Author Archive: melanie

Discount Opportunites

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A lot of business are doing cost cutting due to the economic crisis that the world is facing today. Most consumers and businesses have tighter budgets. If you are an aspiring entrepreneur you have to adapt the market trend these days by offering lower priced products that often comes with lower margins.

Here are some ways on how to have alternative discounts for your business to succeed:

First simplify the product that you are selling which means some customers would prefer the main things that they usually need. So if you are manufacturing a certain product make sure it would hit the needs of the people not just their want.

Second try to make distinctions of your products and services that you are offering to the consumers. Try to make the cheaper products different from higher end versions so that customers would stop buying for those pricey products.
Third is to think small. Try to create a lower or cheaper version of the existing products that some companies are having the high end brand image by selling affordable luxuries.

Fourth is to choose a new name. A lot of business or companies are trying to adapt the economic situation by offering a lower end products or services but one of the biggest problem or challenge that they would face is whether to create a new brand. The advantage of creating a new brand is that it would make the cheap products destroy the company’s name. Using the same brand name can help the latest product attract new identity.

So whatever your decision is be sure that the products and services that you are selling should capture the needs of the customers in a more affordable and realistic way.

Managing your Employees

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Managing your employees is not easy. You will face a lot of challenges because all employees have different characters, skills and attitude. Here are some ways on how to manage your employees successfully.

1. Hire wisely.
Most companies or business hire employees for a specific job. If you are hiring new employees make sure you have the three I’s in hiring them. Look for initiative, integrity and intelligence. Hire the best for every position in your company. If ever you also have employees that are not doing their task or job well then you better consider if it is a wise investment of having them in your company.

2. Build a good team and not your ego.
If you have a lot of employees trust them to do their jobs and see their work or progress after. Make your employees feel that they are part of the group or part of the company’s product. Try to have a good interaction between co members of the team when some ideas must be corrected.

3. Reward your employees well.
When you have a handful of good employees having a good performance in the company make sure you reward them not just financially but emotionally as well. Also make time to acknowledge their contributions or work in the company. Say thank you if you need to.

4. Try to be hands on.
Get to know your employees job. Try to see how they do their work. If you try to show an employee that you are trying to learn his job then you are also trying to communicate that you believe that their work has a value or importance.

5. Make your employees versatile.
Let your employees know how to do two jobs in the company especially on the technical sides. Also have at least three employees know how to do each job so that when one is not present you could assign anyone to finish the specific job.

6. Always make sure you communicate with your employees
Listen and talk with your employees as much as possible. Try to ask some suggestions and correct their mistakes especially if you see it. Pay attention to the customers because customers give feedbacks regarding with your employees especially the service.

7. Encourage innovation and creation.
Have a meeting with your employees every month or as much as possible. Make suggestions regarding about how to improve your product, service, efficiency, or bottom line.

8. Give positive encouragement for the process.
Have a second in command. Find the best person that you can trust in your company that has the same goals, ideas, ideals and business style. Train him/her appropriately. Let others know that he/she has your confidence and that you give him or her the authority when you are gone. When that is done, leave on vacation and test the theory out.