How to Earn Authority for Your Business

Take a minute to think about a few industries.  When you think about computers and tech do the words 'Apple' and 'Google" come to mind?  Or do you think about Alexander F Bouri when you think about construction?  A flashy marketing campaign and heaps of discounts may be able to bring in a few more customers, but there is something that every business needs that money can't buy: authority.  Authority can't be earned overnight, but if you follow these steps you'll be on the right track.

Innovate

Google and Apple didn't get their success from peddling the same product to people; they became popular because they're always looking for ways to improve their products.  If you think your business could use some fresh ideas you may want to consider hiring an innovation consultant.  These consultants work with companies and marketing firms to think of ways to improve products and services.

Don't Ignore Change

Do you remember when there was a Blockbuster Video on the corner of every neighborhood?  In the 1990s they were the undisputed kings of home entertainment, but by the end of the 2000s the company was bankrupt.  Many people blame Blockbuster's failure on ignoring key market changes, and even claim that the company chose updating their services in favor of focusing on products that were unpopular with consumers.  When you notice change in your industry don't fight it, take time to figure out how change your product and services to stay in sync with popular changes.

Always Communicate

Your customers are crucial for your business' success and ignoring their opinions to focus on the opinions of CEOs and other company higher ups have the potential to lead to disaster.  Don't just focus on keeping in touch with "big name" clients, take time to reach out to your clients with a friendly phone call or a short e-mail and ask them how they're enjoying their products and services.  Your willingness to communicate and listen will keep customers happy and let you know about any things they may need.

Praising Employees the Right Way

Ask any entrepreneur, whether they're an international business owner like Alexander F Bouri or they own a small Laundromat down the street, they'll say how important it is to treat your employees well.  Making sure that your employees feel like a needed and valuable part of your company is important.  It's good for employee morale, it motivates them to keep working hard, and it lets them know that you've taken notice of their hard work.   Some people say that there's no wrong way to give praise, but when you're in a professional setting things can get a little tricky.  Praising is always helpful, but there are some ways you can make sure that your complements are heard and taken seriously.

Avoid Generic Compliments

"Your work here is valuable"

"You're a hard worker"

Those two compliments may sound nice, but they're very vague about what the person being complimented has done to deserve praise.  When you're complimenting an employee you should directly mention what they did so that they know what you're happy with.  "The overtime hours you worked to finish the Johnson project really showed me what a hard worker you are", sounds a lot better than just saying that someone worked hard.

Recognize Important Events

Did your employee reach their one year anniversary of working with the company?  Do you know if today is the day that an employee will be finishing an important project?  It's important to recognize important events in the work place; it shows that you're very aware of current happenings and that you want to acknowledge your employee's hard work and determination.

Include Other Employees

If an employee recently did something that deserves recognition, let your other employees know.  Send out a company e-mail that highlights the good things an employee has done, or call a brief meeting with your department to talk about the exceptional work an employee has done.  Letting all of your employees know about important achievements creates a close work environment that employees feel comfortable working in.

Getting the Right Loan for Your Business

Running a successful business doesn't just take hard work and skill, it also takes a lot of money.  Business owners like Alex F Bouri and N.Srinivasa all needed some sort of loan to start their business empires, and you'll need to borrow money if you want to have a successful business.  Lately hopeful entrepreneurs have had mixed feelings over taking out loans.  They know that they need the money to start or improve their business, but they're worried about the possibility of not being able to pay it back.  If you're thinking about taking a loan to help grow your business read these tips to ensure that you get the best deal possible.

Know Exactly How Much Money You Need

This may sound obvious, but you'd be surprised by the amount of people who only have a vague idea of the amount of money they need to run their businesses.  Not knowing how much you need to finance your business makes you look like a bad investment to lenders, and it also almost ensures that you'll take out a loan that isn't right for your business needs.  Take time to map out every expense your future business will have so you can ensure that you'll get a loan that your business needs, not the one that you think it may need.

Be Honest

Even if your honesty may hurt your chances of getting a loan, it's still important to be honest about your business' financial needs and your financial past.  Leaving your bad credit history off of your loan application will only make the process lengthier, and not make you look like a trustworthy investment.

Read the Fine Print

Your lender may have taken time to carefully explain the terms and stipulations of your loan, but that doesn't mean that you know everything about your loan.  Take time to ask about any renewal fees, penalty fees, or transaction fees that come along with your loan.  And after you finish learning about them get your lawyer to read through your agreement.