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Renting Vs. Buying a Commercial Space

April 21, 2018 by Guest Post Leave a Comment

If you own a company, it can be tempting to want to control every aspect of its operation. This could mean having the urge to buy the space in which the business operates. However, it may not be wise or even necessary to buy a building to exercise such control. Here are some items worth thinking about when choosing whether to buy or rent a commercial space to run a company.

Leases Are Negotiable

You may believe that you have to buy an office building to have meaningful control over how the space is used. However, landlords are often willing to negotiate the terms of a commercial lease. This may allow you to choose how common areas are used or gain access to the entire building as opposed to just one or two floors. Custom lease terms can also make it easier to use your brand’s logo and colors on the front of the building or in other strategic locations.

Renting Will Not Decrease Your Liability

If you rent a building, you are just as liable for anything that happens on the premises as if the building was purchased outright. Generally, the best way to protect against any liability issues is to buy an insurance policy. In most states, a corporate tenant who operates in a given space is responsible for providing a safe environment for everyone on the premises.

The only way a landlord would be responsible for damages is if there was a dangerous condition that was not disclosed to the business that leased the space. Therefore, liability concerns shouldn’t dissuade you from buying a building outright if that is what you want to do.

How Long Will the Company Occupy the Space?

Buying a building can be a good idea if a company is looking to stay in one spot for several years. Even if the company goes under, the building and land that it sits on can be used to offset any losses the owners incur. In some cases, the building and land can be used as collateral for a loan that can be used to fill a large order or otherwise expand the business. However, if the business isn’t planning to stay in one spot for more than a couple of years, it may be better to rent as it provides more flexibility.

How Much Space Does the Company Need?

If a business doesn’t need more than 500 square feet to operate effectively, it probably isn’t a good idea to buy an entire office building. Instead, it is likely a better decision to rent space or share it with another company. Depending on the needs of a company, it could be worthwhile to convert an attic or basement into a home office.

Can a Building Be Used for Multiple Purposes?

Buildings can be built to meet both commercial and residential needs. If you are looking for a long-term investment opportunity, buying a building that is zoned for business and residential use can increase the odds of seeing a return on the investment. Depending on your needs, you could also choose to rent such a space and provide a more consistent living situation for yourself and your family.

Buying a Building Could Require More Upfront Capital

Typically, buying a building means having enough money for a down payment as well as insurance and other closing costs. It may be possible to get cheap insurance quotes and affordable mortgage quotes online. Furthermore, you or your business will need good enough credit to get a loan to finance the purchase. If you don’t have enough money to invest in a new building, your only option could be to rent.

There are many variables that go into whether or not you should rent or buy a commercial building. Ideally, any decision that is made will take into account your financial and other needs both now and into the future. Consulting with an accountant can make it easier to make the best decision for your company.

About the Author

Dawn is a loving wife and mother of three and an up-and-coming entrepreneur. She has spent the last couple years trying to get her business off the ground. In her journey, from working for a big CPG company and a pretty popular tech company to starting her own business, she has learned a lot about the difficulties of running a business and how to be successful. With all she has learned about business, she has decided she wants to help other businesses avoid the mistakes she has made and help them succeed even when she is still searching for that very thing for herself. First and foremost is her family. Second is her business and helping others with theirs.

How Much is The Human Factor a Part of Your Business?

April 21, 2018 by Malik Muhammad Leave a Comment

Human beings are the ultimate computers and represent the best of higher technology and advanced thinking. Everything that is created comes from the mind and/or actions of a human being. The systems that enable our bodies to function. The organs with their complex job specifications. The magnificence of our body parts. The greatness of our minds. This synopsis of our functionality is the basis for the conclusion that the human factor is essential in all areas of growth, productivity and progress.

How much is the human factor a part of your business?

This may appear to be a silly question but the heart of the business is still about people and profits. International trade and commerce or selling a few kilograms of potatoes are ultimately about getting people to purchase your product. They buy from you because they choose to have relations with you. An investor may understand your business plan, respect the rationale of your cash flow projection and visualise the potential of the product.

A thorough investor will also look at the person behind the product because they are also investing in you – the human being. One of the reasons brands such as Louis Vuitton are at the premier end of the buying experience is due to how they interact with the persons who patronise their stores. One is greeted then allowed to casually stroll around the store until help is requested. Prior purchases can be checked on the system and, if required, advice is offered as to future purchases. Excellent product knowledge coupled with professional yet friendly manners are evident from team members and a welcoming atmosphere enhances one’s shopping experience. A gem master specialist such as Living Stones Jewellery (UK) Ltd in Hatton Garden, London has a similar ethos within its corporate culture.

On another note – online shopping is both easy and convenient. It is also generally cost effective and reaches a wider audience. Poor reviews about a customer experience also spread very quickly by social media and often to an even wider audience. Negative publicity can result in reduced sales leading to lower profits or even calls to boycott the brand. There is real competition from similar businesses for the goods/services that you supply. You can distinguish yourself through your customer service.

When product quality and prices are more or less similar; the competitive edge comes from excellent customer service coupled with an overall positive experience. This brings us back to the importance of considering the human factor.

7 ways to enhance the customer experience:

Responding to emails or complaints in a timely manner
Developing a user-friendly website
Training team members in effective communication and how to properly observe and interpret body language
Engaging in cultural sensitivity workshops
Seeing your brand/product or service through the eyes of your clientele
Keeping abreast of global, national and local factors that affect your business
Understanding how your product continues to add value to people’s lives

These suggestions are by no means exhaustive. They merely serve as a catalyst to help you focus on the customer experience in your business. People will pay for experiences and things they value. Price is relative once a value is ascertained. A handbag is a handbag and a gem is a gem. The value to the customer justifies the actual price they are willing to pay.

The positive emotion attached to the buying experience will make customers seek to repeat said experience with your business. This is applicable online and well as in person. A little friendly conversation at the point of sale, a dynamic advertising campaign or emailed updates about new / the same products or services will foster goodwill between your business and your (potential) customers. It’s often the little things that make a big difference. Being mindful of the personal or human factor gives you that extra advantage in this ever competitive business environment.

About the Author

Malik Muhammad was raised and educated in Jamaica, read law in London and is the conceptualiser of The Empowerment Mastery System.

Malik enjoys vegan cooking, quad biking, jazz and yoga. He is an after-dinner speaker, workshop facilitator and convenes international & corporate inspirational seminars.

Malik is the host of online talk show ‘Reasoning Sessions’ and specialises in sharing self-empowerment strategies with diverse and multi-faith audiences.

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How Apprenticeships Can Help Improve Mental Health

April 20, 2018 by Hadyn Luke Leave a Comment

Apprenticeships have long been a powerful catalyst for economic and social change, helping improve the life chances of often vulnerable youngsters and those with little in the terms of career prospects. By giving people a chance, responsibility, freedom and some money in their pocket, apprenticeships can be an invaluable way to improve mental health and wellbeing.

Mental health amongst the workforce is a leading concern for employers. Research shows that millennials display the highest levels of depression, anxiety and suicidal thoughts of any generation and that one in three employees take time out due to mental health.

With reduced absent days, increased productivity and a happier, more loyal workforce, it is within every employer’s interest to improve the health and wellbeing of staff. According to the mental health charity Mind, “56% of employers said they would like to do more to improve staff wellbeing.”

Improving confidence and self-esteem through apprenticeships

Studies show that apprenticeships can have a positive effect on confidence and self-esteem. The World Class Apprenticeships: Unlocking Talent, Building Skills for All project, which analysed how specific focus groups perceived apprenticeships, found that young people and their parents were positive about participating in work-based learning and real-life experiences outside of the classroom.

Youngsters were also positive about the ‘soft skill’ improvements apprenticeships create, such as time management and presentation skills. Other benefits of apprenticeships identified by the study were how learning on the job type training improves young people’s confidence, increases their employability, whilst enabling them to earn a salary as they learn.

Apprenticeships bring people career prospects

A lack of motivation, self-esteem, confidence and responsibility, can have a detrimental effect on helping people find long-term employment. By being part of a team, learning a trade and different skills on the job, while training for a qualification and earning an income, can go a long way in boosting self-esteem, confidence and making people significantly more employable.

Working alongside others as part of a team helps apprentices learn about effective communication skills, which is often a barrier for those with low levels of confidence and self-esteem. They also learn about the importance of teamwork, which is a vital trait when joining any organisation.

By training on the job, apprenticeships train individuals in specific skills and work experience, making them more likely to be successful in recruitment processes. Simply knowing they are sufficiently trained and have specific skill sets can be a powerful confidence and self-esteem booster.

The social values of apprenticeships

As the Social Market Foundation notes:

“Apprenticeships have the potential to provide opportunities for gaining training whilst working, thereby improving career opportunities and helping to fill skills gaps across a range of sectors.”

As well as playing a pivotal role in the economy, apprenticeships deliver real social value to those involved, helping to tackle confidence issues, while making individuals more employable by learning practical skills. For employers, this cost-effective form of employment can be vital in helping bridge skill gaps and benefit from a content, productive and loyal set of employees.

About the Author

This blog post was written by Hadyn Luke, Director of CMS Vocational Training (CMSVOC). CMSVOC offers a wide range of commercial and government-funded apprenticeship options.

Make Money In Your Sleep With These Passive Income Generation Ideas

April 17, 2018 by Guest Post Leave a Comment

Close your eyes and imagine this. You’re in Hawaii enjoying the sea. The sun is up and your bank account has started filling up. How? Because you have created a system, in fact, a couple of systems in place that is making you rich with each passing day.

How is it possible? Well, if you haven’t heard of passive income. Now is the time to read about it and do something about it. The future is near, and there is no room for robots that are just working 9-5 and catering things that are important for their boss.

It is now time to move forward with passive income. A stream of income that can help you make money even in your sleep. If you Google Passive income generation ideas, you’ll be bombarded with lots and lots of results and each result will sound like it is for you.

But, don’t make the mistake of doing whatever feels like good for you without doing some research on it. There are tons of ways in which you can make passive income, and if you are able to be successful in one way, you can try out other ways too.

Before that, you need to gauge the ways in which you can make most of the money. The ways in which you can make a maximum profit without the expense of your energy. Here, Branex – a digital agency from Toronto came up with an exciting infographic that can help you decide which method is the right fit for you.

It is not just about using any one method to earn money. The goal is to choose more than one method and make as much money as you can. Because in the end, it is all about how smart you can be in making the most amount of money with the limited resources you have.

About the Author

Muhammad Osama is a SEO specialist at Branex Canada.

What Is a Sales Opportunity?

April 16, 2018 by Guest Post Leave a Comment

“To succeed, jump as quickly at opportunities as you do at conclusions.” — Benjamin Franklin

Of course, before you put your gym shoes on, you need to step back and look at your sales process. Does your sales team know what distinguishes sales opportunities from leads? Are they prioritizing their time and channeling their efforts where they get the most returns?

It is important to define what a sales opportunity is. As basic as this sounds, your definition becomes the qualifiers that move people from lead to opportunity. It gives your sales reps guidelines to follow so they can manage their leads consistently with the rest of the team. And, in turn, you get forecasting accuracy and a true picture of where people and accounts are in your sales pipeline.

Leads VS. Sales Opportunities

Simply put, sales opportunities are people or accounts that have been qualified. You’ve called these contacts and talked about their needs. You’ve assessed their fit. They’re in your pipeline and are in touch with you. You feel good about the possibility of closing the deal.

Contrast this with leads. A lead is just a contact that you have minimal information about. It could be a marketing-generated lead, which is inbound and top-of-the-funnel. The contact might have downloaded content or filled out a form. Or, it could be a sales-generated lead, gathered through efforts of your outbound sales team or SDRs.

Communication lies in between. You need to talk to your leads and gather enough information to help you qualify them. Do they share the top characteristics typical of your sales opportunities? Can you justify devoting more of your time and effort to nurturing these leads?

Top Characteristics of Sales Opportunities

“Find your trigger. Find the qualities that make a lead more likely to convert, and focus on those leads.” – Brian Kardon, CMO at Lattice Engines, a B2B cloud applications company.

In time, you will notice similar characteristics that are shared by leads who convert to sales opportunities. Take note of the top three: need, interest, and fit. These characteristics help you come up with an accurate profile of your ideal customer. You can then focus your efforts on nurturing leads that more or less fit into this mold.

Need: This pertains to the common pain points shared by your ideal customers. Your qualified sales opportunities experience a similar problem. The primary motivation to buy is to fix this problem and lessen the pain. Your sales rep’s job is to help identify the pain and frame your product as the best-fit salve.

Interest: Having a need for your product – or a pain point that has to be resolved – is just the start. Need does not always translate to interest. For instance, a start-up might need a CRM software. But, if they’re set on using MS Excel for their client management needs, a CRM system is going to be difficult to sell.

Fit: Here, you need to consider your product and how it fits into your lead’s current business and its capacity. Because, as much as you are able to lessen pain points, a SMB is not a good fit if your product is enterprise-scale. A business with a few hundred bucks to spare will not be able to buy your million dollar solution.

How to Manage Your Sales Opportunities

“It’s not about having the right opportunities. It’s about handling the opportunities right.” – Mark Hunter, author, speaker and lead expert at The Sales Hunter

In a lot of ways, the line between closed deals and lost sales depends on how you manage sales opportunities. Here are some things to consider:

Accurately qualify your leads: There may be cases wherein you promote your leads to sales opportunities prematurely. It could be that the lead needs further nurturing, and is not yet sales-ready. When you inaccurately qualify your leads, you end up devoting your efforts on opportunities that take longer to close.

Know your buyer: It takes trust and rapport when you want to develop business relationships with your sales opportunities. To get to this point, you need to know your prospective buyer like the back of your hand. So, do the groundwork and understand your prospect’s business, their buying processes, needs/ motivations and the decision-making team, among other aspects.

Know your prospect’s obstacles to buying: There are always perceived risks when buying a product or solution. Understand what might keep a prospect from making a purchase and address these issues.

Track the deal’s progress: Once a lead becomes an opportunity, it becomes more important to track deal milestones, instead of monitoring activity levels. A prospect’s time on your website, their downloads and all that are still good indicators of interest. However, you need to focus more on where they are in the decision-making process and their requirements to move this process along.

Don’t be afraid to disqualify: Not all sales opportunities move to the next stage. Some of them become lost opportunities due to something that you discover as you engage with them. When this happens, don’t be afraid to disqualify. This is ultimately better than devoting your time to opportunities you can’t close.

This article first appeared on Tenfold

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6 Sales and Marketing Tips & Ideas to Grow Your Business

7 Useful Tips for Developing Your Sales and Marketing Strategy

What Is the Meaning Of Pipeline in Sales and Marketing