How to make your Business Better

How to make your Business Better

The role of CEO is gradually evolving in the business sphere in most industries. Experts is this field insist that it is possible to be a better human and leader. And since all industries are at a major turning point, there is need to embrace this reality for a better future.

Currently, women are the majority in USA, in about three decades, people of color will be a majority. But still, the affluent, educated, and mostly white male will still be in charge. So, if you are a leader in any business, here are three ways you can become a better leader and human.

• Incorporate people who don’t look and think like you

Currently white people and men are still at limbo at embracing diversity initiatives. A 2014 study by KPMG revealed that a CEO was ineffective if he did not understand why gender diversity is crucial for business success.

Innovation and growth cannot be driven by talent alone, but rather also gender diversity. More women are required on the decision making table. This is the reason why Melinda Gates has committed $1 billion to gender equality.

• Focus on stakeholders too

The internet and social media platforms have brought consumers closer to business owners. This helps offer genuine feedback about your products and services.

Most corporations are making a shift “from 20th-century shareholder capitalism to 21st-century stakeholder capitalism.” Although shareholders and investors want profits, we must understand that we need to satisfy customers to achieve these profits.

• Consider your legacy

It is no brainer that people with influence in industries worry that with time they’ll become irrelevant. However, this is far from the truth. With decades of experience, you can use the vast knowledge to guide entrants in the industry. This is a great way to leave a lasting legacy.

Source: https://www.forbes.com/sites/forbesbusinesscouncil/2019/11/21/how-to-make-business-and-ourselves-better/#1414e68a3826

 

 

Want to make your business more productive? Here are 6 Apps

Want to make your business more productive? Here are 6 Apps

A recent survey has reported that small business owners work twice as much as their employees. Business moguls understand how important every second is. As a business owner, you’ll wear different hats, which means that you’ll jump from one task to another.

Well, these six apps will help any business owner make most of their time.

• Rescue Time

Ideal for time tracking. Sometimes as a business owner, it is hard to explain how a workday has ended. Well, with Rescue Time, you can track how you spent your time. It always you to track how much time you spend on apps, websites, and social media platforms.

• Woven

This is an ideal app for personal scheduling. It is more of a calendar that helps keep your commitments in check. In fact it won this year’s Appy Award for being the best productivity app. It comes with advanced time analytics, appointment templates, transit maps, and many more that make scheduling your day a piece of cake.

• Expensify

Do you find it hard to manage your expenses? Expensify is here to help. According to the website, it is for “everyone who hates expense reports.”

• Todoist

You don’t have to remember all you have to do, delegate it to Todist app. Dump all your to-do lists in the app’s user-friendly interface. It helps tracking your daily, weekly, or monthly tasks more smoothly.

• Buffer

Managing numerous social media accounts can be a daunting task, that thanks to Buffer, you can schedule posts ahead of time on Facebook, Instagram, Twitter, LinkedIn, and Pinterest.

• Nimble

This CRM tool automatically syncs, updates, and stores customer information so your sales and customer service team can focus of customer relationships. The app provides the sales team with customer information which is ideal for remote sales.

Source: https://www.inc.com/chamberofcommerce/best-business-productivity-apps.html

 

Beckham’s Business Empire sees Revenue Drop 18%

Beckham’s Business Empire sees Revenue Drop 18%

The Beckham’s business empire owned by David and Victoria Beckham, has suffered sharp revenue loss a few months after the couple bought out their longtime business partner Simon Fuller, the brain behind American Idol talent show.

The British pair runs a holding company that controls their business interests such as Mr Beckham’s endorsement deals in U.S. Inter Miami FC football club. They also have stakes in Mrs. Beckham’s beauty and luxury ventures.

Cumulatively, the Beckhams business revenue fell by 18% to €45.8 million in the year ending December 2018.

The sharp decline was partially due to a slowdown in Beckham’s income from Seven Global. It is a joint venture that manages a handful of his partnerships such as Adidas. On the other hand, pre-tax losses at Victoria’s fashion business widened by almost half. Interestingly, the business venture has never made annual profit since its inception a decade ago.

The slump pushed Beckham Brand Holdings to its first net loss of €1.6 million in 2018. A year earlier, the holding made a net profit of €12.3 million.

A spokesman of the   company however said that it had performed better in 2019. He said that the fashion business of Mrs. Beckham had seen a “significant improvement in financial performance.” Mr. Beckham has also signed new contracts with companies such as Safilo.

“We end 2019 in a very strong position, with our brands in good health and with significant potential for future growth,” the spokesman said.

Since retiring six years ago, the former Manchester United player has gone on to form partnerships with prominent persons such as L’Oreal. This year, the celebrity couple took full control of Beckham Brand Holdings by paying at least $50 million for the 33 percent that Mr. Fuller owned.

Source: https://www.ft.com/content/006d1bb6-0d40-11ea-b2d6-9bf4d1957a67

 

How Trump’s Impeachment would affect Small Businesses

How Trump’s Impeachment would affect Small Businesses

As Trump’s impeachment war wages on, the political consequences will be analyzed to the point of exhaustion. Particularly economic consequences must be considered.

A candid view of the impeachment effect requires a full view of the American business community. And not only the thriving businesses and stocks, but also businesses in other industries in the country, that are mostly under control of independent owners.

The American business community have a tendency to love Trump’s administration. In fact, overall optimism of has been on all time high since 2017. As such, it seems that success of the small businesses solely depends on Trump’s policy.

Entrepreneurs are aware of the opportunities that may be lost, thanks to the ranging impeachment inquiry that is slowing down Washington D.C.

It is well demonstrated by the United States-Mexico-Canada-Agreement (USMCA). There were numerous chances to ratify the agreement prior to the inquiry. The NAFTA-replacement policy is particularly important for small businesses which make up at least 98% of USA exports.

At least 300,000 SMEs support millions of jobs that are vital to the country’s economy. Besides, SMEs form the biggest portion of businesses that are exporting to foreign markets today.

USMCA would be very beneficial to the small businesses as it would increase the number os businesses since to have provisions to improve investment opportunities. Unlike other trade agreements, it is the first US trade agreement to include SMEs.

But thanks to impeachment, finishing USMCA seems unlikely any time soon. It is likely that congress will miss the opportunity to help the small businesses community engage in international trade.

Source: https://thehill.com/opinion/finance/471700-how-impeachment-would-affect-small-business

 

 

Eurozone economy slows amid looming Brexit and trade decline

Eurozone economy slows amid looming Brexit and trade decline

The Eurozone economy almost stalled in September thanks to the dreaded no-deal Brexit and decline in global trade. The slow economy triggered a quick fall in manufacturing output to ever happen in seven years.

Germany was the main victim after a survey showed that the growing trade wars between US and China had left the country in an awkward position since 2009. The powerhouse of the 19-member Euro block has suffered a year-long slowdown which has only accelerated in recent months.

Its purchasing manager’s index (PMI) for manufacturing fell from 43.5 in August to 41.4 in September. Besides, the PMI is below the 50 mark that separates contraction from expansion.

As the leader in the block, its slowdown resulted to a deepening manufacturing recession across the Eurozone. The economic block suffered the sharpest output fall since 2012 and optimism among business executives fell to an all-time low.

Among the worst hit were car manufacturers owing to the escalating US-China trade war and the impending Brexit. In a joint statement chiefs from over 23 automotive companies rallied against UK leaving the EU without an agreement.

They said a no-deal Brexit would lead to job loss and extra production costs. Germany’s overall PMI was overly supported by the service sector which is experiencing gradually growth. However it was not enough to prevent the slip beyond the 50 mark.

Overall EU composite PMI fell from 51.9 in August to 50.4 in September signaling the weakest expansion since 2013. Meanwhile, the Euro slipped sharply against the dollar to $1.097 but climbed against the sterling pound.

Source: https://www.theguardian.com/business/2019/sep/23/eurozone-economy-slows-trade-brexit-manufacturing

 

 

 

Facebook set to train Kenyan SMEs on digital advertising

Facebook set to train Kenyan SMEs on digital advertising

Facebook recently launched an initiative aimed at equipping SMEs in Kenya with digital skills that prove vital in present day digital economy.  The initiative which is dubbed Boost with Facebook, will see the social media giant work with Wylde International – a local company that helps build businesses.

The training is set to kick start in Nairobi, Mombasa, Kisumu and Nakuru. It estimates to train at least 3000 entrepreneurs with necessary digital skills that will help boost their businesses and also attract more customers.

“We are…enabling local businesses to use social media platforms like Facebook, WhatsApp and Instagram to unlock new business opportunities and compete at a Pan-African and global level. This is a global programme that Facebook runs to arm businesses with the right digital tools to help you increase the visibility and add value to your business and target customers that you would not otherwise have access to,” said Facebook Head of Public Policy, East Africa, Mercy Ndegwa.

The training which is set to commence next week in Nairobi is free. Interested SMEs are invited. Wylde International says that it has already received applicants upon the initiative announcement. It primarily targets established and aspiring business owners.

“Entrepreneurship plays an integral role in driving Kenya’s economy and providing economic opportunities for Kenyans. Globally, we have more than 1.6 billion people connected to small or medium sized businesses on Facebook,” Ms. Ndegwa said.

Facebook’s Boost with Facebook initiative has been launched in other African countries including South Africa, Nigeria, Senegal, and Cameroon, among others. The aim is for African businesses to unlock business opportunities.

Source: https://www.businessdailyafrica.com/corporate/companies/Facebook-to-train-Kenyan-SMEs-on-digital-advertising/4003102-5280080-c81wfcz/index.html

 

 

Why did Thomas Cook collapse after decades in business?

Why did Thomas Cook collapse after decades in business?

Why did UK travel giant Thomas Cook collapse after 178 years in business? The obvious answer, it was unable to secure a €200 million from government owned-RBS and its bankers.

This is just a tip of the ice berg. Its woes go back a decade ago. In 2007, it entered a disastrous merger and since then, internet holiday booking revolution made things worse. To add salt to the insult, came Brexit. As such, the travel giant was surviving on borrowed time and it was a matter of time before it collapsed.

In May this year, the company reported a loss of €1.5 billion. With more than €1 billion written off from the merger with MyTravel. The merger had promised to create a travel giant with estimated yearly €75 million savings. Besides, it was meant to subdue emerging internet rivals at the time.

Quit an awful merger! MyTravel had made profit just once in six years. And, the merger just sunk the group with huge debts. The collapse is not that people in the UK no longer go for holidays. In fact, 60%of the population took a holiday abroad in 2018.

However, it is how people take holidays that is gradually change. More and more people are flocking cities compared to beaches. The beneficiaries? Airbnb, easyjet, and Ryanair who took the online booking approach.

According to Abta, a travel agent in the UK one in seven people walk into a travel agency to buy tickets. This explains why Thomas Cook suffered a slow death. Currently, it has at least 560 high street travel agencies.

Source: https://www.theguardian.com/business/2019/sep/23/thomas-cook-as-the-world-turned-the-sun-ceased-to-shine-on-venerable-tour-operator

 

3 Reasons it’s hard to run a sustainable business

3 Reasons it’s hard to run a sustainable business

Academics, environmental activists, entrepreneurs and many more persons have a different view when it comes to sustainable business. What might seem sustainable to an entrepreneur, might be foul play to an environment activist.

Besides making substantial change in a business is expensive. And also many business practices are coming under immense criticism as we face the climate crisis. So, why is it hard for a business to be sustainable? Let’s find out.

• The term “sustainability” is a broad word

This years United Nations goal although crucial, might be daunting to many businesses. The goal in the New York summit is: completely transform the world’s economies to be more sustainable and fund solutions for climate change.

But the question remains:

What is sustainability?

“There is a crippling vagueness about what sustainability means,” said Geoffrey Jones, a business history professor at Harvard University and the author of “Profits and Sustainability: A History of Green Entrepreneurship.”

The lack of a definition mitigates accountability. Although companies claim to be sustainable, there’s little evidence to support the claims.

• Value of sustainability is high

For a business to become more environment-friendly, it ought to invest heavily, which, most companies cannot.

Bruno Sandra, Carbon Disclosure Project North America’s president says that is easier to “come up with a cost of doing something than determining what is the value of the business.” Adding that changing the entire supply chain of the business to become eco-friendly is costly.

• Low consumption leads to reduced profits

Environmental experts say that urging customers to consume eco-friendly products is encouraging them to consume less. This alone is counterintuitive to most business models since they want customers to consume more of their products.

Source: https://www.pbs.org/newshour/economy/making-sense/4-reasons-its-hard-to-become-a-sustainable-business

General Motors is to lead a Combative Negotiation with UAW Union

General Motors is to lead a Combative Negotiation with UAW Union

Even with the growing concerns about an economic recession and volatile trade deals, General Motors will be leading contentious contract negotiations with the United Auto Workers this year. The kind of company that leads the negotiations is crucial since UAW traditionally uses “partnered bargaining” meaning the union negotiates a deal with the first organization and then uses the contract framework to negotiate with two other carmakers.

As much as the contract between the UAW and Detroit Big Tree are tailored to each automaker, being first is seen as a positive that allows a company to set its terms. According to a GM statement, on the constructive discussions with the UAW, they reached an agreement which builds a robust future for their employees and their business.

The talks could be the most contentious in at least a decade amidst America first policies and trade threats by the Trump administration; the tight labor market and thousands of cost reductions and job cuts as the industry prepare for an anticipated economic downturn.

According to Mary Barra, the GM CEO and Chairman, from the outset of the talks, they would stand up as they tackle a changing industry. She said that they are ready to stand firm for their future. The president of UAW, Gary Jones in a statement, said that they are focused and are prepared to stand up for their members, their communities and their manufacturing future.

This year’s intercessions will set the wages and benefits for almost 158,000 members. The outcome will also help drive investment plans for GM, Ford, and Fiat Chrysler in the US for the next coming years. However, tension is bound to be added by the ongoing federal probe into corruption at the highest levels of the UAW. Federal officials raided Jones’ Michigan home as part of a multistate sweep of six properties owned by former or union and current union officials.

Reference

https://www.cnbc.com/2019/09/03/general-motors-to-lead-contentious-negotiations-with-uaw-union.html

 

Donald Trump’s Response to China Delaying Trade Talks

Donald Trump’s Response to China Delaying Trade Talks

President Donald Trump warned China over delaying their trade talks, insisting that a deal would get tougher if he gets re-elected next year. The United States and China are still locked in a trade war after Trump imposed hefty tariffs on imported aluminium and steel in March last year. China responded to Trump’s move by placing tariffs on billions of dollars’ worth of American imports.

Trump mentioned that China would prefer that another candidate wins the White House next year. In Trump’s tweet, he said that they are doing very well in the negotiations with China. He added that while he is sure they would enjoy dealing with a new administration so they could go on with their practice of “ripoff USA,” 16 months is a long time to beginning hemorrhaging jobs and companies on a long-shot.

The president wants to reduce the massive and unsustainable trade deficit with China. Trump wants China to stop intimidating American companies and theft of US intellectual properties. In their previous escalation of the trade war with China, Trump’s administration yet placed another 15 percent tariff on USD 112 billion worth of Chinese goods this month.

According to Trump’s tweet, he mentions how deals would get tougher if he wins. He said that in the meantime, China’s supply chain would crumble and businesses, money, and jobs would be gone. The president has also accused China of attempting to interfere in American presidential elections and campaigning against him. He has alleged that China is gambling on his opponents from the Democratic Party winning elections in 2020 presidential poll.

In yet another tweet, Trump refused to collaborate with the European Union and other trading partners, saying they were all unfair. In his tweet, he mentions that Germany and other countries have negative interest rates and that they get paid for loaning money while the Federal Reserve fails to act. He said that they are their weak currency competitors.

Reference

https://m.economictimes.com/news/international/business/donald-trump-warns-china-about-delaying-trade-talks/articleshow/70965853.cms