Personal powers are the mechanisms by which one influences the actions of others. These powers are bestowed by the institution (formal powers) and self-acquired (informal powers).
Each personal power differs in its degree of impact. While there is a generally accepted power strength order, an organization’s characteristics and culture will further determine which powers are more dominant. (See StrategyDriven article Cultural Shaping of an Organization’s Business Politics Landscape)
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Financial uncertainty plagues the lives of individuals and small business owners alike. Having some cash on the side and wanting them to produce more in the long term is usually a great idea. Nevertheless, choosing between a bank deposit and stock investments may be a hard option for those knowing close to nothing about stocks. Today, we will offer a detailed guide on how to invest in stocks and the fundamentals you have to cover before expecting to get rich while following trends in commodities.
The best stockbrokers should offer you a reasonable minimum for your account, reliable and proficient trading tools, and, most importantly, no hidden fees and taxes, and excellent customer service.
In case you are the type of investor knowing about stocks but having no idea how to proceed further, you may want to pick a managed account – hire a broker to do the work for you. Such services require minimum efforts from your part, but they do not come cheap. Reflect on your goals and make the best decision depending on the time, energy, money, and skills you are willing to give to this investment venture.
2. Understand the Differences between Stocks
A sensitive area where investors need help is differentiating between multiple types of stock-based investments.
Buying Individual Stocks
One of the first rules when you learn how to invest in stocks is to decide what you want: short-term trades that may boost your finances in 2-3 months, or long-term stock investments in companies active in what we call “forever businesses” that you hold on to for decades. A more conservative investor will choose to buy stocks on the long term from companies that are more likely to hold their ground for years to come despite market turmoil (think Amazon, since we already mentioned tech companies).
When you buy individual stocks, it means that you purchase a single share or a few shares of a specific company, one that you trust and believe will grow over the years or the next few months. Of course, seasoned investors buy shares of multiple companies, diversifying their portfolio, but you need quite the capital (shares range from a few bucks to thousands of dollars).
Investing in Mutual Funds or Index Funds
Mutual funds allow you to buy small pieces of many different stocks in a single trade. Index funds and ETFs track specific companies or entire industries. For instance, NASDAQ, while covering plenty of sectors, is one of the best trackers of tech companies. The DAX 30 in Germany tracks the 30 most valuable companies in the country (and worldwide, since they are all global brands).
Trading indices require knowledge and experience, but your chosen brokering company can teach you how to employ the best strategies. Nevertheless, making a direct investment in a mutual fund comes with inherent diversification – meaning fewer risks for you. Mutual funds are the haven for those thinking about retiring – while they do not make people fabulously wealthy overnight, they offer slow and steady gains in the long run.
3. Research the Company Thoroughly
Sure, you heard Amazon, Alphabet, and Netflix are good investments, but why are they so? Before you begin buying individual stocks in a particular company, you should engage in thorough research months before you make the actual investment. You can use a stock price prediction tool to guide you in choosing a company to invest in. Here are some things you need to consider:
The company’s income statement, balance sheet, and cash flow statement; if you do not have direct access to such documents, your broker will fill in the gaps with information.
The latest company annual report and the letter from the Chairman. This document gives you a solid knowledge of the company and offers you insights on the trends and strategies the company will follow next. Some of the best written such letters are those of Warren Buffet. His shareholders know what to expect and what to do.
Check out the company’s press in the last six months. When it comes to shares, bad publicity is awful news for investors. On the contrary, extended media coverage of the upcoming revolutionary company’s product can lead to unprecedented spikes in share price.
Statistics on share prices, market ups and downs, stock dips and meteoric rises, resilience on both bull and bear markets, and so on for the past 5 to 10 years. Such information is almost impossible to digest, but most companies offer such data in palatable formats. Your broker will be of massive help at this stage.
4. Understand your Budget
Opening an investment account is usually a straightforward deal. Budgeting that account, nonetheless, is something you need to consider thoroughly. As we said before, shares can cost a few dollars up to a few thousand dollars (or EUR if you focus on European companies or indices).
ETFs are the best choice if you want to invest in mutual funds, but you do not have a robust budget.
Talk to your broker about trading on CDFs and learn more about indexes – while you need to master some special scalping or day-trading skills, such approaches may prove more profitable than buying stocks and forgetting you have them for 40 years.
Conclusion
Some investors are comfortable with significant degrees of risk, while others prefer a “quieter” way to make money in the long run, taking the safer, more conservative path. If the kids’ college fund or your retirement plan are your main goals, mutual funds are usually a good way to go about stocks. If you aim for profits by taking advantage of the market itself or the price differences between stocks, you should have a long discussion with a broker about trading.
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In the business world, there are few things more important than brand reputation. A company will never succeed and compete with the biggest names in the industry if it is not respected by its target audience. Building brand reputation can take time and experience which is difficult particularly if you are new to the industry, but there are a few strategies that you can quickly use which could help to give your company a boost in the reputation department. It is important to note that reputation is a constant and fluid factor so it will require constant work to maintain.
1. Get Involved With The Local Community
First, you should show that you are not a faceless corporation and get involved with the local community. This will earn the respect of your local community and further afield (by making your efforts visible on social media). You can do this by:
Attending local events
Hosting your own events (workshops, lectures, open days, etc.)
Sponsoring local charities or sports teams
2. Networking
Networking never stops in the business world and it is vital for building brand awareness and reputation. This should involve attending industry events, hosting your own events and net-working online. In addition to increasing brand reputation, this can also open new doors for you as a business.
3. Internet Marketing
The businesses that have a strong online presence and are highly visible on search engine results lists are the ones that command great respect. Internet marketing is the best way to achieve this, so approach experienced and reputable marketing firms to see how they could help you.
4. Influencer Marketing
One of the most effective methods of marketing to emerge in recent times is influencer marketing where an influential figure on social media recommends your brand. This social proof can work wonders for brand reputation as it is a highly influential figure that approves of your company and what you can provide.
5. Customer Testimonials
Another effective form of social proof is customer reviews/testimonials. You should be seeking feedback from your customers constantly and using any positive reviews on your website, advertising and social media.
6. Content Moderation
Content moderation has become incredibly important in today’s digital world, so it is vital that all of your content is carefully checked to make sure that it is suitable for the public to see. This can be a difficult and time-consuming task, but you can outsource content moderation to specialists like Taskeater which can help to keep your brand safe and well respected.
7. Offer An Excellent Customer Experience
Finally, you need to make sure that you offer an excellent service or product along with a seam-less shopping experience and professional customer service for your target audience. This is one of the most effective ways to build your brand reputation but it can take some time to develop.
Brand reputation is vital to success, but it can also be tricky to improve this area of your business. Try one or all of the above and before long you will start to notice an improvement in the way in which you are perceived by your target audience and the wider world.
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For rhyming purposes and historical recall, it would be nice if it were the year 1964 when Gordon Moore discovered what came to be known as Moore’s Law. But it was 1965, and the rhyme is kaput. Still, the principle discovered lives on, and it is generally accepted today that technological capability in terms of computation doubles on itself about every eighteen months.
The trickle-down effect of this continual forward expansion can mean businesses must update tech systems every eighteen months to five years, depending on region, competition, forward development, and many other factors unique to a given operation. Generally, technological innovations pay for themselves through increased capability or competitive viability. There’s a balance, though, and you don’t want to be sidelined by tech that’s still buggy.
There’s an implication here that often goes without consideration, however. That is the cybercriminal element. As technology exponentially compounds on itself at eighteen-month intervals, cybercrime “startups” do their best to be on the cutting edge, as this allows them an advantage over targets.
With new technologies come new threats even as old issues are resolved. Cybercriminals work to be at the forefront of such tech frontiers to give themselves advantage. It’s absolutely integral that your business adopt, at least in terms of security, the latest available protocols. Following, several data security strategies and techniques will be explored to help you most effectively secure your business in a turbulent tech world.
1. Always Have Worst-Case Scenario Protocols Determined
Cloud computing is the friend of the data security professional today. Apps and server logs can be monitored to catch anomalous behavior and maintain reliable functionality.
Since cloud computing is managed by agencies who have competitive stakes in facilitating top-tier service, in addition to next-level cloud design apps and infrastructure solutions, the newest security protocols can be automatically applied.
This may depend on your cloud provider, or factors such as whether you’ve chosen hybrid, public, or private clouds. Whichever way you go, solutions like database mirroring can help operations on the web remain continuous while you troubleshoot a primary network.
You can also follow-through on the 3-2-1 rule of data protection. Basically, this rule is: three backups on at least two different kinds of media, with a backup being located off-site. Cloud computing can easily fill the niche of your off-site backup.
Lastly, ensure you’ve got a recovery protocol ironed out. Rebooting will be a process, and if you haven’t planned for it, downtime will likely be greater. In terms of recovery, you need not just backups, but restoration protocols.
2. Continuously Update Security Measures
Whether or not you use cloud computing for data security, it’s integral that you apply security patches as soon as they become available. Firewalls fall out of effectiveness given time, these must be updated at regular intervals. The same is true with antivirus protocols, anti-malware, or any other protective software solution. Make sure your data is safe by using the best security and data loss prevention tools there are. You can contact cybersecurity experts such as Alpine Security to learn more about those.
Oftentimes it takes a cybercriminal targeting an organization for security solutions to be determined. You’ve got to stay on the cutting edge of these things, or you’re a sitting duck. Perhaps initially, your business may be less likely to be targeted; but cybercriminals extort all economic targets if they can get away with it.
3. Facilitate Recurring Staff Security Training
It’s important that you “upgrade” your staff just as you update your tech systems. At intervals, they need to be appraised of new cybercriminal threats and hacker strategies. Consider the social engineering hack, as an example. This is when someone doesn’t use any software to break into an organization, they simply use human nature and clever posturing.
Such hacks are often attached to ransomware. Sometimes clever trickery can produce financial theft right from the hands of unsuspecting businesses when hackers get access to personal information, forge an email requisitioning funds, then steal indiscriminately. Your staff need to know what sort of cons are out there, and how to avoid being undermined by them. New ones develop all the time, so keep them educated.
4. Don’t Overlook Password Management
Passwords are some of your most important assets. You need to reset them regularly, and they need to be non-intuitive. Avoid mnemonic devices, avoid names you’re familiar with. What you need to do is initiate password management which automatically updates passwords and can provide new one’s when necessary. Working with MSPs can be integral in lining out the best password management; it will depend on your operation.
Covering All Your Bases
There’s no way to anticipate all disasters. You need to have backup and recovery protocols determined. You can defray some instances of cybercriminal intrusion through up-to-date tech security measures, but you must also provide your employees with the training necessary to protect against other means of intrusion. Finally, make sure passwords are properly managed. Such an approach to data security is comprehensive and can help you maintain optimum sustainability.
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There comes a time in every business owner’s lives where they need to host a meeting that could affect the future of the company. Whether it’s investors you’re after, or you need to pitch some ideas to your fellow business partners, it’s imperative to get it right so that your business can continue to thrive. However, meetings can be daunting and it’s important to prepare wisely so that you can nail it on the head. Here’s some tips on how to prepare for your next big meeting.
Provide food
As you’re probably aware, meetings can last for hours and when this happens, energy levels begin to drop. Rather than risking losing the attention of your audience, provide food such as sandwiches, crisps, salad, and refreshing drinks so that they can pick as you’re talking. Also, providing food at a meeting is good etiquette and will earn you some much needed brownie points.
Hand out merchandise
You want people to remember who you are when the meeting has finished and more importantly, giving people something for nothing always helps win them over, especially if you’re hoping they will dip their hands in their pockets and invest in your company. Hand out merchandise such as pens, mugs, and t-shirts. Lanyards are also a great example of merchandise to give away, and you can buy them here.
Prepare a visual presentation
There’s nothing worse than being in a meeting and having to listen to the same person droning on for hours. Not only is it boring, but people tend to react more positively to visual aids. Prepare a visual presentation of what you’re trying to achieve so that you can pique your audience’s interest and also look super professional.
Dress to impress
If you’re looking to impress investors with your business then you’ll need to make them like you too. First impressions matter, and that’s why it’s important to dress smartly so that they can see you mean business. Pick out a nice suit or a dress to show that you’re as serious as they are about this meeting.
Pick a professional meeting room
Finally, as mentioned earlier meetings can go on for hours, and if you’re in a small and stuffy room you’re not going to win over any clients. Choose a meeting room with plenty of air and light and more importantly, one that looks professional. Doing this is sure to win over whoever you’re trying to impress and you can then further your business as planned.
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Personal powers are the mechanisms by which one influences the actions of others. These powers are bestowed by the institution (formal powers) and self-acquired (informal powers).
In the business world, there are few things more important than brand reputation. A company will never succeed and compete with the biggest names in the industry if it is not respected by its target audience. Building brand reputation can take time and experience which is difficult particularly if you are new to the industry, but there are a few strategies that you can quickly use which could help to give your company a boost in the reputation department. It is important to note that reputation is a constant and fluid factor so it will require constant work to maintain.
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