Black Swan Management, LLC

Investments and Strategies for the Future of Business

Posts Tagged business strategy

Wealth Building Simplified – An Easy Guide To Financial Planning

May 26

Posted by Ravi Kumar P in wealth | No Comments

Everyone wants to build wealth. Some people find this very interesting and devote a great deal of time and effort in understanding and trying our various options to build wealth. But a lot of others who want to build wealth don’t have the inclination or time to go into the details to make great investment decisions. What is needed is a simple and systematic way to build wealth at a decent rate of return (willing to sacrifice some spectacular returns for the benefit of minimum efforts!) that does not demand too much attention from the potential wealth builder. No worries; there are a few fundamental things that one should keep in mind and as long as this is taken care of, wealth building can be done with a minimum of fuss!

I have come up with 5 C’s that one should keep in mind for a peaceful and successful wealth building effort:

1. Compounding

Explanation: There are 2 way to provide interest on an investment; Simple and Compound interest. Simple interest is when an amount is paid as interest on the initial amount (Principal) at a fixed percentage. For e.g, for Principal of 100, Simple Interest for 2 years at 10% per year would mean 20 as interest (10 per year multiplied by 2 years).
Compound interest is when the Interest earned is added back onto the Principal and the next year’s Interest is paid on the enhanced amount. For e.g, for Principal of 100, Compound Interest for 2 years at 10% per year would mean 21 as interest (10 for 1st year and 11 for 2nd year).

Bottom-line: Compounding is GOOD! It means the money works harder and earns more. Just to drive the point home, consider this: An amount of 100 invested at an interest of 10% per year on Simple Interest would end up as 200 at the end of 10 years while if the same is invested at 10% per year Compound Interest, it would end up as almost 260 after 10 years! So, always give preference to an investment where compounding applies!

2. Continuity

Explanation: Whether one invests in the Stock Market or in Bank deposits, the best way to do regularly over a long period of time as opposed to big chunks of stop-start investments. Therefore, aim to invest continuously over a longish time frame, say 25 years of your working life, from the time you are 25 years old till you are 50. Needles to say, the earlier you start and the longer you do it, the more wealth you will end up with.

Bottom-line: Do it over a LONG TIME FRAME! And invest continuously and regularly over this time frame. As much as possible, do not disturb the investments.

3. Consistency

Explanation: Along with continuity, fix and invest a consistent amount at consistent time intervals, say every month. A consistent amount (at least 10% of monthly income) invested every month over the long time-frame discussed above will ensure decent returns and a very good corpus.

Bottom-line: Just TOP-UP every month and let compounding work its magic!

4. Calm

Explanation: If the above C’s are followed, then the most preferred investment avenue is Equity investments. By their nature, equity markets are fickle and will move up and down. But long term investors should not really worry about this as over a long time horizon (10 years or more), equities are almost certain to give positive returns. So, invest in equities for the long term and keep CALM!

Bottom-line: Traders who want to make some margins everyday are the ones who should worry about the market movements everyday. For Continuous and Consistent investors, the short term market movements are best ignored.

5. Caution

Explanation: Be wary of new investments ideas that are thrown your way. If you don’t understand it, ruthlessly avoid it.

Bottom-line: Caution is better than regret. So, err on the conservative side.

Conclusion

An investment option that usually combines all the above C’s is most of the good equity mutual funds. So, all one has to do is pick a good equity mutual fund, set up a systematic investment plan with this fund that ensures a fixed amount of money is invested every month directly into this from the bank account and then sit back and see it grow. Most funds charge some fees for managing the investments but this is a worth it given the convenience offered. Of course it is recommended that you track the funds’ performance every half-year, if not every quarter and if you see that the performance is slipping up consistently over a few quarters, then it is time to switch funds and set up a systematic investment plan with a different fund house. Another safe option to consider is Index funds which are linked to the market index. The management fee is very low but this will give just the market rate of return and nothing more. This is not bad but an actively managed fund, for a slightly higher fees, usually out-performs the market on most occasions. Good luck for a successful wealth building exercise!

Ravi Kumar is one of the founders of the Chennai-based e-commerce company, http://dilsebol.com, where users can create, customize and order their own t-shirts, mugs, mousepads, ceramic tiles, coasters etc. After graduating from IIMA, Ravi worked as Area Sales Manager with one of the world’s largest beverage companies and as Business Consultant with one of the big 4 Consulting companies before establishing DilSeBol in 2007. Ravi is interested in personal financial planning and the stock market and has been investing in the Indian stock market for the past few years.

Author: Ravi Kumar P
Article Source: EzineArticles.com
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How Can I Set About to Increase My Wealth?

May 12

Posted by Marty A Cohn in business startup | No Comments

As much as you may at first resist this point, it is imperative to understand it to accumulate wealth, and a wealth mind set.

Money is a servant, and you are the master. I suggest you read this statement again, and internalise it.

I am strong in my emphasis of the above, as this is half the battle to achieving a success with wealth building and creation. How many times have you inwardly thought that you are a servant to money and it is the master. You may be thinking the wrong way around, that you must work to pay your bills, and pay your way. Now, certainly, this is correct, in one sense, but we need to look at it differently, and thus, we’ll be more likely to attract the wealth we desire to ourselves.

You see, by telling ourselves that we must work to pay the bills, we are projecting a ‘survival’ mind set, that is just enough to get by, and we are essentially programming ourselves to just survive.

How unfortunate. Now what about changing the situation around as follows:

Start out by changing your attitude, and understanding that you are the master. You do and work at what you are good at, and know you will render service to others. By utilising your earnings, and placing them in circulation, even if it is the bank, your money is then loaned out to others to help them spend on worthwhile projects and so on. The money is not idle, or collecting dust. When you have money sitting, and not doing anything, you are effectively wasting it. Please, in no way, should you confuse the above with squandering your earnings either. I am not suggesting that at all, and highly recommend you have a plan for all your funds, both inwards and outwards.

I say the above, as it is fundamental to your ongoing success, in business, and personal life, when it comes to managing your wealth.

Wealth is about accumulation of assets and money, in the right way, to assist you to enjoy life to the maximum. Remembering this will help you to maintain mastery over your money, rather than the other way around.

You will also start to attract more to your self, as you practice the skills of giving, in terms of over servicing, and delivering more than you promise. I have experienced these results too often in my own life to ever question the validity of these points.

By understanding these points, and acting on them, you will see your wealth grow dramatically. As a final thought, I also encourage you to listen to your inner voice during quiet time. This si your intuition, or sixth sense, and I have found, as many of the world’s wealthiest people have, that it is worth listening to this voice. Often times, the best ideas are formed from these inner thoughts and feelings.

To learn more about the laws of wealth building, and apply them to your life with astonishing results, I have found the Six Minute Success Method works for me, every time, and I start every day with just six minutes to ensure I am on the right track for the day. It has worked for me, and countless others. You will see results too, both financially, and in other areas of your life. The sooner you start, the sooner you will savour the results.

Author: Marty A Cohn
Article Source: EzineArticles.com
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Entrepreneur Secrets For A Wholesale Business Success

May 5

Posted by admin in Uncategorized | No Comments

It is very important that every wholesale business follows certain criteria and standards, in order to initiate an online or offline selling success, along with a mature business development of the company objectives and ultimate long-term goals. It is very important that every start-up company owner or small business rising entrepreneur has a continued flow of concepts like: Idea, goals, discipline, enthusiasm and an acceptable amount of experience within the business.

For the sake of simplicity, I will explain those five elements above shortly and precisely. After reading everything I will outlined below, I will consider getting more information either from me or at leading sources like Amazon and other. Elements you need to have persistence:

1)Idea: Everything relating to business starts out with an idea. Ever through how Bill Gates became the richest man in the world? By stealing someone else idea? No, he started with his own idea and then he made his already entrepreneur magic purchasing the rights of a program, to then became the richest man alive. Average case? Of course not, however, it is a great example of what can similarly happen to someone with a wholesale business start-up idea.

2)Goals: If you already have the idea, you will have to immediately set yourself goals. I’m not talking about average goals; I am confirming you of long-term goals that are high enough to keep you hungry and busy through your development wholesale business career.

3)Discipline: Definitely a fact. If you do not have this quality, you are bound to waste your time in endless ways or perhaps, wake-up and find yourself an 85 years old average guy, still trying to make it. Little exaggerated, but you get the picture. Not just in a wholesale business opportunity, but also in life overall you have to have a persistent discipline for everything that you do. You master this quality for your own good, and you will increase the possibility of a success in any field.

4)Enthusiasm: What is the difference between getting to know a person who sounds and feel depressive versus a person that impacts you with a great direct enthusiasm by the way they handle themselves? Probability is, you will say “Astronomical”. The way you handle your enthusiasm and passion for the success of your wholesale business, the more difficult it will become for a competitor to beat you overall.

5)Persistence: Once you have the above elements in your day to day business, persistence will most likely drive you to the top in everything you want to accomplish. Add this quality, and I can almost promise you, that it will be difficult in not achieving acceptable dreams.

Hopefully, you have found these elements a must for your wholesale video games business success and for your daily living present and future peace of mind. Everything that I have written has been my ways of achieving success in virtually everything I deeply have a passion.

About the Author
Joaquin Reveron is the President of Video Games Mystery Corp. Trainer and wholesale marketing consultant for online and offline purchases. A Wholesale Business Opportunity is one of the topics discussed at http://www.videogamesmystery.com .

Article source:
Entrepreneur Secrets For A Wholesale Business Success

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Tools for Professionalism in Customer Service

Jan 31

Posted by Irene Watson in business | No Comments

Interview with Steve Coscia discussing professionalism in the HVAC and other service industries:

Today we have Steve Coscia, author of “HVAC Customer Service Handbook”, speaking with us. Steve’s book gives service professional the strategies and techniques required to deliver world-class customer service. Hello Steve.

Irene: What inspired you to write “HVAC Customer Service Handbook”?

Steve: After performing a few HVAC customer service speeches and writing several customer service articles for HVAC trade magazines I observed how little information there was for the front-line HVAC Rep so I wrote the book. Thus far the book has been very well received by the HVAC trade press.

Irene: Tell us about your personal experiences you have had that led you to share your knowledge with others.

Steve: I simply taught my HVAC clients to implement the same customer service strategies that I used successfully for twenty years. My background was in customer service management. Regardless of the industry, when the service infrastructure is stable then world-class service delivery is attainable. I selected HVAC because I kept attracting more HVAC contractors and distributors as clients.

Irene: Although this book is written primarily for the HVAC industry, I would assume it could apply to all industries. What other industries do you believe would benefit from using this book as a teaching tool?

Steve: Due to the trade anecdotes in the book, I believe that electricians, plumbers, general contractors, roofers, landscapers, etc. would benefit from the book. The anecdotes depict scenarios in which most customers are homeowners and the service provider is usually a tradesperson.

Irene: Why do you believe that customer service representatives, in this case in the HVAC industry, are stressed out?

Steve: Customer service reps in almost every industry are stressed out – it’s the nature of the work. HVAC reps handle volatile situations such as when a customer’s heating system breaks down on a zero degree day at 1:00 in the morning. That situation is stressful for the HVAC rep and these events arise every day. Due to the volatile nature of these events, a stable problem solving infrastructure must prevail – if not the event will exacerbate.

Irene: Do you believe that problem solving must start at top management before it filters down to the service reps? If so, how is this possible?

Steve: Yes because management must lead by example. Management’s role is also to invest enough time and resources in building a stable information sharing infrastructure which is the best way to avert problems.

Irene: There are stereotype images of customer service representatives in many of the service industries, for example, plumbing and electrical. Why do you believe this occurs?

Steve: Some of this may be due to bias. I suppose that blue-collar workers may not always convey a very polished image – but when HVAC reps are needed to fix a broken pipe or to warm up a home then blue collar skills become vital and appreciated.

Irene: How do you believe the bias of the customer could change before they are needed?

Steve: New experiences change the way a person thinks. If a customer encounters numerous HVAC reps who behave with courtesy and professionalism then that customer’s beliefs will eventually change. It takes time – but it’s never too late to start.

Irene: Your book details tools for HVAC customer service representatives. Would you share with the readers several of the key changes that the representatives need to make as a whole.

Steve: The key change that I advise readers to make includes using a stable, problem solving system I entitle CONTAIN, QUALIFY and CORRECT. The book includes a sequential flowchart of how this process works. This approach includes the assumption that customers usually call because something is wrong, therefore containment is necessary so things do not get worse. The problem must then be qualified using active listening skills and then corrected using a stable in-house system.

Irene: You mentioned earlier that the blue-collar workers may not have a polished image. With that could come a bias on their part of not accepting your problem solving system because they don’t believe there is a problem. How do you propose they take your book seriously?

Steve: There’s always room for improvement. Any open minded person will easily perceive the value in my book after reading the first anecdote. I wrote the book, based on actual case studies so that readers will easily see themselves in the anecdotes.

Irene: Do you believe the masses are ready to accept the changes you propose in your book?

Steve: Yes. I have been sharing my methodology for years. It’s proven and it works.

Irene: Is there anything else you would like the readers to know about you or your book?

Steve: Based on the testimonials I have received thus far, HVAC contractors who have read my book are making more money, retaining more customers and experiencing less stress. Interested HVAC professionals should go to http://www.telestress.com and buy the book today. My book urges HVAC reps to be courageous and go beyond the status quo and differentiate themselves for the competition.

Irene Watson is the managing editor of Reader Views, a book review service. http://www.readerviews.com

Author: Irene Watson
Article Source: EzineArticles.com
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Business Suicide Strategy #3 – Not Using All 3 ‘Business Multipliers’

Jan 25

Posted by Gail M Barsky in business | No Comments

How many ways do you think there are to grow a business? You may be surprised to learn there are just 3 ways. Each one of these is what I call a ‘Business Multiplier’. You must use all 3 Multipliers to successfully grow your business. If you do, I guarantee your business will reach or at least get very close to, its potential very quickly even in this recessionary economy.

It is my estimation that no matter how young or old or successful (or not) your business is, you are only using one or possibly 2 of these Business Multipliers (and the ones you’re using could be improved significantly).

Multiplier #1 is Lead Generation – which requires getting more qualified leads.

Multiplier #2 is Sales Conversion – which requires generating more customers from your leads.

Multiplier #3 is Customer Maximization – which includes increasing the average sales value; increasing the number of purchases; obtaining more referrals from your customers; and finally reducing customer losses.

There are numerous proven strategies you can apply to massively improve each of these 3 Business Multipliers, and combining the power of each Multiplier you have the ability to grow your business to heights you never thought possible. Change is extraordinary difficult for most people but only through the use of the Business Multiplier can your business grow, even in the worst economy, because you take calculated risks. It is a matter of choosing for each Multiplier (depending on your business), the implementation of a well thought out plan.

The execution of business strategies is where most businesses get stuck. In particular, small businesses fail to act typically not by conscious choice, but instead by being so busy and overwhelmed by the annoying daily tasks that they work IN the business instead of ON the business. Then the undeniable result is that the big picture is lost.

Small businesses now need a surge of energy and renewed passion. Ask yourself this question, “Why did I go into business in the first place?” Reclaim and perhaps redefine your passion so it can carry you through these turbulent market changes. You must stay focused.

It has never been more important than now to correctly optimize each Business Multiplier so you get the greatest return for the least amount of money spent. Of course the skill is choosing the correct strategies and then creating them so they generate windfalls of cash for your business. Small businesses must get out of overwhelm. Turn off the TV and all the “Money Shows” giving allegedly sound economic advice. To compare this economy to the “Great Depression” is a person who has not done their homework. (That will be the subject of another article explaining how this economy is not like the “Great Depression”.)

Simply put we are facing ‘TV ratings war’ who can score the most viewers. Do not fall victim to that pattern of behavior because it leads to true paralysis in your business. TV viewing has been declining and what better way to get you to stay glued to your TV then to scare you! That being said I am suggesting to be informed, but do not operate in fear, instead make wise cost-effective choices.

That’s where business development strategists help (a fresh pair of eyes looking at the business) can make all the difference. What is demanded in today’s economy is for business advisors to immediately put in place a number of strategies that all work in harmony within each Business Multiplier.

Author: Gail M Barsky
Article Source: EzineArticles.com
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The Death of Customer Service

Jan 24

Posted by Margo Chevers in business | No Comments

The other day a reporter call to interview me on the “Death of Customer Service”. My first reaction was to deny that charge and claim that customer service is very much alive and well. But upon further thought of the service I’ve received over the past few months and what others have related to me about their experiences, I had to admit that the quality and level of service has decreased. Upon further thought I realized that it has been on a decline for quite a while.

I finally admitted to the reporter that yes, I have to agree that customer service is not doing as well as I’d like to think it is. Of course his next question was, “Why is that?”

I believe there are 4 basic reasons for the demise of customer service.

  1. The booming economy of the 90′s created an atmosphere where management took the stance that if one customer didn’t like what they were doing, there were plenty lined up behind him/her that had their credit card ready to be processed. Why go the extra mile for someone who was so easily replaceable? This attitude is still pervasive which adds up to poor customer service.
  2. Poor hiring practices are what I believe to be another reason why customer service is so poor. Unemployment has been so low that finding new employees has been a major challenge for companies. They hired marginal people, people with poor attitudes, people with poor work ethics, and people who don’t care. Put these employees in a position where they interact with customers and you have a formula for poor customer service.
  3. Lack of training of these marginal employees is another problem. Managers have the philosophy that since the employee won’t last that long in the position, why put the time, money and effort into training them. Of course the lack of training leads to low morale, confusion on the part of the employee and costly mistakes. The employee doesn’t last in the position because they don’t feel supported by management, then management feels justified for the lack of training they give. This all adds up to poor customer service.
  4. Profit driven decisions of management as the criteria for solving all problems is another reason for the death of customer service. Rather than do the ‘right’ thing, decisions are weighted by what it will cost the company. Scheduling is planned by what it costs in dollars rather than what it costs in poor service. Customer complaints are judged by the impact on the bottom line rather than on the impact on customer satisfaction. This short-term thinking gives out the clear message to employees that the company’s needs are more important than the customer’s. This justifies the attitude of employees of not caring about the customer which again adds up to the delivery of poor customer service.

Margo Chevers, author of the book STOP the BS (bad service), has been providing sales and customer service seminars and consulting to a diverse cross-section of industries for the past 15 years. For information about Margo Chevers speaking or training schedule call (800) 858-0797 or Margo@MargoChevers.com

Author: Margo Chevers
Article Source: EzineArticles.com
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