Business Archives

Buying a House Below Market Value Is Smart Investing

What are the benefits of buying a house below market value? How does it affect your real estate investment plan? If you’re using David M. Greene’s BRRRR method from his book Buy, Rehab, Rent, Refinance, Repeat, then you need to start by buying a house below market value. The BRRRR method emphasizes buying cheap properties because you can easily recover your investment later when selling the home. Let’s look at how buying a house below market value can make you more money, and how to find a good deal out of it.

A Guide to Finding Your Target Audience in Marketing

Are you trying to find your target audience in marketing? How do you choose the demographic that fits you the best? In their book Playing to Win, former CEO A.G. Lafley and consultant Roger Martin explain that there are five questions you should ask yourself when choosing your target market. They also share the most common pitfalls and advice on how to avoid them. Here’s how to choose the right target market for your business.

Company Vision Statement: Charting the Future

Do you want to make a company vision statement? How do you envision the ideal future of your company? When putting together a vision statement for your company, you need to consider not only what purpose your company serves, but also what winning would look like for your business. You need to think about more than what your company does, but why you do it. Here’s how to chart the future of your company.

How to Beat Your Competitors and Win the Market

Is your business part of a competitive market? How can you beat your competitors and become the market leader? There are two main strategies for winning your chosen market: cost leadership and differentiation. Different companies have different strengths that contribute to their ability to excel in unique ways. For instance, small companies can often provide a more targeted, boutique service (differentiation) while larger companies can often deliver quality products at a more competitive price point (cost leadership). Let’s take a look at each strategy in more detail.

A Complete Guide to the Best Sales Methods

What are the best sales methods? How can you decide which method is best for your business? A sales method is a set of rules you use to determine how to sell a product or service to customers. Now that the traditional sales model is barely effective in the digital age, many businesses are searching far and wide for modern methods to stand out in the consumer market. Here’s a basic rundown of six popular sales methods so you can decide which one works best for your business rather than relying on the dying traditional sales model.

The Flywheel Effect: A Guide to Unstoppable Growth

What is the flywheel effect? How does it affect a business’s growth in success and revenue? Coined by Jim Collins in his book Good to Great, the term flywheel effect comes from an actual flywheel—a giant metal wheel that takes a lot of work to get moving, but once it does, very little work has to be put into keeping it spinning. The same explanation can be applied to businesses that are built through six essential steps. Continue reading to learn more about how to ensure your company’s success by using the flywheel effect.

Business Capabilities: What Do You Need to Win?

What is a business capability? What capabilities does your company need in order to win? In simple terms, business capabilities are what a company does and is able to do. If you run a business, it’s important to determine and map your capabilities so you can figure out how to reach your goals. Here’s how to identify, map, and implement your business’ capabilities.

3 Leadership Capabilities You Need to Run a Company

Are you in charge of running a company? What three leadership capabilities do you need to ensure a business’s success? In their book Playing to Win, former CEO A.G. Lafley and consultant Roger Martin explain that a good leader must have these three capabilities: 1) a systems to review strategy, 2) a systems to communicate strategy, and 3) a system to measure progress. Furthermore, each of these three leadership capabilities requires a clear and specific structure to support it. Let’s take a look at what each entails.

3 Reasons Why Happy Workers Are More Productive

Did you know that happy workers are more productive? How can you create a work environment that increases happiness and encouragement? According to Tony Hsieh, the former CEO of online clothing retailer Zappos, happy workers lead to happy customers, which maximizes profits for your business. There are three reasons why employee satisfaction leads to harder work: friendship, empowerment, and financial security. Continue reading to learn more about these three reasons so you can create a happy, healthy environment for your workers.

Applying Maslow’s Hierarchy of Needs in Business

Do you have trouble setting standards for happiness in your company? How can you use Maslow’s hierarchy of needs for your business? Surprisingly, Maslow’s hierarchy of needs doesn’t just apply to the behavior and motivation of humans. It can also imply three layers of happiness that business owners should keep in mind when thinking about employees and customers. Keep reading to learn how former CEO of Zappos Tony Hsieh transformed the hierarchy of needs into business standards.