Healthy competition is vital to the success and the growth of a business. Competitive pressures are not an obstacle rather they should be viewed as an opportunity. As a business-owner you are never alone, whatever industry you chose to go in, there will always be some kind of competition present. Even if not present at that time, competition will slowly build up. The business industry is meant to be a racecourse, where there are going to be your fellowmen, sometimes you are going to take the lead, and sometimes you might be left behind too. But there is no finishing line. Successful entrepreneurs learn how to survive under competitive pressures. Never underestimate your competitors, you need to worry about them because however small or big they are, they are going to be a threat. But what can you do about it? You need to devise a strategic business plan in order to get competitive advantage to get ahead and stay ahead. Getting ahead might not be difficult but the other part is where you have to buck up and stay prepared for anything. So how do you identify your competitive advantage? Here are a few ways in which you can stay in business against the competition:
When it comes to appreciating employees, the sky is the limit- they are never going to feel over-appreciated. It is not necessary to show your appreciation by offering bonuses or monetary incentives, gratitude is far greater than that. No doubt that money can be a huge motivation, but you need other ways to engage with them rather than paying them off which will result in more loyal and hard-working employees. There are many ways to show your employees that you actually care about them and appreciate all their hard-work without breaking your budget and to ensure constant productivity. It’s all part of motivation and retention, of course. Employees who are appreciated on a regular basis tend to be happier as they feel valued and it then reflects in their work too. Start small with these easy ways to demonstrate your appreciation towards your employees and watch the wonders it can do:
OK, you have just bought your dream business, now what? Whats the next step after you are a proud business-owner of an already established firm? How do you go about in managing a running business? Here are the first important steps to take after buying a business:
A business plan to your business is like a map to an unknown destination- it shows you the right path, guides you and makes sure that you reach your goal. Here are a few things that should be kept in mind to ensure a great business plan.
Any type of property, be it residential or commercial can be a lucrative investment opportunity. Along with huge financial rewards, investing in commercial real estate has numerous risks associated with it too. every property type has its own risk/reward profile and you should choose an investment property which suits you best. Understand the pros and cons before investing in commercial real estate to ab able to make a better decision.
What is Social Entrepreneurship?
Social entrepreneurship refers to the practice of combining innovation, resourcefulness and opportunities to address critical social and environmental issues. Any definition of social entrepreneurship should reflect the need for a substitute for the market discipline that works for business entrepreneurs.
So you have been running a business for quite some time now and have decided to sell it out now because you think it’s high time you do it, the market is reasonable and you most probably would have a couple other reasons as well to justify the sale. However, selling a business is not as easy and quick as it might sound especially when you try cutting a deal without any prior preparation.