Take Advantage of Social Media For Your Business

Over the past decade, the way people communicate and connect with each other has changed radically thanks to social networking platforms.

No business owner or a serious marketer can overlook the importance of the web. Social networking sites such as Facebook, Linkedin, Twitter and the newly launched Google+ are the top most platforms for creating a buzz about your products, services, events or announcements.

Unfortunately, many business owners fail to take proper advantage of such mediums. Creating a strong online presence for your brand or business, you would have to be visible on social media sites. The biggest advantage of a social media site is that it connects you to your target audience directly- potential customers, shareholders, and rival companies.

You can post comments on Facebook, post tweets and re-tweet on Twitter, or start a discussion on any of the sites. In real time, you are able to get in touch with potential customers, understand what they are looking for, present them solutions in the form of your products or services, find out if any of your customers are unhappy with your products and respond to customer queries.

Using social networking sites for business purpose is cost-effective. Not only does it help you attract new customers and keep in touch with the existing clients, you also can hire new employees. You can even recruit potential candidates by posting job vacancies in your company on Twitter or Linkedin accounts.

You will be amazed to receive a good number of responses in real quick time. You don't have spend money on recruitment consultants. A job post on Linkedin social networking site where qualified professionals are always on the lookout for good opportunities is a good source for hunting for skillful and talented people.

Social media has changed the way people read, discover, and share information, and news. You just need to use your corporate business skills to take advantage of social media and launch a successful marketing campaign.

Apart from social media, you also have to look out other avenues to improve yourself and upgrade your knowledge. As a business owner, you need to keep updating yourself to stay ahead of the competition. Joining an executive business coaching or a corporate business coaching can help you get in touch with experts, share ideas and learn innovative ways to take your business to new heights.

Make sure the language you use on the social networking sites is simple and appealing to your particular target audience and captures the ethos of your firm. For instance, on Twitter you can use casual language whereas on Linkedin, your style of writing needs to be professional and business like, so post your content accordingly.

Foreign Market Calling? Consider these Tips Before Making the Move!

Global trade has no dearth of opportunities for your business, provided you prepare yourself adequately to enter foreign markets. 

The success of the companies like Sony, Samsung, LG, Reebok and Volkswagen – that have their roots in Europe and Asia -- in different countries across the world has also encouraged many enterprises to walk on their path. 

Even the small businesses can make their way to the global market through different routes. They can, for example, market their products via local distributors, sell to customers based in export territories directly, enter into joint ventures with local business enterprises, or offer products through a website. 

Though opportunities are there, success is not guaranteed. At the end of the day what matters the most is how your strategies worked in an unfamiliar market. 

Here are some tips that can help you prepare for your big stride into new markets.

Understand the Culture

Before you design your strategies to promote your products and services in a foreign market, update yourself with customs and business etiquette of the market you are planning to venture into. It can even include -- the history of that country, salutations used to greet someone, and the lunch hours or the prayer timings (in case of Middle-Eastern, African, Asian and countries). 

Stay Updated With the Foreign Trade Policies and Other Economical Details

Study in detail about the foreign trade policies of that country and figure out how it would facilitate your business. It is crucial to keep yourself informed about how the country’s currency has fared, its value fluctuations, and import/export timelines as it is always advisable to avoid speculation and work on locked in currency rates and delivery dates.

You should also stay updated with the business-wise foreign direct investment limits of different countries. It will help you choose the right country – the one that favors your business model and potential for profit. 

Join a CEO peer group when you plan to expand your business across the global borders. The CEO group – a rendezvous of industry leaders – offers corporate executive coaching that increases your chances of making profit as you get guidance from somebody who has achieved this feat with success. 

We will be discussing some more points on the same topic in our next blog. So watch this space!

Basic Elements of a Joint Venture

In our last blog, we talked about the preparatory steps needed to enter into a joint venture. In this blog we will be discussing the basic elements of a Joint Venture, which one should be aware of while binding into a contractual agreement.

The Ways You Can Enter Into A Joint Venture

A joint venture can be structured in four major ways – when a foreign investor buys an interest in a local company; when a local firm acquires an interest in foreign firm; when both local and foreign companies forms a joint enterprise; and together with public capital and/or bank debt.  

Choosing Right Partner Is Very Important

The success of a joint venture depends on both the partners, which makes it important to choose your partner carefully. For this, you need to do a screening of all the prospective partners. Make sure you have checked the credentials of your partner before signing the agreement. The marketing and distribution network, R&D, technical knowhow, infrastructure and reach of the company should also be considered before signing the joint venture agreement.

Maintain Contractual Integrity 

Every joint venture partner has a fiduciary responsibility – a duty to act for someone else's benefit while subordinating one's personal interests to those of the other person – and has the duty to act in Good Faith in matters that concern the common interest or the enterprise.

A joint venture can terminate at a time specified in the contract – upon the accomplishment of its purpose, upon the death of an active member, or if a court decides that serious disagreements between the members make its continuation impractical (Source: TheFreeDictionary).

All the participating parties in a joint venture share some mutual responsibilities and goals, and have a set of certain rights and duties. The parties have a mutual right to share the profits and control the enterprise, and a duty to share in any losses incurred. In order to avoid any trouble in later stages, the parties should be aware of all the terms, conditions, and clauses of the agreement. 

The Right Guidance

Every initiative requires effective guidance from the expert and experienced. CEO coaching provides you the requisite guidance and knowledge you need to have before entering into a joint venture. There are a number of reputed CEO Associations that holds expertise in providing CEO training. You should consider joining a CEO club to understand more about a joint venture.

The Preparatory Steps For a Joint Venture

Are you planning to venture into a foreign country but are short of adequate funds?

One of the tried and tested ways of venturing into new, unfamiliar markets is through joint venture (JV) with a local business partner. Having marketable products, technical know-how and the finance are not enough for getting a toehold in a new market. The knowledge about the characteristics of the particular markets and contacts and networking with local dealers and retailers are equally essential in making your presence felt.

A joint venture with a local business partner gives you the added edge of penetrating new markets. The partner is likely to bring to the table on-the-ground knowledge about your customers, and valuable insights about pricing, distribution, packaging and ROI apart from a well-established distribution and marketing network.

Since a huge amount money and risk is involved in a joint venture, it requires a right set of effective planning and execution to ensure the success of joint venture. Apart from huge investment and capital, a successful joint venture stands on honesty, integrity, mutual understanding and communication between the partners. 

 

Dow Corning, Sony Ericsson, MillerCoors, Norampac, Penske Truck Leasing, and Owens-Corning are some of the successful joint ventures that can be referred as the case studies.

The Groundwork for the Joint Venture 

Before entering into a joint venture you should be very clear about your objectives and complete business model. You should have a clear picture about the investment amount, finance options and debts. Be very sure about your target audience and products you are offering through a joint venture. 

Collect complete knowledge about the foreign policies of that country and way they can be beneficial for you. Compile a detailed list of your competitors and discuss strategies with your partner to counter them.

You should also have the complete details of offered site, including output projections, transport and warehousing, testing and quality control, by-products and waste; supply, utility, and transport requirements along with estimated technology transfer costs. (source: Wikipedia)

Seek Services of a CEO Peer Groups

You can valuable suggestions about entering into a joint venture at a CEO peer group. At a CEO club, you get to meet the business leaders from non-competitive business domains. You can benefit from their experiences and knowledge in a CEO conference.

We have discussed the preparatory steps for a joint venture in this blog. We will discuss the other aspects of a joint venture in our next blog.