Elon Musk ― An Inspirational Icon for Generation X Globally

November 27, 2020

This article outlines leadership lessons from Elon Musk. It differentiates between hard and soft leadership. It illustrates with examples of inspiring leaders globally. It substantiates that Steve Jobs was a hard leader while Elon Musk is a soft leader. It concludes that Elon Musk is a visionary and transformational leader who dreams big to achieve big. He is an inspirational icon for all generational cohorts.

“In order for us to have a future that’s exciting and inspiring, it has to be one where we’re a space-bearing civilization.” ― Elon Musk

The eminent people including Elon Musk, Rand Paul, David Cameron, Charlie Sheen, Ben Stiller, Sarah Jessica Parker, Gordon Ramsay, Ted Cruz, and Marco Rubio fall in the category of Generation X. In this regard, we will discuss Elon Musk who is an inspiration for Generation X for his vision, mission, execution, and innovation.

Elon Reeve Musk was born on June 28, 1971, in Pretoria in South Africa. He is an inspiring entrepreneur, inventor, and investor. He is the founder of X.Com which later became PayPal, one of the largest internet payment companies. He is also the founder, CEO, and CTO of SpaceX. He is an extraordinary achiever who acquired eminence through his innovation and entrepreneurship. Here are some leadership lessons you must learn from him.

Dream Big: Elon Musk dreamed big and achieved big in his life. To achieve big, you must believe in your dreams. His dream of self-driving electric cars and passenger flights is a matter of time to succeed.

Follow Your Heart: He followed his heart. He forced himself to live off $1 per day to pursue his entrepreneurial passion when he was 17 years old. He discontinued his higher education to explore his entrepreneurial ideas and succeeded. Hence, don’t chase money. Follow your passion then money will chase you. He rightly remarked, “People should pursue what they’re passionate about. That will make them happier than pretty much anything else.”

Be a Visionary: He is a visionary leader. His vision is to colonize Mars soon. He has an ambitious vision to execute and is in the process of achieving them. The moment he achieves, he will be remembered in the history of mankind for setting the trend for other entrepreneurs to follow.

Be Ambitious but Realistic: He is an ambitious entrepreneur who knows how to push the envelope. Ambition drives people forward to accomplish the impossible. He follows the road less traveled. He remarked, “I always have optimism, but I’m realistic. It was not with the expectation of great success that I started Tesla or SpaceX… It’s just that I thought they were important enough to do anyway.”

Work Hard: He is a workaholic and passionate about his work. He works hard to accomplish his goals. He had only taken two weeks off in the last 12 years. He once remarked, “Work like hell. I mean you just have to put in 80 to 100-hour weeks every week. [This] improves the odds of success. If other people are putting in 40-hour workweeks and you’re putting in 100-hour workweeks, then even if you’re doing the same thing, you know that you will achieve in four months what it takes them a year to achieve.”

Be a Voracious Reader: He read lots of books since childhood. Books served as seeds to his entrepreneurial ideas and success.

Be a Risk-Taker: Higher the risk and higher the return! Elon Musk took risks in every company that he founded and reaped rewards.

Take Feedback: He takes feedback to improve his products and services. He quoted, “I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better. I think that’s the single best piece of advice: constantly think about how you could be doing things better and questioning yourself.”

Learn Lessons from Failures: He encountered several failures initially during the rocket launch and learned lessons. Although he encountered many obstacles in design and testing, he keeps moving forward. He remarked, “A failure is an option here. If things are not failing, you are not innovating enough.”

Be Persistent: He doesn’t give up his goals and objectives. He revises his strategies by taking feedback from all sources to improve his products and services. He rightly remarked, “Persistence is very important. You should not give up unless you are forced to give up.”

Suffer now to Succeed Later: Success comes at a cost. Success comes with a lot of struggles and sacrifices. Elon Musk underwent lots of trials and tribulations initially due to a lack of funds. There was volatility, uncertainty, complexity, and ambiguity in his entrepreneurial career initially. At one time, he was on the verge of bankruptcy when Tesla Motors was in a financial mess. However, he survived by taking corrective measures quickly. When you want to grow in your life you have to suffer now to succeed later.

Hard versus Soft Leadership

There are several differences between soft and hard leadership. Soft leadership emphasizes on persuasion while hard leadership on pressure; soft leadership on transformation while hard leadership on task; soft leadership on soft power while hard leadership on hard power; and soft leadership on soft tactics while hard leadership on hard tactics. Mahatma Gandhi rightly differentiated, “Power is of two kinds. One is obtained by the fear of punishment and the other by acts of love. Power based on love is a thousand times more effective and permanent than the one derived from fear of punishment.” Soft leaders adopt transformational, democratic, servant, and authentic leadership style while hard leaders adopt the transactional and autocratic style of leadership. Soft leaders are others-centered leaders while hard leaders are often self-centered leaders. Soft leaders emphasize on what is right while hard leaders emphasize on who is right. Succinctly, soft leadership believes in how much you care for others while hard leadership believes in how much you produce.

Hard leaders work within the organizational culture while soft leaders change the organizational culture. Hard leaders think within the box while soft leaders think outside the box. Hard leaders are competitive, data-driven and short-term focused while soft leaders are creative, collaborative, organic and long-term focused. Hard leaders take people where they want to go, while soft leaders take people where they don’t necessarily want to go, but where they ought to be. Soft leaders don’t force people to follow―they invite people on a journey. Soft leaders focus on strategies while hard leaders on processes.

John C. Maxwell writes in his book, Be All You Can Be, “We can either work with people or war against them. We can be plows or bulldozers: The plow turns over the earth, stirring it up, cultivating it, making it a good place for seed to grow; the bulldozer scrapes the earth, pushing obstacles aside. Both plows and bulldozers are useful instruments, but one wrecks while the other cultivates. The plow type of leader sees in people riches waiting to be uncovered and cultivated; the bulldozer type of leader sees in people obstacles to be destroyed. Be a cultivator!” Hence, soft leaders are like plows while hard leaders are like bulldozers.

Hard leadership suits when the problems are simple and clearly-defined while the soft leadership suits when the problems are complex and needs a lot of patience and perseverance to resolve. Soft leadership is centered on the core values of “authenticity” and “empathy”. It focuses on the principles of caring, appreciation, persuasion, negotiation, and empowerment. Soft leaders work for a higher collective purpose, mission, and vision. They inspire their employees to work harder, smarter, and wiser emphasizing common vision and organizational culture. It helps them connect with other employees emotionally to contribute their best. In contrast, the hard leaders focus on specific goals and agreed-upon rewards which are purely transactional in nature. Soft leaders are considered to be flexible, offering guidance to employees, yet allowing them to be initiative and creative. In contrast, hard leaders are considered to be more goal-focused, less caring for their subordinates’ individual needs, or absent from the process of decision-making. Precisely, hard leaders encourage competition while soft leaders encourage collaboration. Since soft leaders focus on people-orientation, they will be able to provide satisfaction to employees and enhance organizational productivity and performance. Additionally, they lead by example, walk their talk, and empower others with all the tools necessary to succeed and make a difference.

Hard versus Soft Leaders with Examples

Soft leaders believe in setting a personal example, empathy, persuasion, negotiation, recognition, appreciation, and assertiveness. In contrast, hard leaders believe in fear, threats, negative motivation, and adopt ‘carrot and stick policy’. Soft leaders believe in motivation and empowerment by appealing to higher ideals, values, morals, and ethical values while hard leaders believe in rewards and punishment. Political leaders like George Washington, Franklin Roosevelt, Mahatma Gandhi, Martin Luther King Jr., Mikhail Gorbachev, Angela Merkel, and Aung San Sui Kyi fall in the category of soft leadership while Harry Truman, Joseph McCarthy, Charles de Gaulle, and Lee Kwan Yew fall in the category of hard leadership. Corporate leaders like Jeff Immelt of General Electric and Timothy Cook of Apple Computers fall in the bracket of soft leadership while Jack Welch and Steve Jobs fall in the category of hard leadership.

Steve Jobs was a Hard Leader while Elon Musk is a Soft Leader

Elon Musk is an unconventional entrepreneur who is the jack of all trades and master of innovation and entrepreneurship. He is the CEO and CTO of SpaceX, CEO and product architect of Tesla Motors, Chairman of SolarCity, founder of SpaceX, and co-founder of Zip2, PayPal, and Tesla Motors. Usually, inspiring entrepreneurs including Steve Jobs entered into one area only whereas Elon Musk entered into multiple areas. Although technology is the connecting thread for both Elon Musk and Steve Jobs, the former explored in many areas including engineering, artificial intelligence, automobile, energy, solar power, banking, and rocket science while the latter explored in one area only. Elon Musk is a workaholic while Steve Jobs worked at his own pace. Elon Musk wants to bring down the cost of space travel while Steve Jobs brought down the cost of phones. Both are visionary leaders with intentions to leave their footprints in history. Their destination is one but journeys are different.

Elon Musk falls in the category of transformational leadership for his vision and leadership style. After the death of Steve Jobs, there was a vacuum that was filled by Elon Musk since both belong to the category of entrepreneurship and innovation. However, Steve Jobs was noted for his ruthlessness and autocratic leadership while Elon Musk is noted for carefulness and transformational leadership. Hence, Elon Musk enjoys higher popularity than Steve Jobs. However, Elon Musk must innovate constantly to rise to the expectations of the world. To summarize, Elon Musk is a transformational leader while Steve Jobs was a charismatic leader. Elon Musk is a democratic leader while Steve Jobs was an autocratic leader. Elon Musk is a multi-faceted personality while Steve Jobs was passionate about technology only. Elon Musk is an assertive leader while Steve Jobs was an aggressive leader. In a nutshell, Elon Musk believes in soft leadership while Steve Jobs believed in hard leadership.

Leadership is contextual and situational. Leaders act as per the prevailing business environment and opportunities. Additionally, Elon Musk is a Gen X leader while Steve Jobs was a Baby Boomer. To summarize, leaders are different with different leadership ideas and insights.

Conclusion

“If you’re trying to create a company, it’s like baking a cake. You have to have all the ingredients in the right proportion.” ―Elon Musk

Elon Musk is an ideal entrepreneur who raised the bar of innovation globally. He raised the expectations of the people by exploring beyond the planet. He will be remembered for his entrepreneurial adventures and innovation. The ambitious entrepreneurs must learn lessons from his innovation, entrepreneurship, and leadership. To conclude, Elon Musk is a visionary and transformational leader who dreams big to achieve big. He is an inspirational icon for all generational cohorts.

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About the Author

Professor M.S. Rao, Ph.D. is the Father of “Soft Leadership” and Founder of MSR Leadership Consultants, India. He is an International Leadership Guru with 38 years of experience and the author of over 45 books including the award-winning ‘21 Success Sutras for CEOs’ URL: http://www.amazon.com/21-Success-Sutras-Ceos-Rao/dp/162865290X. He is a prolific author and a dynamic, energetic and inspirational leadership speaker. He can be reached at [email protected].

How Employees Can Affect Company Profits

November 27, 2020

Building the right team for your company can be a long and arduous task. It takes a lot of patience and business savvy to get the right people for the job. When you find the right employee, it adds tremendous value to your workforce and your company. Unfortunately, when you hire the wrong candidate, it can drain your productivity, time, and budget. Here are some examples of how employees can affect company profits.

Define the Job

If you wish to hire a team for your business, you must first define the different job positions, establish the position’s duties, and construct a candidate profile. The candidate profile should describe what type of person would be suited to the role – what skills, experience, and personality traits would be most advantageous.

Decide Who to Interview

Before the interview process, you can look at the curriculum vitae of applicants and ask to interview those who have the required skills. During the interview, you can get a feel for the person and ask them more personality-related questions.

A useful tool to gain more insight into interviewees’ personalities is to ask them to complete a personality assessment such as the Career Personality Test. Such a test can give you an insight into people’s strengths and weaknesses and how they might react in certain situations. Having this information will help you match a person to your vacancy. For example, if you are looking to recruit a medical nurse to your team, you might favor an ISFJ Personality Type. According to the Myers-Briggs test, an ISFJ personality type is Introverted, Observant, Feeling, and Judging. Such a person tends to be warm and unassuming in their own steady way. They’re efficient and responsible, giving careful attention to practical details in their daily lives.

What Happens If You Get It Wrong?

Sometimes you might hire the wrong person for the job. You may have read them wrong; they may have been deceitful at the interview or on their CV. Whatever the reason, if you hire a person who isn’t suitable for the position, the consequences can have a knock-on effect.

It can cost a company a lot of time and money to hire staff. When you bring a new employee into your company, you spend considerable time and money to get them up to speed. The whole recruitment process of interviewing, screening, and making offers to candidates uses resources that are never replaced. Once the person takes up the position, more expenses are involved. These expenses include training hours that could have been devoted elsewhere and salaries paid to the trainers.

Effect on the Team

An inefficient employee can have a disastrous effect on a strong team and productivity. The rest of the team has to compensate for the employee’s shortcomings if their work is substandard and needs to take on additional responsibilities, which leads to a loss of efficiency and heightens employee dissatisfaction.

If the employee has a personality trait that causes conflict within the team and cannot be a decent team member, the team will suffer, and so will productivity. Time is wasted trying to resolve disputes; staff members will begin to hate work, so absences increase, and so do resignations.

The emotional responses of staff across each department can have a knock-on effect across the business. Staff members’ moods can affect morale and lead to a more toxic – or more productive – work environment.

Effect on Customers

A person who is not suitable for a job position may have a detrimental effect on customers. They may mistreat the customers by being rude or unhelpful. Customers will be offended and may escalate the case or bad mouth your company, which will result in your business gaining a bad reputation, leading to a decrease in sales.

An employee might not be rude, but if they are incompetent at their job, they could make lots of mistakes, produce inferior products or provide a low quality of service.

An employee who fits the job well will be happy, contented, and confident in their abilities. Satisfied employees mean improved productivity and increased profits. Whether working for entrepreneurial start-ups or large, established enterprises, the same holds true: People are more productive and creative when they have more positive emotions. A harmonious team will work together like a well-oiled machine.

Solutions

If you want to avoid losing money on hiring the wrong employee, ensure you spend time constructing a clear job description and candidate profile. Properly vet prospective employees and consider implementing a trial period. Doing so will mean that the employment contract can be terminated after a set time without consequence if either party is not happy. This will avoid high severance pay-outs.

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5 Proven eCommerce Marketing Strategies that Work

November 27, 2020

Starting an ecommerce platform is definitely a complex and tough task. However, depending on your financial terms and availability of time there are many different ways in which you can develop your own multi-vendor marketplace platform. Post starting your own online platform, directing the traffic to your website is the most challenging part. This is what will make your website a hit. I.e. the success of your website depends on the amount of traffic your online marketplace platform attracts. Once you gain good ranking on the SERP (Search Engine Ranking Page) you will automatically gain attention as your name will appear on the very first page of the search engine.

This is obviously the dream goal of all the online marketers. To make this possible, one has to know the nuances of how to market the website and what are all the viable eCommerce marketing strategies that can be used. To build a steady building a strong foundation is a must. Likewise, one needs to be aware of the basics for the end result to be the best there could be.

Deviating traffic to your website is not as easy as it might seem. There are different types of web traffic as well. And you will be able to make proper informed decisions only if you are aware of them. Let’s take a crash course on the different types of website traffic there is. This will gear you for all the marketing related strategic planning.

Organic Traffic: considered to be your highest traffic source, this is the type where the traffic who visits your website through a keyword based search on the search engine.
Direct Traffic: This is the kind of traffic that is directed to your website when the user directly visits your site, without conducting any type of keyword search. Usually through directly typing your web address or they would have bookmarked you.
Referral Traffic: The kind of traffic that you earn when you are referred by another web site. It can be intentional or not. Eg: through backlinks
PPC Traffic: Pay-per-click is a type of traffic that you pay for. It can be Google ads or any other PPC ads on search engines or other websites.
Social Media Traffic: The most well-known type of website traffic. It is the traffic that you get from social media platforms such as Facebook, Instagram, LinkedIn, Twitter etc

Now that you are aware of what kinds of traffic you can attract, you can plan your marketing strategies accordingly. Depending on your budget and time, you can go about it all by yourself or you could hire a marketing team to do it for you.

However, here are a few proven eCommerce marketing strategies that will definitely get you the required attention.

1. Media Advertisements

Is one of the easiest and cost-effective ways to direct traffic to your website? Google shopping spend grew by 41% from last year over just text ads in the first quarter. Just like television advertising, online ads also play an important role in the growth of your online platform.

There are many types of online advertising as well.

Paid Search Ads: The PPC traffic is earned through this strategy. These text only ads will appear at the top of your search engine results. They produce a high conversion rate and hence a must include in your marketing plan strategy. You can find suitable PPC management software for your business at adplorer.com.
Display Ads: Also known by the name banner ads, these are the advertisements that you can see on your mobile games, other websites, and applications. They are popular for advertisers and publishers alike as they provide high ROI due to CPM pricing. What Is CPM? Cost Per Mile or cost per 1000 impressions, meaning you pay a certain amount per 1000 views. The CPM formula is, CPM = 1000 * cost / impressions. This helps in building brand awareness and tends to follow your browsing history. Hence it is also referred to as retargeting. And according to word stream’s latest study, an average conversion rate across all industries is about 77% through display ads, compared to 3.75% for search ads.
Product Listing Ads: This kind of advertising is on the raise since 2018 since it created about 60% of the clicks in its first quarter. The multiple products with their prices that appear on the top of your SERP is nothing but product listing ads. Be mindful of the competitive prices.

2. Influencer Marketing

This is the current trending advertising method. This helps in gaining the attention of all the users who actively follow that influencer. This method helps gain trust and recognition in an otherwise narrow eyed market. Apparently 49% of consumers rely on influencer recommendations for a purchase decision. A user’s content has more weightage than the brand’s content. These are usually seen in social media, YouTube, and some famous blogs. Than the international celebrity influencers, customers are relying more on micro influencers’ content.

3. Content Marketing

This includes all the newsletters, emails, blog posts etc. The term used for such a plan is in-bound marketing as the customers come to you for purchases. This is not only educational but also helps in gaining organic traffic through the keyword search. Long blog posts consisting of informational guides boosts organic traffic by as much as 2 to 3 folds over the course of a year. You can also use multiple tools such as MozBar that will help you identify the websites with good domain authority. You can also initiate sign-ups through personalized emails. You should also look into email marketing software, like these mailchimp alternatives that deliver better analytics for your use.

There are two ways to about it-

Product recommendation and targeted promotion during customer’s digital shopping process
Personalized follow-up emails: This is what will remind your customers to visit your website again and check out the products that may have been left in the cart.

4. SEO Optimization

One of the oldest and main digital marketing strategies that has been made use of over two decades. This is a fundamental part of digital marketing that helps drive organic traffic to your site. It is basically the method used to optimize your webpage and its content so that your website will be easily discoverable on the search engine. There are many resources available online that will help you build a strong SEO content which in turn will help you gain a good SERP ranking resulting in great visibility and traffic.

5. Social Media Marketing

A well-known marketing method; don’t think there is much to be explained in this aspect. The whole world is connected through one or the other social media platform like twitter, Facebook, Instagram etc. These platforms have to be considered to be a boon in this field of marketing. As per consumer market insight for Germany, the most used social media platform in Germany is Facebook, followed by Instagram. The only demographic where this isn’t the case is 14-19 years olds where Instagram is the most used. The ever evolving platforms have made it easier for customers to reach out to the brands they are interested in. All the popular social media platforms are continually rolling out new features and tools to help brands effectively reach their customer base. It plays an important role in building your brand awareness, by just maintaining a strong SEO. Social media marketing can also take the form of video ads, produced by experts such as https://tinglymedia.com/.

The key to successful marketing lies in understanding that there is no particular or fixed way to market your online platform. You can devise your own formula and come up with a new concoction of a successful marketing strategy. Always be meticulous in approach. As long as you know your product and are detail oriented, there are fewer chances of you going off the rails.

Don’t worry we are always here to help you out in any way possible.

Leave us a message and we will get in touch with you.

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What’s The Secret to a Successful Coffee Shop?

November 27, 2020

It seems like new coffee shops emerge every single day all around the city.

But not many of them stay for long.

That’s the thing: not everyone knows how to keep their coffee house afloat and successful.

So, that is why we have spoken to Yurii Brown, a certified barista and the founder of Coffeegeeklab.com. He has shared some tips that can help you make your coffee shop successful. So, let’s dive right in!

Tip #1: Choose the location wisely

Here’s the deal:

Poor location is among the top reasons why coffee shop owners fail within the first couple of years.

The winning location should be easily accessible (even during the rush hour commutes), with enough parking space, including the bike racks. It’s better to find a spot in a busy area of the city so that more people would pass by (and perhaps decide to come in to get a cup of joe).

Tip #2: Don’t neglect your online presence

Setting up social media pages for your coffee house can do a couple of things. Firstly, it can help you reach more potential customers. It’s also a great way to promote your business, share attractive offers, and implement more marketing strategies.

Additionally, you can establish your reputation with online reviews. If most of them are good, you can build trust and attract more people. If there are bad ones, they can help you understand what you might be doing wrong, fix your mistakes, and improve your business, thus leading your coffee house to success.

Tip #3: Quality and consistency should become your credo

Nothing can ruin a coffee shop’s reputation like bad coffee. If your product is low-quality, people simply will not buy it. And they certainly won’t wish to return to the coffee house if the beverages there taste awful.

That’s why you need to monitor the quality of your products closely. Pay attention to the beans, their roast type, and grind size. These aspects can determine how each cup of joe would taste. You have to find a proper configuration for a great cup of coffee and be consistent with it. Meaning, you have to maintain the quality of the beverages your coffee shop serves.

To tell the truth, it isn’t such a hard task. You just need to find a reliable supplier and always check your coffee beans. Make sure that your employees use the proper roast type and grind size for different brewing methods and follow the brewing process steps properly. And then, every cup of coffee you serve will be great (which means people will want to come back for more).

Tip #4: Use a loyalty system (smartly)

Employing a customer reward system is an excellent method that can help you make your customers “stick” with you and show them that you appreciate their loyalty. Rewards can go a long way, but you should be smart about them.

Firstly, you need to make sure that your business can afford to try this method out. Whether we’re talking about discounts or bonuses, you should offer those only when you are sure they won’t hurt your business.

Additionally, you should implement a reward system based on what your customers need if you want it to bring great results. Research your target market to see which loyalty program would work the best. Even a simple survey on your coffee shop’s social media would help you get an idea of what your customers want the most.

And here’s the best thing: there are plenty of reward systems you can try. Discounts for every second purchase, free snacks to go with specific drinks, loyalty cards, “buy 5, and get the 6^th one free”, 10% off if the customer takes coffee to go in their own travel mug, etc., the list is endless.

Tip #5: Create a pleasant atmosphere

Think about your favorite coffee house you’ve visited in the past. What made you like it so much? Was it the cheerful, smiling barista whose eyes would spark when talking about beans, flavors, roasting, and all other coffee-related stuff? Or was it the cozy atmosphere, the warm interior, and the captivating scents?

To make customers want to come again, you need to create a pleasant atmosphere in your coffee shop. Make sure that your staff is polite and welcoming. Add some cozy details or great music (depending on what your target age group is), and maybe bake a batch of cookies to add that warm, homelike smell. You can also add accent lights to make the ambience more intimate.

It’s also a great idea to serve coffee yourself, when you are not busy with “business owner” tasks. You can talk to your customers and get their feedback, plus the presence of the boss usually makes the staff livelier.

Tip #6: Don’t overwhelm your customers with the assortment

Many coffee shop owners think that the more they offer, the more their customers will buy.

In reality, this strategy can go in a different direction. When there are too many beverages, numerous size variations, endless flavor options, and countless desserts available, customers can become confused (or even worse, frustrated). After all, most people visiting coffee shops simply feel thirsty or hungry and don’t want to waste their time trying to navigate through the endless assortment of drinks and foods.

So, try to cover the basics without overwhelming your customers. Three beverage sizes are enough, just like three dessert options, for example. You don’t have to overdo it to impress your coffee shop visitors. Just make sure that everything tastes great, and you’ll be fine.

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Tips to Improve Your Time Management Skills

November 27, 2020

Productivity remains one of the biggest topics that people regardless of the industry or culture they belong to, enjoy talking about. Just a quick stroll along the self-help section of your library (or nearest bookstore) will tell you how much people are obsessed with it.

A lot of sources say that the main factor that determines one’s productivity is motivation. This could then be divided into two smaller factors: level of energy and strength of will. What they don’t realize, though, is how detrimental that can be to someone who wants to learn how to increase productivity since this would mean that one is simply a procrastinator, and thus, unproductive.

The Real Secret Behind Productivity: Time Management

This is the reason why we stand by another factor instead, and that would be time management. Allow us to paint you an example. Let’s say that you’re in need of researching about payday loans. You take note of it. You promise to do it. Then, after a while, you slowly realize that you have missed the opportunity entirely.

While yes, it can be because you are simply feeling lazy about something that you can always do tomorrow. But we also want you to remember that this feeling of lethargy can be brought about by a lack of energy because you didn’t manage your time wisely in the first place. If you have accounted for your energy levels and rest times, you wouldn’t be feeling this lazy.

Time Management Tips

The challenge now is how to manage your time to account for all these things, add motivation, and even prevent procrastination. Hence, here are some tips to help you out:

Record how you spend your usual day. Are you someone who mainly sticks to a routine? Do you have a regular work schedule that you are required to follow daily?Then the first step towards better time management is to just go about your day and record how much time it takes to perform your tasks. Be detailed and feel free to note your energy levels as well.

Form a realistic schedule. You can use the results of the previous tip to formulate a realistic schedule. Don’t forget to make some wiggle time in between tasks. It can be quite easy to overestimate how much time it takes to do things when we’re not really doing them.
Control your environment. Recording your normal routine per day can also point out any unnecessary habits and activities that eat up your time, like social media and video streaming. You can then use this info to control your environment to minimize distractions and encourage you to adhere to your schedule.For instance, you might want to consider deleting your social media apps on your home, or at the very least, hiding them in a folder that won’t be the first thing to show up upon opening your phone.

Set aside time for rest, play, and distractions. Being too caught up in productivity, and of course, strict time management routines can potentially burn you out and then lead to procrastination and sluggishness.Hence, don’t forget to incorporate the things that you enjoy doing into your schedule. In this way, they won’t be distractions and you’ll be able to do them guilt-free.

Control “official” distractions. Since we’re already talking about distractions, what about those tasks that can still ruin our momentum but require actual work and attention, like emails and phone calls?Again, whatever they are, incorporate them into your schedule. For instance, you might want to limit email checking to thrice or twice a day. On the other hand, you can also consider setting a schedule for all phone calls, including those from family and friends. Just tell them when is the best time to call you and keep that free.This can even improve your social life since people would feel freer to contact you without the burden of “accidentally disturbing” you weighing them down.

Learn to say no. Speaking of social engagements, we recognize that it can be difficult to say no at times, especially if it’s even remotely work-related.Remember, though, that while you’re saying yes to something, you’re also saying no to something else. It’s useful to think about before deciding on any opportunity that might ruin your schedule and set you back from your tasks.This is also a good time to think about your priorities.

Leverage technology. Finally, you don’t have to do time management on your own. There are numerous time management apps that are free to use to keep you right on track with your schedules. You can also consider getting a virtual assistant or a time management consultant to help you out if you really find it impossible to keep up with the schedules that you come up fo yourself. Good luck!

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6 Best Ways To Send Money In Other Countries

November 27, 2020

People are sending money overseas for different reasons. If you are away from your country, there will be times that you will need to use different ways to international money transfer.

In these modern times, we live in a world where different innovations are available for people’s convenience. Electronic funds are now a way of life which helps people have an easy and fast money transfer. There are just some fees associated with money transfer services.

When you send money, for example, from the US to India, you are looking for a safe, reliable, and fast money transfer service that helps you deliver the money to the right recipient. Also, you want to get the best exchange rate from USD to INR.

Here are some considerations that you should keep in mind to know which money transfer service best suits you:

Is it a one off transaction or a recurring one?
How quickly do you need the money to get to the recipient?
Is the money transfer service safe?
Where your funds originated – bank account, moneylender loan, credit card, digital wallet or cash.
How much money do you want to send?
How much is the cost of the transfer?
What is the current exchange rate between currencies?

This article lets you discover different ways to send money in other countries:

1. Bank-to-Bank Transfers

Most banks offer money transfer services and with this type of service you may be able to send money coming from your account to an international account of the recipient with the same banking institution. This type of money transfer will require you providing the account number and routing numbers.

The benefit of bank-to-bank transfer can be cheap or even free, depending on the bank’s rules and how quick the recipient receives the money.

Some drawbacks in this process is you will need to be in the same banking institution for the transfer to work. Also, if the recipient is a stranger, they could be hesitant to give you their bank account information and routing number.

2. Western Union

Western Union is one of the oldest ways to send money internationally outside of a bank. An established institution that has assisted millions of people on their money transfers, they have proven to be the most secure and flexible money transfer institutions. It may take usually 4 to 5 days before your recipient receives the money but it is guaranteed safe and they only charge small fees and a little bit of mark up on the exchange rate. No matter where you are in the world, there will always be a Western Union branch where you can send money internationally. This makes it easier for people to send money without travelling miles away for your current location. And the recipient can receive the money at any branch of Westen Union.

3. PayPal

PayPal has helped individuals and businesses in different countries to send money with a credit card or bank account linked to their PayPal account. Using PayPal has relatively low fees if you are transferring or receiving small amounts.

A faster and secure way to send money online. And also can be used for online purchases. If you’re looking for an alternative to popular Paypal, try platinumexchangeinc, where you can send money to India, Pakistan, Sri Lanka fast and easy.

4. Transferwise

A UK based money transfer company which allows you to send money from one country to another without high fees and hidden charges. Transferwise works fast and lets you receive or send the money in real-time, no need to wait for 2 to 3 business days. A safe, reputable company that is highly trusted by businesses and individuals. One disadvantage of Transferwise is it is only supporting a limited number of countries and you can only send to a bank account not to an office address.

5. OFX

A money transfer service that supports more than 80 countries via its website and mobile app. It is one of the cheapest money transfer providers and has no limit on how much you can transfer. Like other money transfer services, OFX makes monet off the exchange rate markup for less than 1% compared to other providers. They have a reliable customer service where you can call if you have problems in your account. It might take two to four business days, a little bit longer compared to other money transfer providers.

6. MoneyGram

This money transfer service works similar to Western Union in terms of accessibility. MoneyGram has 300,000 pick up locations all over the world. This is best to use in urgent money transfers for emergency situations or if the recipient needs to receive cash instead of money transferred to their account.

Once you decide on which is the best money transfer service that works for you, always remember to never throw away the receipts or any proof of transfers. Having records of your transactions can help you in case something goes wrong in the transaction. Also if you are sending money internationally, to make sure the money will be received at the given date. If not, you will need to contact the money transfer service to check on the transaction. This is why keeping the receipt is important. So assess your situation first and make considerations before you decide on the money transfer service you will use. You can also seek help from renowned international money transfer service comparison sites like CompareRemit to get real-time exchange rates on money transfers by the world’s leading money transfer companies.

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Things to consider when finding the right used car for your small business

November 26, 2020

From meeting clients to delivering goods, finding the right used car for your small business can not only help your finances, but can help your business grow. It’s estimated that it costs upwards of £22,746 for an SME to survive its first year. With that in mind, we have got some tips to help ensure that making one of the biggest initial investments in your business doesn’t end up being a costly one. And if you’re looking for the best accessories for your car, simply click here.

Pricing

If you’re one of the 3.5 million sole traders in the UK, then it’s likely that your cashflow doesn’t yet have a large budget for a brand new vehicle, so a used car could be the perfect investment. What many people don’t know, is that in the same way you can purchase a new car with financing, you too can purchase a used car with financing options too. This is ideal for small businesses as it allows payments to be in sync with the monthly revenue that comes into the business and avoids having to pay one lump sum that may put your business’s cashflow in jeopardy.

Style

The first impression you give about your business is essential. It demonstrates to customers and clients that you’re professional and your product or service is worth investing in. It also helps give people an idea about your business venture.

Thinking about the image you want to portray will have an impact on the vehicle you choose. For example, if you’re setting up as an accountant or solicitor then a smart saloon car demonstrates sophistication. Whereas if you’re starting up in a trade, a sportscar would be highly impractical and will give the impression to potential customers that you don’t really know what you’re doing. Whatever the model you want, you may get it from United Auto Sales used car dealers.

You should also think about the type of journey’s you’ll be making. If it will be largely city driving a smaller car that can fit into tighter spots might be more useful. For longer journeys where motorway driving is involved a car that’s comfy and economical to drive should be considered. And if you’re new role will see a lot of off-road or countryside journeys, then a 4×4 might be the best style to choose.

Colour

Similar to the style you choose; the colour of the car you buywill have an impact on public perception and is very important. A classic black gloss or a darker grey paint job will add to the professional look. Similarly, a gleaming white car will impress. However, it’s important that the exterior (and interior) of your car is kept clean as it demonstrates you take pride in your business and will therefore take care of your customers and clients.

Mileage

Before making the leap and buying the first second-hand car you see, you should think about the length and the number of journeys you’ll be taking. Cars with higher mileage will depreciate in value faster. But, if you’ll only need your car for infrequent and short journeys, this shouldn’t matter too much. However, if you plan on driving long distance opting for a car with relatively low mileage will be your best option.

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The Role Licensed Insolvency Trustees Play in Securing Debt Relief

November 25, 2020

Debt is the bedrock of modern capitalism, and when it is handled wisely it can be a powerful tool for individuals to advance themselves in the world. After all, borrowing money to go to school, buy a house, or purchase a business is a necessity for all but a small percentage of the population, and doing so can unlock financial opportunities that would be otherwise impossible.

Unforeseen circumstances, however, can leave even the most financially careful people saddled with unmanageable amounts of personal debt. This is why countries around the world have instituted bankruptcy and insolvency laws to ensure that unsustainable bad debt doesn’t turn into a life sentence.

When people think of debt relief, they often think of bankruptcy. But while bankruptcy is an essential mechanism to help ensure that people have a way out from debt, it isn’t the only option available. In many cases, it may be possible to complete a consumer proposal that provides necessary debt relief without causing individuals to have their assets completely wiped out.

What is a Consumer Proposal?

Consumer proposals are legally-binding arrangements made between an individual and their creditors that restructures or reduces the amount of money owed.

A consumer proposal essentially gives you the opportunity to strike a bargain with your creditors, ensuring they will still get a percentage of the money owed but allowing you to do so on more favourable and realistic terms.

For those struggling with significant amounts of debt, consumer proposals are preferable for a number of reasons:

It has a lower impact on credit rating than bankruptcy
Freezes the value of your unsecured debts and protects you from any collection actions available to your unsecured creditors
It does not require the agreement of all creditors, only a majority in dollar value must vote in favor of the proposal

If you have considerable debts but are not yet in a position where it is strictly necessary to file for bankruptcy, a consumer proposal can be the perfect way to get immediate debt relief.

How Licensed Insolvency Trustees Secure Proposals

People who want to secure a consumer proposal with their creditors usually work through an intermediary that understands the law and knows how to advocate for a fair deal.

In countries like Canada, this is handled by a Licensed Insolvency Trustee (LIT), who works with both the creditors and the person seeking debt relief while fairly representing the interests of both parties.

LITs are federally regulated, and must abide by strict professional standards. Because LITs work directly with your creditors, you don’t need to be involved in any negotiations. The LIT’s fee comes out of the money available to your creditors, so you don’t need to worry about being stuck with a bill for their services at the end of everything.

Insolvency law has long played an essential role in creating a fairer and more just society. Because these laws give people a chance to get out from under crushing debt, they guarantee that a fresh start is always available to those who want it.

By working as licensed intermediaries, LITs make it easier for ordinary people to secure the debt relief they need while also giving their creditors an opportunity to recoup some of their losses, ensuring that a few years of bad luck don’t turn into a lifetime of financial worries.

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Solutions to Manage Finance and Tax Functions of a Business Effectively

November 25, 2020

Running a successful business can be very challenging. In the constantly-evolving, technology-driven world that we live in, business owners have too much on their plate. They must hire the right people, build their brand, comply with laws and regulations, and continuously find new ways to stay ahead of the competition. Amidst all these responsibilities, one aspect of the business needs particular attention as any mistakes in this area can prove costly. It is the finance and tax functions of the company.

How can a business manage its finance and tax functions effectively? What is the secret to ensuring smooth handling of your financial affairs? To start with, business owners need to understand some of the common problems businesses face in managing their finances and be aware of the different options available to solve them. After all, you can only stay on top of your financial affairs when you know what financial threats are out there affecting businesses today.

This article discusses some of the significant financial and tax challenges businesses face and a few tested solutions.

1. Raising Sufficient Capital

Businesses require capital at various stages in their life. Startups need capital to buy assets and machinery, produce inventory, invest in marketing, and get the business off the ground. On the other hand, an established business may need capital to expand, enter a new market, or introduce a new product.

Finding the right source of capital is a problem for most businesses. Traditional bank loans tend to have strict eligibility criteria and the process to apply is often complicated and time-consuming. While there are many alternate sources of finance available, such as online lenders, these usually come with much higher interest rates.

When raising capital, the business should find the most appropriate finance source for its particular needs. For instance, for unexpected cash shortages, a short-term credit facility that is easy to pay back quickly, such as an overdraft facility, is the best option. For expansion, a long-term loan that matches the payback period of the investment is a suitable choice.

2. Complex Business Environments

Thanks to globalization, many businesses have been able to expand their operations across national borders with ease. A significant proportion of companies now sell their products in more than one country to limit their dependence on a single economy. Even if the business is only operating locally, it may have supplies or vendors abroad to take advantage of lower prices. While global outreach has its benefits, it means that the business must cater to each market’s unique requirements. It must also learn how to navigate an increasingly complex business environment.

Financial management for a multinational organization can be very challenging. The business has to consider the impact of fluctuating currency rates on its finances and comply with each country’s different tax laws and financial reporting regulations. Hiring a finance team with international financial management experience is one way to ensure sound management of finances in such organizations. These individuals bring a much broader range of financial skills to their employers. They possess the knowledge and expertise to meet the economic challenges faced by international organizations.

3. Tax Compliance

Taxation laws in any country are complicated, and they tend to change with time. In most cases, the average person does not have the technical knowledge to understand taxation laws or accurately calculate taxes. The result is that many businesses fail to ensure tax compliance. They either overpay or underpay their taxes.

One way to ensure tax compliance is by investing in the tax automation process for your business. There are various software solutions available today that can automate the calculation of taxes, allowing business owners to focus on value-adding tasks instead of trying to keep with every change in tax law. This software takes into account all the relevant laws applicable to the business when calculating its tax. It can reduce the time spent on calculating taxes considerably and increase tax computations’ accuracy, reducing the risk of high penalties.

4. Management Of Receivables

Many businesses run into serious cash flow problems due to slow-paying customers. A company may have no choice but to offer credit facilities to its customers to stay competitive. However, if customers are continually delaying their payments beyond the allowed credit period, the business can have trouble arranging the funds to pay its expenses on time. Without timely payment of bills and utilities, the company can incur late payment penalties or, in more severe cases, find it impossible to keep its operations afloat.

An effective receivables management system involves sending out invoices as soon as a sale is made and consistently following up on pending receivables. Ideally, businesses with high receivables should have an automated system like GetYooz that sends out invoices and email reminders at the end of each month. It can make the recovery of receivables significantly easier while saving several hours of employee time each month.

5. Lack Of Planning and Budgeting

Suppose a business operates without any financial planning, just hoping that it will make enough revenue to pay off its expenses every month. In that case, it is sure to end up in severe financial trouble sooner or later.

Regardless of the business’s size, it is essential to have a plan and a budget. It has two significant benefits. Firstly, it is a way to ensure the business is headed in the right direction to achieve its overall strategic objectives. Secondly, it helps the company keep a check and balance on its expenditure. At the end of each month, you can compare your actual expenses with the budget to ensure your expenses stays on track. With such a system in place, it is much easier to identify unnecessary spending and take corrective action on time.

When it comes to budgets, the business must firstly prepare a month-to-month budget for the coming 12 months. In addition to this, there should be a less-detailed, long-term plan of three to five years, on an annual or quarterly basis.

The Final Words

There is no doubt that financial management plays a significant role in the success or failure of any business, regardless of its size and the industry. Unless your business learns how to manage its money effectively, it cannot survive.

One way to ensure your business’s financial well-being is by investing in your business’s right financial tools and solutions. Doing so will make your finances management so much easier, setting your business off on the track to success.

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The Role Of Forensic Accountants In Banking Sector

November 25, 2020

As banking processes are shifting to the digital realm, the risk of fraud and cybersecurity threats is rising dramatically. Banks and financial organizations are increasingly at risk of numerous fraudulent practices, such as cybersecurity threats, fraudulent borrowers, and identity theft. They seek out skilled and trained professionals to effectively mitigate this threat by conducting thorough risk assessments.

Forensic is a word that we usually encounter in crime thrillers and connection with highly-sensitive law enforcement departments. The term forensic accountant is bound to transport your mind to an investigation of the crime scene. But that is not the case.

You find forensic accountants in the banking and finance sectors. They play increasingly sensitive and challenging roles. These highly skilled and competent professionals work to fight crimes and combat fraud in the banking sector. This article will offer detailed insight into forensic accountants’ role and their significance in the banking sector.

Here’s everything you need to know:

Fighting Crime & Fraudulent Practices

Forensic accounting is a traditional accounting realm, which focuses on examining audits and taxes to identify fraudulent practices. They assist banks and law enforcement personnel in fighting crime and combatting fraud. Forensic accountants play an instrumental role in helping banks eliminate financial conflicts that can cost them billions of dollars.

These professionals enjoy immense significance in the banking sector as they prevent substantial losses to sustain profitability. Forensic accountants enjoy high-earning potential with enhanced job security as compared to other accounting professionals. On average, forensic accounting salary amounts to over $80,000 or more, depending on their skills, experience, and employer.

It is crucial to understand fraud’s various natures before you know the forensic accountant. Fraud is wide-ranging and multifaceted in its impact and nature. It can refer to individuals failing to pay their taxes, falsely claiming privileges, and defrauding on loans, credit payments, and more.

Fraudulent practices cost banking organizations and governments billions of dollars, and these figures are rapidly growing. With the advent of technological innovations, cyber frauds have increased at an alarming pace. Forensic accountants deploy various tools and strategies to prevent fraudsters and prevent them from falsely stealing money from the bank.

Preparing Financial Evidence

The dramatic increase in the risk of cyber fraud and security attacks has made fraud mitigation increasingly challenging. Experts believe that the longer a fraudulent activity lasts, the more substantial the bank’s financial loss is likely to incur. It is primarily why forensic accountants are immensely valuable and enjoy high marketability.

They assist banks and financial organizations in preventing and mitigating such crimes. If such a crime has occurred, these professionals hand over the task of preparing financial evidence. Forensic accountants have the formidable responsibility of analyzing data to prepare evidence for court proceedings against fraudulent activity.

Naturally, this requires forensic accountants to conduct a detailed investigation, review audits and financial records, and compiled detailed records. They also represent organizations in courts to provide consultancy services and review financial data.

These accountants specialize in forensic research to trace the transfer of funds and use financial data to derive actionable insights. They crunch numbers to conduct analysis and prepare reports and testimonies to entrap fraudsters and criminals effectively.

Risk Assessments

Forensic accountants are entrusted with the crucial responsibility of risk assessment as part of their core duty to mitigate fraud. They run lengthy and detailed forensic processes and financial assessments to evaluate the risks associated with borrowers, businesses, and potential criminals. These activities allow banks to effectively identify potential criminals and mitigate the risk of fraud, preventing substantial losses from occurring.

Forensic accountants are responsible for conducting detailed analysis and deploying data-driven techniques to assess the risks associated with banking transactions. They monitor massive volumes of financial data and figures to identify hazards that can cost banks huge amounts of money. They also aid banks in preserving their integrity and credibility by preventing loss of consumer information and privacy.

Risk Prevention

Their ability to conduct risk assessments makes them ideally positioned to prevent and mitigate these risks effectively. Banks are increasingly hiring forensic accountants to implement robust prevention measures and fraud mitigation protocols. These professionals aid banks in preventing fraud and reducing the associated expense of conducting investigations and criminal proceedings.

Forensic accountants conduct detailed internal audits and review financial records to uncover potential risk factors and pitfalls. They effectively identify challenges and aid banks in taking the necessary measures to reduce fraud risk factors. They merge their accounting understanding with investigative skills and innovative technological tools to catch criminals.

They can design and execute strategies to reduce the risk of large-scale criminal activities and frauds.

Conclusion

Forensic accountants are deeply involved in the processes of planning and executing strategies to prevent fraudulent activities. Professionals who pursue this career path has an innate curiosity for financial crime. The nature of their work is highly discreet and confidential. They are naturals at planning and investigation, and obviously, very talented with numbers.

It is crucial to note that the nature of their job is highly diverse and varied. Many forensic accountants chose to work as freelance professionals, working on a case-by-case basis. In certain banking organizations, forensic accountants work in teams to enhance due diligence and mitigation effectiveness. They also work closely with law enforcement agencies, lawyers, and other professionals to help banks prevent and investigate fraud.

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