Make Your Business Standout with an Exceptional Mission Statement

An excellent element of a solid business plan, but one that is quickly glanced past, is the mission statement. It’s easy to overlook this as being a simple description of your company because that’s basically what it does.

Except a mission statement offers more than a description. It shows the company’s values, creates a brand, and explains why you’re different from the competition. A mission statement can inspire those to come and work for you or for clients to choose you over someone else.

Ready to write a mission statement? Use the following seven tips from GR-US.com to help you write an exceptional mission statement.

Keep it Short

Although the mission statement offers a description of the company, it shouldn’t be your about page. Instead, keep it short. Stay within a few sentences. It may make it more challenging to write. However, going this route helps develop your brand.

Don’t Limit Yourself

Unless your company doesn’t grow past where you currently are, don’t limit yourself in your mission statement. Avoid adding in locations or stating this is the only thing your company focuses on. Be a bit vaguer with it. Keep the opportunity of growing into different avenues open.

Be Enticing

Get creative with your mission statement. You want to tell a story to the reader that entices them to learn more about you and your company. Use the statement to grab their attention.

Use Your Long-term Goals

You don’t have to say a long-term goal. However, the way you word it should tell the reader what your purpose is for the future. What do you hope to achieve in five years? That wraps into the values of the company and what it stands for.

Don’t Use Your First Draft

Because of how important a mission statement is, don’t be afraid to make multiple drafts of it. Start with brainstorming words and phrases that summarize your company and its values. Then, you can take those points and form them into sentences.

After you have something written down, get a second opinion from someone outside of the company. Having a different set of eyes can give you the perspective of someone outside of the company who isn’t biased like your eyes will be. Ask them for feedback and make adjustments according to their response.

Update Your Statement

Your mission statement should and will change as your company grows. So, don’t think that what you write right now is set in stone for the future. Keep updating it as your company grows.

Answer the “Why”

Have you ever been asked why you started your company? If not, now is a good opportunity to answer that question. Why are you doing what you’re currently doing?

Your mission statement should also answer why. Whoever reads it should know right away why the company exists and how it’ll serve the public. Take your time with this part as it has a powerful effect on the overall statement.

Spend time writing out multiple drafts of your mission statement. You only have one shot at making a good first impression within a few lines.

Keep Your Employees Productive – 5 Ways to Boost Office Morale

There are many reasons why any company needs to have strong and positive office morale. To start, employees that are happy and enjoy their job are 13 percent more productive. A more productive employee equals good business for the organization.

Not only that, but it’s also good for the employee’s overall health when a positive environment surrounds them. There’s less stress, which adds to their happiness.

Having a strong team is the backbone of any company. Use the following five tips from Global Resources LLC Reviews to help boost your office morale.

Keep Communication Lines Open

One of the easiest and best ways to keep morale in your company high is to have good communication, and this comes in many forms.

Communication between employees and employers is essential to get the job done. Imagine having to constantly go to your boss to get directions throughout the day, rather than getting all the information right at the start. It would soon become quite stressful.

Not only that, but open communication allows employees to come to you with any concerns or issues that happen within the workplace. The more you can communicate with everyone, the less stressed and happier they’ll be.

Ask for Occasion Feedback

There is nothing wrong with getting feedback from the office on how your management is, what the workload is like, or any ideas they may have to give the company a boost. However, if you’re constantly asking for feedback, it will start to look like you’re not confident in your job and yourself.

Reward Success

Studies in the past few years found that roughly 66 percent of employees would leave their job if they didn’t feel appreciated. That is often the top reason why someone quits – feeling undervalued.

Rewarding success does many things for your employees. It shows that you value the hard work they put in every day. It can bring out some friendly competition, which can boost productivity. Just makes sure the reward is worth it.

Keep Things Light

If you want your employees to enjoy coming to the office, you want the atmosphere to reflect that. Although going too casual and you risk people slacking off, having too strict of a workplace can make employees feel controlled and scared.

Having a bit more casual environment allows employees to enjoy their day. Tell a few (appropriate) jokes throughout the day. Encourage coffee breaks. Get to know your stay more than simply their name. Show the office that you may be their boss, but that shouldn’t stop anyone from enjoying coming to work with you.

Offering Opportunities to Grow

Another key reason why employees are unhappy and ultimately leave is the lack of growth potential. For many people, having that challenge and a goal to achieve will help keep them motivated.

Growth potential doesn’t have to come in the form of a job promotion. If the person is at the top of their job and is happy there, growth can come from going to conferences and taking a new course. Offering opportunities to learn new skills and fine-tune their current ones will add to the employee feeling appreciated.

Boost your office morale and keep your company running smoothly. Be a place that people want to come work at because your current employees speak highly and proudly of their job.

It’s Time to Ditch the Perfectionist Mindset When Starting a Business

Perfectionism comes in many forms. Some look at it positively – it keeps someone organized, living life at high-standards while producing high-quality things, and being successful.

For others, though, perfectionism can be an almost debilitating trait that causes many issues in someone’s life.

What someone calls highly organized, others stress over every detail when arranging their office and having clutter. Having high-standards may seem fine to one, but causes someone else to reach for goals that are nearly impossible to attain. Those high-quality items that someone produces most likely took him or her additional hours that weren’t needed.

Perfectionist traits do have some positivity to it, but it can be troublesome for those starting a business. Rarely will you find a start-up that went perfectly at the beginning because a perfect business just doesn’t exist…

At Global Resources reviews, we came up with a list of perfectionist points that can affect you starting a business, and how you can look out for them.

Your Opening Goals Are Unrealistic and Impossible

Although you want things to run smoothly when you’re starting a business, you cannot expect that everything works without any hiccups. It doesn’t happen.

The downfall to this is that when you have those moments of success, they often get overshadowed by the stress of not reaching your unrealistic goals. Instead, try to look at your goals through a different perspective or get the opinion from a trusted friend or family member.

You Lose Joy in What You’re Doing

Because for many perfectionists, they spend countless hours stressing over a small project, it’s a quick way to lose the joy and passion you once had. When you’re running a business, you must enjoy what you’re doing.

If you’re having trouble finding the motivation to do your job, it could be a sign that you’re losing the joy in it (and that you need a little break).

You’ll Waste Time

The ironic thing about perfectionism is that you end up wasting a lot of time. Even though we think of perfectionists as being highly organized and reaching every goal, behind the scenes, that individual is likely spending time making something perfect.

That additional time you take to complete a task could have been used to work on the next item on your list. Set yourself a deadline, and don’t push it back. Even if you think your work isn’t perfect, it’s more likely your mindset rather than your work not being good enough.

You Can Cause Health Issues

Perfectionists are often stressed because they want everything to run correctly. Since we know that isn’t the case, the additional stress doesn’t solve anything. All it does is cause more problems with your health.

We know that stress can do serious harm to your physical and mental health. Chronic stress can cause anxiety, depression, insomnia, high blood pressure, tense muscles, and lower your immune system.

 

Starting a business should be an exciting time. Although it’s normal to feel stress, it shouldn’t overtake the excitement.

Setting goals is an excellent habit to have when running a business. However, it’s important to note when a goal is realistic or when it becomes unrealistic for an individual to achieve.

Ready to Grow? 6 Tips to Boost Your Business’ Growth Potential

An essential element of running a business is growing it. To keep your doors open and serve your customer, you need to keep up with the world and expand at a reasonable pace.

Businesses that don’t grow ultimately get left behind. Bills add up, the bank account dwindles, and you can no longer provide your customers with the same value as before.

If you’re ready to start growing your business and take it to the next level, Global Resources LLC reviews have six tips to help you succeed.

Learn What Your Customers Are Looking For

Businesses serve a customer need. If the customer wasn’t looking for something, then why would they come to you?

As you continue to grow, you want to stay in life with what your clients are looking for and asking for. Don’t be afraid to ask them. Send out surveys periodically to get valuable feedback that can be anonymous.

Boost Your Social Media Accounts

Social media is everything these days. From sharing Instagram stories, sharing behind the scenes to Facebook posts reaching existing clients, your social media can make or break your growth potential.

Spend some time revamping your marketing strategy. Look at your profiles through the eyes of the customer. Are you providing high-quality, valuable information, or are you posting for the sake of posting? Up your social media game to take advantage of your growth potential.

Start Networking

If you’re not doing this already, it’s a tip to start implementing right away. Networking is an excellent way to reach new clients and partner with local businesses. Build those relationships with people that provide value to you and can spread the word of the company.

As the saying goes, it’s about who you know.

Support Your Community

For a quick way to boost the appeal of your business and draw attention to it, support your community. It’s a great way to build your brand and show that you care for those who support you back.

You can show support for your community in many small ways – sponsoring a local event, donating to a shelter, or hosting a fundraiser for a cause.

Research Your Competition

Rarely is there a business out there that doesn’t have a bit of competition, and it’s good to have. Your competitors can help keep you motivated to grow your business and provide more value to your customers. If you don’t, your competitors will likely snatch up your clients.

Research your competition to see what their marketing strategies are, what products and services they offer, and how their value compares to yours. It’s a way to start brainstorming for methods to turn the table and now be their competition.

Consider a Customer Loyalty Program

Although this does come at a small cost to you, adding a loyalty program is an excellent way to retain your current customer base. Rewarding those who stay loyal to you will add incentive for them to continue purchasing through your company.

Studies have shown that it ends up costing you more money trying to recruit new customers. Although to grow you do need new customers coming in, keeping your loyal ones happy will boost your sales down the road.

Get ready to grow your business with these six tips. Take your time with your growth plan and reap the benefits along the way.

Staking Your Claim – 5 Career Points for a Powerful Female Entrepreneur

Every entrepreneur has challenges. It’s not always sunshine and rainbows running a company, taking care of all the details, ensuring employees remain happy and loyal, and maintaining a healthy balance. There’s no secret the entrepreneur journey is filled with many twists and turns.

For female entrepreneurs, many face unique challenges specific to their gender. Although in 2020, there have been tremendous advancements (in 2017, women-owned over 11.6 million firms), female entrepreneurs still have many hurdles to jump to be successful.

To help you out and be a successful entrepreneur, GR-US.com has five career advice points for female business owners.

Find a Mentor

For any entrepreneur, finding a mentor is an excellent idea to help overcome hurdles and the stress of operating a company. Since there are unique challenges for female entrepreneurs, it’s even more crucial for women to have a mentor to look up to.

When you have a mentor that is on a similar career path as you, they likely have gone through the same challenges you’re currently facing (or will face). Their experiences can help shape your decisions so that you can keep growing your business and taking on every challenge with grit and grace.

Always Be Ready to Learn and Grow

Many women find it’s not easy to get taken seriously as an entrepreneur. Even if they have all the qualifications behind them, proving that you deserve to be where you are a challenge. Whether it’s negative comments or not looked at as a leader in your field, not getting taken seriously has a detrimental effect on one’s self-confidence.

One way to overcome this hurdle is to be ready to learn, grow, and jump on any opportunity you can find. Being able to walk into a conference with more knowledge than anyone in the room and having your presence known, it’s a step towards showcasing that you are a serious business owner worth listening to.

Be Confident in What You Do

As you learn and grow in your business, so too should your confidence level. When you’re confident in what you know and do, it’s another way of staking your claim and having your presence known.

Confidence is tremendous in the business world. Own your actions because you know what you’re doing.

Don’t Settle

There’s a difference between finding a balance with a compromise and settling. It’s essential that as a business owner, you’re open to other ideas and can compromise. However, it should never come at the expense of your values, your business goals, and mission statement.

It only takes one time to settle to lose confidence and the reputation you’ve worked so hard at building. Not only that, but it also opens the way for others to take advantage and try to get more out of you.

Prioritize Your Life

One of the most important things to remember is to prioritize your life. That means finding a work-life balance that fits your lifestyle.

Never be afraid to say no because you want to spend time with your family. It’s essential for your health to maintain those relationships and to give yourself a break.

There’s a pattern with all of these tips – be confident and authentic to who you are. As a female entrepreneur, you’ll face challenges of having to prove you deserve to be where you are. Learning, growing, and gaining confidence will help you along your business journey.

Boost Your Clientele – 5 Tips to Bring Back Lost Customers

As a business owner, you quickly learn where the majority of your profits come from – your loyal customers. Those are the ones that continue to buy from you no matter what. With a sale or not, they are there to support your business.

Unfortunately, not every client turns into a loyal customer. Some try your business out once and never return. Others may be loyal for a few months and then move somewhere else. You may even have customers whom you’ve lost due to problems arising.

Whatever the case may be, it’s in your company’s best interest to try and recruit back those lost customers. Reviews for Global Resources has a few tips to help you achieve converting them back into loyal customers.

First, Decide If You Need Them Back

You have a target audience for a reason because not every customer is suitable for your business. Just because the client paid for something a while back, that doesn’t mean they’re an ideal customer to have. Before reaching out to the client, decide if it’s worth going through the process of bringing back this client.

Learn Why They Didn’t Come Back

This can be a hard step because we don’t always want to hear what we do wrong. Keep in mind that if one customer doesn’t like what you do or how you run your business, that isn’t to say your business model is terrible. Consider your target audience and if this customer fits that model.

Reach out to the customer and ask those difficult questions – why did he or she leave? Don’t stop there, though. Dig deeper to find where the disconnect lies. If they tell you that your service is too expensive, then it brings the question of providing value for the cost.

Take Ownership of Mistakes and Your Business

You must take ownership of whatever happens with the customer. If they left because of a mistake you or your employees made, it’s up to you to the right the wrong. Taking responsibility for the situation can help rectify issues and boost the appeal of your company.

Research Your Competitors

If you lose a customer, they likely went somewhere. When that happens, it’s an excellent opportunity to look into your competition to see what others are doing.

Now, when doing this, the point isn’t to steal their ideas and implement them yourself. Instead, use it as an opportunity to find growth potential in your business model. Maybe they offer the customer something that they’re looking for, but you don’t currently offer. It’s a way to spark creativity and fill in any gaps your company may have.

Find Ways to Go Above and Beyond

Do you “wow” your clientele daily? If not, it’s time to brainstorm ways to do so. Giving that above and beyond experience to every customer is a way to attract new clients, keep current ones happy, and draw attention to the ones you lost.

Going above and beyond doesn’t have to be extreme measures. It can be little things like personally answering the phone, upping the value of your service, and reaching out to individuals to check-in.

Attracting new customers to a business is crucial for it to succeed. So too, though, is it essential for you to maintain loyal clients. When someone doesn’t return, spend the time figuring out why so you can bring them back and prevent it from happening again.

Business Analytics And Its Importance In Today’s Digital Age

When you’re running any business, relying solely on your intuition is a risky strategy. This is why business analytics is so important. It is the pivotal point that can hold a business together, showing results that allow business leaders to see their results and progress more clearly.

Any entrepreneur needs to understand how their company is functioning. They need as much data as possible to back up their vision and goals for their organization. This is where business analytics proves to be indispensable. The analysis gives business owners the chance to understand their customers, to discover what they want, and to learn about their problems in order to provide them with the precise services and products to cater to their needs.

Here at GR-US.com, our consultant team offers advice about why business analytics is so important in today’s digital age.

Companies Can Control Their Costs More Effectively

Many businesses fail due to poor financial management or poor planning. For any business to be successful, developing then implementing effective management and financial systems is vital. It’s essential to continue revisiting the business plan and updating it, and when reviewing finances, cash flow, cost base, working capital, growth, and borrowing, needs to be considered on a regular basis.

Decisions Can Be Made More Quickly And More Efficiently

Responding quickly needs to be balanced with a clearly outlined business strategy. This allows business owners to determine whether the action to be taken is appropriate. Entrepreneurs must ask themselves whether any internal factors are holding their business back, and when they are, what can be done about them.

Competitor Analysis Can Be Conducted Easily

Gathering information about competitors costs effort, money, and time, but it also offers many benefits. Understanding what your business rivals are doing is extremely useful. Questions to be asked about competitors include what, where, when, and who, while carrying out an analysis into their strengths, weaknesses, threats, and opportunities is also key to give business owners a clear view of how they’re performing when compared with the general market.

Market And Customer Analysis Allows Effective Targeting

When any business owner launches their company they create a business plan, and a marketing strategy forms part of that plan. However, that plan needs to be revisited and reviewed regularly. When reviewing business performance, assessing customer databases and market position is vital. Updating the marketing strategy on an ongoing basis is essential since business reviews allow the chance to step back for a moment and look again at such factors as emerging and new services, new technology, the economy, and customers’ changing needs.

Strategic Reviewing To Develop The Business

Reviewing business performance every so often is essential for progress. Market performance, direction, services and products, operation issues, financial matters, and staff management are all areas that need to be reviewed on an ongoing basis. When all of these areas are strong, planning can be carried out for the next phase of business development, while if areas are identified that require improvement, steps can be taken quickly to address them in order to move forward.

Small Business Company Valuation And Price – What Are The Differences?

Although it may seem to some that the price of a company and its value are the same thing, this isn’t the case at all. In fact, the differences are simple but crucial. If you understand the distinction between the two, you can have greater leverage when negotiating and can avoid making a poor investment.

If you read our Global Resources reviews, you’ll see that our consultant team are experts in helping entrepreneurs with their business valuation needs, and here, we look at how to determine the difference between price and valuation when it comes to your small business so you can be better informed.

Understanding Value

Value is easily broken down into two subdivisions – market value and book value.

As you might imagine from the name, book value refers to what is shown in the company’s books. Accounting shows the value of a company by subtracting its liabilities from its assets. The amount remaining if the business was to sell its assets off and settle all its debts represents the company’s book value.

Market value, meanwhile, refers to the company’s value on the stock market. The simplest way of calculating this is to multiply the current market price by the number of shares. Sometimes, this is known as the business’s market cap. Typically, the market value represents the value referred to by analysts since it reflects the amount that would be paid for the business if it was being purchased.

There is another type of value to consider too. This is the intrinsic or fundamental value. This represents the firm’s estimated value based on the expectation of future cash flow. This estimate is based on an evaluation of investment needs, earnings potential, business models, and financing opportunities which are adapted then inserted into the chosen valuation model.

The Link Between Fundamental Value And Market Value

When considering the link between fundamental value and market value, there are a few key principles to bear in mind. If the company’s market value is lower than its fundamental value, it means that, for some reason, the market is undervaluing the organization. Some investors actively seek out companies like this since they’re seen as an excellent investment opportunity. If the reverse holds true, the market typically believes that the company’s potential earnings are good. If the fundamental and market values are both equal, both your fundamental valuation and the market itself have agreed upon the company’s value.

Knowledge Determines Price

When considering market value, it’s fair to say that the price of a business, product, or service has for some time been seen as a compromise between the price the seller is prepared to sell and the amount the buyer is prepared to pay. In practical terms, several factors come together in determining the price. For example, the number of potential buyers, a sense of urgency in the deal, and the involved parties’ negotiation power all have a role to play.

Reaching Agreement

At the end of the day, both price and value fluctuate during any business’s lifespan, and especially so during negotiations. A business’s fundamental value will be based primarily on trust and belief in the company. If potential buyers believe that the organization is able to grow and remain profitable, it will be worth more. Also, a price spike can be precipitated due to the industry itself as well as timing. Therefore, when it comes to evaluating a company’s price and deciding whether an investment is worth it, potential buyers need to weigh up all of the factors and establish links between the company’s fundamental value, its future prospects, and its accounting data. Based on that information, sellers and buyers can reach agreements on price.

The Five Key Types Of Corporate Training Your Company Needs

The world of business is continually changing thanks to fluctuating political forces, economic conditions, and new technology. Organizations that fail to keep up with the pace of change risk falling behind. With progressing pushing businesses forward, it’s never been more important to ensure that employees are benefiting from high-quality training.

Corporate training is designed to develop your workforce’s skills. As a result, the organization benefits from greater longevity and efficiency, and its value increases exponentially. But, how do you choose the right type of corporate training for your workers? The Global Resources LLC consultant team recommends these five types.

  1. Change Management Training

When transformational change takes place, organizations must go through the process of change management. While sometimes these changes are planned – for example, an acquisition, merger, leadership change, or new technology adoption – others can’t be planned in advance. The COVID-19 crisis is just one example of how disruption can arise without any kind of warning.

62 different types of corporate transformation were studied by The Harvard Business Review, and the conclusion was that battles have to be wisely chosen in order to ensure that organizations don’t suffer a negative impact on their performance. While many companies launch streamlining and cost-cutting transformations, these can kill innovation and dampen employee morale.

Yet, when carried out properly, change management improves the willingness of employees to adapt to change without compromising on productivity. As a result, the organization can emerge even stronger following a disruption.

  1. Communication Skills

Training in communication skills is often overlooked in the corporate world, yet it’s something that is incredibly important. Being able to communicate well is vital to an organization’s morale, revenue, and productivity. When communication training is put in place across every level of a company, ut can help departments, teams, and individuals improve their ability to share information and exchange ideas. It also gives the organization a whole power to boost its operation effectiveness, increase employee morale, and reach its strategic objectives.

  1. Employee Retention Training

High staff turnover has a high cost for any business, from benefit payments to the cost of advertising for new staff. Not only are there direct costs, but there are indirect costs too, and these have longer implications for the business. Damaged worker morale, poor corporate reputation, and dampening of creativity and innovation are just a few of those potential implications. Corporate training in employee retention is therefore essential.

  1. Project Management Training

Time and money are wasted constantly on projects in all organizations and industries. Frequently, projects go over budget or fall behind schedule. Effective project management training better equips teams by improving their competencies to finish projects on time and within their scope and budget. It teaches employees how important prioritization, goal setting, and time management are, and this ensures that resources are maximized.

  1. Strategic Planning Training

For senior leaders, middle management, and executives, strategic planning corporate training is vital. It helps the organization to focus clearly on a single destination and to develop actions and goals that ensure the whole company is moving together to reach it. With effective training in strategic planning, it’s possible for organizations to transform themselves thanks to alignment around common values, actions, goals, and visions.

With these five types of corporate training, any company can strengthen and develop its workforce and take itself to a whole new level of success.

The Top Strategies For Creating Long-Term Value In Small Businesses

Companies that focus too heavily on their short-term results are said to be suffering from short-termism. When business owners work towards short-term goals at the expense of value creation and long-term interests, problems will inevitably arise. For any business, creating long-term value is key to success, and this is especially important when it comes to small companies.

If you check out our Global Resources LLC reviews, you’ll discover that our team of consultants are experts in helping companies to focus their efforts and align their teams for long-term growth and success. Here are nine of the top strategies they recommend.

1.Keeping Profits In Perspective

The first strategy to create long-term value for your small business is to use your profits to pay down your debts, to create new services and products, to reward your team, and, most vitally, to save for future lean times.

  1. Increasing Sales From Existing Customers

When a business has already captured an audience, it makes sense to use them. Rather than relying on putting all your attention on the people who’ve never heard of your business, you should be focusing instead on existing customers who are regularly purchasing from you. They’re an ideal way of increasing revenue, so consider loyalty programs, customer recognition, discounts, and new product releases specifically for existing customers.

  1. Avoid Reinventing The Wheel

If you want to expand the services and products you offer, avoid reinventing the wheel. Rather, create synergies with what you already do. This reduces your costs and speeds growth. So if, for example, you’re running a café, offer event catering as an additional service.

  1. Value All Your Relationships

Every person you meet should be seen as important. After all, they could become a customer, an investor, an advocate, or a mentor. Although not every relationship will have these results, trying those angles with different people is always a good idea. This helps you to learn more about yourself and your business, and it also helps you to grow your network more quickly.

  1. Building Mentor Relationships

The world of entrepreneurship has seized on the word “mentorship” as a buzzword. One easy mentor relationship that you can build is with fellow entrepreneurs, giving everyone the chance to learn and grow.

  1. Don’t Hire Anyone Who Does Something That You Don’t Understand

It sounds obvious, but many small business owners fall into the trap of taking on the very first candidate they see. It’s important to understand the reasons for hiring someone, to have a clear idea of what they do, and whether they’re a good fit for your company. This is especially important in a small company where everyone needs to be singing from the same song sheet to ensure the growth of the business.

7.Making The Business A Happy Place

Rapidly growing small businesses are extremely dependent on their employees, and this means that staff needs to be happy. Creating a positive culture is therefore vital. By including team members in decisions, allowing greater flexibility, and being open to listening to their ideas, you can motivate your team and, thus, improve your output.

  1. Keep Innovating

Today’s world is changing constantly, so it’s vital to keep on top of product popularity. Monitoring trends and understanding the way in which your company can develop to fill market gaps and solve brand new problems is key.

  1. Plan In The Long-Term

All small business owners are busy, but it’s vital to make time for long-term strategic planning. Having a clear outline for the future is essential and when goals are set out on paper, more can be achieved over the course of a single year.