Category: Business

3 Ways Mentors Are Essential For Career Success

AlissaB Leave a comment

No person who becomes a success are able to do on their own. In today’s day and age, having mentors has proven to be a great asset for many, and it is not surprising to see why.

Whether it is a close friend, a colleague or a professional, having a mentor can give that necessary jolt to your career. There are numerous ways that mentors can benefit you. Here are five reasons as to why getting a mentor is important to help give your career great success.

Education

One of the best ways that a mentor can help you in your career endeavors is by educating you. The reason why their education is extremely valuable is because they have something that you don’t, which is experience. As the old saying goes, you can’t beat a man with experience, and they can provide you with advice that you can apply in the workplace.

A mentor is also just like you in a lot of ways. They may have made some of the mistakes that you are making right now, but just like them, you want to learn from those mistakes so that it doesn’t become a pattern. Having a mentor will help alleviate this issue and increase your confidence.

The best part about all of the education that they give you is given free of charge. This means you will be able to understand certain intricacies that you otherwise wouldn’t have known about without having to pay a dime. For more information on the importance of having mentors, Pedram Zohrevand is a resource that can help you.

Help You Focus

With the amount of responsibilities that you have on your shoulders, it can be very easy to stay off track and lose focus. Fortunately, mentors are there to help you keep your eyes on the prize. Everyone has bad days, but you cannot allow those bad days to deter you. Mentors will give you a certain level of focus and level-headedness that your boss or even your friends cannot provide you with.

Along with the experience that mentors have at their disposal is the ability to change your perspective. They have been in your situation in all likelihood, and only they know effective methods to keep focus that you couldn’t get from anyone else.

Networking

In today’s day and age, networking and forming connections with others can prove to be so important, especially when it comes to career advancement. Having a mentor can serve as an effective conduit to link you to effective sources to further your career.

Mentors have the capacity to introduce you to people who have a similar mindset. For all you know, some of the connections that you are introduced to can lead you on the road to getting a certain position that you may have been eyeing for a while.

As you can see, mentors are effective in many ways and can help expedite your professional development. For more information on the benefits of mentors, Pedram Zohrevand is an expert that can provide you with valuable information

Vlad Rigenco Career Change

Vlad Rigenco on the Ways to Transition Smoothly from One Career Path to the Next

AlissaB Leave a comment

The mere thought of changing careers after you’ve already invested many years into your current field can be downright terrifying to many people, and understandably so.

People are often scared of going out of their comfort zone as well as the unknown. If you’re looking to change careers, you’re basically taking on those two daunting challenges at the same time.

Still, even if the idea of suddenly shifting gears professionally may seem scary, it could be exactly what you need. Staying in the same line of work because you’re wary of making a change even though you’re mentally and physically exhausted is not ideal.

There’s no getting around the fact that taking up a new profession can be difficult, but the tips below should at least make the transition more manageable.

Don’t Shy Away from Networking

There are steps you need to take prior to handing in your resignation if you want to change jobs and one of those is networking.

According to entrepreneur Vlad Rigenco, networking is something you have to do if you want to grow your business, which makes a ton of sense. You typically have to start somewhere small if you’re an entrepreneur and that means that the early growth of your business depends on your marketing efforts.

Nothing’s going to happen if you don’t talk about your business.

That piece of advice from Vlad Rigenco is something you should still take to heart even if you have no plans of becoming an entrepreneur.

Networking allows you to form connections with other professionals; and who knows, the people you get to know may be instrumental in helping you gain entry into your desired field.  Asking someone you know who’s in your target industry for a job right away is not advisable, but there’s nothing wrong with seeking some insight that could prove beneficial down the line.

Save Money

In an ideal world, you will land a position in your target industry as soon as you leave your current job. However, things don’t always play out that way.

There’s a decent chance that you will remain unemployed for a while if you decide to change careers, but don’t let that dissuade you from pursuing your dream job.

The key here is to save money so that you can feel comfortable resigning from your current position while also taking the time needed to find the career that’s best for you. This article from Discover notes that saving up enough money to cover six months of expenses should be enough, but try to aim for a year’s worth if you can.

Saving money in general is always a good habit, but it’s a must if you want to escape the doldrums of your current line of work.

Figure Out What Career You Want to Pursue

Change, as they say, is constant. The job you always dreamed of having when you were a kid may not be something you enjoy as an adult.

It’s okay to change your mind, but before you resign, you should at least have a clear idea of what you want to do next.

To identify what career will suit you best, you can try consulting with a career coach. As noted by The Muse, a career coach can get to the heart of why you grew dissatisfied with your old job and also help you determine what you want to do next.

You can also try to take part in some self-assessment by using some tools recommended in this Harvard article. Those self-assessment tools can evaluate different facets of your personality and help you better understand what it is you should be doing.

Research the Industry

You must also take the time to research the industry you are thinking about joining.

Most job markets are very crowded these days. Plenty of qualified workers are passed over for jobs every day because the industry they want to get into doesn’t have many vacancies at the moment.

Be realistic with your assessment of the industry and if the timing is not right for you to enter it, you should consider other options in the meantime.

Do other things so that you are better equipped to make the transition in the future.

Take Up Classes or a Side Job

Speaking of doing other things that will prepare you better for a future career change, you can dip your toe into your preferred industry by starting out with a side job. The experience you gain from doing so may turn out to be incredibly valuable once it comes time for you to send in a formal job application.

You can also try taking up some classes that are relevant to your dream job. If your current skillset is not ideally suited just yet for the career you want, then supplemental classes should help change that.

Changing careers as an adult is not without risk, but sometimes, you simply have to take that chance if you want to achieve your goals. Give yourself better odds of succeeding by following the tips mentioned above.

What Is Customer Churn?

AlissaB Leave a comment

According to Forbes Magazine, over three-fourths of the customer service groups that are high-performers have at least an above-average understanding and use of predictive analytics. Medium calls the churn rate one of the most important measures of customer experience. What exactly is customer churn?

Churn Rate Definition

Investopedia defines the churn simply to be when a customer decides to stop doing business with a company. Churn rate can either be measured by customers lost in a given period of time or by customers lost divided by customers gained. The latter is a measure of growth.

How is it Measured?

For online presences, Medium states that churn occurs after a predetermined time period when the customer last used the service or purchased the product. This time period is dependent upon the type of business and the target customer pool.

What is really important is to compare the growth rate to the churn rate. If the churn rate is higher, the company is losing its customer base. Companies with higher growth rates to churn rates are taking on more customers than they are losing, so they are in a period of growth.

Why is Churn Rate Critical?

As reported in Medium:

  • When companies reduce their churn rates by 5 percent, their profits tend to increase by 25 to 125 percent.
  • Each new customer costs, on average, five times more to gain than it does to keep your existing customer base.
  • Churned out customers may give your company negative reviews in social media.
  • When a company’s churn rate is high, it is a sign that either a product or service is failing to provide value or meet expectations or that there is a customer service issue.

Things to Look for in Churn Rate

Are your customers switching to another provider or are they no longer purchasing that product or service at all? This is an important point in your steps to reduce customer churn.

Forbes suggests gathering data to find out why customers leave. This data can be a part of predictive analytics. In turn, that data can be used to carefully identify the customers who are at risk of churning out. Then, messages can be sent to help induce customers to decide to stay.

Other Means of Reducing Churn

Medium suggested a few other means of reducing churn:

  • Give your best customers a larger focus
  • Ensure you are targeting your ideal client
  • Give the best customer service
  • Identify your different market demographic segments and personalize your appeal to each segment
  • Fully and quickly resolve complaints to the customer’s satisfaction
  • Think of ways to get the customers back in the fold and satisfied

Don’t Forget to Upsell and Cross-Sell

Forbes suggests that upselling existing customers and finding new products to meet their needs are also an important part of customer satisfaction and retention.

Customer churn is a critical predictive analytic factor. The more your business knows about not only the churn rate but also about the reasons behind churn, you will be able to find effective means of retaining customers and preventing churn

How to Incorporate Philanthropy Into Your Business

AlissaB Leave a comment

During 2018, corporate philanthropy in the U.S. was responsible for over $20 billion in donations to various charities across the 50 states. That number was noticeably higher than the one in the prior year. It was also one of the highest amounts ever reached in the U.S. When those figures are cross-referenced with historical patterns, it seems fair to expect the donations in 2019 to be even higher. And rightly so. After all, one of the most meaningful ways in which companies can contribute to their communities is by employing philanthropy.

The reason why many businesses fail to help their communities boils down to their inability to find an efficient strategy to do so. This happens when there are disagreements between the senior management and those charged with governance on potential methods of giving back. Fortunately, according to a seasoned and established philanthropist, Rusty Tweed, there are a few easy ways to implement a culture of giving into practically any organization.

Allow On-the-Clock Volunteering

A large number of professional service organizations have recently turned to the on-the-clock volunteering method of philanthropy. The way that it works is based on paying employees for something that has nothing to do with their job. Instead, they are incentivized by compensation to find a volunteering event and participate for a full working day. There are a few important benefits from this strategy and they include higher worker motivation, productivity, and, most importantly, better community relations. The fact that the employees get to pick what type of event they want to attend is also an outstanding way to let them engage with causes that they personally value. After all, not all members of an organization are going to have the same background. Hence why it is not surprising that they may want to participate in different volunteering openings.

Provide Platforms for Workers to Donate

Since people may not have enough time to attend volunteering opportunities, it is crucial to establish a platform where they can submit financial donations. This will act as a direct alternative to anyone who would rather focus their philanthropy on monetary assistance. In most cases, however, companies do not have a formal way to gather funds for their community and simply let their employees donate through external parties. While there is nothing wrong with that approach, having a centralized platform where all donations can be gathered will increase the number of those who give back. That way, the cumulative amount of money gathered for the community will grow and the business will be able to assist more people.

Set Aside a Portion of Profits

Finally, Rusty Tweed stresses that companies should never rely solely on their workers to be philanthropic. They must also lead by example and ensure that they showcase a long-lasting track record of donations to charitable causes. The easiest way to do something like this is to determine what amount of profits can be set aside and given back to the community. Obviously, that percentage will depend on the current state of the economy, revenues, expenses, and similar. Regardless of the actual dollar figure, simply having an approved course of action that lets the business make perpetual donations will be a perfect embodiment of the philanthropic spirit.

Some other ways to incorporate philanthropy into the company include things like formal meetings where employees are introduced to community events, newsletters, and so on. Before getting into these options, however, it is important to consider the ones mentioned above as they have been proved to work very well in every market

Brice Capital Types of Loan

Brice Capital Share the Types of Loans and When to Use Them

AlissaB Leave a comment

Looking to buy a new home? On the market for a new car? Interested in remodeling your home? Whatever your needs, it’s important to choose the right loan. In order to find the right loan for your needs, you need to determine which one is the best option. This guide will explain the seven most common loans and what you can use them for, according to Brice Capital. 

1. Conventional Loans

These loans are otherwise known as mortgages that come from lending institutions that are not affiliated with the Federal Housing Administration or the U.S. Department of Veteran Affairs. You can apply for a conventional loan through your bank, credit union, or mortgage lender. Other types include government-sponsored conventional loans through Fannie Mae or Freddie Mac. A conventional loan is a good choice for potential home buyers who have good credit and the available funds towards a payment.

2. Conforming Loans

Conforming loans are also mortgages that are offered by Freddie Mac and Fannie Mae. The only difference with this loan is that it comes with a maximum amount that’s established by the Federal Housing Finance Agency. You have to satisfy the requirements for the Fannie Mae or Freddie Mac loan. In order to qualify for a conforming loan, you must have a credit score between 620 and 640. If your credit score is lower, then you could still qualify for an FHA loan. 

4. Non-Conforming Loans

Unlike conforming loans, non-conforming loans don’t follow the guidelines and qualifications set by Fannie Mae and Freddie Mac. If you need a loan that has a larger amount then a conforming loan provides, then you should look into various non-conforming loan options such as jumbo loans. The right jumbo loan can be hard to find since there are limited options. You’re also subject to higher down-payments and more scrutiny cautions Brice Capital.

5. Secured Loans 

A secured personal loan allows you to borrow money towards an expense such as a new vehicle or home repairs. Secured means that it is backed by collateral, such as your home or vehicle. Your property can be seized in the event that you don’t pay back the loan. You can apply for a secured loan at a bank, credit union, or another financial lender. 

6. Unsecured Loans

Unsecured loans aren’t backed by collateral. Instead, it’s based on your credit history and income. You must have an excellent credit score in order to be approved for an unsecured loan, otherwise the interest rates will be much worse. You can use an unsecured loan for going to college, starting a business, consolidating debt, or purchasing an expensive item. Types of unsecured loans include credit cards as loans, a personal line of credit, peer-to-peer loan, and student loans. 

7. Open-Ended Loans 

Open-ended loans come with a fixed limit that you can borrow again once you repay the original amount. Credit cards and home equity loans are two examples of open-ended loans. In this case, the lender will approve you for a certain amount based on your credit history and the balance owed on your loan. This is similar to a line of credit that you can borrow, repay, and borrow again. Homeowners often use open-ended loans to help them pay home improvement projects. 

8. Close-Ended Loans

Close-ended loans cannot be used more than once. Examples of close-ended loans include car loans, mortgages, and student loans. The loan amount will decrease as long as you meet the monthly payments. If you need to borrow more, then you’ll have to reapply for another loan. For example, if you borrowed a loan for a vehicle but you need one for a separate expense then you’ll need to find a different lender. If you only need a certain amount of money, then this is the best option to choose.

Barron Advisors Loan

What to Watch Out for When Getting a Loan According to Barron Advisors

AlissaB Leave a comment

Today, unlike a few years ago, getting a loan or credit card has become increasingly easy, and many are taking advantage of the fund availability. Taking out a loan can be good, because one can now buy or pay for the things that were just dreams before. Numerous people have become successful after starting a business from scratch using loan money. However, while taking a loan is sometimes a good call, one needs to be very careful to avoid taking a loan for the sake of taking it. After all, you will have to pay the money back in full plus interest. If you are not diligent, you might end up having bad credit and set yourself up for failure. Therefore, before applying for any loan, watch out for the following factors.

1. Ask Yourself Why You Need the Money

You need to understand why you want that cash first, because borrowed money can either build you up or hurt you financially. Do not just take on a loan simply because it is available. Therefore, think critically about the reason why you are going for that money, and also, how you plan to manage it or use it for the purpose you are borrowing it for. A good loan can be mortgage loan, business loan, student loan or auto loan, among others. Also, while taking any of these loans can be a good idea, ask yourself if they are worth it for the time being, or if it can wait. Barron Advisors, a leading company in loan consolidation, says that people should focus on having an emergency fund to avoid taking a loan when unexpected expenses arise. Always remember a loan adds a burden to your budget, and therefore, should be avoided if it is possible. 

2. Evaluate Yourself to Know How Much You Can Afford to Borrow and Pay

Based on your evaluation on why you want a loan, you can now go ahead and apply for it. However, before that, understand how much you can afford not only to borrow but also pay back. When evaluating the amount of loan that you can comfortably afford to pay, do not just look at the annual percentage rate. Also consider the total amount you will pay back in interest across the entire lifespan of the loan. You may be able to pay your monthly payment today, but the question is, can you maintain it throughout the loan period? Some lenders may also be willing to give you more of a loan than you truly qualify for, and it is for you to make the right decision about taking it or not based on your evaluation of what you feel you can comfortably afford.

3. Check Your Credit History

After knowing the amount that you can comfortably afford, check if you qualify for the same based on your credit history. Does your credit score allow you to get that loan? Every lender will review your credit score before they can give you a loan, and it is, therefore, important to ensure that you have a good credit score before taking any other action. According to Barron Advisors, with a good credit score, you will be approved for the loan faster, be charged a fair rate, and have better repayment terms. Therefore, get to know your credit history and score from a credit bureau since you are entitled to have a free copy of your credit report once per year from each of the big 3 credit bureaus. If your credit score is too low or in general not favorable for your loan requirement, then consider improving your credit score first.

4. Understand the Cost Of Your Loan

Now that you are sure your credit score will not hinder approval for a loan, get to understand all the terms involved in the loan. This includes the interest rate, any additional fee you could incur during the loan period, and the entire amount payable for the loan. Some loans come with hidden costs such as loan processing fees, failed payment fees, or a penalty for prepaying. The reason why these costs are known as hidden is that many lenders will not openly discuss them with you when applying for the loan. It is therefore important you ask about them before you sign a loan agreement. Also, understand how the said interest gets compounded, and when you understand all the costs involved, it will be easy to make an informed decision about taking the loan or not.

5. Compare Different Loan Options and Lenders

Nowadays you can find lenders for almost everything you want to borrow for. It could be a business loan, education loan, or housing loan among many others. Well, the fact is that they are all at your disposal because different lenders are available to give it to you as long as you qualify. Some people prefer going to the banks; others will go for lenders dealing with specific loan items such as mortgage providers, and others will go for online lenders, among others. Evaluate them all and make an informed decision on the lender that makes you feel more comfortable. Check their flexibility when it comes to repayment too.

chrissy-weems

Entrepreneurship Is For The Youths Of Tomorrow

AlissaB Leave a comment
chrissy-weems

When you ask Chrissy Weems what the future holds for Origami Owl, she mentions the youth of today as being the leaders for tomorrow.

We Believe the youth are the future of this world and we are passionate about helping youth find success. We’re changing the lives of youth in US and Canada with our Owlette Program which allows young people between the ages of 11-17 to start a business and earn money just like Bella did.

Chrissy Weems on Inspirery
Hornet Partners

The Difference Between Good and Bad Debt as Explained by Hornet Partners

AlissaB Leave a comment

It is almost impossible to avoid taking out loans during your lifetime. Therefore, it is very beneficial to know the difference between good and bad debt. Here are seven types of loans that you are most likely to run into. By avoiding bad debt and taking on good debt when necessary, one will use money effectively to accumulate wealth. If one has taken on too much bad debt in their life, Hornet Partners can help you with a debt consolidation plan that can bring you back to financial security. 

School Loans

School loans are typically seen as good debt. When you graduate from college, your earning potential will be increased for the rest of your life. A college education can help you find a job, receive a higher salary and help you to obtain a better quality of life. A debt must bring more wealth into your life for it to be considered good. So if you major in biology and are planning to go to medical school, your undergraduate loans can be considered good. If you major in a field with a less than stellar salary, or one which will not reward your investment in your education, your debt can be considered bad. With the advent of the plethora of government loans, it is almost always possible to go back to school to study for a job in a high-paying field. 

Small Business Loans

Since you need money to open a business, small business loans can be considered good. No one opens a business if they expect it will lose money, so your debt may be assumed to bring in money in the future. A solid business plan is crucial for the success of a startup. One should try to get the most accurate information and work zealously to achieve necessary goals. If your business crashes, you will be left with bad debt. Taking out these types of loans can be risky, but the reward can justify the risk in some cases. 

Mortgage

Taking out a mortgage can be a necessity since you need a place to live. While you can rent a place to live in for the rest of your life, never having to pay rent after a certain period of time will save you money in the long run. Additionally, a home’s value will increase with time to bring more wealth to you. The key to a successful mortgage is to take out a loan that you can afford to pay back every month. Your mortgage can also lead you to taking out a home equity loan. While this loan can be risky because you place your home under collateral, a mortgage undeniably brings with it many positive benefits. 

Automobile Loans

These loans are typically seen as bad debt. Although a car might be necessary to go to work, your vehicle will gradually diminish in value. Financial experts agree that the best option for obtaining a car is to purchase a used one with cash. Although you could purchase a new car for reliability, it could still be classified as bad debt since it won’t directly bring with it accumulated wealth. Since a car could be a necessary expense, getting the least expensive one that suits one’s needs may make the most financial sense. 

Home Equity Loans

Home equity loans allow you to secure access to money with low interest rates. The catch is that you put your home up as collateral. So, if you take out a home equity loan and fail to repay it on time, you could lose your house. This type of debt can be considered good or bad. If you use the money from the loan to finance an unneeded vacation, it could be classified as bad debt. If you use the loan to install solar panels that will save you hundreds of dollars a year, it can be classified as good. It is risky to put your house up for collateral, but a prudent plan can use a home equity loan to get ahead financially. 

Credit Cards/Payday Loans

With high interest rates, these loans would have to be carefully managed in order for them to be considered good debts. Payday loans can carry with them a 400% interest rate. If you can instead open a line of credit and pay it off successfully every month, your credit score will be benefited. In fact, your credit score will suffer if you do not have credit. So, the occasional good use of a credit card can be necessary. As long as your payday loans are used for emergencies and your credit cards for improving your credit score, these debts should not cripple you. Misusing these types of loans can cause havoc in your financial life, however. 

In conclusion, good debts help you financially while bad debts do not. Using credit wisely can help you get things in life that you could never have otherwise. Unfortunately, financial mistakes can be made. Debt consolidation companies like Hornet Partners can assist you with trying to repair your financial situation. With a debt consolidation loan, all your debts can be transferred into one account with a single monthly payment. Financial freedom from bad debts can be possible; a simple inquiry can be the first step in repairing the past and setting up a successful financial future.

Lance Advisors

What to Look for in a Lender According to Lance Advisors

AlissaB Leave a comment

The type of lender you use will be largely based on your needs. There isn’t just one checklist of qualities you need to look for in a lender. Here are some of the characteristics you want to look for in a lender. 

Small or Large?

To start from a big picture, decide if you want to lean toward a small or a large lender. There are pros and cons to both. Here is what you need to think through for yourself. 

Small lenders like Lance Advisors have much better personalized service. You will probably have a customer-service minded representative that will advise you, be proactive in your application process, and will really get to know you and your situation. 

If this is your first loan, you may want that kind of white glove service to make sure you have all your ducks in a row, and that you’re not missing anything or have any blind spots that might bite you in the future. 

Sometimes it pays off in the long run to have an expert hold your hand through the process if you’ve never gone through something like this before. And getting a loan is a big deal that will have long term consequences on your future. 

Larger lenders, although you may be just a loan number to them, have their advantages too. The main upside to larger institutions is that you may get a better interest rate. Larger banks have representatives you can talk to as well, but they may not give you the white glove treatment like a smaller player. 

Shop Around for the Best Deal

Not all loans will fit your needs. For example, maybe you’re a first-time home buyer. If that is the case, there are a ton of great programs you can take advantage of. 

For one, many institutions offer low or no money down loans to first-time home buyers. Some even pay closing costs. You still have to do some comparison shopping because even these programs are not uniformed. 

For example, you may go to a credit union and they offer you a no-money down mortgage at 4.75%. Maybe they even roll your closing costs, which could amount to thousands of dollars, back into your mortgage. Those things can go a long way for a young family looking to purchase a new home. 

Then maybe you go to the local branch of a large national bank. You look at what they offer first-time buyers and they best down payment deal they have is 3% down. That’s still pretty good. But that may still be upwards of $10,000 depending on where you are in the country. 

That’s still a lot of cash down, but maybe their interest rate is 4.5% because they’re a larger lending institution. Well, if you have the cash to put down, that .25% interest rate difference may save you literally tens of thousands of dollars over the life of your mortgage. 

Which deal would be best for you? Again, it depends. That’s why you should shop around. 

Collateral

You also want to know what kind of collateral your lender wants. Using collateral is also known as asset based lending. 

This is where a lender will use an asset that you own to back up your loan. That means in the event you fail to make your debt payments, the lender can take possession of that asset and liquidate it to pay the balance of your loan. 

Real estate is the most common form of asset backed lending. The bank will foreclose on your house, then sell it back to the market to recoup the balance of your mortgage. 

Car loans are similar. If you miss a certain amount of car payments, they will come and repossess your vehicle until you can become current on your payment or they will sell it to satisfy the balance of that loan. 

When you shop around for loans, you must know if that loan is backed by any collateral. Sometimes backing it can significantly reduce your interest payment because collateral offsets risk for the lender. 

Reputation of Lending Institution

Check to make sure you are working with a reputable lending institution. Even if it’s a newer lender like Lance Advisors, you’ll still be able to find customer reviews online. 

You can also see if the institution you are considering has been charged with any fines or penalties by the government. 

No matter what kind of loan you are looking for, there are many institutions out there with the capital ready to be handed out, at a cost. The competitive nature of the lending industry is ripe for you as the consumer to shop around for the best deal. It also means you are never left with only one option for getting the cash you need, when you need it.