business networking

5 Simple Ways to Build a Successful Business Network

Successful Business Networking

Business is not a single entity. It has to coexist with a lot of other factors that are present in the market. As a part of regular business activities, it is also important that a business and its core managerial people involve in some business networking as well.

The main factors that a business has to focus are profitability, going concern and consumer base. So this being the case, why is it important for business people to build something called a business network?

So here we are going to talk about the need for business network and ways to build it.

The Business Network

Business requires a lot of backing up and support from different sectors of the society. This is because, without the corporation of these societal and market factors, it is not easy to survive profitably in the market. The business network comprises of customers, investors, other businessmen in the market, potential investors and financial institutions are some of the major factors present in the market. Business is expected to maintain a good relationship with these components in the market. Business is all about contacts. The better you have, the wider you can reach. So here are some of the ways to build your business network.

 

Business Networking

 

Five Simple Ways to build Business Network

The following are some of the ways to expand your business income.

Keep your contact pipeline full:

The first step to build a business network is to expand your local contacts. Try participating in the local gatherings and behind prominent people both in the social and political forum. It is always about the communication that you gain through the chain of probability. One will lead to the other and in this way you can increase your contacts. Make sure you stay in touch with them.

Share the Love – Always find time for reviews:

Expanding your network is also about understanding the market. Your market is nothing but your customers. So make time for your target customers and try to stay in touch with them. Talk to them and understand their likes and dislikes. Ask a few of them to review your products and services. This will help you fix the negative issues in your business and improve the relationship with customers.

Be socially active:

Today the easiest way to communicate with people constantly is to stay active on the internet forums and social media sites. Staying connected with people on social media will help you gain contacts with people who belong to different sectors of the society. You will be able to relate yourself to the global market and understand your true market position. A good way to increase some perks and spend time with clients or prospects is to spend leisure time activities like dining or golf with them sometimes. You can write some or all the expense doing this and build closer bonds.

Practice CSR:

The sources that you utilize to build your business are taken from the environment your business exists in. So it is your obligation to pay back to the society in the form of CSR. CSR is Corporate Social Responsibility. Your contribution to the society helps you make a lasting impression and get strong contacts in the long-run and expands your network gradually.

Stay on trend:

One of the best ways to expand your network is to stay on trend and stop being outdated. Business is in a dynamic environment. The environment is changing as so is the business. Thereby it is important that we make an effort to brush off the age-old techniques and get to trend.

laptop computer

Four Business Principles of Marketing

The 4 base principles of marketing include the product, price, place, and promotion.

In fact, these 4 principles are also known as the “4 P’s” of marketing.

These are the four key components that should be correctly implemented for any marketing strategy to succeed.

In fact, determining the appropriate methods for each area and integrating them is the main challenge faced by a majority of business owners out there. This article provides information on the 4 base principles of marketing.

Product

The product can be a physical item or an intangible service. Creating the product should be done after a thorough research on the market segment that you plan to target. The product name, packaging, safety, and uses of it are important factors to consider when creating the product. You should also determine how the product is going to appeal to your specific market segment. In fact, your product should be able to meet the requirements of a specific group of people in the society.

Price

Once you have created the product, the next important thing is to determine its price. When the price is too low, you may not be able to run a profitable business over time. On the other hand, if the price is too high, you won’t be able to sell the product. The price of your competition plays a big part in determining the price of your product. The quality of your product will also play a big part in this regard. Some of the common pricing strategies include the cost price + profit, or the price based on the value of your product. The second option is mostly used price luxury items.

Market Location

The location of your market is another important principle of marketing. It refers to the distribution channels. It implies how the product will hit the market or sell. For example, if you operate a home-based business that sells products on eBay, your market is the internet. On the other hand, a large business such as a consumer goods manufacturer would sell their products at a wholesale establishment.

Promotion

Promotion is the final principle of marketing. It is all about raising the awareness of the customer about your product. Advertising is the preferred form of promotion for most of the businesses in this day and age. The internet is the latest channel that helps market your product to a wide range of customers across the globe.

The above article provides information on the 4 base principles of marketing. Feel free to leave a comment below…

Telescope overlooking GTA Real Estate

Real Estate Business and Investing

It’s a commonly known cliche within the world of real estate that the secret to success is “location, location, location.”

There is a lot of truth to this maxim, but what is physically built at that location is still quite important. If you ever get the chance to invest in real estate and find a property with a great location, chances are that something is already built on it.

Fortunately, there are many ways to make money off of real estate that already has something built on it.

A very traditional thing to do is to buy low and sell high. Just go surfing through the channels on your television any time of day and you are bound to come across a show or two that focus on people who buy foreclosures and abandoned homes at auctions and then flip them. You can do the same with any kind of business, be it commercial, office, or even warehouse. As long as you get a good price, you can spruce up the property and make it attractive to more buyers.

Another traditional thing to do is to buy a property but not sell it. Properly fixed up, many forms of property, residential or commercial, can draw serious rental income. Even if you have to finance the property through a mortgage, the right rental check each month can easily outweigh what you pay the bank.

Savvy real estate investors take it a step further, especially with commercial properties.

They buy, fix it up, and then rent to multiple tenants. An older single store could be converted into a group of smaller stores which collectively provide many streams of income, thus minimizing the risks of losing income to no tenants or those who don’t pay. This can be done in many cases even with residential properties, if a large home can be converted into condos or an apartment or two can be put into a big home above the garage or in the basement.

Once you make serious money investing in real estate, you can possibly have enough resources to finance your own deals for future investments. However, in the beginning, you might need an investor to back you up. Look around a little, and you’ll find that many real estate investments are actually done by groups of partners that all pool money together.

financial planners desk

Tips For Choosing A Financial Planner

Inside of Canada, financial planners have multiple titles.

Some call themselves “certified financial planners – cfp” while others may call themselves “financial consultants”, “financial advisors” or “investment advisor” among other titles. This is largely due to the fact that financial planning is not really regulated inside of most Canadian provinces, nor in Canadian territories.

Financial planners also have highly variable qualifications, training and experience. Most financial planners have taken courses and passed exams in the field, and hold designations from educational institutions and standards bodies. Others may also be registered with a securities regulator to sell investments or provide advice on investing one’s money. They may also have a license to sell insurance, as well as possibly being certified accountants or estate planners.

It is prudent to question and understand these qualifications before working with a certified financial planner (cfp). One should ensure the products and work they do is what you need, as well as ensure that the financial planner in question is a legitimate and qualified professional.

certified cfp seal

Financial Planning Credentials

There is more than one financial planning designation, which has different combinations of training. Most such designations call for training in money management, taxes, insurance, estate planning and investing. Some but not all include training in ethics or codes of conduct. A planner’s qualifications need to be understood to ensure they’re what you’re looking for.

If a planner also sells investments or investment advice, they will need to be registered with a securities regulator. There are different registration categorizations. Some planners can only offer advice on mutual funds. Others offer a wide range of products. Make sure the offered services meet your needs.

Here some sample financial planner credentials, and links to show examples.

These aren’t all the possible credentials, but they’re the most common ones.

Personal Financial Planner

Certified Financial Planner (CFP)

Registered Financial Consultant

Chartered Financial Consultant

Other possible qualifications include;

Certified General Accountant

Chartered Accountant

Mutual Fund Dealer (Dealing Representative)

Investment Dealer (Dealing Representative)

Insurance Broker

 

 

Q & A with BMO Nesbitt Burns

estate wills

Points To Consider Before Signing On Wills And Estates

Arguably, the basic reason behind the building of wills and estates is to guarantee the generation left behind will live a comfortable life after an individual is deceased.

Of course, this is the common representation of the estates and wills conception;

however, there are various factors to consider regarding the act of claiming or signing on these items. While the family may be promised a comfortable living, they could be left with nothing if another person makes a claim on the proofs left unwittingly before the owner dying. If the will or estate is contested by distant family members, it will be necessary to use the services of a professional. This article will point out the various considerations to make when in this particular situation.

It may be surprising that many individuals die without leaving a will with an estate; however, if this type of will has been provided with the law will require an executor to be appointed. The purpose of the executor is to act as the primary subject who will dispense the estate and wealth as is directed or seen fit. Many parties will benefit from wills and estates; however, they are typically accompanied by long legal battles where people try to lay claim to the deceased’s assets.

To reduce this problem, it is important to use professional advice when drawing up the will to ensure the correct amount of assets is passed on to the family.

When hiring an estate and wills lawyer, it is recommended a list of the people to be provided for is used. This will allow one to take the various laws and regulations into consideration ensuring no loopholes; thus, eliminating the chance of anyone contesting the document. A ‘will kit’ will not address these particular issues as wills are subject to alterations. By using the skills of a professional attorney, it is possible to complete the correct will and entrust the professional with changing clauses or adding new executors to the will.

Changing of wills can be done using codicils and these can bring about small updates in the document. Using a codicil is a secure procedure as it utilizes the same safeguards for creating the will; however, estate and will attorneys will typically take a moment to contest the legal tools.

Wills are not the simplest documents to prepare; however, they are very important as it protects the safety and future of a family.

It is important you are aware of how to create a secure will that will benefit those dependent on you.

business greeting and etiquette

Business Etiquette and Canadian Culture

Canadian Business Etiquette

It is known that people from Canada are a polite society and slightly more reserved than their neighbors to the South. The values of this country are greatly respected with peace and a good government. To “fit in” you must treat all people with courtesy and respect, but do not act too humble. This article will provide information on how to secure a deal or avoid offending a business colleague by learning the basics of Canadian business etiquette.

1. Meeting And Greeting

Firm handshakes are considered the typical contact when meeting a business associate for both males and females; however, women may acknowledge you with a nod of the head instead of a handshake. Shaking hands is also used in social situations when people are meeting for the first time. Men and women embrace and kiss on the cheek if related on good friends, and males may embrace formally if they are friends or family.

In Quebec, a friend or acquaintance will kiss the other person on either cheek. This occurs between females, between males and females, but not between males exclusively.

If you are meeting the person in an informal setting, the majority of people will simply exchange the greeting “hello” or “how are you?”

2. Introductions

Introductions are based on business rank and not on gender. In Canada, a person’s level of authority relates directly to their position or responsibility. Females occupying the same range of positions as males have the same kind of authority. This means that the person does not have authority because of their status, name, social class or gender.

3. Additional Tips

More behavior to consider when engaging in business interactions and life in general, is the issue of eye contact. Eye contact is important when conducting business and should be held when speaking to someone; however, you must not stare. A lack of direct eye contact can indicate boredom or disinterest.

Casual touching during a conversation can occur, but the majority of people will stand approximately half a meter apart when speaking. Canadians stand in lines when waiting for the bus, purchasing tickets, are at the store or are at the bank. It is considered rude to jump the line or head in front of someone who was there before you.

Smoking is not allowed in restaurants, offices, and even some public areas. When in a public space it is recommended that you ask your companion if they smoke before lighting your cigarette. If visiting a person in their home, it is advised that you ask for their permission before smoking.

Always be on time for appointments! Canadians will not wait longer than ten to fifteen minutes for a person who has arranged to meet them for business. Supervisors and colleagues will be displeased if you are late. Social occasions allow for leeway and you can arrive within half an hour of the agreed upon time. If you are planning on being late, it is vital that you contact the person expecting you beforehand.

People tend to set up meetings and arrange visits; it is not common to arrive without any invitation. Always be approachable, return telephone calls, be friendly and be polite in the hallways. Always do what you say you plan on doing and honor your commitments.

4. Protocol And Customs

Business people in Canada are conservative in all manners, speech, and dress. The business customs are similar to those in the UK and US, but etiquette is important. Excessive body contact, gestures in greetings, and loud conversations are often frowned upon.

Easing your way into the favour of a Canadian needs punctuality for meetings and appointments, using titles in all correspondence, and taking letters when meeting a colleague for the first time. US business colleagues need to realize that Canadians are not similar to Americans – a belief that many Canadians find offensive.

5. Negotiation

Business people negotiating with Canadians must be well-informed and understand the details of their business proposals. Thoroughness and directness are appreciated, and any evasiveness must be avoided.