A residential property is one of the most valuable assets you can own. Many people buy properties to make money through capital appreciation, while others lease them for rental income. Purchasing a rental property can be a highly lucrative revenue stream, but just how lucrative depends on the quality of your tenants. If your tenants pay all their bills on time and treat your property with respect, you will have no problems at all. But every landlord has experienced problem customers who refuse to pay their rent, damage the property, get complaints from neighbors, and in the worst cases, take unjust legal action against you.
Evicting such troublesome tenants can be a long and painful process, particularly if they refuse to go quietly. The best course of action is to implement a strict screening process from the start to ensure you find the most respectable tenants and weed out any potential troublemakers. Here are some tips to help you find the perfect tenants for your rental property.
Ask for recommendations
You will usually find the highest volume of applicants come from online listings, but the safest way of finding a respectable tenant is to ask your family and friends. A prospective renter who comes with a recommendation from someone you trust is much more likely to be well-behaved and respectful of the property than a complete stranger. Chat to people at work, post on your social media profiles, and call your loved ones to see if they know anyone looking for a new place to live.
Do background checks
It is usually standard practice to conduct a background check on a prospective tenant, but not all landlords do this sufficiently. If a tenant is not properly vetted, not only may they cause problems, but your negligence could result in your landlord insurance becoming invalid. Financial and identity checks can be easily applied for online. They will tell you whether a tenant is reliable and trustworthy enough to keep on top of rental payments, as well as flagging up anyone with a criminal record. Always ask for references from an employer or previous landlord to get a better sense of their character.
Conduct an interview
You may not get to spend a lot of time with someone before they move into your property, so it is imperative that you ask them the right questions and try to get a sense of who they are. Usually, a short chat is enough to get a feel for someone. Trust your instincts. Even if a prospective tenant looks great on paper, if you don’t feel good about them, don’t be afraid to accept another tenant instead.
Although it is impossible to know for sure whether a tenant will cause trouble, following these steps carefully will minimize the risk. Once they have moved in, you should check in with them on how they are getting on with the property. For peace of mind, consider installing a smart home sensor such as Minut, which can alert you if tenants throw noisy parties or leave the heating on. Always have a legal professional check over your tenant contracts to ensure it will be easy to evict a problem tenant if needed.
Green businesses and companies with an eco-friendly ideology are on the rise. Consumers are changing their habits and opting for more sustainable businesses. Going green is therefore not only better for the environment but good for business as well. There are many financial benefits as well as profits. These include tax reductions, sponsorship, and subsidies. Here are some of the advantages of going green this year.
What makes your business green?
Sustainable production is a key feature of an eco-conscious business. Where do your materials come from? Are they ethically sourced, or cruelty-free? Consider all the areas, transport, production emissions, and Farming Technology. Analyze your business under sustainability criteria and check what improvements can be made.
The benefits of going green
As environmental concerns become more mainstream, green-driven consumers signal future priorities for everyone. Therefore making eco-friendly changes to your operation could be a smart decision, now more than ever. Here are some benefits of setting up an environmentally friendly business this year.
Attract new customers
21st-century consumers are becoming increasingly informed and aware of the environmental impacts businesses have and it is affecting how they choose to consume. It’s a good idea to add a new green angle to your brand image and marketing in order to attract new customers.
Financial benefits
There are different types of financing available such as subsidies and grants. Tax breaks, rebates, and other financial incentives are being offered to the companies that make the decision to go green.
Longevity
Sustainability is an approach to increasing your company’s longevity. Look to the long-term to build a business that can last in the future. Your business will more likely have a place on the market in the future is you make the changes now to be more sustainable.
Employee satisfaction
More employees are also more interested in working for an eco-conscious company.
By “going green” and making your business more sustainable you will be able to reap some of these benefits. Here are some tips on how to run as a sustainable business.
Recycle as much as possible
It’s becoming increasingly expensive for businesses to dump their waste in landfills due to tighter restrictions. Now is a good time to be vigilant about waste and reorganize your recycling program. This will not only help to reduce your business’s environmental impact, but it will also save you money. Recycling companies charge less because they can recover costs by selling useful materials.
Reach out locally
In order to keep your business sustainable, it’s best to think locally. Collaborate with other local businesses, and stay loyal. Long-distance travel and transportation will only cause your emissions to skyrocket so explain how you’re reducing your carbon footprint. Select locally sourced suppliers, for example, and create an eco-ad campaign that benefits both of you. Focus part of your marketing at least on the local community. This could involve a local blog or taking part in promotional events.
Work with non-profits
Get your company aligned with environmental initiatives and non-profit organizations. Volunteer for charities that your business can relate to and make sure you publish your efforts. Make the most of creative technology like video content or podcasts and develop your website even further. Social media is also a great tool. Post on Instagram and other platforms, and get employees motivated to take part as well. Think of creative yet eco-friendly ideas to get your logo out there, like quirky, custom made t-shirts for your team to wear.
Consider getting certified
Companies that make a large social contribution can qualify to become a registered B Corp. This will do wonders for your reputation, even if it seems a while off yet. If you’re wondering how to become certified, do your research. Find an eco-label in your field and look up the certification requirements, for more information on how to get certified click here.
Be transparent with customers
Always be honest about your business. Prove to your customers that you’re trustworthy by communicating the benefits of buying your eco-friendly products from their perspective, rather than yours. Make sure you make the right choices for your customers. Are your materials healthier, or longer-lasting? Stay honest and transparent about the nature of your business.
In 2020 the more your business is marketed as sustainable the better. Many studies have shown that companies that support a more environmentally friendly ideal are more successful because of it. Other companies will also be more likely to work with you as you will help to promote their image as well.
If you are looking for a new business opportunity, you may have considered opening up a business overseas. In some cases, it’s a great move because you can take advantage of new markets that other business owners have not yet reached. However, there are a lot of specific challenges that come with opening a business overseas and if you are unable to meet those challenges, you will never get your business off the ground. If you want to start a business in another country, here are a few important things that you need to consider.
The first decision you need to make is which country you’re going to choose to start your business in. There are a lot of factors to consider here, so make sure that you don’t rush your decision. Firstly, you need to consider the state of the economy in the country because if you choose a country with a fledgling economy and a high poverty rate, it’s going to be tough to get people to buy your products and services. Looking at the top countries by GDP is always a good place to start, so you can get a sense of where the biggest markets are. However, in some cases, it pays to start a business in a country that has a growing economy. For example, if your business provides infrastructure like roads, you would benefit from starting a business in a country that is investing a lot of money in transport links.
You also need to think about the cost of running a business in your chosen country. Look into things like property prices, taxes, and staff costs, for example. It’s important that you find a good balance between the health of the economy and the cost of opening a business in your chosen country.
Know The Law
The laws surrounding business differ in every country, and it’s important that you understand the laws before you get started. You need to know what the process for opening and registering a business is, so you can make sure that your business entity is actually legal. You should also look into employment law and find out what your responsibilities as an employer are. Understanding the tax system is vital as well because any mistakes on your tax returns could lead to fines in the future, even if they were genuine mistakes and you were not trying to avoid paying what you owe. You should take the laws into account when choosing a country because certain places have incredibly relaxed business laws, while others have very strict regulations that could make life difficult for you. Some countries also have different rules for foreigners that want to open a business, so make sure that you understand which laws apply to you and which don’t.
Consider Communication Challenges
Communication is a big hurdle when opening a business overseas. Firstly, you may have to navigate the language barrier and even if you have a basic grasp of the language, things can get difficult when you are discussing complex business issues. If you are opening a business in a country where you don’t speak the language, you will need to hire a translator, so make sure to factor that cost in when you are budgeting. Alternatively, if you think that the language barrier is going to be too difficult, it’s best to start a business in a country that speaks your native language.
As well as the language barrier, you need to consider how you are going to communicate with your team day to day. If you are planning to relocate, this isn’t an issue, but if you are planning to run a company overseas while you stay at home, this can be a big problem. You need a good system for international teleconferencing in place and you will need to use the right project management tools so you can keep track of things while you are not there. You will also need to decide how often you are going to fly out and visit the business in person.
Hiring a good management team is important for any business, but if you are running a business overseas, it should always be your main priority. You need a management team that you can trust to look after things while you are not there, and you need people that will communicate well with you. That’s why hiring a good management team is the first thing that you should do before you think about anything else.
Opening a business overseas is a huge challenge, but if you can overcome these hurdles, you will be able to make it a success.
There’s no denying that consumers are spoilt for choice in terms of confectionery products. They’re on sale from a plethora of retailers and they’re easy to purchase online. What’s more, they’re often hard to resist eating!
Have you ever wondered what it is about well-known confectionery products that make them so successful? If you’re considering launching a new confectionery product on the market, this article is for you. Here’s what makes confectionery products so prosperous:
It goes without saying that one of the key factors that sway a consumer’s buying decision is knowing what the product’s like before they buy. People tend to purchase confectionery products because they’re familiar with the taste and quality.
The first time they tried the product might have been due to other factors (some of which are listed below). Or they could have simply tried a sample given to them inside a grocery store or given by a relative or friend.
The packaging catches people’s attention
It’s no secret that one of the reasons people buy products is due to the look and feel of the packaging. When you’re in a grocery store, for example, you’re far more likely to buy a product if its packaging stands out among its rival neighbors on the shelf.
Retail brands spend a lot of time researching very technical details about what motivates people to make their purchasing decisions. Aspects like colors, shapes, and graphics, are some of the factors that can increase (or decrease) the likelihood of making a purchase.
It’s all in the name
Another factor that influences people’s buying decisions is down to the product’s name, believe it or not! When naming a confectionery product, brands take care to use names that are unique, memorable, and catchy.
People are seldom going to remember names if they are hard to pronounce or understand, or just don’t make sense. Aside from the product itself and the packaging that surrounds it, the name is of equal importance.
Brands establish if there’s a market for their products
As you can appreciate, market research is vital to the success of a new confectionery product on the market. Today’s well-known confectionery brands spend a lot of time (and money) compiling and analyzing confectionery industry statistics for each country.
What they don’t want to do is start selling their products without establishing what types of confectionery are popular with people in each market. For example, in some markets, there might be a higher demand for non-filled chocolate products.
Brand associations
Lastly, consumers will usually associate the product’s brand with something. For example, the brand might conjure up images of a luxurious lifestyle. Or, it might get associated with youthful, fun, and happy people.
In any event, those brand associations will typically cause products to appeal to specific market segments. These could be middle-aged people, teenagers, men, or women. Sometimes, brand associations can be accidental – but still prove lucrative to brand owners!
Many businesses face an uncertain future as a result of the coronavirus pandemic. Even businesses that could relocate their activities and services online temporarily have found it difficult to face the new challenges. Simple checks and activities that wouldn’t have been any cause for thought before the lockdown are now an insurmountable obstacle.
Can you offer next day delivery?
Can you help vulnerable clients assemble their products?
What are your staffed hours?
The list of processes that have been interrupted and discontinued during the pandemic is long. But for all businesses, the conclusion remains the same: You’re losing money. As the lockdown restriction and safety protocols are easing all around the world, companies need to be smart to recoup their losses without putting their brand, team, or customers at risk. You are walking a thin line to reduce losses and increase gains in the wake of a health crisis. Unfortunately, many companies can’t afford to postpone their business growth efforts any longer. If you don’t act now, you may have to shut down permanently. Here are some things you want to consider when planning off to bounce back in a post-crisis world.
Everybody has been affected by the pandemic. Businesses and consumers are both finding it hard to maintain their financial stability. In other words, as markets reopen, it doesn’t mean that there will be an immediate flux of money. Some of your most loyal clients may still need your services, but they will require sensible payment plans in a post-pandemic world. Businesses are urged to be reasonable when it comes to debt collection disputes and practices. Business litigation lawyers, Fleeson Gooing, warn against eager legal actions. As the economic situation remains unstable, it can be more beneficial for businesses to proceed with negotiated payment plans and fair negotiations. These could enable clients, B2B and B2C, to honor their debts while taking steps to avoid cost- and time-demanding disputes.
Upskill your staff to offer more
Your team may be ready to head back to the office, but it is unlikely that work can carry on as if nothing had happened. Businesses have to focus on strategies to reduce additional costs, such as outsourcing or contracting. Providing employee training to help strengthen skills and develop new services can fill a market gap. It’s also important to remember that needs have evolved in self-isolation. People who would have usually bought in-store are happy to use video calls for advice from a sales rep, for instance. Is your team trained to provide effective video call communication? Businesses need to identify the areas that would be the most relevant for their customers to maximize gains.
Additionally, upskilling your staff also helps keep talent in house, as individuals can move their careers forward. Many employees will be worried about going back to their workplace. Providing training that supports customers in self-isolation and remote work processes can also bring reassurance.
Don’t discontinue remote work
As mentioned above, your team may not be enthusiastic at the thought of coming back to the office. Many employees are worried about using public transport and coming in contact with the COVID-19 virus. Others are unsure that their workplace has taken the right approach to maintain their safety. In other words, your team could be reluctant to come back. Allowing your staff to carry on remote work after the pandemic can help maintain productivity. Indeed, almost 6 in 10 small business owners believe that remote work will carry on post COVID-19. It’s easy to understand why: The position provides safety and control to employees. Furthermore, employees have been the first to demonstrate they can be productive, effective, and available when they are not in the office. Discontinuing remote work arrangements could lead to uproar and high turnover rates.
Many businesses can’t face the financial challenges of the pandemic. More often than not, there is support available that could help companies go through the worst. Let’s be clear about it: Nobody is going to profit during the health crisis. But, funding options that ensure the survival of many small companies that would, otherwise, not have made it through. Small businesses will be detrimental to rebuilding the economy. As such, it’s imperative they consider all the funding solutions for their predicament. Pioneers Post has created a list of funds available for worldwide, global south, Europe, and UK support. Even Facebook is offering cash grants to small businesses that are facing disruptions. It’s worth ensuring you haven’t missed any potential funding for your company. Every dollar counts!
Cut down on cost you can’t afford
Will businesses be able to open their doors and hit the road running after the pandemic? The answer is no. Many will need to make tough decisions to guarantee the survival of their brand. Letting go of some employees is likely to be necessary, even though no company wants to reduce the team. Sometimes, cutting down salaries, especially for the high-earning roles, could provide sufficient funds to maintain the whole teaù or most of the team onboard. Here again, it is going to be a tough discussion with the relevant employees. Not everyone is happy to work on lower pay. Finally, future investments that would have otherwise been part of the growth strategy could be temporarily paused.
Don’t take it on your customers
As tempting as it might be to increase your prices in an effort to make up for the losses, it is likely to backfire. Customers’ finances have been affected by the pandemic just as much as businesses have. Ideally, companies should approach their customers with compassionate measures, such as keeping prices as low as possible without losing money, relaxing return guidelines, and offering extensive remote support. It’s part of a smart exchange of wealth for the community economy. Helping customers help businesses is detrimental to rebuilding market stability in a post-pandemic world.
Will every business survive the pandemic? Figures suggest that many small companies are unlikely to recover from the crisis. Those that can reopen may not be profitable for another few years. However, while the process to bounce back after the COVID-19 disaster will be long, it is also the only way forward for global economies. Small businesses hold the key to rebuilding wealth in communities.
Reputation is so important in business because consumers have certain expectations of the companies that they deal with. If you are seen to be a bad employer or your business is not very eco-friendly, for example, many people will not buy your products. People are also not likely to buy products from a company if you are seen to be supporting an issue that they don’t agree with. That’s why it’s so important that you spend time building a good reputation, but sometimes, that’s a lot harder than it sounds.
There are a lot of mistakes that can seriously harm your reputation and if you are not aware of them, your business will struggle. These are some of the things that can destroy the reputation of a business overnight.
Data Loss
Data loss is one of the biggest issues that you can face where reputation is concerned. When a customer buys a product from you, they are trusting you with sensitive information, like their name, address and credit card information. If you are the victim of a cyber attack and that information is compromised, people will quickly lose trust in you because they will assume that you did not do enough to protect their data. That’s why it’s so important that you work with a good network security company (like this one at www.intouchit.com) so you can ensure that your data is as secure as possible. Large scale data loss can lead to a lot of financial issues for your business and damage your reputation, so it’s vital that you make data security a priority.
Slanderous Allegations
Even if your business does everything above board and treats your customers well, there is always the chance that somebody will make slanderous allegations about your business. Unfortunately, in the age of social media, these accusations can spread like wildfire and even if they are not true, people will not always check the facts, so your reputation will be tarnished. If you find yourself in this situation, it’s important that you protect yourself by seeking legal advice and taking action against the people that are making the allegations.
Workplace Discrimination and Bullying
As an employer, it is your job to ensure that you create a safe working environment for all of your employees. If there is a problem with workplace discrimination or bullying and you don’t deal with it effectively, the public will see you as a business that condones that kind of behavior and that can seriously damage your reputation. It’s vital that you take a zero tolerance approach to this, and make sure that you have systems in place so your employees can report people if they feel uncomfortable with the way that they are being treated. If you are unsure how to spot discrimination and deal with it, visit www.allbusiness.com for some tips.
Poor Health and Safety
Health and safety violations are another common issue that can harm your reputation. If you are not willing to spend money to ensure that the workplace is safe, that suggests that you are more concerned with profits than you are with the safety of your staff, and that’s a big problem. You may also be subject to fines if you break health and safety regulations, so make sure that you are always up to date.
When your business reputation is damaged, it’s very hard to come back from, so you need to avoid these common issues.
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