Money Lessons

The Characteristics Many Successful Businesspeople Share

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Successful entrepreneurs like to plan. They don’t like to go into a meeting blind or launch a product without making absolutely certain that they have done everything they can to make it great and to launch it at the perfect time. If you want to be successful, you can’t just go with the flow; you need to set out and follow a roadmap for success.

They’re Natural Leaders

If you want to create a business that does well, you’re going to need to have direction, and you must be able to lead others in that direction with you. All of the best-known business people, who’ve experienced great success have done so because they’ve been able to get the best out of their employees. That’s why so many entrepreneurs are now enrolling on leadership masters programs or taking leadership and communication classes locally. No matter how determined you are or how good your business idea is, if you can’t lead your team, you’re unlikely to reach the top of your game.

They Know How to Manage Money

Money is the lifeblood of business. You need to know how to invest money wisely, when to cut it off and how to streamline your cash flow for the best results. So, it shouldn’t be surprising to know that successful business-people are almost always great with figures. If you aren’t exactly up to speed with all things financial, it might, therefore, be worth taking a class or two to get you up to speed.

They’re Confident

When you run a business, you have to be confident in your abilities, and you need to be able to get up and sell your products and services to others. If you’re a shrinking violet, you won’t impress investors, customers or, well anyone really and that won’t help you gain success.

Is Your Sales Staff Losing You Money?

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hidden_costsThere are many keys to successful sales, and the sales staff has a tremendous amount of responsibility when it comes to making money.

As a business owner or manager it is your responsibility to employ the best sales staff possible.

Often there are steps you can take to make sure that your sales staff increases their success rate when it comes to making money for you. Customer interactions, experience and desire are all huge factors to consider when finding out where your money is going.

Have Things Changed?

If you have made money in the past but suddenly see a decline in sales, ask yourself what, if anything has changed.

If you recently hired a new manager and placed him or her in charge of hiring sales staff, take a hard look at the criteria they are using when interviewing candidates.

A manager should make sure that all staff work diligently to make sales on a consistent basis. The manager is responsible for making sure that money is correctly logged and accounted for.

Sales staff which a manager hires should have plenty of background experience from similar jobs. They must be responsible and willing to do what it takes to make a customer happy. A sloppy, disorganized manager can lead to big problems and a loss in sales.

Customer interactions are equally important to look at if you suspect your sales staff of losing money.

When a customer comes into a business they meet the sales staff first. The staff should have an inviting demeanor, and they should be approachable. Too many sales workers are under the impression that they should wait to be approached by customers, but this is simply not the case. Sales staff should approach customers in a warm, friendly manner.

Many sales are lost to overly pushy sales staff, or to staff who exhibit behavior consistent with not caring. It may be important to suggest your sales staff go through customer interaction training if it continues to be a problem.

In some cases it may be best to simply fire those who do not have the best interests of the company in mind.

Never Overlook Importance of Desire

Desire is another factor in why sales staffs lose money.

If there is no incentive to make a sale, then chances are they will not put forth the full effort necessary to be successful. Commission-based sales are important in any retail environment. A worker making minimum wage or barely above it is not always going to go above and beyond to close a sale.

However, as you’re looking at how to make a budget for your sales needs, remember that a commission-based job can lead sales staff to work harder to close deals so they can earn extra money. This is a great incentive to employ if you find yourself losing money.

Sometimes all it takes is a change in pay to boost the morale of the sales staff you have hired.

It enables sales staff to have a reason to work harder and make the company successful.

About the Author: Tina Samuels writes on small business topics, social media, and finances.

Smart Money Lessons from Everyday Savers

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We live in a world where we see celebrities flaunt their lavish lifestyle on TV 24/7. It’s easy to look up to people who have big homes and fancy cars, and many equate having a lot of money with happiness.Some of us, however, have discovered that there’s joy to be found in frugal living.

Saving money doesn’t mean doing away with the things that make life comfortable. It’s about making smart decisions every day to help you save a dollar here and there, which all add up in the end. Instead of focusing all your energies trying to earn more money, you could spend some valuable time instead doing things that really make you happy.

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Here are a few smart money lessons that you can adapt to your lifestyle today:

Save When Grocery Shopping

Do you make the trip to the grocery every week? Grocery shopping presents a lot of opportunities for saving money:

Use Coupons

If you’ve seen the TV show Extreme Couponing, then you’ve probably seen how some people can leave a store with a car full of groceries, paying only pennies and sometimes even nothing at all. You may lack the skills to pull that off but you could still save a lot by spending a few minutes cutting up coupons and using these on your next store visit.

Buy Store-Brand Items

Store-brand items are usually cheaper than branded ones. Try these out and you may find that these are of the same, even better, quality than their branded counterparts.

Look at the Price Per Weight

Food items usually come in different package sizes.When you’re doing your groceries, look into which package size actually gives you the best price. Whip out your phone and use the calculator to divide the price over the product’s weight. Try this out when you buy cooking oil, spices, and grains.

Stock up on Staples When These are on Sale

Save a lot when you do your grocery shopping during a store sale. You can get better beals on almost everything so take advantage of these events. Stock up on staples, such as sugar, condiments, and canned goods, since these have a long shelf life.

Save on Home Services

The money you pay for utility services such as water, electricity, and Internet takes a huge chunk out of your paycheck. Follow these tips to cut your home expenses:

Conserve Energy

Saving electricity isn’t just good for your wallet, but for the environment as well. Replace your light bulbs with energy efficient LED bulbs and turn off lights that aren’t being used. You could also get an advanced power strip, which could help you cut the power for devices such as TVs, DVD players, and game consoles that consume electricity even while on standby mode.

Reduce Your Water Consumption

Have leaks fixed immediately when you see them. Replacing the gasket on faucets is easy and is usually the only thing you need to fix a leaking faucet. You could also limit the times that you wash your car and water your plants to cut your water bill.

Look for the Best Internet Deals

Don’t forget to periodically review your Internet plan. You could be missing out on a more affordable yet faster connection if you don’t shop around. If you’re not locked into an existing plan, compare Internet plans and look for one that is both faster and cheaper.

Not All Savings Accounts are the Same

Now to set aside all the money you manage to spend after following the above mentioned tips, you’ll need a good savings account in your name. Not all savings account are the same though. Take the time to study your options and look for savings accounts that offer high interest rates and low fees.

These are just some of the things that you could do to save money. You don’t have to give up the things that you are used to, or stop spending on your hobbies or stuff you like to do—you just have to realize that there are far more affordable alternatives and that if you’re willing to explore, you can drastically reduce your expenses and be able to get more savings.

Author’s Bio:
Mark Yasay is a freelance writer and digital strategist for MoneyHero, a comparison site in Hong Kong that helps residents find the best value for medical insurance, financial services and products they need. MoneyHero also provides free financial advice that supports individuals and empower them to meet their financial goals and attain financial freedom.