his “Socialism of the 21st Century.” He embarked on a programme of nationalisations and price controls, etc. and increasingly curtailed economic freedom. The result? In the 2021 Heritage Foundation ranking, Venezuela scores a paltry 24.7.

This means that over the same period that Vietnam’s score rose by 20 points, Venezuela’s fell by almost 36 points! And while the standard of living in Vietnam has improved dramatically over the last 25 years, it has fallen just as dramatically for the people of Venezuela, where the inflation rate is higher than anywhere else in the world, huge numbers of people are suffering from hunger and more than ten percent of the population have already fled.

Vietnam’s economic ascent began in 1986 with the launch of the so-called “Đổi Mới” reforms, which shifted Vietnam from a centrally planned economy to a more market oriented one. Vietnam’s GDP grew by an average of 6.7 percent per year between 1995 and 2020. The ratio of government expenditure to GDP is also very positive – and significantly lower than in most Western countries. In the United States, for example, government expenditure amounted to 35.7 percent of GDP in 2019, compared to just 29.1 percent in Vietnam in the same year.

Time to strengthen rule of law

The Index of Economic Freedom is based on a total of 12 criteria across four categories. Vietnam scores particularly highly for “Government Spending,” “Fiscal Health,” “Tax Burden,” “Trade Freedom” and “Monetary Freedom.” Modern Vietnam is distinguished by its low taxes, healthy public finances and moderate government spending. In contrast, its scores for “Government Integrity,” “Judicial Effectiveness” and “Investment Freedom” remain comparatively very low. Corruption in particular remains a problem.

The lessons for Vietnam are clear: It needs to stay the course on the path toward more market freedom and less state intervention, while at the same time fighting corruption and strengthening the rule of law.

About the Author

Rainer Zitelmann

Rainer Zitelmann is a historian and the author of The Power of Capitalism. https://the-power-of-capitalism.com/

CBD As Your New Gym Partner

CBD

Natural therapy involves the use of herbal remedies and extracts to enhance vital functions. If you’re looking forward to improving your lifestyle, you might want to switch to herbal treatment. Also, the supplements may help you achieve the fitness goals faster. For all the fitness enthusiasts out there, CBD can be a promising aid in developing muscles. It interacts with the brain receptors and can foster better neuromuscular coordination. Along with this, the anti-inflammatory effects of the chemical may ease out the workout process.

Here are the top ways in which CBD enhances your workout results and helps soothe exercise-induced pain.

What Is CBD?

Cannabidiol is a phytocannabinoid present in the cannabis plant that possesses a variety of medicinal properties. It regulates the activity of the brain receptors like the anandamide and cannabinoid receptors. Also, the chemical can curb oxidative damage by reducing the accumulation of free radicals in your body. You can use CBD extracts in the form of holistic supplements. Some practical ways to use CBD are pills, oils, and tinctures. Apart from the physical effects, it also controls anxiety, restlessness, and mood issues. Long-term CBD supplements or CBDfx tincture can induce wholesome wellness and prevent common ailments.

CBD & Fitness

Fitness goals require regular workout and dietary aid that promotes muscle growth. You can incorporate CBD supplements in your workout nutrition to boost the gains. Also, the cannabidiol extracts can limit inflammation and promote the healing pathways of your muscles. With better healing, the rate of muscle replication and regeneration increases. Hence, you are likely to undergo muscular hypertrophy faster than usual. Apart from the muscular system, CBD may help with your psychological issues as well. CBD can limit long-term stress and enhance your mood up to a great extent.

1. Anti-Inflammatory Effects

Anti-Inflammatory Effects

Inflammation is inevitable during intense workout sessions and may hinder performance. While performing the strenuous workouts, your muscle cells undergo extensive fragmentation. Further, it results in the initiation of the inflammatory processes that hamper the exercise routine. In such cases, you can take refuge in CBD supplements to curb mild to moderate inflammation. It regulates the activity of the cannabinoid receptors and may prevent the signs of inflammation. Cannabidiol prevents the accumulation of free radicals in your muscle cells and may reduce oxidative damage. So, all these factors ensure an inflammation-free state and allow you to perform regular exercises.

2. Enhances Muscle Recovery

The physiology of muscle development is a bit different from the other vital organs. During the exercise sessions, your muscle fibers undergo injuries. As the healing pathways set in, the muscle fibers grow to become stronger than before. But, some environmental and nutritional factors may curb the recovery processes. CBD supplements can ensure a smooth and regular muscle recovery process. Also, it accelerates the rate of healing and leads to a faster rate of muscular hypertrophy. Try to add CBD extracts in your workout nutrition for long-term muscle development and recovery.

3. Improves Sleep

There’s no doubt that sleep plays a crucial role in your recovery pathways. Sleep is a physiological phenomenon that takes care of regeneration and healing of the previous damage. Also, lack of sleep may disturb the natural healing mechanisms and slow down muscle growth. If you’re suffering from sleep disturbances, you might want to follow a CBD regime. Cannabidiol stimulates the sleep center, i.e., the pineal gland.

Further, it may enhance the hormone levels and promote the release of melatonin. Such factors lead to a refreshing sleep and improve muscle development. Make sure to include CBD supplements in your wellness routine to encourage the sleep cycle.

4. Curbs Stress & Anxiety

Specific psychological issues may hinder your fitness goals up to a great extent. Stress and anxiety reduce muscle gains and degrade your confidence levels. Also, it releases the hormones like cortisol that induce catabolic effects on the muscular system. It breaks down the muscle fibers and slows down the rate of protein synthesis. Hence, long-term stress can reduce the rate of muscle development and ensure stable growth. To reduce stress, you can try out CBD supplements. It acts on the serotonergic receptors and increases the levels of serotonin. An increase in the serotonin level makes you feel content, calm, and happy.

How To Use CBD?

How To Use CBD

If you’re all set to use CBD for your fitness regime, then you might want to research the suitable ways beforehand. You can add a few drops of CBD tinctures to your protein shakes. Or, maybe prepare a CBD-infused smoothie to energize your body and mind for the workout session. Other than this, the direct consumption of CBD extracts and pills may also help in muscle growth. Don’t forget to opt for the correct dosage as per your body composition for maximum gains and minimum side effects.

Final Verdict

Fitness revolves around the kind of diet and the supplements you include in your workout nutrition. For all the people who wish to gain more muscle, CBD supplements may be of great help. Cannabidiol acts on the receptors like anandamide and cannabinoid that ensure anti-inflammatory effects. Also, it may control the delayed onset muscle soreness due to strenuous workout sessions. You can use the cannabidiol supplements in the form of tinctures, pills, and herbal extracts. Try to stick to CBD therapy for faster muscle development, stress management, and pain control. It allows you to follow the workout routine without any hindrance and achieve fitness goals faster.

How to Automate Business Operations with GPS

GPS

One of the advantages of automating your business operations with a GPS system is that it leads to increased productivity. According to research from the Aberdeen Group, when fleet companies implement GPS tracking systems for equipment, they often realize:

  • A 25.4% increase in revenue
  • 13.2% reduction in fuel costs
  • Savings on labor costs. A recent Motorola study concluded that organizations save an average of $5,484 per employee per year by leveraging GPS technology.

That said, GPS technology is quite indispensable, especially if you’re in the logistics and transportation industry.

But how do you automate your business operations with GPS?

Whether you’re in the manufacturing sector, healthcare, or even rare industries like fishing, there is a section of your business that can be automated with GPS. In this article, we’ll explore the various ways you can automate your business with GPS technology.

1. Track Employee Performance with GPS-Based Apps

Businesses can increase the productivity and efficiency of all employees by monitoring them and holding them accountable.

While there are many ways to monitor employee behavior, GPS tracking is the most advanced option. With GPS tracking, managers can determine where an employee is, how long they stayed at a specific place, and how frequently they moved out. Most especially if you’re running a freight, cargo, or courier business, you can minimize the travelling salesman problem.

For example, if you have employees in the field and need accurate hourly data for billing purposes, GPS can come in handy. With GPS tracking, you’ll be able to see exactly how long an employee was working with a client and bill them accordingly. And if you have a time clock apps with GPS, you can enable geo-fencing for even more accuracy.

Actively tracking your employees during work hours can lead to a more productive workforce. However, it can also raise privacy concerns.

2. Track Your Assets with GPS & IoT Devices

For logistics businesses, tracking delivery vehicles is as important as tracking the assets they are carrying. GPS trackers provide real-time tracking data on the whereabouts of your assets.

With the help of GPS, IoT devices, and sensors installed on mobile assets, logistics companies can monitor their vehicles and assets in real-time. In the event of theft, these devices can also help reduce vandalism and damages since you or the police will recover your assets quickly before major damage is done.

Advanced GPS tracking devices, like Samsara trackers, offer more than just asset tracking. Using Samsara’s technology, these devices can help you get the most out of your time with preventative maintenance. Samsara trackers will send you timely maintenance alerts, over-the-air vehicle diagnostics, and prompt fault code alerts.

3. Avoid Hours of Service Violations with an All-in-One-GPS Tracker

The US Department of transportation FMCSA requires some businesses to electronically track Hours of Service (HOS). Rather than scouring the internet for a time tracking app, why not implement a GPS solution that tracks Hours of Service.

With an ELD solution like Samsara’s real-time Hours of Service tracking, you’ll be able to know how many hours your drivers have been on the road, the number of hours remaining in their driving period, and the time until their next break.

Combined with real-time GPS data, dispatch managers can use HOS data to make decisions that will increase the drivers’ productivity. Plus, you’ll also ensure compliance with the ELD mandate.

4. Make Informed Decisions with Data-Driven Insights

A good GPS tracker should provide you with data and periodic reports that your business needs. GPS data and reports can help you make informed business decisions.

For instance, fuel usage reports can help you make decisions that will ensure maximum utilization of the available resources.

If trucks in a fleet are consuming more on route A, the fleet manager will learn about it through data from the usage stats. Using this data, fleet managers can reroute all trucks to route A, which is more fuel-efficient.

Wrapping Up

GPS technology can help you to automate all the aspects of your business that requires monitoring. This technology has been proven to increase productivity and profitability, all while streamlining business operations.

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