Why You Need To Invest For Your Retirement

June 11, 2020

Two topics occupy people’s minds about retirement: health and wealth. Without health, we can’t do much with our wealth and, without wealth, we can’t do much of anything. Since we’re not fortune tellers, it’s crucial that we prepare for the future, so we can try to keep our health intact while also having enough money to meet other retirement expenses.

That said, there are many people, especially the youth, who don’t see any reason for investing in their retirement. This naïve mindset can be attributed to lack of information on the same and the tough economic times. Nevertheless, it’s still crucial to channel part of your income to your savings account.

It’s never too early or too late to start investing for your retirement. There are plenty of logical, valid reasons to do so. For one, you’ll enjoy accumulated interest, tax incentives, and the ability to live without depending on other people’s financial support. Read on to learn more about this topic.

Earn interest

The day you retire is the day you start living on a fixed income. What you saved or have coming in may have been enough to live off decades before retiring, but considering the global economic state, what you get from your social security checks is probably not enough to maintain a comfortable life.

Instead of being forced to downgrade your lifestyle to keep up with expenses, you want to earn interest periodically, every time you save. This is how compound interest works; essentially interest on interest. For example, if you save $1000 in a savings account, and it generates 10% interest (which never happens in real life, but just for the sake of simplifying the example), by the end of a year’s time, you will have $1100 that will earn $110 the next year.

You can also use this daily compound interest calculator to know how much you’ll earn per annum. Unlike the annual rates, this considers the amount of interest generated by your account balance every day. Of course, it’ll largely depend on the policies of your bank or whichever savings institution you choose to use.

Nonetheless, the results from either of these calculations show you the importance of getting a head start on saving. Logically, the longer you wait to invest, the less cash you will have by the time you reach retirement, and the more you will have to pump into your savings to retire comfortably. For instance, if you invest $1,000 today, anyone who will want to catch up with you in the next 10 years will have to invest almost double the amount.

Take advantage of tax incentives

You can find a few ways to save on taxes while saving and investing for retirement. One way is by using a 401k which allows you to invest annually without paying taxes on those cash investments until you pull them out for retirement. On the other hand, a Roth 401k or IRA (Individual Retirement Account) gives you the option of paying taxes upfront. Depending on the type of IRA plan you enroll in, you are basically in the driver’s seat and can choose when to get your tax break.

While a 401k and IRA are not the same thing, they both provide income on retirement. A 401k typically comes through your place of employment. An IRA works well for self-employed people, or if your employer doesn’t offer it.

It’s important to understand that your retirement portfolio differs from the portfolio you create while working. A retirement portfolio is supposed to assure you that you have enough money to carry you through your retirement years, regardless of the external economic conditions around you. For a lot of guidance, tips, and advice you can visit this URL and find some great ideas on how to fund your retirement. For those not willing to call it quits just yet and want to continue working, the site also explores other practical ways to work during retirement.

Health issues

True, money can’t buy your health, but it can buy you a better quality of life, which can help prevent health conditions that accompany aging. As you get older, your immunity becomes weaker and you become prone to various health issues. Of course, you can’t rewind the clock, but you can maintain your health using the wealth you’ve accumulated. When you have money to eat better and live better, you can help yourself avoid some health conditions.

You can treat conditions early on so they don’t escalate. Your investments will allow you to maintain a good lifestyle without all the worries of affording medical attention when you need it, keeping in mind that you are likely to live a good 20 years of retirement because of medical advancements.

Savings aren’t enough

Do you know happy, retired people? If not, you must have at least seen pictures of them. Retirement isn’t cheap, and those happy people have enough money to carry them through retirement.

We’re usually told that retirement is the time we can travel more, pick up new hobbies, start a new business, etc. But doing any of these things needs money. Savings are usually not enough, which is why you need to invest and take your retirement plans seriously. Make sure you have alternative income sources – regular ones for that matter – by the time you stop working.

The unexpected

When you’re still young, it’s more difficult to anticipate all the incidents that can happen. You’re still pretty healthy, have a strong, stable income, and feel confident that everything will remain the same. As you age, you become more aware and more fearful of things that could go wrong. This fear can be a good thing because it teaches you to be prepared for the unexpected.

When you invest, you are investing to be confident that your retirement funds outlive you. The investments you make help you prepare for the known and the unknown. Your future wealth depends on what you do now. Now is the right time to start saving, investing, and doing all sorts of things that will help you stand financially in the future. Make the right decisions for your retirement years and enjoy them instead of worrying about them.

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Amid Coronavirus, All Eyes Are On Supply Chain Effectiveness

June 10, 2020

Interview with Rich Katz, CEO of leading digital supply network Elemica

The pandemic has magnified supply chain weaknesses and, for many companies, laid bare the need to modernise. We spoke with Rich Katz, CEO of leading digital supply network Elemica, on the steps companies can take to mitigate disruptions now and in the future.

In our previous interview, you described how Elemica’s products and services offer companies visibility into their supply chains, helping them to cope with flux and to mitigate risks from impending changes in the market. How do you think that Elemica’s offering can help in a situation such as that of the coronavirus pandemic that we are confronting now?

There are two major ways our products and services are helping companies cope right now. The first is that we provide a simple process for digitising the supply chain, helping to automate transaction flows and support “lights out” processing. We make sure all of the right signals are in place, and that all the data is flowing.

As you can imagine, with many people working from home in a more distributed fashion, digitisation has become more critical than ever, because it removes some of the burden and risk from supply chain planning. You can process electronic orders automatically, eliminating many of the manual tasks involved with vendor and inventory management. You can more accurately forecast things like inventory levels, and calculate what goods should be shipped and when they’ll arrive.

Once companies have that digital supply chain foundation, there are countless ways they can leverage all of that data to predict, react, and adapt to any unexpected event – even after coronavirus. That’s the second way our products and services help. We provide the foundation for a much more flexible, much more responsive supply chain.

The ramifications of the present situation are obviously challenging to comprehend, for business as for society as a whole. From your knowledge of supply issues across a range of industries, which sectors or categories of business do you see being most susceptible to factors related to coronavirus?

All sectors are absolutely susceptible, but I think some of the most vulnerable categories are “mission-critical” products, especially those that are sourced overseas. It’s things like pharmaceuticals, personal protective equipment, medical equipment – all of the products that are key to fighting this pandemic.

PPE manufacturers, for example, have seen demand increase a hundredfold. Even though some have been able to ramp up production, they have to deal with shortages in raw materials and even logistical challenges trying to import and export across borders.

Then you have all the other industries that will be affected by the opposite problem: a slowdown. The transportation and travel and leisure industries are really getting hit hard.

We might guess that companies would currently be seeing supply-chain issues stemming from changing demand patterns, restrictions on travel and cross-border trade, and changes in operating procedures dictated by the need to restrict the spread of the virus. What do you see as the main categories of supply-chain issues that companies may be facing in these times?

As you can imagine, with many people working from home in a more distributed fashion, digitisation has become more critical than ever, because it removes some of the burden and risk from supply chain planning.

They’re going to face the standard supply issues but on a much larger scale. They’re going to have suppliers who are not able to meet their demand because plants are shut down. In other instances, suppliers aren’t going to meet demand because they can’t get their materials.

Then there are the companies who are having to divert essential materials to a customer whom authorities deem higher-priority. Or, they may be able to meet demand but have to divert materials to someone else because they’re now required to keep them in the country. A company that has a factory in China, for example, may be asked to sell “mission-critical” outputs to the local city government, leaving its other customers scrambling to find different suppliers.

An even bigger problem is what I would call demand volatility, the fact that companies are going to be seeing massive shifts in demand that they’re not used to. They could experience drops in demand for some types of products, while the demand for other products drastically increases. Maybe the demand for paints will drop, for instance, but the need for something like hand sanitizer is going to go way, way up.

Think about the current shortage of hand sanitizer that’s playing out on the news and on supermarket shelves. Suppliers are not only seeing a huge demand for the hand sanitizer, but they’ll also need more of the bottles and packaging that contain the hand sanitizer. So there’s a disruption that cascades down the supply chain.

Having a network like Elemica’s certainly helps suppliers during these unanticipated disruptions or diversions. The network would allow you to secure alternative sources of demand confidently.

We’ve recently seen panic buying on the high street, in spite of governments’ admonitions against this, with consequent shortages of some everyday items on supermarket shelves. We may surmise that some equivalent activity may be taking place on a business-to-business level, as companies seek to assure themselves of their supplies in uncertain times. Can the digital supply network play a role in, firstly, giving companies the confidence not to engage in this type of behaviour and, secondly, in mitigating the effects of such activity on the rest of us?

While some of this hoarding behaviour is just human nature (which, unfortunately, we can’t do much about), what we can do is help mitigate the situation by providing more confidence. It’s about increasing the visibility into material quantities and supply schedules. By giving a little more predictability, we can offer more peace of mind. Hopefully, when consumers and businesses see that the supply chain is adapting, that “scarcity” mindset that drives people into panic-buying frenzies will be alleviated as well.

I do think businesses should be setting the example here, in terms of responding ethically to these supply and demand shifts. Many already are. There are PPE manufacturers, for example, that have refused to hike prices, even as demand has skyrocketed. And with the Defense Production Act in place, it’s looking like companies who stockpile certain materials may even find themselves in legal hot water.

We know that the supply-chain visibility offered by Elemica has at its core enabling businesses to react quickly to changing circumstances and, indeed, the coronavirus pandemic came upon us with alarming rapidity. Would you say that, in the current situation, companies have been able to react quickly enough? Is there anything that can be done to improve companies’ ability to respond to such swiftly evolving events?

I think any company would say they wish they could react more quickly. But with a digital supply network and other strategic technologies in place, companies can sense the demand changes sooner. The majority of companies in our space are at least partially digitised. They’ve started to dip their toes in the water, but there’s always a lot further they can go.

With a digital supply network and other strategic technologies in place, companies can sense the demand changes sooner.

A customer using our Elemica Sell products, for example, can see in real time if there are changes to their customers’ demand forecasts. They’ll be informed if their customers had a higher frequency of order changes or order cancellations. We even offer the ability to set up alerts, so that the customer gets immediate notifications of any changes or cancellations, enabling them to react even more quickly.

It’s also a good time for companies to think about expanding their supply chain ecosystems, so they have more options to secure alternative sources of supply or alternative sources of shipment when there’s a disruption. That’s another way our products can help companies respond more quickly, by enabling real-time interactions with a broader supply chain ecosystem.

The focus right now is clearly on addressing the public-health situation. Further down the line, though, when this has been brought under control, it is clear that the world will have to confront serious social, economic and political repercussions, among them a potential major economic recession. Are there any measures that companies can start to take now with regard to supply chains, that will help to prepare them for the post-coronavirus environment? And how can Elemica help?

No one knows what the “new normal” will look like, even after the pandemic blows over. No one can predict the future, but with the right data and technology solutions, companies can make certain predictions. They can forecast demand with a smarter, digitised supply chain network.

Now is the time to put these measures in place.

Even before coronavirus, we were talking about flux and volatility in the modern business world. It’s reasonable to suppose that, in the future, we may face other, equally unexpected changes in circumstances. In your opinion, are there any lessons that we can learn now about how to improve our approach to the management of supply chains in the future, so as best to cope with the unexpected?

The companies that will best be able to weather volatility will be the ones who put the right foundation and processes in place.

Our solution can be scaled to provide even more value to customers as the business landscape evolves. One thing that sets Elemica apart is our machine learning and predictive capabilities.

By incorporating our Elemica See product, for example, customers can predict whether shipments are going to be late, based on past data. With Elemica Pulse, they can see disruptive situations in real time and receive key alerts. We can alert if suppliers are not confirming that they can meet orders, if they are under-confirming, or if they are late-shipping orders. We’re calling attention to any risk in the supply chain using smart predictive algorithms.

And when they do identify risk, our products can help them respond. Using Elemica QuickLink Email Buy, one of our newer products, they can digitise supplier relationships and transactions, laying the foundation for quicker onboarding and a broadened supply chain network.

It’s coming down to being able to focus on sensing what’s happening and acting on it, being able to respond quickly and flexibly. The companies that will best be able to weather volatility will be the ones who put the right foundation and processes in place.

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Executive Profile

Rich Katz is the Chief Executive Officer of Elemica, a global SaaS-based Supply Chain Network software solution. He joined Elemica in 2009 through a merger with Rubber Network. Prior to becoming CEO, he held various leadership roles at Elemica such as President, Chief Technology Officer, Senior Vice-President of Product Management, and Vice-President of Research and Development.

Rich brings more than 20 years of relevant global industry experience in the Software and IT Services market. He has an extensive background in Enterprise Resource Planning, Supply Chain, Cloud Application Development, and Business-to-Business eCommerce. Rich’s leadership has driven significant sustainable positive impact to the company’s market position; financial results; employee motivation; and shareholder value.

Prior to Elemica, Mr. Katz was the Director of Implementation Services for ATT’s Enterprise’s Ariba Practice (formerly USI) and has held Senior Manager positions in Arthur Andersen’s Advanced Technology and ERP practices. He is a 1990 Electrical Engineer Graduate of Georgia Tech.

Increased Digitalisation of Services Trade in Today’s Global Economic Paralysis

June 10, 2020

By Sarita D. Jackson, President and CEO of the Global Research Institute of International Trade

During the coronavirus pandemic, there has been an increased role of cross-border trade in services through digital technology. The digitalisation of cross-border trade in services provides a number of benefits and additional opportunities, which can only be fully carried out through liberal trade policies established at the international and national levels.

The global health pandemic caused by the coronavirus, or COVID-19, has exacerbated the use of protectionist trade policies. For example, in March 2020, numerous governments around the world implemented restrictions or outright bans on the export of crucial medical equipment and medical supplies in the fight against the coronavirus. On April 3^rd, the United States issued a public memo stating that “it is the policy of the United States to prevent domestic brokers, distributors, and other intermediaries from diverting such material overseas.” Consequently, a number of services-based industries, such as transportation and logistics, have been negatively affected. National-level governments have taken measures to either tighten rules in the area of financial services or loosen restrictions on telecommunication services as they are used in the healthcare and education industries.

The current pandemic highlights the significance of international trade in services. For instance, the use of cross-border services has been helpful in spreading information more quickly about the virus and offering medical assistance from a distance. Even more telling is that these services are provided with the use of digital technology, which refers to the use of electronic devices and systems to create, store, and/or process information. As a result, the cross-border provision of services can overcome any physical barriers to trade. Nevertheless, digital technology has remained an exception rather than the norm due to restrictions on digital trade.

The 2020 global health pandemic, as well as earlier widespread epidemics of the 21^st century, has undeniably shown that digital technology can have a transformational impact. Such an idea is made evident by the fact that the number of United Nations member states that used online portals to share information about COVID-19 saw an increase from 57 percent on March 25^th to 86 percent on April 8^th. Maintaining a liberal market in the services trade, especially that linked with digital trade, is key to allowing for a much quicker and effective response to crises, while also reducing transactions costs.

At the same time, international governance at the World Trade Organization (WTO) level and national-level policy reforms that align with WTO rules for liberalized trade while still respecting domestic goals, can lead to a globally integrated digital trading system in services that will make the phrase, “We are in this together,” a reality across the board.

The piece illustrates the importance of a liberalized digital services trade regime in four areas–healthcare, food supply, education, and finance.

Healthcare

“While we race to dampen the virus’s spread, we can optimize our response mechanisms, digitizing as many steps as possible. This is because traditional processes—those that rely on people to function in the critical path of signal processing—are constrained by the rate at which we can train, organize, and deploy human labor…Digital systems can keep pace with exponential growth,” write Wittbold, Carroll, Iansiti, et al.

Despite the use of digital technology in the healthcare industry, including during health crises within the last two decades, it still is not being used to its full potential. For example, in a U.S.-focused survey, 38 percent of CEOs of healthcare systems admitted to not having a digital facet to their strategic plan. Additionally, 94 percent of participants described data protection and privacy regulations as key obstacles to the use of digital technology. As COVID-19 grew into a global health pandemic, the healthcare system in many countries struggled to keep up with the large number of cases and deaths occurring simultaneously. The use of digital technology soared thus, making it easier for information-sharing, video consultations, and routine care in a time when physical distancing is vital.

Singapore relies on services provided by the U.S. company, WhatsApp, which is owned by Facebook, to share information with its citizens about COVID-19, according to public reports. The Southeast Asian country’s response builds off of earlier efforts, in which the government embraced digital technology in the 2014 Smart Nation Initiative. Digital technology makes it possible to better understand the virus, develop a strategy of prevention and containment, and focus on diagnosis and treatment. As of April 28, 2020, Singapore had 14,951 confirmed cases, 14 deaths and 1,128 people recovered, per the Johns Hopkins University Coronavirus Resources Center. Singapore is the 26^th highest in terms of confirmed cases yet reports an exceptionally low number of deaths, which can be attributed to its emphasis on digital technology in the healthcare space.

WhatsApp also collaborates with international inter-governmental organizations, such as the World Health Organization (WHO), to share information in various languages about the coronavirus. The service boasts two billion active users, which represents close to 30 percent of the total world population, according to a WhatsApp February 2020 blog post titled “Two Billion Users—Connecting the World Privately.” Under normal circumstances, WhatsApp has been used to connect family, friends, etc. via video chats, instant messaging, and document sharing, regardless of geographical location.

However, the use of such services has presented its own challenge—the spread of misinformation. Encryption, or converting data into a code to restrict unauthorized access, makes it difficult to trace the source of information. WhatsApp has responded by limiting the forwarding of messages to only one person at a time.

Countries, such as France and the United States, have eased any restrictions on the use of telemedicine and digital technology. Therefore, the market allows for the free flow of these services across borders during this critical period.

Food Supply

The food service industry involves the selling and distribution of food. A number of countries around the globe continue to deal with severe food shortages and food insecurity, which has only been worsened by a globally paralyzed economy. With closed local, informal markets and restricted food services, lower-income households no longer have access to fresh food. Populations around the globe are affected by the limited supply of both local and imported foodstuffs, which results in higher food prices.

Digital technology, such as blockchain, has been introduced to the food industry to improve production, enhance food safety, and promote sustainability. Blockchain is defined as a “shared, immutable ledger for recording transactions, tracking assets and building trust.” Blockchain technology enables users to access stored, digital information in real-time about products from the original source all the way to the end user; connect directly with buyers and sellers; gather market information; access capital, and benefit from secure payment. Some of such projects have been led stakeholders from the public and private sectors domestically and internationally, as well as non-government organizations (NGOs), which continues to yield different results. The mere presence of digital technology does not eradicate the problems that the food supply chain faces. Rather, the infrastructure, institutions, and investment must be in place so that digital technology can be effective and transformative.

Although trade of food items is limited, so, too, is digital trade in many countries. These restrictions on digital trade range from data localization requirements to restricting data flows across borders to discriminatory tax measures to blocking cross-border services altogether. Such restrictions deny access to those populations that rely on digital technology to compete in the global food marketplace and those who could benefit from increased access to foreign buyers and suppliers.

Education

Many university and college-level students studying outside of their home countries returned home abruptly as schools halted in-person instruction and governments quickly imposed travel restrictions or border closures. Nevertheless, students could continue their studies virtually. Educational services are currently being provided across borders through the use of cloud-based software platforms such as Zoom and Cisco Webex. These two U.S. companies have experienced tremendous growth in 2020. Zoom Video Communication shares ballooned from $73.09 on January 6^th to $128.80 on April 3^rd. However, Zoom’s shares dipped from its peak of $151.70 on March 23^rd due to the highly publicized privacy and security lapses. These problems presented themselves during online classroom sessions and other meeting formats. Cisco Webex also saw a dramatic increase in usage worldwide. The number of meeting minutes more than doubled from 6 billion minutes in January 2020 to 14 billion minutes in March 2020. Therefore, digital technology has the potential to play an even greater role in cross-border education through increased access and lower costs.

However, the rapid shift to online education merely shines a brighter light on an already existing problem—the digital divide. Earlier pandemics, such as SARS, the swine flu (H1N1), and Ebola, that led to school closures resulted in the reliance on e-learning options for K-12 and beyond. Unequal access to the internet or even basic electronic devices, such as a radio, in poorer communities in developing and least-developed economies complicated efforts to limit interruption to students’ education.

The digital divide is not just between developed and developing countries. The challenge also arises within a country. In the second largest city in the United States—Los Angeles—the digital disparities among primary and secondary students are blaring. About 100,000 students lack internet connectivity, according to Austin Beutner, superintendent of the Los Angeles Unified School District. That translates to roughly 20 percent of the 2019-20 school-level population left behind in today’s pandemic, which, according to recent LAUSD statistics is 557,560.

Inter-governmental organizations, such as the United Nations Educational, Scientific, and Cultural Organization (UNESCO) and the World Bank, in partnership with the private sector and local governments, continue efforts to expand quality educational services to the global student population. Several countries, as reported by the World Trade Organization, have lifted restrictions on telecommunication services to allow for access to Zoom and Cisco Webex, among other applications, for educational and other services. The free flow of services supplements the national shortfall.

Finance

Financial services are among the top services exported globally. Since the Great Recession (December 2007-June 2009), a surge in financial technology (fintech) companies has contributed to the growth of the digital economy. Fintech refers to those businesses that use technology to provide financial services. Alternative financing institutions have benefited the many individuals and businesses that have not been able to access credit and capital through traditional financial institutions. As a result, traditional institutions are facing serious competition. In the United States, the share of personal loans granted by fintech companies skyrocketed from only 5 percent in 2013 to 38 percent in 2018. That is compared to the huge drop in loans granted by banks from 40 percent to 28 percent during the same period. Due to the growing influence of the fintech sector, 84 percent of financial services organizations around the world have listed improving the digital experience for consumers as the number one strategic priority last year.

In the United States, Fintech companies stepped in, upon receiving approval, to help small businesses access loans provided by the U.S. government to keep them afloat during the current economic paralysis, especially since many small businesses were shut out of the process through traditional means during the first round of funding.

China, the United States, and Mexico are the top three leading countries for the adoption of fintech for banking and payments. China, the United States, and South Africa lead in the fintech industry when it comes to financial management, financing, and insurance.

However, in the face of the pandemic, economies, such as the European Union and India, have implemented tighter measures in the area of financial services. Discussions continue regarding the WTO establishing clear rules under the General Agreement on Trade in Services (GATS) to meet the needs and realities of a 21^st century global digital economy.

Today’s pandemic fully demonstrates the importance of trade in services in the crucial industries highlighted in this article. Furthermore, digital technology allows for the cross-border trade in services at a much faster pace and far lower costs, provided that proper infrastructure, institutions, and investments are put in place. The current pandemic has allowed for the easing of regulatory and legal barriers on cross-border digital trade in services in some areas and tightening in others. It is imperative that the WTO and its member countries maintain liberal market policies in these areas to move closer to each global citizen having quality access to healthcare, food, education, and finance. Otherwise, are we really in this together?

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About the Author

Sarita D. Jackson is the president and CEO of the Global Research Institute of International Trade (GRIIT), a US-based think-tank and consulting firm that uses in-depth research to shape trade policy and advise businesses on how to compete globally. She is also a TEDx speaker and business school instructor with UCLA Extension.

References:

¹ United Nations Department of Economic and Social Affairs (2020, April 14). UN/DESA Policy Brief #61: COVID-19: Embracing digital government during the pandemic and beyond. https://www.un.org/development/desa/dpad/publication/un-desa-policy-brief-61-covid-19-embracing-digital-government-during-the-pandemic-and-beyond/.

² Wittbold, Carroll, Iansiti, et al. (2020, April 03). How Hospitals Are Using AI to Battle Covid-19. Harvard Business Review. https://hbr.org/2020/04/how-hospitals-are-using-ai-to-battle-covid-19.

³ Keesara, S., Jonas, A., Schulman, K. (2020). Covid-19 and Health Care’s Digital Revolution. The New England Journal of Medicine, https://www.nejm.org/doi/full/10.1056/NEJMp2005835.

⁴ United Nations Development Programme (2020, March 25). What Singapore can teach about an effective coronavirus response. https://www.undp.org/content/undp/en/home/blog/2020/what-singapore-can-teach-about-an-effective-coronavirus-response.html.

⁵ IBM. What is Blockchain Technology? https://www.ibm.com/blockchain/what-is-blockchain.

⁶ Yahoo. (April 6, 2020). Price of Zoom shares traded on Nasdaq Stock Market in 2020 (in U.S. dollars) [Graph]. In Statista. Retrieved April 30, 2020, from https://www-statista-com.ezproxy.snhu.edu/statistics/1106104/stock-price-zoom/.

⁷ No Jitter & Cisco Systems. (April 1, 2020). Reported meeting minutes of Cisco Webex worldwide in 2020 (in billions) [Graph]. In Statista. Retrieved April 30, 2020, from https://www-statista-com.ezproxy.snhu.edu/statistics/1106500/cisco-webest-meeting-minutes/.

⁸ Regardie, J. (2020, April 1). With LAUSD Schools Closed, the Superintendent’s Dealmaking Ability Is Being Put to the Test. Los Angeles Magazine. https://www.lamag.com/article/lausd-shutdown-austin-beutner/; Los Angeles Unified School District. (2020, March 23). Los Angeles Unified and Verizon Reach Agreement to Provide Unlimited Internet to Students Without Access. https://achieve.lausd.net/site/default.aspx?PageType=3&DomainID=4&ModuleInstanceID=4466&ViewID=6446EE88-D30C-497E-9316-3F8874B3E108&RenderLoc=0&FlexDataID=87160&PageID=1.

⁹ TransUnion. (June 2019). Personal Loans Market 2019. In Statista. Retrieved April 30, 2020, from https://www.statista.com/statistics/935629/distribution-personal-loans-by-source-usa/.

¹0 BI Intelligence. (June 2019). EY Fintech Adoption Index. In Statista. Retrieved April 30, 2020, from https://www.statista.com/statistics/942325/leading-countries-fintech-adoption-by-category/.

¹1 OECD. (2020). Handbook on Measuring Digital Trade. http://www.oecd.org/sdd/its/Handbook-on-Measuring-Digital-Trade-Version-1.pdf.

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Best Tips to Buy Comprehensive Car Insurance

June 9, 2020

Comprehensive insurance is referred to as collision insurance in a few states. It covers damages to your vehicle by different out of control events. With this insurance, you can cover windshield and glass damage, vandalism, theft, an act of nature and weather, accidents involving animals.

Remember, fully comprehensive car insurance plans are optional. These are designed to cover these things:

Explosions, riots, fire, and vandalism
Theft
Glass and windshield damage
Falling limbs/trees and several other objects
Earthquakes, lightning, floods, wind, hail, and storms

Hitting an animal

If you want to avoid these events, you will need comprehensive car insurance. For instance, a tree limb falls on your vehicle and causes the damage of $5,000. You can recover your damages through a comprehensive insurance plan.

You have to file an insurance claim to get paid for losses from an insurer. Based on the insurer, you may file an online claim with mobile apps. If you have deductibles of $1,000, you will pay $1,000, and the insurer will pay the remaining amount like $4,000.

Deductibles in Comprehensive Car Insurance

Comprehensive insurance includes deductibles. Keep it in mind deductible is an amount you will pay from your pocket. If you are using a repair shop in an insurance company’s network, they offer guaranteed repairs.

Value of Vehicle Insurance

The value of your car insurance policy may base on the insured declared worth/value (IDV). It is the maximum amount of insurance that an insurer will pay to you. Remember, this amount is equal to the market worth of your car.

If you want to purchase insurance for your new vehicle, the calculation of IDV may be based on the showroom’s listed price. Remember, the IDV of a car can’t be constant. As you renew your policy after one year, the IDV may decrease as per the deprecation rate.

Essential Factors to Determine in the Premium

The premium of insurance may vary based on the model of your car. Moreover, the registration date and manufacturing year of a car are essential to consider. If your vehicle needs expensive or rare spare parts, it may increase the insurance premium.

Another critical factor to consider is the purpose of your car. Keep it in mind that vehicle insurance is available for commercial and personal vehicles. For commercial vehicles, insurance companies may charge a higher premium.

Safety Devices in a Vehicle

Modern vehicles come with safety devices to ensure the maximum safety of every passenger. You can buy cars with state-of-the-art security features, such as advanced braking systems, robust locks, anti-theft devices, and airbags.

Remember, insurance companies may increase the premium for vehicles susceptible to damage, theft, or occupant injury. If your car has safety features, you will be eligible for an almost 2.5% discount on insurance premiums.

If you want to get the best features and discount on comprehensive car insurance, make sure to compare different policies with SimplyQuote, and do your research. It will help you to choose the right car insurance policy. Improve your credit history because it can dramatically impact the insurance premium.

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Doubtful About Term Insurance? Read to Know it’s Amazing Benefits

June 9, 2020

In your 20s and 30s, the chances are that you probably don’t think much about financial security. But times have changed. Once you start your career, you become an equal contributor to the family income, as well as the responsibilities. This is why you need term insurance in your life.

If you are shouldering the expenses with your spouse or parents equally, imagine the emotional and financial loss you will leave behind should something happen to you. While no amount of money can ever fill the void you leave back; you can make arrangements to fill the financial void by investing in a pure term insurance plan at the right time.

Term insurance plans protect your family against uncertainties and also give you multiple features as well as benefits that provide financial security to your loved ones.

When it comes to a pure term insurance plan, the motive of the policy is to safeguard your family’s financial wellbeing and promise them recourse in your absence. This benefit will take care of their expenses and also help them stay afloat during turbulent times.

Given that the objective of term insurance plans is long-term financial security, it is pertinent to choose a term insurance plan that has an optimal sum assured, and the insurer has a high claim settlement ratio. Once you have checked off these two factors, you can rest assured that your family’s financial health in safe hands.

Here are some of the benefits of term plan that make a term insurance plan an indispensable part of your investment portfolio.

1. Financial Security for Your Loved Ones

Life is unpredictable, and not preparing for these eventualities can cost you heavily in terms of human loss as well as financial loss. One of the most significant factors that make term insurance plans the preferred instrument for investors is their ability to offer high coverage for low premiums. You can get a large sum assured at an affordable cost and give your family a complete sense of financial security, in case you are not around anymore.

2. Protection Against Emergency Medical Treatments

With an increase in lifestyle disorders, stressful lives, poor lifestyle habits, and lack of exercise, it is only prudent that you leverage the rider benefit that can be incorporated into your insurance policy.

You can supplement your pure term insurance plan with an additional rider benefit that can enhance the policy’s coverage to offer you an added layer of protection. When considering term insurance, make sure you look into critical illness rider that can be added to your policy for a nominal fee. You must also check the insurer’s claim settlement ratio to ensure that the company will honour their end of the bargain and will extend the policy benefit if you are diagnosed with one of the life-threatening illnesses covered in the policy document.

Once the illness is detected, your insurance provider will release the sum assured that will help you pay for the treatment costs and also other related expenses such as medical tests, medicines, and loss of pay due to non-productive days. This could be a massive help during such turbulent times. At the same time, it protects your family against the financial burden of bearing the cost of your illness.

3. Long Term Tax Saving Benefits

Investing in a pure term insurance plan has another benefit – tax saving as per different sections of Income Tax Act, 1961. You can avail of tax deductions of up to Rs. 1.5L on the premium paid towards the policy under section 80C of the Income Tax Act.

As per Section 10 (10D), the maturity benefit offered by some term insurance policies such as the return of premium, are also eligible for tax exemptions.

4. Peace of mind

You may think that nothing will happen to you; after all, you follow a healthy lifestyle and live a disciplined life. However, who is to say of eventualities such as road accidents, loss of employment, critical illness? These are just some of the many unpredictable aspects of life that make it necessary to invest in a pure term insurance plan. With the right kind of investment backing your family’s financial future, you will be able to live in peace, knowing that even if something untoward happens to you, your family will sail through the tide. Moreover, the insurance providers have started offering many incentives to young investors like you who can buy this lifetime protection for a nominal amount and give your family the security shield that will protect them against all uncertainties.

Now that you are sure about purchasing a pure term insurance plan, you should compare different plans online. Online term insurance plans from reputable insurers such as Max Life Insurance enable you to make an informed buying decision by reviewing, analyzing and selecting policies that provide maximum benefits at cost-effective premium amounts. Remember to check the insurer’s claim settlement ratio to verify their claim settlement history before investing.

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6-Step Guide To Getting Co-Signed Personal Loans From Direct Lenders

June 9, 2020

Personal loans are often the go-to financing of people who are in dire need of funds. Unfortunately, it’s hard to find a lender that approves loan applicants with unstable income and poor credit score.

A co-signed personal loan is a significant financial option for people who are ineligible to take out loans on their own. In this loan, there’s a second borrower called a “cosigner,” who’s equally responsible for paying back the loan as you do.

Loan companies don’t usually approve applicants with poor creditworthiness. But if your cosigner has a higher income and better credit than you do, you can be eligible for a loan application. Put simply, cosigners act as guarantors on loan. Here’s a step-by-step guide to getting personal loans with a cosigner.

Step 1. Check Your Creditworthiness

Gather information about your credit history, credit report, credit score, and debt-to-income (DTI) ratio. All of these determine whether you’re eligible for a loan, a credit card, a job, a business, or insurance.

If you own a credit card or took an installment loan before, you’d surely have a credit history. A credit history shows how you pay bills. In contrast, a credit report refers to your personal information (i.e., name, address, security number), credit cards, previous and ongoing loans, repayment history, and overall debt. A credit report is a summary of your credit history.

What lenders primarily use when assessing your creditworthiness is your credit score, which is a three-digit number based on your credit history. If you have a good history, you’ll get a good credit score. Higher credit scores qualify for better interest rates. However, if you have a poor credit score and are low-income, you’ll unlikely qualify for loans or lower interest rates.

Lastly, calculate your debt-to-income ratio. Recent studies show that borrowers with high DTIs tend to have repayment troubles, resulting in loan companies giving a big deal on DTIs. Personal loan companies lend money to applicants with debt-to-income ratios of 50% or more. If you have a lower DTI, make sure that your cosigner has a higher DTI.

Step 2. Check Your Cosigner’s Creditworthiness

Just like how you check your creditworthiness, you also have to check your cosigner’s credit report, credit history, credit score, and DTI. Most of the time, a cosigner with a good credit score and stable income can help you get a lower interest rate for any loan amount.

Again, you have to ensure your cosigner’s creditworthiness, not because you know him or her. You want your cosigner to be financially responsible. The last thing you want is someone who feels obligated to say yes but is incapable of making payments in the event of an emergency.

See to it that your cosigner understands the obligations of being a cosigner and that they are equally responsible for the personal loan. You don’t want to put a burden on them inadvertently.

Step 3. Compare Personal Loan Companies and Get Prequalified

Do some upfront research because not all lenders accept cosigners. Additionally, you might want to shortlist lenders with better interest rates. After deciding which loan companies to choose, you and your cosigner must apply for prequalification.

Prequalification typically involves a run-through of your and your cosigner’s personal and financial information. However, there’s no need to worry. These soft credit checks wouldn’t affect both of your credit scores. If you successfully prequalify, loan companies will let you know about the loan offers you may receive.

Step 4. Compare Personal Loan Offers

In addition to interest rates, keep an eye out on a lender’s annual percentage rate or APR. It includes the interest rate plus loan fees, which gives you an accurate measure of a loan’s cost. You might want to check a lender’s fee structures, collateral, and loan and repayment terms. Make sure to pick a loan offer that meets your needs at the most affordable terms.

Step 5. Officially Apply to a Personal Loan Offer

When you officially apply on a loan offer, you have to send specific documents to the lenders so they can decide whether they will make a deal with you and your cosigner. These include your and your cosigner’s bank account statements, copies of paychecks, and hard credit checks. This time, this hard inquiry check will cause a small ding to both of your credits.

Step 6. Enjoy your loan!

If approved for a loan, you can immediately receive the funds via electronic deposit or however you wish. Some lenders approve applications after a couple of days, while others can decide within the day you sent all of your financial info.

Takeaway

One way to be able to take out a loan despite poor credit is getting yourself a cosigner. A cosigner must have a higher credit score than you do and would have to put their credit score at risk for you. Hence, you can say that maintaining a good credit score is as hard as finding a suitable cosigner.

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VCs Are Pouring Billions Into Mortgage Tech

June 8, 2020

While the markets might be going through a phase of unprecedented turmoil, the pace of Venture Capital funding in January and February of this year continued at a steady pace. At least before, the country has been practically shut down in recent days.

The hope is that the slowdown will pass, and it might and that investment in early-stage companies will return to previous levels. This is especially true in the mortgage sector, where VCs have poured billions into mortgage tech.

Deals of note include the $225 million Ribbon raised from Bain Capital Ventures, Greylock, and others, the $130 million Blend has raised, and the $8.5 million raised by Boston-based Own Up in 2019.

Why is the mortgage industry getting so much interest from VCs? The answer might lie in the massive opportunity to apply technology to every step in the process, including how consumers shop for loans, origination, underwriting, funding, and syndication.

Another reason is that there is big money in real estate. So much so that Pitchbook noted that VC invested more than $10 billion since 2017. Two of the biggest rounds included the combined $800 million SoftBank pumped into Opendoor and Compass.

While the investments in mortgage tech companies are just a fraction of that amount, it is starting to gain pace. One often overlooked area is the reverse mortgage market. These are government-backed loans for older Americans, which help them to freeze their mortgage payments until they sell their home.

If you are aware of the opportunity in this market, consider that nearly 70 million Americans are retired or nearing retirement. This “Silver Tsunami” has the potential to change several markets – including mortgages.

From a customer perspective, a list of the top 10 best reverse mortgage lenders can give founders and VCs alike some more information on the market. Beyond this, there are industrial sites, and the government also publishes data on the market.

Back to investment in the traditional mortgage market, the business model of Ribbon is an example of what other startups are trying to do – bring the mortgage process into the digital age.

For example, SoFi has now entered the mortgage market, along with other forms of consumer finance, and in the process has garnered significant interest from VCs. Other companies that have gained attention from investors include LendingHome and Better Mortgage.

But these companies are primarily focused on the front-end of the mortgage industry. While there is a good reason for this, helping customers to shop for mortgages leaves many of the backend processes untouched.

These processes, including underwriting, funding, and syndication. Underwriting is how lenders review and approve mortgage applications while some of this is tied to the applicants’ creditworthiness, other factors such as licensure, and funding.

This leads to opportunities which help lenders to syndicate their loan books. In doing so, they can sell all or a portion of their loans and get money to issue new loans. Even with the problems tied to the subprime crisis, this remains the engine that helps the home mortgage market to run.

In these backend areas, several AI-enabled startups have entered the fray. These companies are hoping to assist in decision making and data analysis in backend functions. In doing so, lenders are hoping to reduce their loan processing costs.

While the potential of AI has yet to live up the promise, as the implementation of these technologies expand, the accuracy is expected to improve as well.

Over the long run, it makes sense that investment in the space has continued to grow. Coming out of the financial crisis, more than 60 percent of mortgages were originated at the top five national banks. However, that number fell to under 25 percent in 2016 and has continued to decline since then.

JD Power noted that in 2017 the most common way consumers applied for a mortgage was online. Given how we are reliant on our computers to run our lives these days, this shouldn’t come as a surprise. What is surprising that even while VCs are pouring billions into mortgage tech, most consumers are unaware of the transition that is happening beneath their feet.

As noted, investment in startups that are trying to disrupt the way you get the money you need to buy a home is gaining pace. While the recent economic uncertainties are expected to put a dent in second-quarter fundraising totals, it is clear that VCs believe there are returns to be had in the sector.

Who will the winners be? Only time will tell, but one thing is sure the way we get a mortgage is changing faster today than it has at any time in the past 100 years.

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What Should Accounting Students Aim For

June 8, 2020

When you plan to become an accountant, you sign yourself up for years of education and professional training. You will further require a robust set of skills that will be honed over time. During your educational and professional career, there will be a distinction made between you and your counterparts. For you to have a stellar and well-balanced career, it is crucial to set yourself apart and showcase your abilities to future employers and firms. It could starts with accounting internships. Accountants carry certain weights of responsibilities, from analyzing financial data to assessing records for huge conglomerates. An accountant’s advice is essential for the operation of a company, and thus accomplished accountants are sought after the most by these organizations.

Accounting students need to compile specific goals for themselves both professionally and from an educational standpoint. Since accounting itself is the primary language of business, the effective communication of this language is what students need to aim for. It is quite common for accounting students to find it difficult to study, so they look for “write my essay” to complete all their academic papers without any problems. Besides this, the decision-making processes that go into business operations are part of the accountancy department. So, what are the key objective and goals that potential accountants should aim for? And how do they progress in their career while keeping these goals in mind?

The Educational And Professional Goals Of A Potential Accountant

Accountants are a crucial component of proper business management. Not only this, but the field has paved the way for the diversification of careers in the business sector. When you are tasked with something this important, it is only wise that you aim for the best goals. To reach success, it is essential to stay updated with the latest developments and stay on top of advanced accounting principles. Following are examples of the kind of goals you need to seek to have a fulfilling career:

Basic Knowledge Acquisition

Accounting students develop adequate competency in some functional regions in the field. While you are pursuing a bachelor’s degree in the area or even a postgraduate program, there are certain principles you need to set out to master. If you want to work for the top four accounting firms in your state, you have to put in the study hours. As a student, you need to have appropriate knowledge of both financial and managerial accounting principles. Besides this, you will need to go over topics such as cost accounting, intermediate auditing systems, income taxation, and further on. The aspect of this knowledge acquisition you should be most concerned with is the practical application of courses, both in your career and daily life.

Consulting Skills

As automation and advanced tech-free up more time for accountants, you are well on your way to learning brand new skills. While your coursework and exams will be preparing you for the practical side of the field, you will also need to do higher-level work. Taking on a consultant or advisor role is a significant milestone on every accountant’s list. You will be doing more than merely filling out forms and entering numbers. This is where your expertise is put to better use, and you apply strategic thinking and advisement to clients. You will be working on cross-functional collaborations and using strong communicative skills to help businesses and their financial matters.

Certified Public Accountant (CPAs)

From an educational perspective, accountancy requires you to do more than simply get a job after graduation. Passing the Certified Public Accounting Examination is a difficult task, but it does put you on the map for agencies and firms. You must hone your experience within the field as well as study for this qualification. After you pass this exam, you will be eligible to practice in all areas of finance without any hindrances, whether you find employment through a staffing company or are hired directly. This is a huge goal to accomplish as it provides you with a broader range of employment opportunities rather than one specialized area.

Ethical Responsibility

A crucial part of becoming an accountant is adopting some ethical rules for yourself. The responsibility on your shoulder as an accountancy student and practitioner is significant and vital. You need to develop the ability to recognize and respond to issues, both related to regulatory and ethical matters. For example, you will have to apply the principles you learn in the classroom to business decisions. This includes auditing and applying the AICPA code of professional responsibility to make the right decisions.

The Big Four

Another goal to aim for as a professional accountant is working at the top four accountancy firms. Offering your expert services to these international organizations, known as the Big Four, is a significant aspect of your professional career. You will be able to be part of a firm that conducts a majority of audits all over the globe. Becoming an integral part of the oligopoly of the international accounting industry will give you an excellent position within the field. Even though securing a job within the Big Four is extremely difficult, it is something you should strive towards early on in your career.

Senior Business Roles

Once you have established and proved your role as a staff accountant, you can move onto the bigger picture. Any large corporation or firm will be open to offering you senior roles and opportunities once they have assessed your talent. Becoming Vice President of Finance and Accounting or Chief Financial Officer is part of every young professional’s bucket list. Therefore, you will have to analyze the key to the profitability of a company and build your experience in the area to exceed expectations. You will not only have to prove your value as an accountant but also as a commercial acumen who has the appropriate leadership skills and influence.

Entrepreneurship

The ultimate career goal you will have as an accountant is starting your practice eventually. By this stage, you will have a full comprehension of the ins and outs of the business. When you have this advantageous knowledge and experience by your side, you can start a firm and begin your legacy. With the right kind of capital, the choice of your niche, and talented workers, you can establish a successful business.

Some Final Words

While each individual has their own educational and career goals in mind, there are specific accomplishments that all accountants have on their list. When you go over the given aims and objectives, you will find that achieving each of them will only aid you in becoming the best at what you do. Simply assess the next ten years of your professional career and then work hard to achieve everything you aim to do.

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Gold And Silver Investment: Should You Venture In It?

June 7, 2020

If you’re looking to diversify your portfolio or want to make sure that you invest in an asset with a high value, you may want to turn to precious metals. Gold and silver are two of the most viable investment options in the market today.

You can find lots of trustworthy platforms where you can buy gold & silver. These precious metals typically come in bar or coin form, and can serve as any type of investment, such as your retirement nest egg.

Here are the different reasons why you should invest in gold and silver:

1. Long-Term Value

The primary advantage of precious metals is that they have retained their value as a medium of exchange, especially gold and silver. They continue to be used as a currency, which offers the benefit of storing long-term value, not to mention the fact that they fulfill this aspect better than fiat money.

Moreover, compared to paper bills, gold and silver also preserve their purchasing power better. Even if their prices fluctuate, you can be assured of the stability of their value over time.

2. Tangible Asset

As mentioned above, gold and silver come in bar or coin form. This means that you can hold them in your hands and get physical confirmation of your assets. This is one of the main advantages when you invest in silver and gold. You can’t say the same for stocks, bonds, and other market commodities.

While, technically, you still do have your contracts and legal documents that prove your ownership of the assets, their value isn’t equal to your actual investments’ worth. However, with gold or silver bars or coins, you can hold your assets in your hands.

Moreover, unlike other commodities, such as real estate, precious metals can’t be easily destroyed by fire or water even if they’re tangible. Also, these can’t be hacked or erased, which is one of the inherent risks of investing your money through electronic platforms, like bank accounts, online brokerages, and even cryptocurrency.

3. Liquidity And Portability

If you are planning to invest for your children, you’re better off using gold and silver to make sure that your heirs can easily convert their inheritances into their chosen currencies. Gold and silver are liquid, which means that they can be converted to cash quickly.

You or your children can find buyers with ease in whatever platform you choose. You can have the precious metals appraised by your local coin or pawn shop, a private entity, or an online dealer. Plus, you can choose to sell them for cash or trade gold and silver for other tangible assets.

The liquidity of gold and silver makes them a viable currency no matter where you travel to since you don’t need to jump through many hoops to turn them into the currency of the place you’re headed to. They’re also portable, but you must be aware that there are only specific gold or silver coins that can be transported.

4. Growing Demand

Precious metals have a finite supply and high demand, making them a profitable investment. The global market for gold and silver continues to increase, which means that their value will rise up as well.

The jewelry industry is one of the reasons for the steady boost of demand for gold and silver. In particular, China and India are the countries that have always had an affinity for precious metals.

5. Low Maintenance

Even if you have to pay for storing your gold and silver in a vault, it’s still more economical than having to maintain properties when you invest in real estate. With the latter, you have to think about the upkeep of your apartments. Another possible risk is late renter payments. Other times, if you invest in a farm, you have to spend on fertilizer and such.

With precious metals, you only need to consider how to store your investments. Moreover, these types of assets are value-dense, which means that a single bar or coin can be worth thousands of dollars, without requiring lots of space for storage. You can tuck away more value with gold and silver in your deposit box than with stacks of bills, and you don’t even need to worry about damage or rotting.

Conclusion

Gold and silver are two of the most viable precious metal investments if you’re looking for assets with high worth. As proven by time, their values are relatively stable even as years go by. They’re also tangible, which can be beneficial for amplifying the feeling of ownership.

Precious metals are more liquid and, because they’re value-dense, you can bring them anywhere, then, exchange them for any currency you want. There’s been a growing demand for gold and silver, which is why you should invest now.

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Why Marketing Is So Important today

June 5, 2020

Marketing is the act of managing exchange relationships where you identify, anticipate, and satisfy customer’s needs and wants by supplying them with goods and services. Marketing holds a vital position in commerce and business management as it is a strategy of attracting customers. Marketers come up with various ways of making the goods and services available to customers. In this article, we are looking at some of the reasons why marketing is essential. They include the following:

Informing

Marketing acts as a communication channel to reach out to customers. Through marketing, customers get to know about the product or services your company is offering. It is a way of introducing the product to the market. It creates brand awareness and makes your company stand out.

Communication acquires new customers by encouraging trials. It reinforces their purchase behavior by offering additional details about the benefits of using the products and services. If educating consumers is your company’s top priority, marketing should be too. Marketing also enables you to communicate with potential customers about innovation in the business. It could be a change in the flavor of goods and a new way of offering services. In case you change your branding, you need to inform customers through marketing to avoid confusion.

Selling

Every business aims to make sales. Marketing helps you to sell your products and services. Without it, no one can buy the products. Enterprises have to market their products to invite customers into purchasing. Selling is what determines if the business grows or not. To make the most out of a sale, you can develop suitable strategies like affiliate marketing.

With this kind of marketing, you reward affiliate partners for driving in more customers to buy from you. The idea can be complicated by the ever-changing rules of marketing channels that need to be aware of. An excellent way to stay up-to-date is by finding a book that offers a complete guide on the current affiliate marketing program. The books provide you with the necessary tactics on how to draw the attention of buyers. You can also try other marketing strategies, like offering discounts to improve sales.

Engaging

For a business to succeed, customer engagement is vital. Marketing allows you to communicate your objectives with customers and keep them engaged through the various channels of marketing. The internet has made it easy for marketers to engage customers through different online marketing platforms like social media. Customers don’t have to spend time and money by visiting physical stores. If you’re planning to join a trade show, it may be wise to partner with a brand ambassador agency. They will personify your company and act as representatives by educating and generating awareness on behalf of the business at hand.

You can communicate with your clients, even beyond opening hours at the comfort of your home. Through marketing, you can build your brand as you forge a strong relationship built on trust, pride, and understanding with customers. Once you create the link, the customers become loyal to your brand, which enhances productivity.

Engagements can boost your brand visibility and InCityLife Professional Services can offer you a high-quality service to promote your online presence which is a powerful marketing tool.

Expansion

Marketing is essential for growing your business. Employing effective marketing strategies helps develop your company. It involves educating customers, engaging them, and providing quality products. Your business tends to do well with a strong reputation. The expansion of the business depends on how you attract your customers. The acquisition of customers generates more ideas to sell your products and services more effectively.

Through marketing, you can employ different metrics to ensure optimal business performance. One of the marketing ideas on providing a continuous expansion of your business is by targeting a group of ideal customers who are likely to buy your products and invest in your services.

Competition

The business market is competitive. What makes successful businesses stand out is the way they market their products. Business owners are exploring new ways of marketing to thrive in a competitive market. Marketing is crucial in tackling the competition by choosing the best ways to portray the business better than others. Deception in the marketing of products may be the cause of your downfall for both the business and the product.

The reputation of any business depends on how successful you compete in the market by meeting customers’ expectations. With effective marketing, small businesses can compete with big companies by building meaningful customer relationships. The most vital thing to do is to convince customers that you are better than your competitors. Ensure that the difference in the products and services is convincing.

Imagine launching a business that no one knew about? Establishing the business is the first step, without marketing, its zero work! Attracting potential clients needs marketing. By reading this article you will understand that it is a process, from choosing the product to sell. Marketing is something that you need to invest in if you want to meet your business objectives.

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